Women hold fewer than one in five board seats across the UK’s fastest-growing technology companies, according to a new study by global growth consultancy Think & Grow.
The report, Breaking and Remaking the Next Generation of High-impact Boards, found that just 18% of board roles at UK technology scale-ups are occupied by women, while more than a third (36%) have no female board members at all.
Despite this, 94% of board members and key decision makers at these companies say having a diverse board is “essential”. The findings point to what Think & Grow describes as a “disconnect” between the value placed on diversity and the reality of board composition within the UK’s fast-growth technology ecosystem.
The study also revealed that only 12% of the UK’s fastest-growing tech scale-ups have a female CEO, founder, or co-founder — the same proportion that have a female chair.
At listed companies, the picture is stronger. Women now account for 41% of all board directors across FTSE 350 technology firms — more than double the rate seen at scale-up level. These larger organisations are bound by Financial Conduct Authority rules requiring a minimum of 40% female representation on boards, underscoring the impact of regulatory frameworks in driving progress.
While senior leadership remains heavily male-dominated in early-stage businesses, the study found signs of gradual improvement. Among companies founded within the last five years, women occupy an average of 25% of board positions, compared to 10% among those established longer ago.
Think & Grow’s analysis also links stronger gender diversity with better financial performance. Among UK tech scale-ups with more than £50 million in annual revenue, female board representation averages 22%, compared to 15% among those below that threshold. A similar pattern appears at the FTSE 350 level, where tech companies with over £500 million in revenue report 42% female representation versus 37% in smaller peers.
Jonathan Jeffries, CEO and co-founder of Think & Grow, said: “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 for organisations, it’s a strategic advantage which can improve problem solving, reduce risk, and bring in new perspectives to help identify challenges and opportunities to gain a competitive edge. Founders who prioritise inclusion early can build boards that see around corners, solve problems faster, and understand a broader range of markets and people.”
Think & Grow’s report indicates that the majority of senior decision makers acknowledge recent progress. Ninety-three percent believe tangible gains have been made on gender diversity over the past five years. However, the consultancy says that early-stage businesses still have a significant gap to close if they are to align intent with action.
Founded in 2009, Think & Grow supports high-growth technology companies with leadership strategy and board development. Its clients include Stripe, Square, Dropbox, Peloton, and Etsy.
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