One of my favourite ways to articulate our role as a bank in the innovation economy is summed up in the belief that "innovation needs different".

Different voices, perspectives and people are essential as founders and business leaders continue to try and solve the future’s most complex technologies.

It’s well documented that there is still a significant amount of work to be done to ensure that these new voices are not only heard, but given the backing to bring their ideas to life.

The British Business Bank’s (BBB) recent announcement of their £400m Investor Pathways Capital initiative is a step in the right direction on the journey to back diverse and emerging fund managers – but what does in mean for the ecosystem?

I chatted to Sophie Winwood, co-founder of unlock VC to get her take on what this announcement may mean in practice.

Unlock VC is an award-winning global platform and community for women in VC. We've built a 1,2k+ strong community of GPs, LPs, VC and angel investors who are genuinely changing the face of venture capital.

What makes us different is that we're not just about networking – we're about driving real, measurable change. Our annual summit in Paris brings together 400+ women in VC, and 40% of attendees last year said it was their favourite event of the year. But the magic happens year-round through our WhatsApp community, local events, and the continuous stream of content and resources we provide.

We're creating the infrastructure that women in VC need to thrive – from practical guidance to authentic connections.

Honestly? I felt fired up in the best possible way. This is HUGE. The stats around diversity in VC have barely shifted throughout my career, and here's a government-backed initiative that's not just talking about change – it's putting £400m behind it.

This measurable commitment gives us something concrete to hold them accountable to. For too long, we've heard promises without seeing the capital deployment that actually drives change.

Yes, there are still questions around the speed of deployment (the capital will not be deployed until 2026), access to the scheme and how initiatives like the capital to build track records will be structured. But there is a LOT of reasons but very excited and hopeful.

Absolutely - it’s a milestone and an important signal.

For the first time, the BBB is ring-fencing capital specifically for underrepresented groups. That matters because it recognises that good intentions aren't enough; you need dedicated capital allocation.

But what makes this a true milestone is the ripple effect it will create.

We’ve already seen KFW and EIF launch initiatives like this, so BBB also seeing value in backing diverse fund managers validates and de-risks these investments for other LPs.

However, milestone is the right word as we still have a long way to go. We are still in the hardest VC fundraising environment ever, and while BBB is has moved in the right direction, we need other LPs to follow as well.

The data is clear: diverse fund managers open doors. A female investor is twice as likely to back a woman as a male investor and when Investment Committee’s have 50% or more women¹, investing in all female teams almost doubles.

When you increase the number of women holding the pen, you directly increase funding to female founders.

We also know that diverse fund managers will build diverse teams and inclusive businesses, who will attract, train and inspire the next generation of diverse fund managers. It is a virtuous cycle if we get it right.

We also know that diverse fund managers will build diverse teams and inclusive businesses, who will attract, train and inspire the next generation of diverse fund managers. It is a virtuous cycle if we get it right.

But I'm hoping for something even bigger – a cultural shift. Because the UK is still Europe's largest single VC market by deal value, the rules here shape cross-border syndication. If more of the managers of new UK-anchored funds are women, those GPs will sit on European company cap tables and join EU investment committees. It will normalise female decision-makers in deal flow across the continent.

Venture capital is supposedly a game of diversification, of outliers and exceptions, of going against consensus. So how can we believe we'll find and fund the best, most innovative, category-defining companies if everyone looks the same, has access to the same networks, and thinks the same about what the future should be? That just doesn't make mathematical sense.

Look at Amazon, Google, and Meta – all founded and backed by white men. Now imagine what the tech landscape might look like if these companies were founded by mixed or all-women teams. What different problems might they have solved? What other approaches might they have taken?

The BBB’s 2025 Investing in Women Code report found that investing in female and ethnic minority-led businesses could add 13% to the value of the UK equity market.

That’s not just a nice statistic; it represents billions in untapped economic value. We're literally leaving money on the table by excluding half the population from the investment ecosystem.

First, recognise that VC is already a network-based business that's notoriously hard to break into. The BBB initiative acknowledges this reality and is creating pathways for those without existing connections.

My advice: be authentic about what you bring that's different. Don't try to fit into the traditional mould – that's exactly what we're trying to change. Whether it's your sector expertise, your network, or your perspective on underserved markets, lead with your unique value proposition.

Build your track record deliberately. This might mean angel investing, joining syndicates, or taking advantage of programmes that help you build investment experience. The BBB's commitment to backing partners who invest smaller amounts in talented individuals to build track records is game-changing here.

This is exactly why we built unlock VC. The traditional networks weren't built for us, so we had to create our own.

Join communities where you can be authentic – not just professional groups, but places where you can share real challenges and get genuine support. Our WhatsApp group is incredibly active because people know they can ask real questions and get honest answers.

Find your advocates, not just mentors. Mentors give advice; advocates open doors and put your name forward when you're not in the room. And be willing to advocate for others – the rising tide lifts all boats.

Don't wait for permission. Start writing, speaking, investing at small levels. Visibility breeds opportunity, and in a network-driven industry, being known for something specific is incredibly valuable.

I want an industry where talent is recognised regardless of background. Where investment committees reflect the diversity of the entrepreneurs they're backing and the customers they serve. Where being a female GP isn't remarkable – it's just normal.

More practically, I want to see 30% female representation across GP roles within the next decade. That might sound modest, but it would represent a seismic shift from where we are today at just 16% in Europe.

If you're in a position to hire, look beyond your immediate network. Use your platform to amplify diverse voices – quote women in your content, invite them to speak at your events, include them in your deal flow conversations.

Challenge the status quo when you see it. If you're in a meeting with no women, point it out. If you're on a panel that's all male, suggest adding female voices.

For LPs specifically: ask your fund managers about their diversity metrics. Make it clear that representation matters to your investment decisions. Capital follows attention, and if LPs start asking these questions consistently, GPs will respond.

We're still facing headwinds. The DEI backlash means some organisation are pulling back from these commitments, thinking the work is done. It absolutely isn't. Only 2% of venture capital funding goes to all-women teams, and just 0.34% goes to Black women founders in the US. We haven't solved anything yet.

But announcements like the BBB initiative give me hope that the momentum is building. We've got 33 women who made partner or higher in our community last year, 20 all-women-led funds in Europe, and a Summit that's become the must-attend event for women in VC.

The question isn't whether change is coming – it's whether you want to be part of driving it or watching from the sidelines. At unlock VC, we're committed to making sure the women shaping the future of venture capital have the support, connections, and opportunities they need to succeed.

The future of VC is diverse, and it's happening now. If you want to be part of this movement, join us at the unlock VC Summit on 13-15 October 2025 in Paris – it's where the conversation that's shaping venture capital's future happens.