What is the difference between underrepresented and overlooked founders?

Underrepresented Founders typically refers to founders who belong to groups that are not proportionally represented in the ecosystem.

Overlooked Founders typically refers to founders who might not necessarily belong to a traditionally underrepresented group but whose potential is not recognized or valued by the current market and investors. They could be innovating in less popular sectors, working outside major entrepreneurial hubs, or simply not fitting the typical success narrative. 

Underrepresented represents the demographics of the founder (gender, ethnicity, economic background, underserved region for example.)

Overlooked relates more to some investors' bias or the founder's lack of access or influence. This could be a first-time founder or someone not from a central tech hub. 

A great underrepresented founder can be overlooked. An overlooked founder doesn't necessarily mean they are underrepresented.