Why Diverse Boardrooms Matter

In a business landscape that's constantly evolving, the need for diversity at decision-making tables has never been more pressing. The Women to Boards event, an initiative by Voima Ventures, is championing this cause by revolutionising the composition of management and boards within their portfolio companies.

Maarit Vannas, a seasoned professional with two decades of experience in Finland's top-performing health technology company, found herself drawn to the Women to Boards event. She shares, "Having witnessed the success of a global health technology giant, I knew my insights could be invaluable to smaller growth companies. Their journey, from crystallising value propositions to conquering international markets, resonated with me."

Having seized this opportunity last year, Vannas successfully secured a board position at AKITA, by Finnadvance, a Finnish biotechnology company pioneering scalable organ-on-chip platforms for drug development. Her insights into the challenges she faced shed light on the complexity of the biotechnology sector. As she reflects, "Biotechnology's landscape is tightly regulated, requiring meticulous internal and external validation processes. The ability to set precise targets and adeptly navigate these hurdles, particularly with limited resources, is paramount."

In light of these experiences, the profound advantages stemming from diverse board perspectives become even more apparent. "Growth companies, especially in sectors like biotechnology, demand a breadth of expertise," Vannas emphasises. "Diverse boards, who leverage a variety of backgrounds and networks, stand as a bridge to fill knowledge gaps effectively. Their collective wealth of experience not only bolsters decision-making but also expertly guides management, steering them away from potential pitfalls."

Statistics mirror these insights. Companies with diverse management boards consistently outperform their counterparts. McKinsey's research highlights a 25% higher likelihood of above-average profitability for gender-diverse businesses. Likewise, a study by Boston Consulting Group reinforces the notion that diverse management teams are not only the bedrock of innovation but also pivotal in driving revenue. Their research underscores the correlation between diversity and what they term "innovation revenue" – the portion of a company's revenue attributed to novel or upgraded products and services introduced within the last three years.

As the Women to Boards event gears up for another transformative year, the call for women leaders to join the boardroom revolution is louder than ever. Voima Ventures' CEO and Founder, Inka Mero, reiterates, "Diversity is not just a goal; it's a strategic imperative to future-proof a company by fuelling innovation, business growth and value creation."

In a tech startup landscape where diversity remains a sought-after yet elusive goal, Voima Ventures reports progress. According to a recent internal ESG survey, 20% of their portfolio companies' board members identify as non-male. This statistic is well above industry benchmarks set by the FVCA in their 2022 report, which placed this figure at 11%. While this achievement is commendable, the journey towards a more inclusive future is far from over. The portfolio, and the industry as a whole, still harbour untapped potential for progress.

"Our strides are undeniable, yet they only mark the beginning," shares Mero. 

As the event draws near, its message is clear: doors will open, networks will expand, and progress will accelerate. Whether you're a seasoned professional or a budding entrepreneur, your role in this movement is pivotal.

Don't miss out on this transformative opportunity. This year's Women to Boards event invites you to take part in this change, to be a part of a movement that's transforming boardrooms and reshaping industries.

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