Discussion and Conclusion
Simply put, homophily works. Its effects reverberate throughout history. It exists in the ‘Old Boys’ Network,’ operating through hegemonic masculinity and weak ties, and strong ties formed in networks of female empowerment in the workforce. In strategically generating productive and positive homophily through narrative restructuring, there must also be greater overall transparency in corporate culture and in industries that cause barrier to start-up, such as in venture capital. Although data publications such as TechCrunch’s CrunchBase Women in Venture Report (2017) contribute to transparency and allow for women to be promoted within heavily-male dominated industries like venture capital, it is not enough. Tokenism[1] is not enough, ingenuous affective labor is not enough, and required bias awareness training is not enough. However, there is progress in elevating female leaders, and creating women-backed micro-venture capital firms and organizations. Other initiatives one might consider to level the playing field include increasing federal funding for small business loans, enacting zero tolerance policies within the workplace, and providing greater support toward working mothers and families. To transcend this dichotomy, however, organizations and institutions must cater toward inclusive, heterophilous networks and knowledge formation. This in turn allows for narrative structuring so that individuals are able to both better understand themselves and empathize with others, as backed by several interviews with entrepreneurs, early employees, and influential players conducted from January to May 2018. Because there has been relatively sparse inquiry into the role of identities in entrepreneurship (Navis and Glynn 2011: 480), further research can be done in extending our understanding of relationships between homophily, identity, gender, and entrepreneurship.
While I remain optimistic about the future of female entrepreneurs and though there have been drastic improvements in the past century, there is still much work to be done and research to be continued. Given suggestion that the removal of barriers to entry has the potential to foster more effective entrepreneurship and innovation, recognizing the influence of homophilous networks is a major stepping stone in further improving the economy and gender equity in the workplace. Maybe we’ve been wrong all along. Maybe it is both what you know, and who you know.