Equity Clear is building national standard for investment diversity reporting

Equity Clear has also partnered with the UNSW Centre for Social Impact to add rigour to the process, and appointed founder and gender equity advocate Noga Edelstein to lead the effort.

The move marks a shift from what began in 2023 as a bootstrapped industry pledge to disclose funding data on women-led startups into a nationally recognised framework with government and academic support.

NSW funding tied to ‘Show us the Data’

Equity Clear’s sponsorship from Investment NSW is for an undisclosed amount, but falls under the NSW Government’s Fostering Innovation Sponsorship Program.

The funding will be directed to its Show us the Data event series. This includes a national industry forum with investors, founders, accelerators, policymakers and data experts.

It also includes a public report presenting the proposed Common Data Standard, insights from the forum, and an implementation roadmap, and a launch event to align the sector.

“We need to move from anecdote to evidence, building the data infrastructure that shows, for the first time, where diverse founders fall out of the pipeline and what levers we can pull to close the gender funding gap,” Edelstein said.

Edelstein emphasised that, despite the funding, Equity Clear remains an independent, sector-led initiative.

UNSW Centre for Social Impact has joined as an academic partner to ensure rigour, with the government’s role limited to convening.

“The NSW Government’s sponsorship helps convene the conversation, but it doesn’t influence the design of the Common Data Standard, the analysis, or the findings. Our job is to build the evidence base for the sector – even when the data is uncomfortable,” she said.

Although the sponsorship is tied to NSW events, Equity Clear has already expanded its scope to national roundtables due to demand.

Discussions are underway with governments in Queensland, South Australia, Western Australia and Victoria, which have all endorsed the initiative.

Edelstein noted diversity and data are embedded in the NSW Innovation Blueprint, and pointed to Investment NSW’s revised MVP Ventures Program — which now has an equity focus — as evidence the government is open to using policy levers in this space.

A move beyond ad hoc reporting

Equity Clear says its new Show us the Data initiative is designed to move the sector from ad hoc diversity reporting to a consistent national framework.

Unlike current reporting, which largely focuses on who ultimately gets funded, the model aims to capture diversity metrics across the full investment funnel, from initial deal screening through to capital allocation.

While gender remains the immediate focus, Equity Clear is planning for an intersectional approach. Cultural diversity is expected to be included in the first version, with longer-term expansion into socio-economic status, regionality and disability.

The group is in discussions with the global Diversity Data Alliance to align on best practices.

On long-term sustainability, Equity Clear is currently supported by its founding partners Giant Leap, Alberts and Scale Investors, alongside sponsors Tractor Ventures and UNSW CSI.

Edelstein said scaling the initiative will require “industry self-funding, government co-investment and philanthropy”.

She added Equity Clear is conscious of not duplicating existing efforts, and will look to partner with ecosystem players already delivering parts of the work.

Participation and credibility

Blackbird and AirTree have already committed to disclosing data annually, with more investors and ecosystem leaders joining the national roundtables.

Edelstein stressed venture capital is only one part of the picture.

“We need to understand where diverse founders are actually getting funded, angels, accelerators, debt, grants, and how those pipelines intersect. That breadth is what will make the Common Data Standard credible and impactful,” she said.

Edelstein added the value lies in the reporting process and insights, not public shaming.

“We’re seeing the same trend here: VCs consistently reporting through Equity Clear are increasing their investments in women-led companies. It’s time for us to double down.”

The process of data validation and publication cadence will be worked through in this exploratory phase. Equity Clear intends to report on an aggregate basis, drawing on the precedent set by the UK’s Investing in Women Code, which uses anonymised data to build trust and participation in its early years.

A national standard

By 2026, the idea is to have agreed on a national Common Data Standard with commitments from across the ecosystem to adopt it.

Edelstein said the first version will focus on the “gruntwork”, consistent definitions, protocols for recording data, and supporting collection to establish a public baseline of where diverse founders drop out of the pipeline.

“If you ask five people what a ‘woman-led company’ is, you’ll get five different answers,” she said. “That’s why consistent definitions are the foundation of this work”.

“With that evidence, we can start working with governments and the sector on targeted interventions, whether that’s how grants are structured, how accelerators track applicants, or how procurement levers are used,” she added.

Equity Clear will convene its national roundtable series this year, culminating in a 2026 Industry Forum in Sydney to co-design the standard.