Tech for Non-Techies 134. 2023 Prediction 2: Silicon Valley’s white male focus brings opportunity for everyone else
Despite the many press releases touting Silicon Valley's diversity efforts, the majority of funding from this innovation will still go to white males in 2023.
While this reality is not what many of us want, it is an opportunity for investors and innovators to capture overlooked user markets.
Learning notes from this episode:
- A product is a solution to a problem a human is experiencing. Innovators make solutions for problems they are familiar with, which means that homogeneity in founders means homogeneity in products.
- This means there is more competition amongst products that solve problems experienced by male founders, such as laundry services and food delivery apps, than in other niches, such as female healthcare.
- While funding will be harder to get for products not aimed at the white male market, competition in these sectors will also often be lower. Ultimately, this means big untapped opportunities.
- Companies ran by founders who are not white males are often undervalued.
- This is an opportunity for investors to get lower risk for higher return, as angels, VCs and corporate investors.
- These are not market dynamics that we want, however it is the world we live in today. By focussing on finding opportunities, Digital Leaders are more likely to win in the long run.
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