New diversity report highlights progress in VC industry

While women and minority venture capitalists are still few and far between, the industry is making some progress -- particularly by admitting that diversity is an issue -- according to the National Venture Capital Association's first report on the subject.

Women make up 11 percent of VCs, African-Americans make up 2 percent and Latinos represent 1 percent, according to a 2016 study by Richard Kerby of Venrock. His data, referenced in the NVCA report, show 67 percent of VCs are white men. But unlike large tech companies such as Facebook and Google, which are pressured to release regular statistics on the diversity of their workforce, the VC industry can be opaque about its partner demographics. The NVCA task force is hoping to change that by launching a survey of firms across the country, with the results expected this fall.

The NVCA hasn't set specific diversity goals, nor does it hold its member firms accountable to promises to include more women and minorities, the report illustrates a shift in the conversation and a growing realization that the status quo must change.