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  "documentTitle": "VC Human Capital Survey",
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      "text": "When filling open positions, 79% of respondents said they typically rely on personal networks, which tend to be homogenous and can lead to the exclusion of qualified professionals from underrepresented groups.",
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      "text": "VC firms tend to be small (with a median size of seven employees and an average of 20 in the 2022 survey), and turnover is low in senior investment positions (6% in the latest survey). Both factors challenge firms seeking to diversify their workforce.",
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      "text": "There have been several diversity initiatives announced by firms or the industry over the last two years to address some of these challenges. These initiatives have largely focused on education and mentorship. While helpful, there will likely need to be follow-through in hiring and investment to achieve significant progress.",
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      "text": "Once hired, employees in underrepresented groups also face challenges in moving into more senior positions. Ninety-four percent of firms said that soft skills—such as communication skills, attitude, cultural fit, and leadership—are very important or important factors when assessing employees for promotion. Although soft skills are keys to success, evaluating them is inherently subjective and can allow unconscious bias to affect promotion decisions. While subjectivity is a factor in any promotion decision, it can pose a particular barrier for employees from underrepresented groups.",
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      "text": "VC has historically operated on an apprenticeship-style training model, and training opportunities have been scarce. Aspiring investment professionals without personal connections or exclusive credentials (as those from underrepresented backgrounds are more likely to be) have thus been left out of relevant educational or professional training opportunities.",
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      "text": "When filling open positions, 79% of respondents said they typically rely on personal networks, which tend to be homogenous and can lead to the exclusion of qualified professionals from underrepresented groups. Another challenge to the advancement of DEI may be the use of pattern matching, or relying on common attributes of past hiring or funding decisions that led to success, to inform decisions instead of objective measures.",
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      "text": "New fund managers seeking to raise their own funds also face high financial risk, obstacles to sourcing capital from LPs, and a scarcity of comprehensive information and resources to support new firms. These challenges are all factors that produce structural barriers for newcomers in VC.",
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