Black History Month: Reclaiming narratives and dispelling myths
On 23 October, Investec hosted a Black History Month Reception sponsored by Intermediate Capital Group (ICG),as part of the BVCA’s Diversity Equity & Inclusion series. The panel discussion included Hind Jbala as moderator (Senior Research Analyst, BVCA), Darren Duporte (Talent Acquisition & EDI Lead, BGF), Deborah Okenla (Founder and CEO, Your Startup, Your Story (YSYS), Divya Sethi (Manager, Policy and Strategy, British Business Bank).
The event’s theme ‘reclaiming narratives’, emphasises the recognition and correction of Black history and culture stories. Panelists highlighted the importance of challenging narratives on leadership that are rooted in unconscious bias, by focusing on the need to own the Black narrative by dismantling myths that undermine diversity efforts.
The Business Case for Diversity
One myth is that diversity lowers the bar. This belief assumes that hiring diversity means compromising on qualifications or quality, suggesting that diverse candidates are chosen to fulfill quotas rather than based on merit. In reality, diversity brings a wide range of skills, perspectives and innovative thinking that enrich decision making and problem-solving processes, that can lead to greater innovation and improved financial performance.
Diversity is a Strategic Imperative
Another myth is that diversity is simply a numbers game, rather than a strategic imperative. This myth reduces the value of diversity to merely achieving statistical representation without addressing deeper issues of inclusion, equity and belonging. True diversity requires more than numerical representation, it involves transforming organisational culture to embrace and leverage diverse perspectives for innovation and growth. Companies must build inclusive spaces that attract diverse talent but also maintain retention levels. When companies treat diversity as a checklist, they fail to build pathways for underrepresented groups to influence strategic decisions and feel truly valued within the workplace.
Diversity Highlights the Blindspots
In private capital, investors often hold blind spots in identifying emerging business opportunities due to a lack of exposure to varied perspectives and experiences. This customer assumption bias can cause them to overlook or underestimate products that serve diverse communities or innovative solutions coming from underrepresented entrepreneurs. This lack of foresight hinders their ability to capitalise on the full potential of new investment opportunities.
Diversity Needs Advocacy
Lastly, there is a misconception that Black professionals are doers rather than strategists. This narrative suggests that Black individuals are only suited for operational tasks and lack the strategic skills necessary for higher-level roles. This can result in these individuals being over-mentored and under-sponsored, leaving them often overlooked for promotions or key projects that would allow them to demonstrate strategic abilities. The lack of sponsorship further compounds this misconception, reinforcing a cycle where they remain in support roles, meaning they are less likely to access leadership positions or boardroom discussions.
In conjunction to debunking myths that limit progress in DEI, one of the crucial steps moving forward is for investors and senior leaders to prioritise intersectional diversity in their investment decision-making. Specifically, LPs who play a pivotal role in advancing the DEI agenda of GPs as they possess the power to allocate capital with a DEI lens. By consciously investing in diverse managers, LPs can create a trickle-down effect that helps close the investment gap and fosters a more equitable landscape for all.
More information on the BVCA’s work on DEI can be found here.
Authored by Hind Jbala, Senior Research Analyst, BVCA
and Breeze Haywood, Sustainability Policy Executive, BVCA
