Backstage Capital operates on the conviction that underrepresentation of women, people of color, and LGBTQ+ founders in venture capital is not a pipeline problem but the biggest investment opportunity available. Rather than viewing diversity as a social good checkbox, the firm sees it as a competitive advantage, identifying exceptional founders who have been systematically overlooked by traditional venture capital. They invest in the highest-quality founders across these underrepresented demographics, believing that merit and opportunity have been artificially constrained by structural biases in the VC industry.