Making Seats for Female Board Members

Earlier this year, global HR giant Korn Ferry took note of what it called a “curious paradox,” writing: “Technology companies are some of the most innovative businesses in terms of strategies, products and services, but are among the least progressive when it comes to the number of women serving on their boards of directors.”

According to the firm’s research, less than 15 percent of the 1,000 or so corporate directors serving the country’s top 100 tech companies are women — far less than the 20 percent representing large companies overall. Moreover, 16 of the top 100 tech companies’ boards had no women members at all.

Perhaps even more stunning is the underrepresentation of minorities on large corporate boards. A study by Institutional Shareholder Services, a company that advises large shareholders on corporate governance, found that just 1.5% of the 20,000 directors of the country’s 1,000 largest companies are black women. And the pace of change has been glacial, at best. From 2015-2020, the tech industry increased its share of board members who are underrepresented minorities by just 3.9%, a bit better than other industries, but still far short of what would be needed to make corporate governance truly diverse in our lifetimes.

As a minority woman, entrepreneur, and investor in Silicon Valley startups, I am often the only woman at the table. I have called out the toxic culture that prevents women from leaning in, or even being considered for a high-level position, many times. I’m concerned that the pandemic, which placed unique strains on working women and caused many to leave the workforce temporarily, will be used as an excuse to maintain the status quo. Change needs to accelerate, not stop, and men in particular must call out the double standard that we women face.

This double-standard, expressed by so many euphemistic roadblocks that only women seem to hear — “show us proof”; “build a network and come back to us”; “you need more traction” and many others — has created huge discrepancies in the percentage of women (especially minority women) executives and entrepreneurs, the twin pools from which board members are culled from. Last week, Sheryl Sandberg of Meta Networks (formerly Facebook) quit the company after twelve years, apparently because she was feeling burned out. Sandberg proved that women could go toe-to-toe with the biggest empire builders in tech, while also becoming a best-selling author and role model for millions. It is my goal and the women I partner with to expand the room and opportunity for legacies such as this.

As a tech venture capitalist, I seek out women founders, but men need to join me in this search. Unfortunately, there simply aren’t enough women already at the highest levels needed to pull the rest up without help from our male counterparts. This is

not a philanthropic exercise. We women are natural leaders and born networkers. We thrive in disciplines like engineering and mathematics, but we also have that extra touch of empathy and appreciation for relationships that is so vital to team-building. Our dual roles as leaders and nurturers should not be seen as a weakness, but rather as a competitive advantage. According to Harvard Business Review, companies that place women in executive or senior leadership roles not only tend to provide a higher quality of consumer experiences, but are also more socially responsible and profitable overall.

Companies cannot afford to lose talented executive women, yet there would be so many more if representation and the opportunity were there. This conversation is not one just about women, but about improving diversity, equity, and inclusion. As an Asian0 American woman, I can attest to the fact that, in a global industry like tech, we need as many voices as possible on board — and on the board.

Diane Yoo Bio:Diane Yoo is a results-driven entrepreneur and venture capitalist with more than 15+ years of experience. As an accredited investor, she has invested in 35+ companies with a focus on diverse founders. She is in the 1% of Asian-American female founders who are also a partner. Diane has founded angel networks, venture funds, and investment networks. She is Founding Partner for a Medtech and Healthtech venture capital firm in partnership with the largest medical center of the world. With VC and accelerator expertise, she works extensively with over 700+ global companies and her firm has deployed significant capital into the startup ecosystem. She now has become one of the only Asian- American women to run a Private Equity firm. She has launched numerous venture funds for over 15 universities across the US and has built a powerful co-investor US network with offices in Texas and New York. Diane is Co-founder of Global She Ventures, an accelerator in partnership with Rice University to catalyze global women entrepreneurs. Diane is also Co-founder to a national media platform, Identity Unveiled highlights trailblazing Asian American women who have broken barriers and become firsts in their industry. She is also an investment partner to several Silicon Valley funds including the largest women’s fund and the first FemTech fund in the nation.

Diane is an entrepreneur turned investor with experience in launching and founding Angel Funds, Investment Networks, private equity and Venture Capital. As Founding Partner, she secured a Venture Capital fund partnership with the world’s largest medical center. As the former Managing Director of The Rice Angel Network, Diane has expertise in operating funds. She is Also the founder of national pitch competitions in 10+ cities with a focus on creating impact for diverse entrepreneurs. With a history of operating funds and portfolio companies, Diane founded venture capital funds for over 12+ universities. With extensive experience advising over 100+ companies and 30+ venture backed investments, she serves as a mentor and investor to several nationally ranked top-tier accelerators. She is also Co-Founder and Partner to accelerators including Curated Advisors.

Diane is also an investment partner to Silicon Valley funds including the largest women’s fund and the nation’s first FemTech fund. Additionally, she is a US partner to Korean government agency focusing on venture capital, acquisitions, and consulting early stage companies. Diane is national speaker on Venture Capital and Entrepreneurship. Her topics include “101 for Investors”, “Million Dollar Women”, and “Pitch Perfect”. Her publication has trended #1 for Venture Capital on Crunchbase and also spotlighted on numerous media outlets includingStartup Nation and Women 2.0. As an influencer, Diane serves on the official Forbes Business Council.