It’s shocking that 2023 still sees vast gender disparity in entire industries. Unfortunately, the STEM and sub-industries like Web3 see it the most.
If you haven’t heard, Web3 is the latest cryptocurrency technology for a blockchain-based internet.
The Boston Consulting Group (BCG) found that only 13% of Web3 companies included any women on their founding teams. Another key finding was that only 3% of Web3 company founding teams consisted of all women.
Talk about archaic, for such a progressive industry.
We dove into the report to understand the severity of that disparity and what companies can do about it. Let’s start with some of the report’s key findings on founders:
- 13% of Web3 company founding teams have at least one woman
- 3% of Web3 company founding teams encompass all women
- 93% of Web3 founders are men
These findings above remain consistent not only in North America, but also in the Asia-Pacific and Europe. Now, this disparity unfortunately continues even when you look at the wider workforce of Web3 companies:
- 73% of Web3 companies’ entire workforce are men
- 88% of technical roles at Web3 companies are held by men
BCG also examined the role of women in Web3 founding teams by startup stage and funding amount. Sadly, the bigger the investment, the less likely a woman was to sit on the founding team. Only 7% of Web3 companies with $1B invested had women in the founding teams. Similarly, companies that received between $500M to $999M had men as founding teams.
STEM companies show similar results. While the US Census demonstrates more women achieving STEM roles, the disparity is still present. The BCG’s report backs this as well:
- 33% of STEM company workforces are women
- 25% of technical roles at STEM companies are held by women
What does BCG propose we do about it? Luckily, the early nature of Web3 offers time to rectify the gender disparity. Here are some strategies discussed:
- Monitor the data: Granular, objective data collection will keep track of female representation within a company’s workforce and founders.
- Include women on VC investment teams: All-male investment teams are more likely to garner all-make founding teams.
- Create inclusive brand experiences: The Web3 experience should cater to a broad audience.
- Stay close to regulators: Collaborate with government and organizational entities to shape regulations for this new industry.
- Build mentorship and support opportunities: Diverse networks and mentorship opportunities can keep companies in check with gender equality.
Read BCG’s full press release.
