Why we need to act now to save Europe’s tech ecosystem
Tags: Startup, Technology, Talent, Diversity, Inclusion

Photo by NASA on Unsplash

Europe’s tech ecosystem is broken. Progress on diversity has stalled, untapped talent is being squandered and discrimination is still rife.

Undoubtedly, diversity and inclusion efforts have been steadily creeping up the sector’s list of priorities. 90% of people agree that diverse teams lead to higher performance in business¹. In fact, diverse teams outperform their homogenous counterparts by up to 48%². If we look at the world of venture capital, investment teams with diverse educational or ethnic backgrounds are up to 22% more likely to realise an exit on their investment portfolio³.

Despite the clear upside of diverse teams, progress has halted. A whopping $91 out of every $100 invested in 2020 went to all-male founding teams, whilst 84.5% of founders were university educated and only 0.9% of investment went to Black founders⁴.

So, what’s driving this asymmetry between intention and results?

Maybe it’s because companies still see diversity as a tick-box exercise. Perhaps the tech sector is still too difficult to break into. Or because once a diverse candidate is hired, there are no measures to effectively support them in the workplace.

As Suranga Chandratillake, General Partner at Balderton Capital⁵ says, “Step one is hiring someone who is different, step two is setting them up for success, step three is standing back to let them show you how they see the world.”

It’s been shown that inclusive workplaces attract and retain the brightest talent, with an increase in individuals’ feelings of inclusion strengthening team performance by up to 17%⁶. Yet many efforts aimed at diversifying the ecosystem often prioritise siloed, short-term initiatives focused on giving diverse hires a seat at the table, over long-term efforts to ensure they are given a voice once they sit down.

In short — diversity without inclusion is ineffective. To change the face of the startup ecosystem, we need to firstly build a bridge between young, untapped talent and the sector, and secondly, create inclusive communities at scale.

The problem is that conversations about inclusion are often reduced to the efforts of a single company. But how can a candidate feel included when their firm has only just started prioritising diverse hiring and they are the only person in the office who looks like them?

In an industry where progress on diversity and inclusion still has a long way to go, we need to consider inclusion on a broader scale.

At Unbox, we’re solving this very problem.

Unbox makes the process of discovering and growing untapped potential simple. How? We offer startups on-demand access to diverse top talent.

What does that look like in practice?

#1 Unbox focuses on discovering intersectional talent

We are on a mission to remove social barriers to the tech ecosystem as we believe global tech will only be able to fulfil its true potential if diversity and inclusion are at its core. To achieve this goal, we are pioneering an innovative application process to minimise bias, partnering with diverse organisations and publicly pledging our commitment to diversity and equity.

#2 Unbox offers talent, on-demand

We want to empower every young person to achieve anything, irrespective of their background. We know that short-term placements at startups across industries, roles and technologies offer the best environment to learn and apply real-world professional skills. We also know that startups’ talent needs are constantly in flux. Our platform is optimised specifically for students and startups.

#3 Unbox is not just a platform, it’s a movement

We don’t just focus on getting young talent in the door. By building an inclusive life-long community and pipeline of diverse talent, we will empower young people to take charge of their own futures and transform the sector from the inside out.

By empowering the world-changing companies of tomorrow with the very best talent, we are on a mission to change the face of the tech ecosystem.

If you’re keen to be on the frontline of powering a movement that is building a more inclusive future, sign up for exclusive access to our beta platform today.

Break out of the box.