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A vanishingly small percentage of venture funding has been raised by black women

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Re: A vanishingly small percentage of venture funding has been raised by black women

#41
post #35

I know that the narrative is that there isn't diversity in tech, but I'm curious about the numbers of Asians who managed to get funding for their startups.

It would be interesting to see a breakdown by all races and country of origin, I will grant you that.

That would be in addition to this article, not in opposition to it, however. The lack of success of black people and women in tech is PROOF that there isn't diversity, at least not for those groups; it isn't just some narrative. Even if, say, Southeast Asians are doing well, that doesn't change the fact that the groups that the article is talking about aren't.

0.12% for a group that you would expect to have about 6.50% in based on overall population is indicative of a problem.

Re: A vanishingly small percentage of venture funding has been raised by black women

#42
post #19

Some thoughts and questions here. Should we in the tech industry feel obligated to spend energy on these social movements? Are we wrong and selfish to not? Honestly, I'd rather not. I'd rather get technical things done, and let policy makers and influencers focus on those issues. If you're in on something with me, great AWESOME, I honestly don't care who you are. Things like race and gender don't matter to me as long…

I think this is more important than just diversity in tech (and that is important) - and I'm a relatively recent convert to caring.

We all, even founders, benefit from diversity of founders. If start-ups predominantly get started by similar types of people you're missing out on competition and innovative ideas. I think this applies not only to general business concepts but especially to domain areas. One of the things that infrequently crops up on here is how much money there is to be made in Spanish language Christian apps, as a WASP I'm less likely to have the domain knowledge to break into that market. So it does seem rather odd that VCs might be missing out on being able to profit from a market of ~23m.

Then there are more social good focused start-ups that might emerge. Given all the problems the US has with racism and sexism I'd posit that a black female founder might be a good bet if they had an idea to try and improve things.

I was interviewing a white university student the other day who had managed to get through 2.5 years of a Computing degree before realising she was capable of being just a good developer as a man. Not that she was as good, just that she actually could be a developer, rather than being assumed to be the management / documentation type. I'm nowhere near Jon Skeet on the feminist scale but it really made me think about how under represented groups can be put off.

And that is the point of the article. The top thread on here can be arguing about whether 0.1% is "statistically zero" because what matters is perception. If a potential black female founder perceives an industry as being unwelcoming they're less likely to enter it. There is a massive opportunity cost to get to the point where you look for VC funding, it isn't an experiment you can just run on a whim. It is quite possible that the calibre of black women who could be founders are looking at the startup world and heading in another direction where there are much stronger social signals that they are likely to be accepted.

Re: A vanishingly small percentage of venture funding has been raised by black women

#43
post #40

Earlier quoted context omitted.

I may be extremely dumb for learning math and statistics incorrectly, but as far as I know, 12 statistically is not 0.

When you're comparing it to 10,000 fundraises, it is.. 24/10000 = 0.0024 -> two tenth's of 1%.... ie... statistically zero..

Depends upon sig figs and other statistical calculations. I was kinda expecting to see some statistics that showed that the 95% confidence interval had a minimum of 0 within it, which would have made far more sense to claim 'statistically 0 black women have received funding'.

Re: A vanishingly small percentage of venture funding has been raised by black women

#44
post #35

I know that the narrative is that there isn't diversity in tech, but I'm curious about the numbers of Asians who managed to get funding for their startups.

It would be interesting to see a breakdown by all races and country of origin, I will grant you that. That would be in addition to this article, not in opposition to it, however. The lack of success of black people and women in tech is PROOF that there isn't diversity, at least not for those groups; it isn't just some narrative. Even if, say, Southeast Asians are doing well, that doesn't change the fact that the grou…

But it would be nice to know where the problem is at. If 6.5% of applicants were black women and only .12% were accepted, especially if the ideas were rated as average in a found blind rating... that would indicate a huge problem.

If .06% of those applying were black women, but .12% of those accepted were, it would show the problem has nothing to do after the application and is all about getting people to apply to begin with, which is a different problem with a different solution needed.

Re: A vanishingly small percentage of venture funding has been raised by black women

#45

Earlier quoted context omitted.

It would be interesting to see a breakdown by all races and country of origin, I will grant you that. That would be in addition to this article, not in opposition to it, however. The lack of success of black people and women in tech is PROOF that there isn't diversity, at least not for those groups; it isn't just some narrative. Even if, say, Southeast Asians are doing well, that doesn't change the fact that the grou…

But it would be nice to know where the problem is at. If 6.5% of applicants were black women and only .12% were accepted, especially if the ideas were rated as average in a found blind rating... that would indicate a huge problem. If .06% of those applying were black women, but .12% of those accepted were, it would show the problem has nothing to do after the application and is all about getting people to apply to be…

Yes, that would be very useful info to have indeed.

Re: A vanishingly small percentage of venture funding has been raised by black women

#46
post #7

It's the social graph. If the mainstream does not notice, do what countless immigrant groups have done in countries the world over, group together form your own interest group and serve your group. You also see this behavior with industry groups, or worker groups. Content producers group, telecoms group, so they can advance themselves and self interest. Why do Nigerians do relatively well, they'll find other Nigerian…

That will work with Africans and other groups who have a strong sense of ongoing ethnic identity. American blacks descended from slaves have a lot of problems doing that for all sorts of reasons. My guess is that a lot of African immigrants have raised money, just not via traditional routes, hence they don't show up in the numbers. The important thing to recognize is that you can't easily analogize the experience of…

Nigerians and American blacks are worlds apart in terms of emphasis on education and work ethic. I say this as someone who has lived in Nigeria as well as in predominantly black neighborhoods in the US.

Re: A vanishingly small percentage of venture funding has been raised by black women

#47

Only 12 Black women led startups (yes only 12) have raised $1MM or more in outside funding since 2012. Twelve is now "zero"?

12/10000 is noise.

In the US there are 12/100000 suicides annually. So is the suicide rate in the US zero?

Re: A vanishingly small percentage of venture funding has been raised by black women

#48
post #7

It's the social graph. If the mainstream does not notice, do what countless immigrant groups have done in countries the world over, group together form your own interest group and serve your group. You also see this behavior with industry groups, or worker groups. Content producers group, telecoms group, so they can advance themselves and self interest. Why do Nigerians do relatively well, they'll find other Nigerian…

That will work with Africans and other groups who have a strong sense of ongoing ethnic identity. American blacks descended from slaves have a lot of problems doing that for all sorts of reasons. My guess is that a lot of African immigrants have raised money, just not via traditional routes, hence they don't show up in the numbers. The important thing to recognize is that you can't easily analogize the experience of…

I don't disagree with you at all. Just a side note - don't you find it intriguing that Barack Obama is "black" and not "white"? Thinking about "one drop of blood" and all that. ( https://en.wikipedia.org/wiki/One-drop_rule )

Re: A vanishingly small percentage of venture funding has been raised by black women

#49
post #19

Some thoughts and questions here. Should we in the tech industry feel obligated to spend energy on these social movements? Are we wrong and selfish to not? Honestly, I'd rather not. I'd rather get technical things done, and let policy makers and influencers focus on those issues. If you're in on something with me, great AWESOME, I honestly don't care who you are. Things like race and gender don't matter to me as long…

So true. Tech things can't impact social issues, just like Facebook never did.

Re: A vanishingly small percentage of venture funding has been raised by black women

#50
post #17
post #10

Earlier quoted context omitted.

The number of black women is 12, not 0. I don't understand what you wish to gain by egregiously twisting the numbers. Yes, it's a low percentage. No, it's not zero.

What do you wish to gain by being painfully pedantic? Black women are 5-6% of the population, but 0.01% of funded founders. That is a rounding error, effectively zero. Why not focus on the actual point of the post instead?

I've got a great way of increasing the percentage by an order of magnitude! Doing the math correctly would immediately boost the number to 0.1% from your stated 0.01%. See, being painfully pedantic has already paid off handsomely.

(And don't worry, at least you were only off by a factor of 10. The original article is off by a factor of 100).

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