5 hard truths about why we Hispanics don't advance in tech entrepreneurship
I recently attended the largest conference of Hispanic professionals in the country. It was amazing to see 5000 of my hermanas y hermanos, looking sharp and thriving in Fortune 500 companies. I was invited to a panel on tech entrepreneurship, but we were all disappointed when fewer than 50 people showed up. But I've since learned that's only a microcosm of a bigger issue. Here are five reasons why:
✅ We Hispanics don’t want to take risks and don’t feel enabled or empowered to do so. When you are a first- or second-generation immigrant who may still be supporting loved ones abroad, you over-index on conservatism and predictability because so many people rely on you.
✅There are also very few stories of how risk-taking paid off for Hispanics. Look at any major Hispanic business publication (i.e., Hispanic Executive) or Hispanic organization, and the only thing that is celebrated is senior roles at major companies, not starting a tech company.
✅Gatekeepers perpetuate the ‘settle’ mentality. I recently approached the nation’s largest society of Hispanic engineers. I offered to do a free chat on tech entrepreneurship. He responded, "Well, our corporate sponsors wouldn't like that because it’d involve our alumni quitting their corporate jobs to start a company”. He then mentioned that if I make a donation, it might be easier to 😑 🔫
✅We Hispanics love to celebrate our heritage, but we confuse celebrating our heritage with celebrating our progress. So we believe that just being Latino and getting a steady, well-paying job is a win. And to the first point, since that is the only thing that is celebrated in the community, we feel comfortable, settle in, and never feel compelled to do more.
✅Few Hispanics actually invest in other Hispanics. When I was a tech founder, we raised $20M from nearly 100 investors, including YC, Cameron Winklevoss, a16z, Softbank, Citi - but zero were Hispanics. Today, there are more Hispanic VCs than ever, yet the amount of capital going to Hispanic founders has decreased three years in a row.
The good news is that you have the power to change all this. Talk less, do more. Lift others as you climb your career ladder, and eventually real change will take place.
