In July 2020, Techstars committed to seven initiatives intended to make us a more diverse, equitable, and inclusive company. Follow here for updates on our progress.
In order to measure our efforts we will collect more data and report our progress bi-annually.
This remains an ongoing objective despite delays. We will provide reports annually moving forward in November of each year.
Accelerator programs give startups access to education, network, and capital. We will invest in at least 1,000 CEOs from underrepresented groups through our accelerators by 2026.
Since 2020 and as of September 2022, more than 402 CEOs from underrepresented groups have gone through our accelerators. In two years, we’ve met 40% of our goal, meaning we’re on track to meeting this commitment.
Techstars currently defines “underrepresented in entrepreneurship or technology” as individuals meeting any one of the following
In the US:
Over 40 years old, Woman, Non-Binary or Gender-Nonconforming, A person identifying as part of the LGBTQ+ community, A military veteran, A person living with a disability, An immigrant, A refugee, A person identifying with any of the following racial or ethnic categories, in the US:
American Indian or Alaska Native
South or Southeast Asian
Black or African American
Hispanic or Latinx
Native Hawaiian or Pacific Islander
Two or more of the above categories
Outside of the US:
Over 40 years old, Woman, Non-Binary or Gender-Nonconforming, a person identifying as part of the LGBTQ+ community, a person outside of the US identifying as being part of a minority race or ethnicity in their home country, a person living with a disability, an immigrant, a refugee, a person from a country in Africa, a person from a country on the United Nations' list of least developed countries
To this end, we will fill our current open board seat with a person of color.
In 2020, our Board of Directors was 20% people of color and 20% women. In 2022, our Board of Directors is 30% people of color and 40% women.
While our Board of Directors is small and openings are infrequent when opportunities arise we will recruit candidates who represent the diversity of the founders we serve.
We are committed to having our leadership and management teams represent the diversity of the communities we serve.
Over the past two years, Techstars has had numerous new appointments to its executive leadership team. In 2020, the ELT was 42% women and did not include any people of color. We are proud of the fact that today 64% of the executive team identifies with one or more of the diverse groups we measure across our organization, with 64% women and 33% people of color.
Inclusion starts from the top and this group of leaders is unified in their commitment to create a more accessible and inclusive ecosystem for entrepreneurs who have been excluded from the systems of capital and growth.
We established this fund in 2020 and continue to match our employees who wish to support these important causes. We have already expanded the fund, based on employee preference, and will continue to encourage employees to engage in giving and volunteering in the future.
We will create an internal program that allows Techstars to match employee donations to causes that combat racial injustices and support diversity. and continue to invest in DEI training, have an external organization audit equitable pay practices, and help us clearly define what success.
While we are proud of the progress we have made in our inclusive recruiting practices, we have yet to formalize our DEI training and conduct the equitable pay audit. We could point to several reasons why this work has not yet been completed; however, this is a clear gap that we failed to fill. As we will be updating these commitments annually, we expect to have a more robust and constructive update on this front at the beginning of 2023.
The Techstars Foundation has invested more than $1 million and helped 30 nonprofits deliver scalable impact for entrepreneurs from underrepresented communities. This work will continue.
In 2020 and 2021, the Techstars Foundation awarded $486,582 and $363,137 respectively, bringing our total support to $1.85 million to 45 organizations committed to advancing underrepresented entrepreneurs. In addition to financial support, we aim to create access points for nonprofits and the entrepreneurs they serve to the greater Techstars network as well as provide educational content and mentorship.
In September 2020, we looked at race and ethnicity among our 228 US-based employees. At that time, 15.3% of these employees identified as being racially or ethnically diverse.
Two years later, we can report significant progress in this area. As of December 2022, 32% of our 251 US-based employees identify as being racially or ethnically diverse.
And, of our 26 US-based Managing Directors, 42% identify as such compared to 17% in 2020.
2% Black or African American
3% Two or more
6% Prefer not to disclose
9% Black or African American
4% Two or more
4% Prefer not to disclose
Note: At present, this report only reflects data on our 251 US employees due to the varied restrictions and regulations about collecting personal data in the many non-US markets in which we operate. Therefore, it excludes 69 employees in other locations.