Diverse teams are shown to perform better than homogenous groups due to constant re-evaluation of facts and higher levels of objectivity. At the F10 FinTech Hackathon in Singapore, we aim not only for cultural but also for gender diversity.
Despite countless initiatives to sparkle young women’s interest in technology-related study fields from an early age and efforts to encourage female leaders in finance or tech companies, women remain underrepresented in the FinTech industry. According to research by the headhunting firm DHR International, only eight per cent of FinTech directors worldwide are female. DHR says that FinTech companies thus may find their growth and profitability hampered if they do not have the right mix of backgrounds and experience on their leadership teams.“
Diverse teams are more likely to constantly re-examine facts and remain objective. They may also encourage greater scrutiny of each member’s actions, keeping their joint cognitive resources sharp and vigilant”, a Harvard Business Review article finds. In addition, greater diversity may change the way teams digest information needed to make decisions. “Our programs have also shown that diverse teams perform better”, says Thomas Landis, Head of F10 FinTech Incubator & Accelerator. This is one reason why we strongly advocate for more diversity in FinTech. “After having written successful Hackathon stories in Switzerland, we are now looking for talents beyond national borders and will hold the first F10 FinTech Hackathon in Singapore. In order to not only guarantee cultural but also gender diversity in the FinTech world of tomorrow, we are looking for more female techies, finance or management experts, marketeers as well as web designers to join us in Singapore”, states Thomas.
Startups with strong female leadership form part of F10’s proven track record
An example of women who have successfully established themselves in the FinTech industry are Megan Bingham-Walker and Ana de Carvalho. Megan and Ana are the cofounders of Anansi, an InsurTech Startup participating in the third batch of F10 Incubator & Accelerator’s P2 “Prototype to Product” program. Anansi builds dynamic insurance products for new businesses that provide flexible protection as the company’s needs change over time. “Hundreds of companies are being registered every day in Switzerland. They have a six-week window before needing to have bought initial insurance coverage. But a business will not face the same risks in the future as when it has just started. Yet keeping insurance updated is probably just one of many things on entrepreneur’s long to-do lists”, Anansi CEO Megan explains.