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It's probably a double bind.

If she's ugly: "Why would you want to fund an ugly girl? Let's get some hotties in here."

If she's attractive: "She's too hot. How could she possibly be a serious hacker / business leader? No one will take her seriously if she looks like that."

Maybe this is too cynical? (I sort of hope so.)

Institutional sexism is certainly a thing.

A nitpick about terms, but not all discrimination against women is 'institutional' sexism. Institutional prejudice may be sufficient but is definitely not necessary for acts of sexism to occur. People are quite capable of acting on innate or pre-learned biases.

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