Government and Industry Unite to Combat Investment Bias and Improve Workplace Culture for Women in Tech

New voluntary standards aimed at enhancing workplace culture, improving reporting mechanisms for harassment, and promoting equitable investment practices have been announced as part of the Chancellor’s Budget. These initiatives are designed to foster a more inclusive environment for women in the technology sector.

Supporting Women-Led Businesses

The government is set to launch a scale-up programme specifically tailored for women, providing increased support to assist women-led enterprises in scaling and growing. Creating a more equitable investment landscape where women can establish and expand businesses at a rate comparable to their male counterparts could potentially unlock £310 billion for the UK economy.

Early supporters of these new standards include industry leaders such as BT, Revolut, Sage, Balderton Capital, and Octopus Ventures, who will collaborate with the Women in Tech Taskforce to develop these guidelines.

The UK boasts one of the world’s most prominent tech sectors, yet women still encounter significant obstacles in entering, advancing, and securing investment in this field. Women represent only 22% of the IT workforce, despite studies indicating that closing the gender participation gap could contribute an additional £4 billion annually to the UK’s GDP.

New Standards for Workplace Culture and Investment

The government’s recent call for evidence revealed that 74% of participants believe an improved workplace culture would facilitate women’s progression and leadership roles within the tech industry. To address these challenges, the government is introducing the “Tech Forward Standard,” which aims to enhance workplace culture. This could involve establishing trusted reporting mechanisms for harassment, ensuring that employees feel secure in voicing concerns.

Furthermore, women entrepreneurs face unique hurdles in securing investment, with only 2 pence of every £1 in venture capital funding in the UK going to women-led businesses. The forthcoming “Inclusive Investment Standard,” which the taskforce is developing, may introduce commitments to widen deal sourcing channels and monitor the progress of women-led businesses from pitch stage to funding decisions, thereby identifying areas where improvements are necessary.

The goal is to create a more transparent and equitable funding landscape, enabling more innovative ideas to receive the financial support they warrant.

Future Initiatives to Empower Women in Tech

In addition to these voluntary standards, the government plans to launch a new scale-up programme for women in 2027. This initiative will assist female founders of high-potential, high-growth UK companies in obtaining investment and scaling their operations.

The programme aims to tackle the persistent funding gaps faced by women-led enterprises and will offer a range of support, including workshops, peer learning opportunities, networking events, and introductions to potential investors. This initiative will be a collaborative effort between the Department for Digital, Culture, Media and Sport (DCMS) and the Business, Innovation and Skills Team (BIST).

Voices from the Industry

Vicky Foxcroft, the Digital Inclusion Minister and co-chair of the Women in Tech Taskforce, expressed concern over the number of talented women exiting the tech sector or never having the opportunity to build a career in it. She stated, “This is not only unfair; it also represents a significant loss of talent that our economy cannot afford. These initiatives are about collaborating with the industry to create opportunities for all, ensuring that tech becomes an environment where women can flourish, from education to executive roles.”

Anne-Marie Imafidon, Chief Executive and co-founder of Stemettes and Women in Tech Envoy, highlighted the unacceptable levels of misconduct, such as harassment and discrimination, that women face in the technology sector. She emphasised the need for cultural change and the importance of ensuring a future that is inclusive and conducive to the success of all individuals.

Next Steps and Wider Opportunities

Both the “Tech Forward Standard” and the “Inclusive Investment Standard” will undergo a collaborative development phase with industry stakeholders and the Taskforce, with a formal launch anticipated in the coming months. The Women in Tech Taskforce will reconvene in November to progress this work, ensuring the standards effectuate genuine change for women within the tech industry.

These initiatives are part of a broader strategy to create more opportunities for women and girls in technology. The government has also announced the inaugural TechFirst Girls Competition, designed to empower young girls across the UK by enhancing their tech skills and confidence, while showcasing potential career paths in technology.

The “Get Tech Certified” campaign is underway to facilitate digital upskilling across the public sector, available to all public servants, not just those in technical positions. This year, a dedicated Women in Tech strand will be introduced, featuring events, mentoring, and success stories to assist women in advancing their digital careers.

Additionally, the government will support women across all career stages through the TechFirst Women’s Programme, which aims to help early-career professionals, career changers, and returners secure paid positions in high-growth technology areas such as artificial intelligence and cyber security.