Women’s representation in tech and entrepreneurship is about more than just numbers

Women are better represented in tech and entrepreneurship than they were five years ago, but there’s more to it than just numbers, leaders in the industry say.

Going beyond stats to look at culture is key, according to Joan Lau, CEO of Spirovant Sciences, a University City-based life sciences company that is developing gene therapies for cystic fibrosis. She doesn’t pay much attention to data about underrepresented founders, she said. Instead, it’s better to focus on what you can do to create inclusive environments.

“I think about … how can we create an environment?,” Lau said. “How can I help, and then how can our team help, create an environment where we acknowledge those [disparities]. And that’s why I say, bring your whole self.”

Lau was speaking on a panel at the Philadelphia Alliance for Capital and Technology’s (PACT) 2024 Foundation Breakfast. The event is held annually by the membership trade nonprofit to recognize women-led companies in the region.

Inclusive environments matter, offered Sushma Akunuru, SVP at Philly healthcare giant Independence Blue Cross, but stats are also important. “You can’t improve what you can’t measure,” she said.

Nationally, trends show more women pursuing entrepreneurship. Women made up 47% of new business owners in 2022, according to Gusto, up from 29% in 2019.

In general across the US, women make up about 47% of the workforce, according to 2021 census data, but only 42% of managers — and a large pay gap still persists. Full-time female managers make just 71 cents for every dollar earned by their male counterparts.

Regardless of the numbers, diverse companies will continue growing and raising money, said Tiffanie Standard, founder and CEO of Stimulus, a University City-based data and analytics company that helps companies make more diverse supply chain purchases. .

For founders, it’s important to remember why you started your company instead of ruminating on positive or negative data, she said at the breakfast, since trends around women entrepreneurship and their ability to attract investment money will ebb and flow.

“I’ve always told my team to pay attention to what’s happening in the world, but don’t pay attention so much to the point where you wake up discouraged.”

Sarah Huffman is a 2022-2024 corps member for Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by the Lenfest Institute for Journalism.