Rady School of Management, UC San Diego Rosibel Ochoa,...
Transcript of Rady School of Management, UC San Diego Rosibel Ochoa,...
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Lada Rasochova, PhD MBA Rady School of Management, UC San Diego
Rosibel Ochoa, PhD Jacobs School of Engineering, UC San Diego
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Reality
• Females are severely underrepresented in technology startups.
• Almost all VC funding goes to men.
• And that is not an exaggeration. Study after study shows this.
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Some statistics
• Only 1.3% of venture-backed startups have a female founder (Dow Jones Venture Source, 2012).
• Women-led businesses only get 4.2% of VC funding (Clayman Institute for Gender Research, Stanford University).
• Only 5-7% of partners in hitech VC firms in the U.S. are women (Padnos, C. Illuminate Ventures 2010).
• Only 12% of U.S. angel investors are women (Center for
Venture Research, 2011).
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Lack of female technology entrepreneurs
• Fewer women start technology companies
• Fewer women become CEOs
• Fewer women become VCs
• Fewer women raise venture
capital
Weak ecosystem
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What can we do about it?
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• 3-months accelerator program at UC San Diego.
• Open to any female student at UCSD business and engineering schools with a technology-based idea and a desire to explore entrepreneurship.
• Team is mixed but a female student is in the leadership role.
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How we do it?
• Identify
• Encourage
• Educate
• Mentor, mentor, mentor
• Network
• Connect with supporters
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Success Stories
Ashley van Zeeland, Ph.D., MBA, CEO and co-founder, Cypher Genomics
Sara Taghizadeh, B.S., CEO and founder, Solar Umbrella
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Success Stories
Giovanna Scheidler, MBA, CEO and founder, Ovapal
Sarah Esper, Ph.D. candidate, CTO and co-founder, CodeSpells
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What we found out?
• It is more complicated.
• Women don’t like to brag about themselves on stage and typically undersell themselves.
– Men say things like “I have a path-breaking approach that will solve one of the world’s biggest problems.” Women, on the other hand, say things like “Well, there’s this problem and I have an idea that tries to solve a piece of it.” Fiona
Murray, Boston Globe 2013
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Lessons learned
• Mentorship is the key.
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Barbara Bry Kim Davis King Gioia Messinger
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Recognition
• Recent rankings that puts San Diego at #13 in the nation for women entrepreneurs – mystartupXX mentioned! (UT San Diego).
• mystartupXX nominated for San Diego’s Athena Pinnacle award.
• Feedback: “I want to send my thanks to all of the mentors for your help and for the confidence and guidance that mystartupXX has given me.” -- Giovanna
Scheidler, MBA, CEO and Founder, Ovapal
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Future
• It is still the reality is that women are underrepresented in technology startups and get significantly less VC funding compared to men.
• But the world is changing.
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The education and workforce shift
• Significant changes in education and types of careers women pursue in the past 10 years.
• Women are nearly half of the workforce in U.S. (U.S. Department of Labor).
• Women represent more than half of U.S. college students (U.S. Department of Education).
• For the first time in 2014, UC Berkeley has more females enrolled in the CS intro course than men (San Francisco Chronicle).
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Percentage of YC Startups With Female Founders Per Year is Increasing
ycombinator.com
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The wealth distribution shift
• Women are controlling private wealth at record rates (Forbes).
• The global incomes of women will grow from $13 trillion to $18 trillion over the next 4 years (BCG).
• The average American woman is expected to earn more than the average American male by 2028 (Nielsen).
• Women influence 65% of the world's annual consumer spending (Nielsen).
• Globally, women are the biggest emerging market ever seen (Nielsen).
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The VC boys club no more?
Examples:
• Astia
• Golden Seeds
• 500 Startups is launching 500 Women
– Invest $1M into ten female-founded companies in the 500 portfolio over the next year.
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Could women save the VC industry?
• Women-led high-tech start-ups generate higher revenues per dollar of invested capital and have lower failure rates than those led by men (Padnos, C.
Illuminate Ventures 2010).
mystartupEwing Marion Kauffman Foundation
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The outlook
• The vast majority of new economic growth will come from women.
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Why is it important to support female entrepreneurship? “Women capable of starting growth companies may well be our greatest under-utilized economic resource.”
Mitchell, L.. Kauffman Foundation 2011
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