I think the most important thing to remember here is that while investors (and startup lawyers, bankers, and everyone else in the startup ecosystem) are starting to talk a lot about wanting to do the "right thing" and fostering a meritocracy, and they love to host panels and talks and write blog posts, they. don't. write. checks. to. female. founded. companies.
At the end of the day, the truth is that bad behavior is the most "disruptive". Therefore it's not only rewarded, but courted by VCs. And 9 times out of 10, female founders are not the ones doing the harassing or the unequal pay, or creating vile things like Titstare (though, that "let's import NYC women to SV" idea was a real doozy).
Let's look at Uber as a prime example. The entire company's model is basically illegal in most cities where it opens operations, but VCs salivate all over themselves to get a piece, because they know that this "disruption" (which while admittedly wildly handy, doesn't truly solve a "problem" for anyone but the relatively well-off who don't want to drive drunk) will make them far richer. And that, after all, is the reason to become a venture capitalist.
Uber would absolutely not be successful without its founder's blatant "f-you" attitude. Does anyone think that this guy, with his complete and utter disregard for transit laws, who routinely employs dubious if not immoral tactics to gain customers and harm competitors, is somehow magically transformed into a sensitive, respectful or thoughtful executive when it comes to diversity inside of the company?
That's just one example, but there are plenty more. As I said before, bad behavior isn't just accepted, it's often encouraged. Blatantly.
There are fantastic female VCs like Aileen Lee, Kirsten Green, Eurie Kim, Ellie Wheeler, Kathleen Utecht, and many more...but we need more of them. Many more. One problem I suspect exists within institutional VC is that the female partners/principals have to fight 10X harder to get a female founder funded by their investment committees.
And female founders are held to MUCH higher standards than our male counterparts. How many companies get funded on the basis of a cool-sounding idea, cooked up by a couple of 20-something dudes who have literally zero experience either building anything resembling a business (sorry, dudebros, hackathons don't count), let alone actually working in a real company environment? Lots. Meanwhile, we have experienced female founders building companies with innovative technologies poised to revolutionize markets worth billions, and actually generating revenues...and we get told that we're "too early". I can think of literally a dozen of these off the top of my head.
Because it seems as though everyone in VC wants to hitch their wagon to the star of the disruptors, but no one wants to actually make waves of their own. And that's got to change.