This year’s International Women’s Day celebration, tagged “Invest in women: Accelerate progress,” is particularly relevant to the Web3 and digital sectors. Women are still disproportionately employed in non-technical fields, despite modest progress in addressing the persistent issue of gender diversity.
TakeAway Points:
- While the Web3 ecosystem evolves rapidly, there is a wide gender disparity in its activities.
- Notably, the Blockchain4Her program and Unstoppable Women of Web3, amongst other initiatives, are actively promoting gender diversity and inclusivity in the blockchain space.
- Achieving gender parity in Web3 requires multifaceted strategies, including education, community support, and policy reforms.
Invest Women In Web3
The need for diversity and inclusivity in the quickly changing Web3 landscape has never been greater, and as we move into this new era of digital ownership, decentralization, and blockchain technology. It is imperative that we address the representation of women in this field.
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On this International Women’s Day 2024, we celebrate the achievements and contributions of women in Web3 while acknowledging the ongoing challenges they face, particularly in emerging sectors like Web3.
This article highlights the barriers women face, gender diversity issues in Web3, and underscores the initiatives driving change, aiming to bridge the gender gap for meaningful progress.
Factors Contributing To Gender Inequality In Web3
Despite a slight increase to roughly 27% in 2022, women still mostly hold non-technical positions in Web3 organizations, according to a study conducted in 2023 by Boston Consulting Group. Similarly, research from Deloitte highlights the steep path towards gender parity in the tech industry, with women comprising only 25% of tech professionals.
However, the underrepresentation of women in Web3 roles that involve decision-making merely serves to reinforce prejudices and restrict a range of viewpoints.
Additionally, women in the Web3 and IT sectors experience harassment online and difficulty obtaining funding and investments. Diverse perspectives and inclusive decision-making are hampered by underrepresentation in leadership positions.
In order to overcome these obstacles, women must make a committed effort to dismantle systemic barriers and establish a supportive environment in Web3 and technology. It is about maximizing these breakthroughs’ potential for everyone, not just about equality.
Web3 Suffers Gender Inequality
Despite the promise of a more decentralized and equal online environment, Web3 continues to reflect the gender gaps that are common in the tech and finance industries.
According to a report, merely 13% of Web3 firms are run entirely by women, and just 3% of them have a female founder. Out of all employees in the top Web3 startups, women make up about 27% of those in non-technical areas like marketing and HR.Remarkably low levels of diversity and inclusion in the blockchain industry were brought to light in 2019 by Diversity in Blockchain, Inc., with only 31% of tech companies implementing inclusive behavior training. 76% of technical occupations were held by men, and 95% of workers were Caucasian. Workplace culture-driven high turnover costs the sector more than $16 billion a year.
The percentage of women in blockchain roles, such as developers and investors, ranged from 4% to 6%. Academic diversity was not much different from industry norms; women led only 20% of the top blockchain programs.
Although there is still a lack of gender diversity in Web3 companies by 2023, there may be slow changes in favor of inclusivity and diversity as a result of growing awareness and activities. There is a notable difference in ownership and investment between men and women in cryptocurrencies, which is reflected in the engagement of women in this space.
According to Bitget’s report only 6% of distributed investment went to female-led blockchain firms, underscoring the need for change. This is about more than just the statistics, though, as it also represents the opportunity that women have missed out on to participate in the innovation and financial rewards that Web3 promises.
Why Women in Tech Industry
According to a 2020 Accenture study, the percentage of women in technology has declined over time. While women made up 35% of the IT workforce in 1984, by 2020, that number had dropped to 32%.
However, women can play a variety of roles that directly impact the creation and uptake of cutting-edge products, as well as assist them in reaching a wider audience in the tech sector.
- Scientists of data: The Royal Statistical Society reports that in 2023, the ratio of men to women in the field was higher than 4:1. Through the application of analytical abilities, women in data science are able to extract insights from large datasets, facilitating well-informed decision-making and influencing industry trends through data-driven tactics.
- Software developers: Women in software development contribute to the creation of creative digital solutions that result in more inclusive and user-friendly software by bringing a diversity of perspectives to the design and development process. As reported by Statista, a global survey in 2023 found that roughly 23% of developers worldwide were female.
- Product managers: Women in product management drive technological developments and promote inclusive innovation in the tech sector by developing solutions that cater to the varied needs of global audiences. According to Zippia’s statistics, in 2021, 34.7% of product managers in the U.S. were female.
The Significance Of Closing The Gender Divide In Web 3
Many powerful women have made significant contributions, transforming the Web3 landscape and starting billion-dollar companies. One such person is Elizabeth Stark, the CEO and co-founder of Lightning Labs. Stark wants to use the Lightning Network to grow the Bitcoin blockchain so that transactions can be completed more quickly and affordably. Significant money has been raised by Lightning Labs, which has boosted the utility of Bitcoin.
Another well-known woman in Web3 is Amber Baldet, the CEO and co-founder of Clovyr, a platform that simplifies the development of blockchain applications. Another well-known lady in Web 3 is Sandra Ro, CEO of the Global Blockchain Business Council (GBBC), an advocacy organization that promotes the adoption and integration of blockchain technology across industries. Her experience in technology and finance supports GBBC’s efforts to advance international blockchain projects.
As the Executive Director of the Ethereum Foundation, Aya Miyaguchi supervises the development and promotion of the Ethereum blockchain, a leading platform for decentralized applications (dApps). Her leadership has been essential to Ethereum’s growth and adoption.
These examples represent a small portion of the powerful women in Web3, but they are by no means the only ones. Many women are making important contributions in business, from founding firms to pushing for legislative changes and promoting diversity.
Women in Web3 and tech: A bright future
There is still more room for innovation, teamwork, and progress for women in the Web3 and tech sectors in the future. By enhancing their abilities and adopting a growth mindset, women can succeed in the Web3 and tech industries and significantly contribute to a better, more inventive future.
In addition, more inclusion and diversity can be promoted by Web3 and IT companies by providing women with equal opportunities for advancement and recognition, as well as by providing them with accessible funding and resources, adaptable work environments, and a variety of leadership and role models.
Conclusion
In Web3, some companies have already taken the initiative to launch female centered content in order to grow female participation in the digital space. Yet, it will take coordinated efforts from all stakeholders, including educators, entrepreneurs, investors, and legislators, to close the gender gap in Web3. This could eventually result in a more exponential rather than linear rise in the number of female-led tech companies, female inventors, and overall inclusivity in tech and Web3.
