How do we patch the leaky bucket of women leaving venture capital?

Venture capital is an industry built on long-term thinking. We invest early, stay patient, and often talk about compounding value over time. Yet when it comes to people, particularly women, the industry continues to struggle with retention.

I joined venture capital three years ago in an operations-focused role. Over the past year, through my work with Canadian Women in Venture Capital (CWVC), a nonprofit dedicated to promoting, championing, and retaining female talent in VC, I have had the opportunity to examine this issue more closely through data rather than assumption.

In 2025, I joined the CWVC Core Committee, where one of my key roles was helping design the Canadian Venture Capital Industry Compensation Report. The intent behind the report is simple: to bring clarity to conversations around compensation, progression, and retention, and to give the industry a shared starting point grounded in evidence.

The findings were sobering.

In our 2025 Mapping the State of Female Talent Report, we found that one in four women left venture capital over the past five years. While women continue to enter the industry, particularly at junior and mid-level roles, many are not staying long enough to progress into senior positions. Seeing this data laid out so clearly prompted an important question: what would it take to change that trajectory?

The Compensation Report helped shed light on some of the underlying factors. When respondents were asked what would motivate them to leave their current role, the most common answer was growth opportunities, followed closely by salary. Work-life balance and title also ranked highly. These responses suggest that retention is not simply about pay. It is about whether people can see a future for themselves in the industry.

When asked what industry or role they would pursue if they left VC, 50% of respondents said they would join a startup. Others indicated they would change industries entirely or move into another area of finance. This points to an important insight. The industry is not losing talent due to a lack of interest or ambition. It is losing talent to environments where career paths may feel clearer and more attainable.

So what can we do?

The first step is benchmarking. Data plays a critical role in moving conversations from anecdote to action. Publishing the Compensation Report aims to provide greater transparency around compensation and career dynamics. It allows individuals and firms to understand how they compare across the industry and reflect on how they value and support their talent.

Beyond data, organizations like CWVC are working to bridge the retention gap through community, visibility, and shared learning. Initiatives such as mentorship programs, bootcamps, and networking events help women see viable, long-term paths within venture capital. Just as importantly, they create spaces where experiences can be shared openly, reducing the isolation that often accompanies early and mid-career roles.

Retention is not a challenge that any one firm or individual can solve alone. It is an ecosystem issue. Addressing it requires collaboration across firms, roles, and career stages, as well as a willingness to learn from the data and from one another.

There are also practical steps firms can take today. More frequent check-ins, such as mid-year reviews, can help leaders better understand how their team members are feeling about their role, their growth, and their long-term trajectory within the firm. These conversations create space to address concerns early and signal that talent development is an ongoing priority.

Firms can also expand access to professional development opportunities. Supporting team members in attending industry conferences, participating in programs such as the Chartered Professional in Innovation and Strategy (CPCIS), or enrolling in relevant courses can help individuals continue building their expertise while strengthening their connection to the broader venture ecosystem.

Finally, firms can think more broadly about how they retain talent within the venture ecosystem itself. When individuals do choose to move on, helping them transition into startups within a firm's portfolio or within the broader ecosystem allows their experience and relationships to remain within the community rather than being lost entirely.

If venture capital is serious about building enduring value, then applying that same long-term mindset to talent is a natural place to start. The work is ongoing, but by approaching retention as a shared responsibility, the industry can begin to close the gap and ensure that women not only enter venture capital, but choose to build lasting careers within it.