Intel Capital’s Van Pelt Speaks with Congressional Leaders about Diversity in Venture Capital

Intel Capital Vice President and Senior Managing Director Trina Van Pelt recently met with key, bipartisan Congressional leaders on Capitol Hill about boosting diversity and inclusion in the venture capital industry. Van Pelt also shared lessons from Intel Capital's leadership by example.

Intel Capital made headlines this year when we announced more than 20 percent of our investments were in startups led by women and other underrepresented entrepreneurs. By contrast, the industry averages between 3-4 percent. We believe inclusion of diverse teams lead to better innovation and a competitive business approach. While we are proud of our commitment to inclusion, we do not want to be an outlier, but rather an agent of change – inspiring other VCs to follow our lead, and soon.

In meetings with senior members of House and Senate committees that oversee small business and financial services, Van Pelt underscored other concerns shared by our portfolio companies. Those included the increasing need for STEM and workforce training to fill the pipeline of candidates for tech jobs; and the importance of cybersecurity as local and state governments continue digitizing their systems.

Speaking to the bipartisan Women's High Tech Caucus, Van Pelt and her fellow panelists – 8VC Partner Kimmy Scotti and Consumer Technology Association VP Tiffany Moore – focused on solutions to support female startup founders.

Their advice centered on the practical and actionable:

• Inherent bias exists in organizational hiring processes, which deter applicants. Two simple changes: focus on achievements vs. years of experience, and anonymize applicant names.
• Venture firms should hire more women as investment general partners to gain access to differentiated networks and deal flow. More easily, VCs can add women tech leaders with complementary skills to portfolio company boards.
• Female investors and leaders should be responsive to women entering the industry and introduce them to opportunities.
• Venture firms should also expand the search for talent and leaders in non-coastal areas of the United States, such as the Midwest.

After speaking on the panel, Van Pelt met one-on-one with Rep. Suzan DelBene, D-Wash, co-chair of the Women's High Tech Caucus. DelBene, a former founder and Microsoft executive, explained her own past struggles to thrive in tech without a supportive environment.

Van Pelt also met with Sen. Maria Cantwell, as well as Sen. Patty Murray's senior policy staff. Murray, D-Wash., has been particularly vocal about sexual harassment in the workplace.

Finally, Van Pelt represented Intel Capital before key members of the House Financial Services and Senate Banking Committees, including Rep. Roger Williams, R-Tex (pictured). Both committees oversee venture capital regulatory policy. Van Pelt discussed how Congressional action can incent and increase investment in women and underrepresented minorities. She was asked to bring back policy prescriptions for consideration in the next Congress, presenting Intel Capital with an opportunity to make lasting legislative change.

Intel Capital looks forward to continuing our engagement with Capitol Hill in support of underrepresented founders. We believe it's our duty to provide practical, pro-growth solutions that can elevate our industry – and we welcome your input.