The first investment in a fresh new fund is always an exciting and memorable one. It sets the tone for how we will execute the next investments: analysing a business, engaging the founders and their team, negotiating terms and planning for a relationship going forward post-investment. We could not have asked for a more fitting company than <\/span>CodeOp<\/span><\/a> as <\/span>Ship2B Ventures\u00b4 BSocial Impact Fund inaugural investment<\/span><\/a>. <\/span><\/p>\n

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Meeting CodeOp<\/b><\/h3>\n

We learned of CodeOp through textbook VC-networking: a former work colleague introduced me to an entrepreneur based in Barcelona who also invests in interesting companies on the side. Over lunch, he told me of <\/span>Katrina Walker<\/span><\/a> and her vision to solve the structural gender gap in tech teams. As a US-born coder, she experienced the male-dominated office culture in various tech companies and eventually decided to do something about it. She founded the company in 2018 in Barcelona and started offering an in-person full-stack coding program for women, trans and gender non-conforming individuals that wanted to transition into tech. In 2020, Covid pushed the company to go online, boosting students and revenues. Katrina had raised money in two previous rounds attracting top business angel investors. Early 2021, Katrina was looking to close a funding round to expand course portfolio and geographical coverage.  <\/span><\/p>\n

As we discussed, my mind was checking boxes to assess a potential interest: investment core area? Check. Geographic focus? Check. Proven business model? Check. Ticket size and stage? Check. Respected entrepreneur with capacity to attract talent & investors? Check\u2026 By the end of our talk, I knew we wanted to know more about CodeOp and asked for a warm introduction.<\/span><\/p>\n

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What is the challenge at hand?<\/b><\/h3>\n

As an impact-driven investor, Ship2B\u2019s first order of business with startups is to focus on the social or environmental problem they are trying to solve. We analyze the causes, effects and create a theory of change for each startup. <\/span>Here is what we learned about the tech gender gap. <\/b><\/p>\n

Despite decades of progress towards workplace equality, women remain chronically underrepresented in tech worldwide, and even more across minority groups such as migrants, women of color, single parents and the Transgender\/Gender Non-Conforming<\/span> (<\/span>TGNC) community. <\/span>According to the OECD<\/span><\/a>, amongst member states roughly 30% of the tech labor force is women and this number drops further when considering sub-segments in tech: for example, last year only 11% of software developers worldwide were women. <\/span><\/p>\n

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Causes<\/span><\/h5>\n

There are many reasons researchers have listed as precursors to women not entering tech or leaving it prematurely. One of the main<\/span> causes for gender disparity is that young girls have not been socially encouraged and structurally supported to pursue STEM fields<\/b>. A study by <\/span>OECD<\/span><\/a> found that <\/span>girls still lack the confidence to pursue high-paid careers in science and technology<\/b>, despite their school results being as good as \u2013 or better than \u2013 those achieved by boys. <\/span><\/p>\n

Another cause can be attributed to retention issues in the ICT-field. The <\/span>continued marginalization of women in tech<\/b> perpetuates harmful stereotypes and stigmas that women are not capable of making technical contributions. Women are 22% more likely than men to experience imposter syndrome at work, more women experience feeling out of place or under-qualified compared to co-workers, so it<\/span> directly erodes women\u2019s confidence to advance within it<\/b>. Research conducted by the <\/span>European Parliament’s Committee on Women’s Rights and Gender Equality<\/span><\/a> found that women under 30 with a degree in ICT make up 20% of the ICT sector. By the time women reach 45 that number decreases to 9%, a pattern that is decoupled from that of their male colleagues. <\/span><\/p>\n

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Source: Resetting Tech Culture<\/a>, estudio de Accenture y Girls who Code<\/p>\n

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How does CodeOp tackle the tech gender gap?<\/b><\/h3>\n

To deal with the underrepresentation of women and TGNC minorities in tech, CodeOp focuses on tackling the following effects:<\/span><\/p>\n

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• Economic potential<\/b>: <\/span>Research<\/span><\/a> supports that diverse and inclusive engineering teams ultimately lead to greater creativity, productivity and profitability for companies. The EU commission found that if more women were to enter the digital jobs market, it could create an annual <\/span>\u20ac16 billion GDP boost for the European economy<\/span><\/a>. <\/span>CodeOp is promoting job placement for women and the TGNC community in the tech industry as well as upskilling them in their technical roles.<\/b> <\/span><\/li>\n
• Socio-cultural<\/b>: When women\u2019s opinions are not allowed a voice or space, rarefied environments that facilitate structural inequalities such as unequal pay are perpetuated. <\/span>For computing fields<\/span><\/a>, women earn 87% of what men earn – even worse for Black women (62%). Furthermore, 75% of men believe their employer offers equal pay while only 42% of women say the same. <\/span>CodeOp aims to improve confidence in women and achieve a higher salary as well as increase responsibilities in their tech fields<\/b>. Lack of role models and professional development opportunities inhibit their ability to pursue opportunities and alienate them from the very tools they rely on every day, bolstering technology in our society that\u2019s based on a reflection of its makers’ perspectives, prejudices, and biases. <\/span>In the US<\/span><\/a>, only 11% of senior leadership positions in tech were held by women. <\/span>CodeOp reskills women to advance in their technical careers to work in leadership or managerial roles<\/b>. <\/span>It also supports the transition from bootcamp to tech roles by vetting and supporting recruiters looking to expand diversity and foster inclusive environments.<\/b><\/li>\n<\/ul>\n

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    • Automation and the future of work<\/b>: Spain and other European countries will automate around 23% of their workable hours by 2030.  A new McKinsey Global Institute (MGI) report, <\/span>The future of women at work: Transitions in the age of automation<\/span><\/a> states that “between 40 million and 160 million women globally may need to transition between occupations by 2030, often into higher-skilled roles”. <\/span>CodeOp is promoting this transition and upskilling in tech. <\/b><\/li>\n<\/ul>\n

      CodeOp\u2019s solution embodies seven primary points of action to fulfil its mission, based in the research findings of <\/span>McKinsey & Pivotal Ventures \u201cRebooting the Rainbow<\/span><\/a>\u201d<\/span>: offer diverse on-ramps for beginners, create a sense of belonging, build confidence in skills, cultivate a community of supportive peers, ensure adult gatekeepers are supportive and inclusive, create continuity between computing experiences and provide access to computing experiences. It is a more holistic experience that brings confidence to students and empowers them to develop to their full potential in organisations that are mindful and working towards workplace gender equality.  <\/span><\/p>\n<\/li>\n<\/ul>\n