According to damning new research from Boston Consulting Group (BCG) and People of Crypto Lab, women face significant disparities in the web3 industry.
According to The Fintech Times, the study titled “Web3 Already Has a Gender Diversity Problem” analyzed data from 2,800 web3 participants and found that only 13% of founding teams and 3% of companies in the web3 industry are exclusively female.
Despite its forward-thinking approach to technology, the web3 industry seems stuck in the past regarding gender equality. The study found alarming gaps in funding, founding, and employee representation.
All-male founding teams raise nearly four times as much capital as all-female teams, and no web3 companies with all-female founding teams have raised more than $100 million.
Among employees, women cluster in non-technical roles and represent just 27% of the workforce, a lower share than in STEM fields overall.
The study’s authors call this an “economic as well as a diversity crisis” and urge the web3 industry to take action. Recommendations include measuring and reporting on diversity, including women on investment teams, designing inclusive brand experiences, and building support networks for women in web3.
The web3 industry is still new, but diversity and inclusion should be priorities from the start to enable innovation and growth. As BCG’s chief marketing officer concludes, “Web3 companies that do not embrace and leverage diversity…will forego a huge business and monetization opportunity.”
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