887 of unicorn founders share identical traits Heres why pattern matching fails VCs

For years, venture capitalists have tended to back founders who fit a very familiar profile: white, male, elite-educated, and fluent in Silicon Valley’s usual pitch style. But a new study fromAda Ventures, alongside behavioural scientists at Synaptiq, is challenging this way of thinking with the hard data.
They looked at 171 unicorn founders across the UK, Europe, and North America, including 88 founders from diverse backgrounds like women, ethnic minorities, LGBTQ+ individuals, and people from lower-income communities. Their research reveals that these diverse founders share nearly identical psychological traits with their non-diverse counterparts, as measured across 159 characteristics.
Success, as it turns out, is far less about background and far more about measurable characteristics. Let’s dive into key findings!
Out of the 159 traits studied, only 18 showed any meaningful differences. That means 88.7% of these traits were basically identical, no matter what background the founder came from. Traits they shared included staying calm under pressure (low neuroticism), strong analytical thinking, expressing positive emotions, and often using “we” language to show inclusive leadership.
When differences did come up, many worked in favour of diverse founders. For instance, they used 23%  (Pearson coefficient +0.23, p=0.003) more words related to empathy and team spirit, showed 20% (+0.20, p=0.01) stronger focus on the present moment, which ties into being charismatic leaders, and were 21% (-0.21, p=0.006) less tentative, showing confidence and conviction.
Despite this, women founders only raise about 3% of seed funding in the UK, compared to 84% for men. Ethnic minorities get just 1.58% of venture capital. And when looking at Black women founders specifically, they have secured a pitiful 0.02% of total investment in the past decade.
In the US, the numbers are equally stark. White men make up roughly 30% of the population but represent 58% of venture investors and receive 93% of all venture dollars.
This gap persists due to “pattern matching,” where VCs back founders who resemble previous successes, creating a self-reinforcing cycle that excludes diverse voices despite clear evidence of their equal capabilities.
Ada Ventures is tackling this head-on. Their “Inclusive Alpha” model blends psycholinguistic analysis with real-world founder support, including childcare, mental health services, and pitch coaching tailored to diverse founders.
Their portfolio stats prove the approach works: 54% of their companies have women founders (nearly double the industry average of 28%), and an impressive 88% of their Fund II founders belong to underrepresented groups.
Check Warner,a co-founding partner at Ada, toldTFNexclusively: “Every investor is looking for alpha returns. But in the race to find the ‘next big thing’, diversity is all too often framed as a nice-to-have, not a commercially credible strategy. This data tells a different story. The traits that drive outsized start-up success show up in people from all manner of backgrounds. Talent isn’t cookie-cutter – it’s evenly distributed.
“Opting for familiarity isn’t a winning strategy. And it’s likely costing billions in missed opportunities, lost innovation, and leaves a pipeline of would-be unicorns unfunded simply because they weren’t ‘pattern match’ perfection. Alpha founders aren’t easily put in boxes. To find true outliers, investors have to cast the net wider than the last success story they heard about.”
The study urges venture capitalists to rethink how they assess founders. The small differences found, such as higher empathy and focus among diverse founders, are strengths, not drawbacks. Diverse founders’ communication skills often build stronger teams and lead to better exits. Their confidence helps them push through biases.
With nearly 89% shared traits, it’s clear VCs are passing on great opportunities by sticking to outdated ideas about what a successful founder looks like. New psycholinguistic tools offer a way to focus on proven traits, rather than background or perception.
The next unicorn might not look or sound like the traditional Silicon Valley mould, but they’ll share the same grit, intelligence, and leadership that lead to success. Will venture capital change fast enough to find them?