What I've seen is that most people dumb enough (I say this about myself) to join startups are young, privileged, and foolish. So even if you have hiring initiatives and strategies to make a diverse company (in age, identity, whatever) the pool of people that will even reply to your recruiters is pretty homogeneous.
So I don't think it's just management and business outcomes, the pool of people that you can even hire for the smaller/riskier businesses is just very different than at big tech (or even non-tech businesses with sizeable software and GIS teams).
Don't get me wrong, I love working for startups. But if I were twenty years older I might care a lot more about the bad 401k matching and progressively longer time/lower outcomes for liquidity in startup equity.
So I don't think it's just management and business outcomes, the pool of people that you can even hire for the smaller/riskier businesses is just very different than at big tech (or even non-tech businesses with sizeable software and GIS teams).
Don't get me wrong, I love working for startups. But if I were twenty years older I might care a lot more about the bad 401k matching and progressively longer time/lower outcomes for liquidity in startup equity.