Diversity, Equity and Inclusion Policy 

Cambridge Innovation Capital Limited (CIC) believes that diversity, equity and inclusion (DEI) is integral to long-term success both at a Manager level and a Portfolio company level. Embracing DEI is not just a matter of social responsibility, it is also a strategic imperative for businesses looking to innovate, compete and succeed in today’s global marketplace. By prioritising DEI, organisations can unlock the full potential of their workforce and drive sustainable growth and success.

Our policy outlines our dedication to promoting DEI at all levels of our organisation and within the companies in which we invest.

1.       Commitments

Diversity

We are committed to building a diverse team that reflects the rich tapestry of backgrounds, experiences and perspectives in society. We recognise that diversity encompasses many dimensions such as race, ethnicity, gender, sexual orientation, age, disability, education, experiences, religion and socioeconomic status. We seek to recruit, retain and promote individuals representing a wide spectrum of these dimensions within our organisation.

Equity and Fairness

We are dedicated to creating an equitable and fair workplace where all employees have equal opportunities for growth, advancement and recognition. We strive to eliminate biases and barriers that may impede the progress of any individual. Our policies and practices are designed to promote fairness, transparency and meritocracy in all aspects of employment, including hiring, compensation and performance evaluation.

Inclusive Culture

We foster an inclusive culture where every voice is heard, valued and respected. We promote open communication, collaboration and mutual respect among team members. We provide training and resources to raise awareness of unconscious biases and promote inclusive behaviours. We encourage feedback and dialogue to continuously improve our DEI efforts.

Diverse Investments

We believe that diverse teams are more innovative, adaptable and competitive in the global marketplace. As a result, we encourage our portfolio companies to promote DEI in their workforce, leadership and products/services.

Accountability and Measurement

We hold ourselves accountable for advancing DEI within our organisation and the companies we invest in. We set goals and use benchmarks to track our progress over time. We regularly assess the effectiveness of our DEI initiatives and make adjustments as needed to ensure continuous improvement.

External Engagement

We actively participate in industry initiatives, partnerships and networks that promote DEI in the venture capital ecosystem. We advocate for policies and practices that create a more inclusive and equitable environment for entrepreneurs, investors, and stakeholders from diverse backgrounds.

2.       Purpose

This policy’s purpose is to

• Provide equity, fairness and respect for all in our employment, whether temporary, part-time or full-time, and to create an equitable and fair workplace where all employees have equal opportunities for growth, advancement and recognition.

• Eliminate discrimination against the Equality Act 2010 protected characteristics of

• • age
  • disability
  • gander and gender reassignment
  • marriage and civil partnership
  • pregnancy and maternity
  • race (including colour, nationality, and ethnic or national origin)
  • religion or belief
  • sexual orientation
  • socio-economic status

• Take seriously complaints of bullying, harassment, victimisation and unlawful discrimination by fellow employees, investors, suppliers, visitors and any others in the course of the organisation’s work activities. Such acts will be dealt with as misconduct under the grievance and/or disciplinary procedures, and appropriate action will be taken.

• Oppose and avoid all forms of unlawful discrimination and make decisions concerning staff based on merit. This includes

• • pay and benefits
  • terms and conditions of employment
  • dealing with grievances and discipline
  • dismissal
  • redundancy
  • leave for parents
  • requests for flexible working
  • selection for employment, promotion, training or other developmental opportunities

• Make opportunities for relevant training, development and progress available to all staff, who will be helped and encouraged to develop their full potential, so their talents and resources can be fully utilised to maximise the efficiency of the organisation.

• Review employment practices and procedures when necessary to ensure fairness, and update them and the policy to take account of changes in the law.

• Promote diversity and diversity of thought at all levels of our organisation and within the companies we invest in. This is important for the following reasons

• • Having a diverse group of individuals with varied perspectives, experiences, and expertise can lead to more well-rounded assessments of investment opportunities. Different viewpoints can help identify and evaluate potential risks and opportunities that might otherwise be overlooked by a homogenous group.
  • Like any industry, venture capital is susceptible to unconscious biases that can influence investment decisions. It is particularly important for us to have awareness of this where assessments are being made on the strengths of entrepreneurial teams. By fostering diversity of thought, venture capital firms can help mitigate these biases and ensure that investment decisions are based on merit, rather than preconceived notions or stereotypes.
  • Diverse teams often have broader networks and connections, which can provide access to a wider range of investment opportunities and talent pools. Venture capital firms with diverse teams may be better positioned to connect with entrepreneurs from different backgrounds and industries, leading to a more diverse portfolio of investments.
  • An ability to adapt to change and navigate uncertainty is crucial. Diverse teams are often more resilient and adaptable, as they are accustomed to navigating different perspectives and approaches. This adaptability can be invaluable in responding to market shifts and evolving investment landscapes.

3.       Implementation

Culture

We strive to be good citizens and successful business partners. Our values are what steer us as we build a prosperous and sustainable future. They are a true representation of our team and what it means to be part of CIC.

See our Values here.

Responsible investment

We are a signatory of the UN Principles for Responsible Investment, which encourages transparent and evidence-based investment and stewardship. We are also a signatory to the Investing in Women Code, which aims to improve female entrepreneurs’ access to tools, resources and finance.  Our investment process reviews potential reach and impact of innovations, environmental impact and potential employment impacts. We leverage accelerators, including organisations co-founded by CIC, to provide a more diverse pipeline of potential founders.

Operations

We recognise that human capital within our team and portfolio companies is our most valuable asset and we are focused on growing and strengthening this. Advocating for DEI in our recruitment and people management policies is central to our core values and culture.

• We require each of our team members to undergo regular DEI training and encourage our portfolio companies to adopt the same practice
• We seek gender and ethnic diversity on all shortlists for recruitment. We include diversity and inclusion statements in job descriptions and use a range of different assessors across interview stages to combat unconscious bias. We encourage our portfolio companies to adopt the same practice
• We promote an inclusive culture including (but not limited to) flexible working, internal events celebrating different cultures and traditions, and regularly surveying our team on our DEI performance and suggestions for improvement
• We encourage all portfolio companies to adopt a DEI policy within 12 months of our investment
• We encourage all portfolio companies to undertake an assessment of labour standards within their supply chains to identify any areas of potential concern in terms of workers’ rights either with the current sources of raw materials or component parts or with potential future sources as the business scales up
• We require all portfolio companies to annually report the diversity profile of their workforce and we engage with portfolio companies on strategies for improvement
• We track how compensation is distributed in each portfolio company and provide benchmarks for appropriate cash and equity compensation required to recruit and retain world-class talent

We provide portfolio companies with comprehensive resources, including training events, to support their own progress. Using an annual survey of portfolio companies to guide future improvements, we have embarked upon several initiatives to address specific priorities, including increased focus on gender and ethnic diversity across all levels of portfolio company employment, and including increased guidance and materials on diverse recruitment practices and inclusion training. We report on progress, including trending statistics, in our annual Impact and ESG Report which is published on our website and shared on social media.

Behaviours

As an investor in early stage companies we are often the first institutional investor to invest in a company. This provides with an ideal opportunity to instil best practices at an early stage. We have selected the United Nations Sustainable Development Goals (SDGs) as a framework to consider the potential impact of our investment and also to encourage certain behaviours in our portfolio companies.

The SDGs that we aspire to fulfil through our core investment activities are:

We aim to encourage certain behaviours within our portfolio companies by focusing on the following SDGs:

We also work with organisations promoting diversity in venture capital such as, the British Private Equity & Venture Capital Association (BVCA), ESG_VC and Diversity_VC. In addition, we are proactive in leading industry projects and starting initiatives to instil good DEI practices within venture capital, for example, CIC’s Female Leaders community, which provides support and mentorship, and Innovate Cambridge, an initiative to define an inclusive, ambitious, and broad-ranging innovation vision for the Greater Cambridge region which will ensure the city continues to innovate and that the growth we are all driving is sustainable and inclusive, benefitting everyone in the ecosystem.