Access to venture capital today is not a level playing field. However, through consistent and meaningful action, the venture capital industry can drive change to unlock the huge untapped potential of diverse entrepreneurs across the UK.
The journey of raising venture capital can be challenging – but for underserved entrepreneurs, the barriers can be far higher. While the industry acknowledges that issues persist, there is little existing research on what specific actions work for UK funds to improve diversity in venture capital investment.
I am delighted to be sharing this report which provides three clear, actionable, and evidence-based pathways for UK funds to improve diversity in venture capital investment which I hope will both stimulate discussion and action to improve outcomes for underserved entrepreneurs and the wider UK economy.
Working with our partners, we are committed to unlocking potential to ensure talented entrepreneurs can access the finance they need regardless of where and who they are. By improving our own data collection and transparency, sharing best practice on how to reach underserved founders, and considering how our programmes can be part of the solution, we are working to break down existing barriers and unlock the full potential of the UK’s diverse entrepreneurs.
Collaboration across the venture capital industry is vital to levelling the playing field in access to finance. The Investing in Women Code now has over 200 signatories, 70% of which are in the venture capital industry, who are committed to making capital more accessible for female entrepreneurs. We’re delighted to be working with this huge network of changemakers in the UK financial industry and I would like to see this continue to grow year on year. When we invest in and support businesses led by a diverse group of founders, we not only level the playing field and create a more equitable society, but we also reap the economic benefits of tapping into a wider pool of talent and ideas that can drive innovation and growth across the UK.
Together, we can create the systemic change needed to unlock the full potential of talented UK entrepreneurs, wherever or whoever they are.
Louis Taylor - CEO, British Business Bank