The 8th of March is International Women’s Day with the theme for 2023 being #EmbraceEquity. We thought this made for the perfect time to share some insight into gender diversity within the energy market and startup world but most importantly, celebrate the women who are behind Ostrom.
Founded in May 2021, Ostrom is still young in the start-up world. As part of the tech scene, the industry is known to be male-dominated. Globally women hold only 26.7% of tech-related jobs. This number is even lower in VP positions at 13%, demonstrating as seniority increases female representation decreases due to various gender-related barriers.
The energy market still is one of the least gender-diverse industries globally, with traditional sectors such as fossil fuel having 22% female representation and the renewable sector having 32% female representation.¹ Within the energy sector, women are predominately involved in administrative jobs and still have low levels of representation across STEM and leadership positions.²
Across the energy industry, female representation at the management level is still extremely low with women only making up 14% of senior managers. The highest level of female leaders is found in utilities at 17.1% compared to renewables which have 10.8% female representation within leadership.³
Although there is a lot of improvement needed, there is some progress. The number of female hires in the tech industry increased from 27% in 2019 to 30.9% in 2021, although small it is still an improvement.⁴ In 2021 the UN-Generational Equality Forum committed to policy reforms to advance gender equality and USD 40 billion to benefit women and girls. Some of these key focuses are on advancing women in leadership, economic empowerment, and reducing threats to women's rights.⁵
Some key causes of gender imbalances in a formal work environment are seen to be due to the lack of role models and mentorship available to women; STEM being historically male-dominated; lack of flexibility; stereotypes; and gender imbalances within the industry but across society.⁴
At Ostrom, we view diversity as being part of who we are. We have supported diversity consciously throughout our journey, to ensure it was not only welcomed but also supported from the start. As of March 2023, we have 60% of employees who identify as female and 50% female representation in leadership positions and above. Our view is that including diversity across departments, at all levels enables a variety of perspectives enabling greater innovation.
The startup tech “bro” or “hustle” culture is not something we identify with. It is important to us to create an environment that feels good to be part of, offers growth opportunities, and empowers not only women but all team members, especially marginalized groups. We see that our current processes that support women in the workplace are a continuous process.
We strive to humanize our work environment where individuals can develop and drive their careers as they see fit whilst hopefully enjoying it along the way too. We look forward to checking in again next year to see the progress on reducing the gender gap.
Although we refer to gender as male and female, at Ostrom we view gender as being non-binary.
After closing its $10 million Series A in December 2022, Ostrom has raised an additional $8 million in an investment round led by SE Ventures, a Silicon Valley-based venture fund backed by Schneider Electric.
We're leading the way in developing smart heating and cooling solutions, providing you with complete control over your smart home devices. Now you can connect all of them like heat pumps, thermostats, air conditioning units and many more directly in our Ostrom app.
Exciting news about the continued success of our Ostrom referral program! We have seen our community grow over time and we are very grateful to be in this journey together with our loyal customers. We can't thank you enough for significantly contributing to our growth by sharing your codes with family and friends.