Diversity Tech Summit explores funding gap for ethnic founders
The Diversity Tech Summit, hosted on 6th July 2022 in Central London, explored the widening funding gap for underrepresented founders, particularly women, following the pandemic. In partnership with equality charity Diversity UK, global law firm Eversheds Sutherland, leadership development consultancy Wavelength, global communications consultancy Ketchum, and the popular Asians in Tech index, the Summit returned after a six-year hiatus as it brought together tech trailblazers, social entrepreneurs, venture capitalists and political stakeholders powering the British technology sector.
Despite more money than ever flowing into UK tech, up 156% by the end of last year reaching £29.4 billion, the tech scene faces its own challenges around diverse representation and under-funding of women-led ventures, leading one of the speakers, Deepali Nangia, Venture Partner at Speed Invest to state that women were “over-mentored and under-capitalised”. Last year, women founders attracted only 1.1% of VC funding, according to the Atomic State of European Tech Report 2021 even though women are founding businesses at a faster rate than ever before. The UK’s Treasury-commissioned Rose Review found that boosting female entrepreneurship could add £250bn to the economy in 2019.
Spearheaded by equality and inclusion charity Diversity UK, the summit featured a range of compelling panel sessions on topics as diverse as ‘technology to tackle global challenges’, ‘supporting underrepresented founders’ and ‘levelling up’. Guests also heard from Lord Karan Bilimoria CBE, DL who spoke about his own entrepreneurial journey and the genuine change that diverse representation can bring, citing the current proportion of ethnic minority MPs in the House of Commons and peers in the House of Lords. He also talked about the ‘Change the Race Ratio’ initiative that he helped spearhead as President of the CBI, urging Britain’s largest companies to be representative of their customer base and the UK population. He urged audience members to push for greater transparency and accountability within their companies to ensure inclusion.
Commenting on the launch of the Diversity Tech Summit, digital entrepreneur Lopa Patel MBE, Chair, Diversity UK, said: “It’s fantastic to be back in full force to re-energise the tech sector in the UK and showcase the unbelievable contribution that diverse talent makes to the industry. The pandemic has shown us the critical role technology can play in tackling global challenges and has highlighted the successes of people from all backgrounds in the UK and around the world in making a palpable difference. From healthtech and Greentech, to AI and social enterprise, I’m proud to represent an organisation that recognises the achievements of so many professionals, in what is a thriving, multi-billion-pound industry and I am grateful for the insights and perspectives the speakers have brought to the ongoing debate. I hope we can look back on this year’s Summit as a ground-breaking one for real inclusion of women and underrepresented founders in the UK tech sector.”
Nasser Ali Khasawneh, Partner and Head of Technology Media and Telecoms (TMT) Sector, Eversheds Sutherland, said: “We are proud to be associated with this great event, especially after such a long absence. As head of the firm’s TMT sector, I am witnessing daily the increasing focus on diversity by our technology clients. Our clients are committed to enhancing the diversity of their teams and equally that of the legal teams they’re instructing. This is a pivotal opportunity and we must all rise to the challenge. The Tech sector has still much to do to improve its inclusiveness across the board. There are some very positive signs, but we are still at the beginning of the journey. We hope this conference will go a long way towards highlighting the focus on greater diversity and inclusion in Tech in the UK. The huge economic success of this sector in the UK must be matched by a culture that nurtures and supports diversity. The UK is already a major hub for technology, but it can do more to solidify its status as one of the digitalization centres of the world. Greater diversity must lie at the heart of this ambition, as numerous studies have shown that more diversity leads to greater innovation.”
Jessica Stack, Co-Founder, Wavelength, said: “Wavelength are absolutely delighted to be sponsoring the Diversity Tech Summit and Top 100 Asian Stars in UK Tech 2022 list and awards. As an organisation, Wavelength are passionate about driving equality, diversity and inclusion. For over 14 years, we have been showcasing a wide range of hugely admired leaders and global organisations, as part of our responsible leadership programmes. We ensure we represent a diverse range of backgrounds, lived experiences, and businesses striving to change societal norms. We continue to challenge and provoke our clients’ thinking, encouraging them to also step firmly into this arena, and take responsibility for ED&I within their organisation. We strive to be at the forefront of this conversation, pushing the boundaries. Our values are closely aligned to those of Diversity UK, so these awards are the perfect opportunity for us to demonstrate our commitment to improving equality, diversity and inclusion in business.”
Alicia Solanki, MD Client Experience and Chair of Ketchum’s Inclusion Council said: “At Ketchum, DE&I is paramount to our business success, which is why it is hardwired into all parts of our agency – from recruitment to the consultancy we provide our amazing clients. It’s why we’re proud to support Diversity UK with their event, giving us an opportunity to unite two like-minded organisations in their quest to celebrate and acknowledge the contribution diverse talent makes to the thriving tech industry in the UK."
The Diversity Tech Summit concluded with an evening celebration of the launch of the eighth edition of the Top 100 Asian Stars in UK 2022, a Diversity UK initiative.
