Two out of six companies that received Genesis Investments funding in 2019-2020, were founded by mixed teams too. The first is Mate Academy
, a platform which received $580,000 in 2019. And the second is VOCHI
video editing app, which received $1.5mn in 2020.
Founders’ team diversity improves the quality of business decisions. When male and female founders combine different approaches, they avoid bias in decision making. If a startup solves a painful problem, the gender of founders does not matter.Stereotype №2: You Have To Be 30+ To Build The Next Unicorn
Founders in their twenties have all chances to face age and experience-based discrimination. The belief that young business people are immature has a negative impact on the way startups are perceived. In venture capital business, the youngest entrepreneurs say that often people 10-15 years older don’t even want to listen about their business, because they believe that a person in her twenties cannot build a successful startup.
Age does not always determine the founder's experience, but talented team, market size, and product competitiveness always do. For example, two founders of the world-famous Belarusian selfie application MSQRD
were 23 years old. Also, Stas Matvienko and Anna Polishchuk founded Allset
at 23 and 24, respectively. And finally, the youngest founder in the Genesis Investments’ portfolio is also 23 years old.
On the flip side of the venture process, gender and age-based discrimination appears too. The first touchpoint of founders and the Genesis Investments venture fund is a conversation with a Senior Investment Analyst. Sometimes people are surprised when they talk to a 22-year-old Elena
, instead of a middle-aged C-suite-level man.