WEBVTT - Girls in Tech Founder Adriana Gascoigne Talks Shutting Down

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Whips like Girls in Tech and Women who Code, they're

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<v Speaker 2>closing up sure, while other not for profits are trying

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<v Speaker 2>to rebrand their efforts to just stay afloat. Adriana Gascoyne,

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<v Speaker 2>founder of Girls in Tech, joins us now to discuss Adriana,

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<v Speaker 2>you've had to unwind then not for profit that you built.

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<v Speaker 1>Why it's a tragedy. I built it seventeen years ago,

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<v Speaker 1>and it was a huge need then, it's still a

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<v Speaker 1>huge need now. I truly believe diversity is crucial. Having

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<v Speaker 1>diverse workforces is crucial in developing the most optimal, amazing

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<v Speaker 1>innovative technology products and services. And in two thousand and seven,

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<v Speaker 1>there was such a disparity of our gender in the

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<v Speaker 1>tech space, and so I wanted to launch an organization

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<v Speaker 1>that would encourage and power women to take risks and

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<v Speaker 1>enter into the field. It's an amazing, amazing field. I

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<v Speaker 1>learned so much. I feel like we were growing and

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<v Speaker 1>building such so many amazing products and services. I wanted

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<v Speaker 1>women to be a part of that.

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<v Speaker 2>Right.

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<v Speaker 1>I was one of thirty five employees back in two

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<v Speaker 1>thousand and seven, and I was the only woman and

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<v Speaker 1>I was the only woman person of color, and so

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<v Speaker 1>I knew that when I launched the organization, the goal

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<v Speaker 1>was to get to create awareness, get more women involved

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<v Speaker 1>and talk to them, meet them, see them, hear their stories,

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<v Speaker 1>encourage people to sort of reach for the stars and

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<v Speaker 1>launch their own businesses. Move to the ladder b CEOs.

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<v Speaker 1>So you know, seventeen years later, we're in thirty five countries.

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<v Speaker 2>But Adriana, you got the scale. But why you then

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<v Speaker 2>closed because money turned off? Why are people no longer

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<v Speaker 2>funding your business? Your company are not for profit?

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<v Speaker 1>Money turned off? I would say twenty twenty three was

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<v Speaker 1>probably the hardest fundraising year for US in record over

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<v Speaker 1>the last seventeen years. And I think it started with

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<v Speaker 1>COVID issues, people closing their doors, businesses closing their doors.

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<v Speaker 1>Then it turned into high tech layoffs, budget cuts, reorgs,

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<v Speaker 1>and then it turned into the BLM movement. Believe it

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<v Speaker 1>or not. Even though we support people of all backgrounds

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<v Speaker 1>and races and genders, we want to make sure we

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<v Speaker 1>needed funding and a lot of the corporate funders ended

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<v Speaker 1>up going to organizations that focus on the black population,

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<v Speaker 1>and so we lost out on some of that funding.

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<v Speaker 1>And then it turned into sort of the d and

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<v Speaker 1>I backlash. So during the high tech layoff issue and

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<v Speaker 1>reorgs where companies were freezing their dollars, they were also

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<v Speaker 1>realizing that in many cases, DEE and I policies, training programs,

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<v Speaker 1>initiatives were not working. And so there was a huge

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<v Speaker 1>group of D and I executives at Fortune five hundred

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<v Speaker 1>companies that were getting laid off and then as a result,

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<v Speaker 1>the budgets closed as well, which hurt us.

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<v Speaker 2>Adriana Gascoigne, founders of Girls in Tech, Thank You,