Coming from money makes it easier to make money, but a lack of financial diversity among founders could be holding back British tech.
“We’re looking for whatever correlates with success — it’s not obvious to me that being part of the establishment correlates with success,” says Ed Lascelles, a partner at AlbionVC. “If anything I think the data shows otherwise.” Indeed, he argues diversity — of any sort — helps with decision making inside a business, leading to better outcomes, and and a higher return on investment for him and Albion.
Setting aside VCs chasing payouts, leaving out people with working-class backgrounds is also a problem for society. The UK’s social mobility is stalling, but tech has the potential to be more of a meritocracy than other industries — if you can code, no-one cares where you come from. “Computer science could potentially be the greatest social mobility tool of our age,” says Matt Clifford, co-founder at investment firm Entrepreneur First.
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