The Quest for Equal Representation

Equal representation is very important. Humanity is far from a monolith and insisting that there is one technique or person that represents the reality of every human being is simplistic and wrong.

The sad truth is humanity has always had issues when it comes to attaining equal representation. Power tends to accumulate in certain areas and this tips the scales, skewing or reducing representation of certain populations.

This is very much the situation in business funding. According to the Natural Venture Capital Association, Caucasians make up 87% of venture capital investors and 89% of venture capital investors are male.

This is not good.

Knowing how important it is to offer equal representation I think it is important to highlight the groups that are fighting to ensure that all segments of the population have a seat at the business table.

Much has been said about the struggle for gender equality and the need to destroy the glass ceiling. Although gains have been made the battle for women’s rights is far from over.

Even now women face enormous hurdles when seeking business funding. Business loan approval rates for women are much lower than male rates (as are the venture capital rates) and female entrepreneurs have to work harder to obtain financial backing.

Enter SheEO. Its aim: to remake the funding model to better suit women’s needs. This new funding model offers female entrepreneurs funding, coaching, networking, community and market access, business retreats and the chance to build a better world.

This new funding model is built on activators and radical generosity. Women from across the spectrum have provided base funding for new ventures, knowing the importance of women in the business world and eager to help feed the fight.

Watch this venture in the coming years as I am sure its model will bring forth female-driven innovation society desperately needs.

Women are not the only group struggling for equal representation in the business world. Racial minorities also face an uphill battle when it comes to getting access to funding. These ventures receive less than 15% of overall funding (while the venture capital route is even more dismal, standing at less than 1%).

The VC problem stems from the makeup of the venture capitalist workforce. The black and Latino populations currently hold only 7% of positions in the field (and senior level positions are even scarcer).

If the fault does lie in the excessively white makeup of the venture capital body the answer is obviously to diversify the venture capital body or, failing that, help startups learn how to pitch to this venue.

This is why groups such as NewME and Black Founders are so important. NewMe was the first accelerator aimed at minority entrepreneurs and its system helps startups through acceleration, education and investment. Similarly, the Black Founders initiative aims to strengthen the presence of black entrepreneurs in the tech field and is doing this by offering events, conferences and funding to help black entrepreneurs flourish.

Diversity should always be seen as a strength and we need to work towards ensuring entrepreneurs have equal access to all forms of funding.

And of course there is another group that faces major issues when accessing funding. Entrepreneurs with disabilities are definitely a growing segment in the business world, as the flexible schedules and work environments that come with the entrepreneur existence happen to be the ideal environment.

Although there are definite struggles when it comes to accessing funding the good news is there are groups that have put themselves out there as financiers for entrepreneurs with disabilities.

Accion is a great example, providing loans and workshops to help these startups grow and conquer the marketplace. Kaleidoscope Investments is another great business designed to help these businesses thrive through funding and mentorship.

Depending on where you live the government also has programs set up to help this group of entrepreneurs.

Western Canada offers the Entrepreneurs With Disabilities Program, an initiative designed to help through funding, mentoring, training and counseling. The US Department of Labor also offers grants to help those taking the entrepreneur career path.

Let’s hope these initiatives help make our business world more accessible and diverse.

Although running your own business may seem terrifying there are supports available for people from all walks of life. Don’t let fear or limited personal funds prevent you from becoming an entrepreneur and rising in the ranks of startup owners.

The world is so incredibly diverse and our business world should match this. Let’s work together to ensure the systems set up to aid in equal representation are successful and the startup marketplace truly represents the world.