The Fight for Fairer Funding

1969

the year we landed on the moon

but more importantly

i was seven years old

and i remember one day saying to my mom

that i really loved chocolate chip

cookies and i wanted more

her response

let me teach you how to bake chocolate

chip cookies

baking quickly developed into cooking

and by the time i was 12

i was cooking dinner for the whole

family at least once a week

at the age of 15 i met my first

girlfriend and i said to my mom i think

i look smarter when i wear shirts that

have been ironed

simple she said

i’ll teach you how to iron shirts

in an age when baking

cooking and ironing were considered

women’s jobs

i’m grateful that my mom did not

subscribe to such constraints

50 years later

2019

i was standing on a stage talking about

raising venture capital funding for

small and medium-sized businesses

venture capitalists are professional

investors who buy shares in company in

return for cash so that those companies

can grow

after my talk a woman came up to me and

said

why is it that so little venture capital

funding goes to female entrepreneurs

i have no idea i said

but i’ll find out

and that ladies and gentlemen

is why i’m here today

to tell you what i found out

what i’m doing about it

and to share with you the stories of

three inspirational female entrepreneurs

who’ve successfully raised capital

about a week after that

event

i was in a meeting with the chief

executive of the br of british business

investments a subsidiary of the british

business bank

she and i had met at a networking event

and

were having a follow-up discussion we

had a very good conversation and towards

the end i decided to ask her if she knew

anything about this issue of female

entrepreneurs and venture capital

with a wry smile she reached down to the

bottom drawer of her desk

and brought out

this

abound research report entitled uk vc

and female founders vc being venture

capital it’s a full-scale research

report

that the british government commissioned

the bank to complete

they looked at every venture capital

deal in the uk in the year 2017

and what they found

was pretty stark

out of every pound

of venture capital invested in 2017

less than a penny

went to all female founding teams that’s

less than one percent

10

went to mixed gender teams

and more than 89 p out of every pound

went to all male

teams

if you’re anything other than a white

man chances are you knew this already or

at least suspected it

i’m ashamed to admit that i didn’t

and i was shocked

not long after that meeting i was having

another discussion with a friend of mine

who works at the london stock exchange

an organization that is leading the

charge on putting women into the boards

of of companies around the uk

she and i were talking about this ukvc

and female founders report

when it hit me

i felt compelled

to put on an event

to showcase

what could be done not an event that

moans about how wrong or unfair it all

is but an event that showcases female

founders who have successfully traversed

an uneven playing field

and raised capital to grow their

businesses

about a week before the event

morningstar published an article

in which they had researched the 1500

open-ended listed investment companies

in the uk

they found that 108 of those funds

were run by a man named david now as a

man named david i thought that was kind

of cool

but wait

that same article found

that just 105 funds

were run by women

more funds run by davids than by all

women

on the 25th of november 2019

we filled the theater at the london

stock exchange

we filled it with people who had come to

hear the stories of female founders who

had successfully raised capital to grow

their businesses

coming out of that event

i learned two key things

first up this isn’t just a uk problem

in our social media posts

surrounding the event we had comments

from people in 10 countries around the

world

australia

belgium

canada

china

france

germany

ireland

south africa

switzerland

and the united states

and they all said

it was a big issue for them too

and secondly

this isn’t just about women versus men

that day i heard stories from diverse

entrepreneurs of all manners and they

all face the same uneven playing field

this is a global issue and it affects

all of us

more money is run by men called david

and the vast majority of it goes to men

just like him

picka david any david should not be the

basis on which funding gets allocated

now here’s a really interesting

statistic

a research report published by global

firm boston consulting group

reported

that female founded firms

generated 2.5 times as much revenue per

dollar invested as male lead firms

2.5 times as much

investing in female founders is not just

a good thing to do

it generates superior investment returns

as well

over the last several months

i’ve interviewed dozens of female and

diverse entrepreneurs who have

successfully raised money

i’d like to share with you three of

their stories

fiona

runs a business called pod foods

it’s a multi it’s a

tech enabled

grocery supply chain that is focused on

delivering emerging brands

based in san

francisco they’ve now expanded into 10

states across the usa serving cities

like chicago

los angeles new york

and austin

fiona is singaporean chinese and an

immigrant to the usa

the cards were stacked against her

she looks different

sounds different and clearly isn’t from

around here

together with her co-founder larissa

they raised seven figures in seed

capital and used the money to invest in

their technology

they have now built pod foods so that

it’s carrying over 600 products and is

expanding quickly and they deliver these

to retailers across the united states

may is the founder of globechain

a multi-award-winning reuse marketplace

that redistributes

unneeded fixtures products and furniture

from corporates

to charities and individuals

and at the same time captures

environmental social and governance data

for their members

may and her family emigrated to the uk

from iraq in the 1980s and she lives in

london

she has since raised seven figures in

funding and built globechain to be the

largest reused marketplace in the world

with over ten thousand members

and operations in the uk

spain

the united arab emirates and the usa

may’s dream

is to divert a hundred million tons

from landfill

by 2025.

and daniella

the co-founder of cutis

a life sciences business based in zurich

that supports patients who are suffering

from large deep skin defects like burns

they are developing the world’s first

auto-produced

personalized skin tissue therapy

daniella comes from sicily and moved to

switzerland to complete her phd and

post-doctoral studies

she’s since then raised through several

rounds eight figures in investment

funding

and use that money to build her team to

develop the technology and to complete

clinical trials so that they can enter

the orphan burn market in the european

union and the usa

having interviewed these inspirational

founders

three key things became very clear to me

first up

pitch your dream

ask for more money than you think you’re

going to need

ask for it more often

and don’t undervalue your business using

conservative forecasts

secondly

take the time to find the investors that

are the most suited to you and your

business perhaps they’re run by females

or by other diverse investors take the

time to find them and craft a pitch

that’s just for them

and finally

fundraising is a full-time job on top of

the day job

it can be mentally

physically and emotionally very draining

and it can last for months

look after yourself

and don’t try and do it alone

50 years ago

i got lucky

my mom taught me about equality

the first step for me was learning to

bake chocolate chip cookies

having since discovered the grave

injustice that female entrepreneurs face

and diverse entrepreneurs

that they face and having felt the shame

of not even realizing this existed

the next steps for me

are to raise this awareness to the men

who control the money

and to raise this issue

worldwide to governments and ngos

if you’re an entrepreneur looking to

raise capital the next steps for you are

to articulate your dream and find the

right investors they are out there

and finally no matter who you are

please

get in touch with your local mp or

congress person or whatever the

representatives of your national

government are called

tell them about this issue

on behalf of david’s everywhere we must

level the playing field

with your help

we will

thank you

[Applause]