Amid the ongoing celebrations of International Women’s Day 2024, the theme “Invest in women: Accelerate progress” resonates powerfully within the Web3 and tech industries. Despite modest advancements, the persistent lack of gender diversity remains a significant challenge, with women often confined to non-technical roles.
Rooted in historical imbalances, this disparity hampers innovation and inclusivity. Nonetheless, women significantly impact Web3, playing vital roles in advocacy, research and community development. Embracing this year’s theme, investing in women is expected to drive innovation and promote inclusivity for all in various sectors, advancing equity and prosperity for all.
Gender diversity problem in Web3 and tech industries
Despite signs of progress in the crypto space and increasing inclusivity across the Web3 and tech industries, one glaring issue persists: the persistent lack of gender diversity. Despite industries’ best efforts, the numbers paint a stark picture.
Although the proportion of females in Web3 companies rose marginally to approximately 27% in 2022,, women predominantly occupy non-technical roles, as highlighted by Boston Consulting Group’s 2023 research. Similarly, findings from Deloitte shed light on the fact that women make up a mere 25% of tech professionals, underscoring the uphill battle for gender equality in the tech realm.
But why does this matter? Well, it affects everything from how products are developed to user interfaces and even the adoption of Web3 innovations by the wider Web2 community. With fewer female voices at the table, there’s a risk that products may inadvertently cater more to male perspectives, potentially alienating a significant portion of users.
So, what’s causing this disparity? It’s a complex web of factors deeply rooted in historical imbalances within the tech industry. The lack of female Web3 representation in decision-making roles only perpetuates biases and limits diverse perspectives.
But it doesn’t stop there. Women in the Web3 and tech industries encounter obstacles to accessing investment and funding and face online discrimination. Underrepresentation in leadership roles hampers diverse viewpoints and inclusive decision-making.
Addressing these challenges requires a dedicated effort to break down fundamental barriers and create an environment where women can thrive in Web3 and technology. It’s not just about equality; it’s about unlocking the full potential of these innovations for everyone.
Influence of women in Web3
Since the beginning of the crypto industry, women have been involved in developing various projects, communities and brands in the crypto space, in addition to taking on many of the challenging tasks that this emerging industry requires.
Nevertheless, they haven’t been active in launching Web3 companies. According to Bitget’s research, under 9% of Web3 firms in the sector were female-led startups in 2023. Recognizing the variety of leadership roles available to women in the Web3 ecosystem can help achieve gender parity, which was previously thought to remain a distant goal.
Within this 9%, women have played pivotal roles across various leadership and founding positions at Web3 companies, including CEOs, founders and C-level executives. Women lead strategic direction, oversee financial, operational and technological aspects and ensure the company’s fiscal health and sustainability.
This female involvement in executive roles has proven to positively affect companies. Firms in the top quartile for gender diversity on executive teams benefiting from female leadership were 25% more likely to achieve above-average profitability compared to those in the fourth quartile, according to a McKinsey & Company analysis of 2019.
As Web3 reshapes industries, women also seize opportunities to work in emerging sectors and contribute to their growth through diverse roles:
Community building: Women excel in community engagement and content creation, which are vital for Web3 projects’ success, enhancing trust and credibility within the community.Research and analysis: Women play vital roles in blockchain research, crypto trading and analysis, and community analysis, providing valuable insights and driving informed decision-making within the Web3 industry.Legal and compliance: To ensure that Web3 initiatives adhere to legal frameworks and change with the times, women act as legal counsel and compliance experts, fostering trust and sustainability in the industry.Education and advocacy: Women act as educators and advocates for Web3 technologies, empowering individuals and driving awareness and adoption of decentralized principles, fostering growth and innovation within the community.Influence of women in the tech industry
Women have long been integral to the evolution of technology, yet their representation in the sector remains staggeringly low. Despite possessing equal levels of ambition, women encounter unique hurdles hindering their advancement in tech leadership roles.
Accenture’s research in 2020 reveals that the proportion of women in tech has decreased over the years. In 1984, women constituted 35% of the tech workforce, yet by 2020, this figure had dwindled to 32%.
Despite these statistics, the tech industry’s demand for skilled professionals continues to soar. As technology permeates every facet of our lives, roles such as data scientists and software developers have become increasingly pivotal.
In the tech industry, women can directly influence the development and adoption of innovative tools and help them reach a broader audience, occupying various roles:
User experience (UX) design
With strong representation in UX roles, women’s understanding of user needs enhances the design of intuitive and accessible decentralized applications. In 2024, 53% of UX designers in the United States are women, according to CareerExplorer.
Data scientists
Women in data science leverage analytical skills to derive insights from vast data sets, driving informed decision-making and shaping the future of industries through data-driven strategies. According to the Royal Statistical Society, the male-to-female ratio in the field exceeded 4:1 in 2023.
Software developers
By adding a variety of viewpoints to the design and development process, women in software development help to create innovative digital solutions that lead to more inclusive and user-friendly software. As reported by Statista, a global survey in 2023 found that roughly 23% of developers worldwide were female.
Blockchain developers
Women in blockchain development pioneer decentralized technologies, promoting transparency and trust in various sectors, while also advocating for inclusivity and diversity within blockchain communities.
Product managers
Besides leading cross-functional teams to design and deliver innovative products, women in product management also 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.
Benefits of pursuing Web3 and tech careers for women
Beyond the appeal of creativity and high compensation, Web3 and tech jobs offer a plethora of benefits that resonate with many female professionals. According to KuCoin’s survey of 2022, a substantial 60% of female professionals acknowledge the unique advantages these industries present, signaling a notable satisfaction level within the industries.
Job security
The Web3 and tech industries can offer women job security and are considered one of the most stable fields. For instance, an analysis by CompTIA of data from the U.S. Bureau of Labor Statistics (BLS) for January 2024 indicates that the unemployment rate in the tech industry is between 2% and 3%, which is lower than the overall unemployment rate.
Financial empowerment
The Web3 and tech industries often offer competitive salaries and benefit packages. By entering these fields, women can achieve financial empowerment, which can lead to greater financial independence and the ability to save and invest money for their future.
Career development
With the rapidly evolving nature of technologies, there’s a constant demand for qualified professionals. Whether in leadership roles or software development, women can take advantage of this demand to advance in their careers.
For instance, data and artificial intelligence (AI) are two of the rapidly growing tech sectors, with 30% of women in the total number of AI employees globally, according to the World Economic Forum’s “Global Gender Gap Report” of 2023.
Flexible opportunities
Flexible employment alternatives, including remote work, freelance jobs and part-time positions, are frequently available in the Web3 and tech industries. This flexibility can be especially helpful for women who are not in the workforce but have other obligations or are pursuing further education.
Driving global impact
Women in tech and Web3 can promote innovation and tackle social issues. Their distinct viewpoints influence inclusive solutions, support diversity, and serve as an inspiration for upcoming female leaders. By entering these sectors, women in the tech industry empower others and themselves while also bringing forth constructive change and leaving a lasting impact.
The future of women in Web3 and tech
The future of women in the Web3 and tech industries holds immense potential for innovation, collaboration and advancement. Through developing skills and the cultivation of a growth mindset, women can thrive in the Web3 and tech job markets and make valuable contributions to a better and more innovative future.
Moreover, Web3 and IT firms can foster greater inclusion and diversity by giving women equal opportunities for growth and recognition, as well as accessible funding and resources, flexible work environments and varied leadership and role models.
Consequently, investors will eventually be able to see that their prejudices are unfounded as the number of tech startups led by women rises. In the future, this could lead to an increase in the proportion of female-led tech companies, female innovators and general inclusivity in tech and Web3 at an exponential rate rather than linearly.
The new Web3 and tech frontiers highlight the critical role of women, whose active engagement encourages diversity, inclusivity and accessibility, in addition to offering opportunities for professional advancement, networking and financial inclusion for all.
Disclaimer: Crafted by an all-gender-inclusive team of writers, editors, designers and media personnel, this article aims to promote an unbiased exploration of women in the cryptocurrency and blockchain industry. We intend to contribute positively to discussions on creating a more equitable and inclusive future within this space.
