Fitbit, the colorful bracelet seen on the wrists of the fit and wanna-be fit, is not fit for women. The company that is dedicated to health and fitness of the masses is going public with no women on its five-member board – another technology company taking the lead from its male investors. We say it’s time that the VC community pay attention to stakeholders who want to see the boards of companies where they work, shop and invest reflect the population, more than half of which is women.
Of the ten biggest tech IPOs of 2015 (Wall Street Journal, 6/17) three are Zero 'Z' Companies with no women directors (Black Knight Financial Services, Shopify and Apigee) and five are Token 'T' Companies with one woman director (Innovation Holdings, GoDaddy, Evolent Health, Baozun and MaxPoint Interactive). Two of the companies are Winning 'W' Companies, with 20% or more board seats held by women (Etsy and Box).
We all know that women make up a huge number of Fitbit customers - maybe the majority. The same can be said of most of the companies on the 2015 technology IPO list. To imply that there are no women qualified to serve on the Fitbit board is ludicrous. At best it's a gross oversight. At worst, it's discrimination, plain and simple. Discriminating against your customer base is just bad business.
We implore Fitbit to put women on its board.