Researchers argue that the gender imbalance in technology investment, which predominantly favors males, demands urgent attention and correction
An organization supported by the government underscores the urgent issue of gender disparity in artificial intelligence (AI) investment. According to a report from The Alan Turing Institute, AI startups founded by women constituted only 2% of investment deals over the past decade. When these companies do secure funding, they typically raise an average of £1.3 million per deal, which is significantly less than the £8.6 million raised by all-male founder teams.
The past year has seen substantial growth in AI software investment. According to a Goldman Sachs report, global AI investment is expected to reach nearly $200 billion (£166 billion) by 2025. Furthermore, a recent Bloomberg report suggests that the generative AI market could reach $1.3 trillion by 2032.
Dr. Erin Young, a research fellow at the Alan Turing Institute, highlights the urgent need for equal access to the technology and venture sectors for women and minorities, especially given the recent surge in interest and investment in AI, particularly generative AI. She notes that venture capital firms shape the business models of the startups they support, and their investments often align with their own networks and values, ultimately influencing the technologies that are developed. Promoting inclusivity in the venture capital space can play a pivotal role in fostering responsible AI design, addressing AI biases, and nurturing innovation.
The report suggests suggestions to improve gender balance, such as improving recruitment methods, overseeing investment strategies, and broadening the ecosystem.
There is a growing interest in generative AI products, with prominent tech firms making significant financial commitments. Notably, Microsoft has reportedly poured $10 billion into OpenAI’s ChatGPT, building on its initial investment in OpenAI back in 2019.
Gender diversity disparities persist across the investment sector, and the rates of progress for ethnic and racial groups within companies show notable variation.
Examples of recent bias in AI products encompass instances where passport checkers demonstrate lower effectiveness with darker skin tones and the creation of tools that unintentionally reinforce gender stereotypes in society.
In 2019, a United Nations agency uncovered that assigning female genders to digital assistants such as Apple’s Siri and Amazon’s Alexa played a role in perpetuating harmful gender biases. As a result, both companies have implemented alternative choices.