More than a third of the UK’s fastest-growing technology scale-ups have no women on their boards, according to new research that highlights a striking gap between rhetoric and reality on diversity in Britain’s tech sector.
The report from global growth consultancy Think & Grow found that women occupy just 18% of board positions across the UK’s leading tech scale-ups, while 36% of these companies have no female board members at all.
This is despite an overwhelming 94% of board members and key decision-makers saying they believe a diverse board is essential for success.
The findings expose a clear disconnect between the industry’s stated commitment to inclusion and its execution in practice. The data, published in Think & Grow’s latest study, Breaking and Remaking the Next Generation of High-impact Boards, suggests that diversity is not yet a boardroom priority for many fast-growing tech firms.
In comparison, listed technology companies perform far better: women now account for 41% of board members across FTSE 350 tech firms, more than double the figure seen among scale-ups. This improvement has been driven in part by the Financial Conduct Authority’s diversity and inclusion rules, which require at least 40% female representation on boards.
The contrast underscores the importance of regulatory frameworks in driving change and the need for scale-ups—unbound by such requirements—to proactively embed diversity in their governance models.
The underrepresentation extends beyond the boardroom table. Just 12% of the UK’s fastest-growing tech firms are led by a female CEO or founder, and the same proportion have a female chair.
While these figures mirror the FTSE 350 tech sector, larger listed firms are significantly more likely to include women in other senior roles such as Chief Operating Officer, Chief Financial Officer, or Senior Independent Director. Across the FTSE 350 technology sector, 28% of senior leadership roles are held by women, and 80% of companies have appointed at least one woman to a top executive position.
The Think & Grow report also draws a connection between diversity and commercial outcomes. More than a third (35%) of senior decision-makers believe diverse boards improve customer representation, while others cite enhanced problem-solving and better identification of blind spots.
Notably, companies with annual revenues above £50 million reported 22% female board representation, compared with 15% among smaller peers—suggesting that greater gender balance may correlate with stronger performance and maturity.
A similar pattern is seen among listed firms: those with revenues over £500 million reported 42% female board representation, compared with 37% for smaller firms.
Despite the sobering statistics, there are early signs of improvement. Start-ups founded within the past five years have, on average, 25% female board representation—more than double that of older firms. Nearly all board members surveyed (93%) agree that progress on gender diversity has been made in recent years, signalling cultural momentum among the next generation of tech businesses.
Jonathan Jeffries, CEO and Co-Founder of Think & Grow, emphasised that diversity is not merely a moral imperative but a business advantage: “There is a clear correlation between diverse boards and strong corporate performance—yet many UK tech companies are failing to appoint board members with diverse backgrounds and expertise, which risks curbing growth.
“Enhancing diversity is not just a social responsibility, it’s a strategic advantage. Founders who prioritise inclusion from day one build boards that solve problems faster, see around corners and understand a broader range of markets and people.”
Founded over 16 years ago, Think & Grow has advised some of the world’s most innovative tech firms—including Stripe, Square, Dropbox, Peloton, and Etsy—helping them navigate the challenges of scaling in competitive global markets.
