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From Open-Mindedness to True Inclusiveness

by Julián Martín Capote, Portfolio Engagement at Mouro Capital

June 30th - 2021

Companies of all sizes have not always excelled at promoting inclusive values and taking action to further these as part of their business activities.

This is despite the increasing evidence of positive correlation between diversity and commercial performance. According to a 2019 report from McKinsey, financial services companies in the top quartile for executive teams’ gender diversity were 25% more likely to have above-average profitability than companies in the fourth quartile. In the case of ethnic and cultural diversity, the findings were equally compelling.

Over the past few years, as public opinion has put more pressure on corporate behaviors, many companies have embraced a more values-driven approach to their stakeholders. From this, new words have emerged to describe the mismatch between companies’ stated values and their real actions, such as redwashing, purplewashing, greenwashing and pinkwashing.

Focusing specifically on pinkwashing, an increasing number of companies are incorporating the LGBTQ+ flag colors in their company logo. This is to communicate that they are an inclusive workplace – especially during this time of year where society is immersed in celebrating LGBTQ+ history and the social achievements and challenges of the movement over the years.

We celebrate this, as we recognize that it is a positive start, but there are still many aspects of corporate inclusivity that should be improved – from company culture to hiring policies.

For example, while people with different sexual orientations are increasingly better accepted and included in a professional environment, there is still more work to be done to promote wider inclusion, such as for those with different gender identities.

Inclusion doesn’t only mean reviewing a business’ internal operations, but its clients, shareholders, portfolio…the list goes on.

When looking at the world of VCs in particular, there are still significant opportunities for us to increase general diversity. The space remains incredibly homogeneous but there is an abundance of opportunity to inspire change. For example, according to a survey conducted by Start Out, a non-profit serving entrepreneurs in the LGBTQ+ community, more than a third of founders choose to keep their sexual orientation hidden while fundraising.

Mouro Capital believes that being a truly inclusive employer means understanding that a diverse workforce brings direct and indirect benefits. Directly, it helps to attract and retain talent. Indirectly, it brings creativity and alternative viewpoints when decision making that results in positive impact on a company’s financial performance.

In short, these are the values that we live by:

 • Mouro Capital embraces the LGBTQ+ community – our team openly live their sexual orientations and we proactively promote LGBTQ+ inclusion, within our team and our portfolio.

 • Mouro Capital embraces cultural diversity – our eleven-person team consists of five different nationalities.

 • Mouro Capital embraces gender equality – 40% of our team are women.

 • Mouro Capital is not only openminded, but inclusive. Our whole team are committed to the diversity of both our own employees and investments.

 • Mouro Capital is a sponsor of Included VC, a fellowship for individuals from diverse communities that are often overlooked or excluded, providing access, opportunity, and knowledge into the world of venture capital.

Although this is just the starting point for us, we would like to ensure that our partners and entrepreneurs seeking investment know our practices and understand our commitment in operating a safe and inclusive environment.

We are committed to not just the wellbeing of our own team, and that of our portfolio companies, but also wider society. We believe that being inclusive is part of our duty and encourage all VCs to embrace this attitude.

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