More VCs recognize the need for adopting and improving D&I business strategies that give women and minorities a chance in leadership roles, but pace of change remains slow
WASHINGTON, DC – While much is still left to be done to boost diversity and inclusion (D&I) in the venture capital (VC) industry, the second edition of the National Venture Capital Association (NVCA)-Deloitte Human Capital Survey found that VC firms are beginning to make some important—albeit small—gains in implementing strategies to attract and retain top diverse talent. (more…)
WASHINGTON, DC – The National Venture Capital Association (NVCA) today released a set of model documents and resources to help address sexual harassment in the venture industry. Created with guidance from working groups consisting of legal, H.R., and employment experts as well as venture investors, the documents have been created for both venture firms and startups to reference and adopt. These industry resources include: 1) Sample H.R. Policies for Addressing Harassment & Discrimination; 2) Sample H.R. Best Practices for Addressing Harassment & Discrimination; and 3) Sample Code of Conduct Policy. They are available with the NVCA Model Legal Documents as well as on the VentureForward page of the NVCA website.
The H.R. resources come in response to the news reports last summer of incidents of sexual harassment involving venture investors. In the wake of these revelations, NVCA sprang to action, speaking with many of the victims, collecting recommendations via an online form, and organizing a workshop in San Francisco that convened more than 60 industry participants, including managing partners, H.R. professionals, entrepreneurs, limited partners, legal experts, and other stakeholders. (more…)
Policies for Non-discrimination, Recruitment, Childcare Leave, Mentorship, Affinity Groups and Flexible Work Included in Model Document
WASHINGTON, DC – The National Venture Capital Association (NVCA) today unveiled sample human resources (“H.R.”) policies—titled “Sample H.R. Policies for Attracting and Retaining Diverse Talent” (“the Policies”)—to assist venture capital firms in fostering diverse and inclusive cultures. Prepared by Proskauer Rose and Miller Law Group with support from Silicon Valley Bank, the Policies are an extension of the work of the NVCA Diversity Task Force and will be made available on nvca.org with all the other model legal documents NVCA shares with the venture community.
Included in the document are sample policies for a firm mission statement, non-discrimination, recruitment, childcare leave, mentorship, participation in outside affinity groups and activities, and flexible work arrangements. (more…)
WASHINGTON, DC – The National Venture Capital Association (NVCA) today pledge to work with President Trump to advance opportunities for women in entrepreneurship and business. Recently President Trump announced an initiative in partnership with Canada to support women in business through the “Canada-United States Council for Advancement of Women Entrepreneurs and Business Leaders.”
“America’s venture capitalists are ready, eager, and able to partner with your Administration on this important initiative. NVCA members, hundreds of U.S. venture capital and corporate venture capital groups, support entrepreneurs by investing capital and resources to build the next-generation of innovative companies,” wrote Bobby Franklin, President and CEO of NVCA, in a letter to President Trump. (more…)
VC Firms with Human Capital Strategies More Likely to Have Diverse Teams
WASHINGTON, DC – Although women comprise nearly one-half (45 percent) of the total venture capital workforce, few are in investment decision-making positions, according to a new report released today by the National Venture Capital Association (NVCA) and Deloitte. Based on the findings of the first ever NVCA-Deloitte Human Capital Survey conducted by the Deloitte University Leadership Center for Inclusion, women represent 11 percent of investment partners or equivalent on venture investment teams.
Racial minorities are also significantly underrepresented across the VC industry, according to the survey. By race, the report found that non-white employees comprise 22 percent of the venture capital workforce, including Black employees at 3 percent and Hispanic or Latino employees at 4 percent. (more…)
WASHINGTON, DC – The National Venture Capital Association today joined as a supporting partner of the Open Network for Board Diversity (ONBOARD) Initiative. Spearheaded by the U.S. Small Business Administration and LinkedIn, the goal of the initiative is to increase the number of women and minority members of advisory boards and boards of directors of high growth small businesses, with special emphasis on those businesses supported by Small Business Investment Companies (SBICs).
“NVCA, our members and the companies they support all have a stake in creating a more inclusive entrepreneurial ecosystem and a critical component to those efforts starts with the composition of company boards,” said Bobby Franklin, President and CEO of NVCA. (more…)
NVCA and Collaborators Working to Build a More Inclusive Ecosystem
WASHINGTON, DC – The National Venture Capital Association (NVCA) today issued a new report, Building a More Inclusive Entrepreneurial Ecosystem, showcasing the work of the NVCA Diversity Task Force and others over the past 18 months to advance a more inclusive entrepreneurial ecosystem. The report features actions taken by NVCA and its member firms to directly address the lack of underrepresented groups participating in venture capital and entrepreneurship and provides an overview of diversity and inclusion initiatives led by collaborators across the U.S.
“Diversity is core to the competitiveness of the entrepreneurial ecosystem. Diverse teams and inclusive approaches to building companies improve outcomes for society, individuals and the future of innovation,” said Bobby Franklin, President and CEO of NVCA. (more…)
Commitment from over 40 venture capital firms to support inclusive innovation announced at White House Demo Day
WASHINGTON, DC – Forty-five venture capital firms representing over $100 billion in assets under management invested in nearly 7,000 startups across 45 states today announced their commitment to advancing opportunity for women and underrepresented minorities in venture capital and the entrepreneurial ecosystem. Led by the National Venture Capital Association (NVCA) Diversity Task Force, the commitments were announced in a letter to President Obama as part of the first-ever White House Demo Day, which is bringing together diverse entrepreneurs and other key stakeholders from across the ecosystem to convene and showcase the innovation economy. (more…)
NVCA Board Member and CEO of JumpStart Inc. Ray Leach Will Drive Discussion on Diversity and Access to Venture Capital Today
WASHINGTON, DC – The National Venture Capital Association (NVCA) today announced that the NVCA Diversity Task Force will participate in the 18th Annual Rainbow PUSH Wall Street Project Economic Summit in New York, NY. Formed by current and past NVCA board members in 2014, the NVCA Diversity Task Force is focused on increasing inclusion in venture capital firms and venture capital-backed companies in collaboration with peers and communities across the ecosystem. (more…)
ARLINGTON, VA – The National Venture Capital Association (NVCA) today announced the formation of the NVCA Diversity Task Force to develop a clear and measurable path to increase opportunities for women and men of diverse backgrounds to thrive in venture capital and entrepreneurship. The NVCA Diversity Task Force is an initiative of the NVCA Board of Directors and will be led by current and former board members of the association. Through forums, research and programming, the NVCA Diversity Task Force will examine the lack of diversity in the venture capital industry and develop meaningful solutions to build a more inclusive, stronger innovation economy for the 21st Century. (more…)