More than a third of tech scale-ups have no women on their boards, study finds

More than a third of the UK’s fastest-growing technology scale-ups have no women in board-level roles, according to research from global growth consultancy Think & Grow.

The study showed that women hold just 18% of board seats across high-growth tech companies, despite 94% of board members and senior decision-makers saying that a diverse board is essential.

In 36% of the companies analysed, there was no female representation at board level at all.

The findings highlighted the continuing disconnect between support for diversity in principle and diversity in practice within the UK’s early-stage tech ecosystem.

Larger listed companies in the FTSE 350 tech sector had significantly higher representation, with women making up 41% of board directors.

Women also remained underrepresented in the most senior leadership roles.

Just 12% of the UK’s fastest-growing tech companies have a female CEO, founder or co-founder, and the same proportion have a female chair.

The report suggested that gender-diverse boards may be linked to stronger business performance.

Among the scale-ups with annual revenue above £50m, women held an average of 22% of board positions, compared with 15% in lower-revenue counterparts.

Companies founded within the last five years also show higher diversity, with women holding 25% of board seats on average.

Jonathan Jeffries, Think & Grow CEO, said: “There is a clear correlation between diverse boards and strong corporate performance – yet many UK tech companies are failing to appoint board members with diverse backgrounds and expertise which risks curbing growth.

“Most senior decision makers at UK tech companies recognise the importance of board-level diversity but many scale-up companies are failing to leverage the opportunities this brings. Enhancing diversity is not just a social responsibility for organisations, it’s a strategic advantage which can improve problem solving, reduce risk and bring in new perspectives to help identify challenges and opportunities to gain a competitive edge.

“Successful companies need to think about diversity in corporate governance from day one, the founders who prioritise inclusion early can build boards that see around corners, solve problems faster, and understand a broader range of markets and people.”