Diversifying Venture Capital: Maximising Returns and Social Impact with Joey Mak
I'm thrilled to introduce Joey Mak, the CEO Of Chicago Blend. Chicago:Blend is a nonprofit organisation working to advance diversity, equity and inclusion in Chicago’s venture capital and startup community. They measure the VC diversity gap, help underrepresented professionals secure VC jobs and are building a growing community of investors who share our commitment to improving the industry. Before joining Blend in 2021, Joey was the vice president of programs at the Chicagoland Chamber of Commerce, where he created their diversity, equity, and inclusion initiative and oversaw the Chamber’s COVID-19 economic recovery task force. He served as director of innovation & economic development for the University of Illinois System and as a deputy director at the Illinois Department of Commerce & Economic Opportunity. Today Joey and I embark on a journey through the critical landscape of diversity, equity, and inclusion in venture capital. We'll explore the personal narratives driving this mission, dissect the challenges hindering inclusive cultures, and highlight the imperative role diversity plays in investment decisions. Along the way, we'll uncover success stories of underrepresented founders, delve into strategies for fostering diverse corporate cultures, and address biases in both hiring practices and technology. Takeaways Increasing diversity in the venture capital space is crucial for providing more opportunities to underrepresented founders and entrepreneurs. Diversity, equity, and inclusion are not just checkboxes but essential business practices that lead to a more resilient and innovative organisation. Creating a diverse and inclusive corporate culture requires intentional effort and a focus on business strategy and goals. Unconscious bias can perpetuate a lack of diversity and equity in investments, but strategies like expanding networks and setting up inclusive processes can help overcome this challenge. Fostering diversity in technology involves ensuring diverse voices are included in the design process to avoid biases and create inclusive products and services. Chapters 00:00 Introduction and Pondering Questions 03:08 Personal Journey and Purpose 06:19 Importance of Diversity in Business 07:44 Defining Diversity, Equity, and Inclusion 09:35 Challenges in Creating Diverse and Inclusive Cultures 11:43 Addressing Challenges in the Startup Ecosystem 13:31 Lack of Diversity in Venture Capital 16:35 Success Stories of Diverse Founders 20:01 Creating Diverse and Inclusive Corporate Cultures 22:20 Overcoming Unconscious Bias 28:55 Technology and Addressing Biases 36:10 Fostering Diversity in Technology 39:24 Exciting Trends in the Industry 43:03 Importance of Diversity, Equity, and Inclusion Learn More About Joey: https://www.chicagoblend.org/ Book Your IGNITE Discovery Call: https://www.rebeccamaklad.com/advisorSee omnystudio.com/listener for privacy information.