• Dataconomy, Thousand Faces, and Women in AI join forces to create a unique platform for connecting female founders and investors
• Realizing that warm introductions are significantly more effective than cold emails, the organizers invite female founders and investors to Female Founders & Investors Networking Dinners
• These are side events of major tech conferences, congresses, and summits across the globe
• The first one took place during Viva Technology 2024 in Paris this May, more to follow in Dubai, Copenhagen, and Lisbon

This May’s Viva Technology Conference in Paris once again took its rightful place among Europe’s (and world’s) most important tech events of the year. As with all such events, networking was just as important as the chance to hear keynote speeches and panel discussions from top-tier speakers. In terms of networking, it is difficult to overestimate the opportunities provided by side events which are smaller and cozier than the main programme. Among other side events, VivaTech 2024 hosted the first Female Founders & Investors Networking Dinner – a joint initiative by Thousand Faces, Women in AI, and Dataconomy.

The Organizers

Dataconomy GmbH is a Berlin-based portal that focuses on news, events, and expert opinions from the world of data-driven technology. Founded in 2014 to serve as a hub for the data science community, Dataconomy offers insights into industry trends and developments, covering both established giants and innovative startups. The platform is known for organizing Data Natives, one of Europe’s largest conferences dedicated to data science and AI, which brings together experts, enthusiasts, and leaders to explore cutting-edge technology and its societal impact. Additionally, Dataconomy is committed to fostering connections within the tech community, helping professionals stay informed and engaged with the latest advancements in data and AI.

Launched in 2022, Thousand Faces is a community-driven investment club that focuses on supporting female-led and environmental projects. Their goal is to create meaningful impact by backing startups and initiatives that align with sustainable development goals (SDGs). The community offers mentoring, educational content, and funding opportunities, especially targeting early-stage companies led by women. Thousand Faces also provides a platform for investors interested in impactful projects, allowing them to engage with and support ventures that drive positive change. The community includes over 5,000 founders, mentors, investors, and advocates working towards a regenerative future.

Women in AI (WAI) is a global nonprofit community dedicated to increasing female representation and participation in the field of Artificial Intelligence. Started in 2016, WAI has grown to include over 8,000 members across 140 countries. The organization’s mission is to close the gender gap in AI by empowering women and minorities to become experts, innovators, and leaders in AI and data science. WAI focuses on ethical AI applications and responsible use of technology, promoting diversity and inclusion through education, research, events, and mentorship programs.

Female-Specific Problems of the Tech World to Tackle

Together, they came up with the idea to address the female-specific problems that persist in the tech ecosystems even in our year 2024. According to the organizers’ numbers, female founders secured about the same percentage of the VC deals as in 2022, at a little over 26%, by deal count. Meanwhile, women entrepreneurs and co-founders demonstrate progress in terms of the amount of the raised capital, having secured nearly one-quarter (22.8%) of all VC money last year against 18.7% in 2022. However, seeing how AI and ML remain arguably the most popular verticals for many investors, only 20% of technical staff members at major machine learning businesses are women. The situation is even more challenging in the field of AI, where only 12% of researchers are women.

Rough numbers aside, the actual female-specific challenges will naturally vary between verticals and geographies. That’s why it’s key to let different stories get spotlighted.

Thousand Faces’ founder and CEO Moojan Asghari shares that from her experience, female-specific problems in tech startup ecosystems include significant funding disparities, persistent gender bias and discrimination, and a lack of representation and role models.

Indeed, one doesn’t need to look too closely at how, in the eyes of many investors, female founders still carry the stigma placed by the story of Elizabeth Holmes and her Theranos. At the same time, a largely similar story of Adam Neumann and his WeWork doesn’t seem to have affected male founders in any way.

‘Women face barriers in networking and access to influential communities, alongside pressures to balance work and family life due to societal expectations. Cultural and societal norms often discourage women from pursuing tech careers, while their achievements in the field are frequently overlooked, limiting their visibility and influence. Additionally, women often have less access to STEM education and professional development, struggle with confidence and self-advocacy, and are underrepresented in leadership positions,’ Ms Asghari continues.

Sistafund’s partner Natacha Brami refers to studies that reveal a 13x better chance to fundraise when you get a warm introduction compared to when you throw a cold email.

A Platform for Warm Introductions and the Challenge of Selection

‘In the meantime, women tend to feel excluded from some spheres as networking events used to mainly be ‘boys club.’ Having the possibility to bring together women and create a safe space where they feel free enough to ask questions, share their experiences, and learn together is such an important thing to foster in the future,’ Ms Brami adds.

Addressing these issues requires comprehensive efforts, including cultural shifts, policy changes, and targeted support initiatives, which platforms like Women in AI and Thousand Faces strive to promote through theme events like the Female Founders & Investors Networking Dinner.

The organizers received more than 180 applications to the event and had to pick 30 female founders and investors. Dataconomy’s founder and managing director Elena Poughia underlines that the limited numbers of guests resulted in a great challenge of choosing the applications. For this purpose, the organizers have worked out rigorous selection criteria.

‘Our selection criteria for the founders were based on their funding stage, whether they fit our thesis focused on impact and climate and their overall career trajectory and potential. Similarly, for investors, our selection process was focused on relevant investors who could potentially invest in that stage and the industry of the startups. We wanted to have an investor for every founder and made sure also to include some important and key tech figures in the industry,’ Ms Poghia specifies.

Female Underrepresentation VS Talent Shortage

This complements Ms Brami’s words about the importance of warm introductions and opposes the somewhat widespread idea that the solution to gender disbalance is simply about hiring more women. The mentioned idea of a solution is obviously lazy and would simply mirror the problem instead of solving it.

‘While hiring more women is often proposed as a solution to gender imbalance in tech ecosystems, it’s important to recognize that this approach alone can be seen as a superficial fix that risks perpetuating the very discrimination it aims to counteract. Instead, we must focus on creating an inclusive culture that values merit and expertise, alongside gender diversity. This involves implementing bias training, offering mentorship programs, ensuring equitable access to professional development, and fostering a supportive work environment. By addressing the systemic barriers that hinder women’s progress and creating opportunities for them to thrive based on their skills and contributions, we can achieve true gender balance and drive meaningful change in the tech industry,’ Ms Ashari comments.

Moreover, even such a ‘superficial fix’ as hiring more women wouldn’t necessarily mean hiring less women, seeing how all industries experience talent shortage, often dramatic. In view of this, underrepresentation of certain groups – especially such large ones as women – who could better realize themselves professionally and contribute to confronting talent shortage, looks particularly bizarre.

‘The paradox of talent shortage coupled with discrimination against certain groups, such as women, reflects deep-seated systemic issues within industries worldwide. One major factor contributing to this paradox is the persistence of gender biases and structural barriers that hinder women’s full participation and advancement in professions, including tech and data science. These barriers include unequal access to educational opportunities, limited mentorship and networking avenues, and cultural norms that perpetuate stereotypes about women’s capabilities,’ Ms Poughia comments.

She firmly believes that, to truly solve this paradox, comprehensive measures are needed. This includes implementing policies that promote gender diversity and inclusion at all levels of organizations, ensuring equal access to training and career development, fostering supportive work environments that value diverse perspectives, and holding institutions accountable for addressing bias and discrimination. Moreover, proactive efforts to challenge societal norms and stereotypes are crucial to creating an equitable landscape where all individuals, regardless of gender, can contribute fully to addressing the talent shortage and driving innovation forward.

Driving Innovation and Awareness Further

To drive innovation forward and continue contributing to a better gender balance in the tech society, the organizers make Female Founders & Investors Networking Dinners regular. These will be side events of larger tech conferences, congresses, and summits worldwide. It was announced that the next events will take place in Dubai, Copenhagen, and Lisbon.

The upcoming events will also be highly curated to ensure that the community builds trust and cultivates an ecosystem where people collaborate and create strong bonds in full confidence that they are among people with whom they can connect with and work together.