Tired of 'Manels'? All Raise's Database of Female, Non-Binary Speakers Hopes to Improve Tech & VC Panels
Sep 01 2020
For years, study after study has shown women — and especially women of color — are underrepresented in tech conference panels, as keynote speakers and in news coverage.
The pandemic has not helped. Instead, as companies have taken their events virtual the "manel" — or all-male panel — has made a comeback, especially in VC and the tech world.
Frustrated that the trend drowns out important female perspectives, CEO Pam Kostka of All Raise, a nonprofit that advocates for female founders, operators and funders in tech, announced Monday a new "Visionary Voices" speakers bureau. In her blog post, headlined "No more manels, no more excuses," Kostka described the bureau as the creation of the tech industry's largest database of female and non-binary "founders, funders and startup operators" so that event organizers and reporters can more easily find them.
<p>
The bureau includes speakers like Rebecca Kaden, managing partner of Union Square Ventures; Iman Abuzeid, the CEO of Incredible Health; YooJung Ahn, the head of design at Waymo; Sumaiya Balbale, the CMO of Sequoia Capital; and Miriam Rivera, co-founder and managing director of Ulu Ventures.
</p><p>
Kostka said that the pandemic's forced transition to virtual events has exacerbated exclusion. She's seen anecdotal reports of more manels and speaking opportunities for men that, in the end, blocks women from accessing crucial networking and profile-building opportunities.
<a href="https://www.nytimes.com/2020/04/14/us/zoom-meetings-gender.html" target="_blank">Reports have also shown</a> that women are less likely to raise their voices in virtual meetings and are frequently discounted when they do speak up, because of the manner in which men and women communicate.
</p><p>
"Virtual meetings have made it harder for women to be heard in group settings, aggravating
<a href="https://hbr.org/1995/09/the-power-of-talk-who-gets-heard-and-why" target="_blank"> gendered differences</a> that already exist in traditional in-person spaces," Kostka said in an emailed statement. "We are just a few months into the pandemic so see this as a currently developing trend, supported by research and a growing body of anecdotal evidence."
</p><div id="61abc" class="rm-shortcode" data-rm-shortcode-id="1e67405413b0f558a48e94089220984c"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1250443237816442880" data-partner="rebelmouse"><div style="margin:1em 0">Seeing a lot of manels right now.
Feels like doing everything virtually, from home, there should be even *less* o… https://t.co/QHGQDaxPJP</div> — Alex Konrad (@Alex Konrad)<a href="https://twitter.com/alexrkonrad/statuses/1250443237816442880">1586963874.0</a></blockquote></div><div id="8cf24" class="rm-shortcode" data-rm-shortcode-id="2c2bc1fb5e45fb7321d823d215c6c574"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1260971531590438913" data-partner="rebelmouse"><div style="margin:1em 0">Ugh, just got forwarded an invite to a med-tech webinar featuring 9 males; 0 women. Are meninars the new manels?</div> — Christina Farr (@Christina Farr)<a href="https://twitter.com/chrissyfarr/statuses/1260971531590438913">1589474015.0</a></blockquote></div><p>
"The consequences of this run deep in tech and VC: a lack of access to the same profile-building opportunities strengthens invisible and insidious structural forces and stereotypes. Particularly, pattern-matching that reinforces white men as the experts in the room," Kostka wrote. But, "it shouldn't be this way."
</p><p>
To date, the bureau includes more than 975 female or non-binary founders, investors and operators from across the VC-backed tech ecosystem. The nonprofit is also
<a href="http://allraise.org/speakers" target="_blank">continuing to accept applications</a> for those who want to be included in the speakers bureau.
</p><p>
As part of their overall effort, All Raise said it has partnered with Fast Company, Protocol, SaaStr and Startup Grind to commit to Visionary Voices "principles" for equitable representation in coverage and events.
</p><p>
The best practices include:
</p><ul class="ee-ul">
<li>Not hosting all-male panels (a female moderator doesn't make it less of a manel)</li>
<li>Strive for a 50-50 split of men and women speakers</li>
<li>Avoid all-white speaker panels and aim to include a large percentage from underrepresented groups in the tech and VC world</li>
<li>Track the demographics of speakers by asking them to voluntarily self-identify and be up front about keeping that information strictly confidential. Use aggregated data to improve future events.</li>
</ul><p>
"It's critical that we keep finding ways to increase access to speaking and thought leadership opportunities that elevate women and people from underrepresented groups to raise their voices and be heard," Kostko wrote.
</p><p>
"Visionary Voices is about ensuring that powerful publicity and networking opportunities aren't simply reserved for a select few and that female and non-binary leaders have an equal shot at becoming the architects of tomorrow who will build, shape, and fund our future."
</p><p>
___
</p><p>
<em>Do you have a story that needs to be told? My DMs are open on Twitter </em><a href="https://twitter.com/latams" target="_blank"><em>@latams</em></a><em></em><em>. You can also email me at tami(at)dot.la, or ask for my contact on Signal, for more secure and private communications.</em>
</p>
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There's the accelerators and female-founder dinners. Throw in the hyped-up "pledges" rallying public support for inclusion. But, for all the female focused co-working spaces in Los Angeles, the startup scene remains a male-dominated game.
The data tells the story. Female founders received fewer than 10% of venture capital deals in Los Angeles last year, according to an analysis by dot.LA using data provided by PitchBook. When it came to the money, women got even less. Only 2% of the $8 billion in venture capital that poured into Los Angeles companies last year went to female-founded companies. The numbers have moved only a fraction of a percent over the years.
<p>
"That is so depressing," said Anna Barber, managing director of the accelerator program Techstars LA, and a coach to founders. Raising capital is "still objectively and relatively more difficult for women and underrepresented founders to raise."
</p><p>
A dot.LA analysis found that the amount of venture capital investment in female-founded companies has stagnated in Los Angeles, San Francisco, and nationwide since 2015. The numbers are stark despite the region's significant efforts to turn the tide.
</p><p>
In Los Angeles, the mayor's office launched
<a href="https://www.pledgela.org/" target="_blank">PledgeLA</a> in 2018 to incentivize the business community, boosting diversity in the tech and venture capital industries. Backers include the Annenberg Foundation, dozens of LA-based venture capitalists, and tech companies. Another initiative includes <a href="https://medium.com/allraise/los-angeles-cc6681b0f706" target="_blank">All Raise</a>, founded the same year by 34 senior female investors to accelerate the success of female founders. The organization recently opened an L.A. chapter.
</p><p>
"Someone said this to me a couple months ago and it really hit a nerve," Barber said. "For men, making money together has always been part of the culture of male friendship, it's 'I know this guy, he's got this thing, let's do this thing together and it'll be fun.' It's part of how men operate together."
</p><p>
"For women, for female friendship," she said, "making money together has never really been on the agenda. I want to change that, I want to think of the women I know and have relationships together and think 'how can I make money together.'"
</p><p class="shortcode-media shortcode-media-rebelmouse-image">
<img type="lazy-image" data-runner-src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjg0MTQ0MS9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYyNDEwOTY0Nn0.AnXpgVCwuNRip-OhVWHXANieXiR_WjaoQgcSi-sT0n8/image.png?width=980" id="cb9f1" class="rm-shortcode" data-rm-shortcode-id="0c7ab50620c29d85bd54548cb079ca11" data-rm-shortcode-name="rebelmouse-image" />
<small class="image-media media-photo-credit" placeholder="Add Photo Credit...">Data from PitchBook</small>
</p><p>
That culture seems to be reflected in the data.
<br/>
</p><p>
The Los Angeles area has always been an overall smaller market for VC deals compared to San Francisco, with the Bay Area hitting $40.6 billion invested in companies compared to $8 billion in Los Angeles, according to PitchBook. But, L.A.'s traditionally more consumer-focused market has led to better chances for female entrepreneurs who want to receive VC funding.
</p><p>
In San Francisco, all-male founders made up 73.2% of the total deals in the metropolitan area. Solely women founded companies made up just 5.4% of that total. In Los Angeles, all-women founded companies did slightly better, making up 9.4% of the total number of deals while all-male founders got 65% of the cash.
</p><h2>Smaller Deals, Better Returns</h2><p>
Women founders in L.A. fared better. But, while they got more deals, the investments were smaller in size. This resulted in less total capital.
</p><p class="shortcode-media shortcode-media-rebelmouse-image">
<img type="lazy-image" data-runner-src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjg0MTM5Ni9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYxMTk0MjUyN30.Pc3es-yLZm3COUYoUCnytQisv0xFHmMCw9LvIBWTvMQ/image.png?width=980" id="c186a" class="rm-shortcode" data-rm-shortcode-id="9995339460762255e37b9c316f368b24" data-rm-shortcode-name="rebelmouse-image" />
<small class="image-media media-photo-credit" placeholder="Add Photo Credit...">Data from PitchBook</small>
</p><p>
Jennifer Acree, the chief executive of JSA Strategies, a strategic communications firm that works with both consumer tech and digital media companies, is not surprised by the data.
<br/>
</p><p>
"Look at how many VCs there are and most of them are men," Acree said. "Venture capital has traditionally been a male-dominated industry, just like technology...it just takes time to fix it and people need to see examples of women in the industry."
<br/>
</p><p>
A dot.LA review of the last 14 years of median pre-money valuation broken up by gender showed that companies with all-male founders had valuations that rose somewhat steadily from $13.1 million in 2006 to $25.5 million in 2019. For female founders, that number was $11.5 million in 2006 with a rise to $12 million in 2019.
</p><p>
Michael Silton, managing director of Act One Ventures, said their VC firm has made an effort to identify and fund people of all backgrounds, with 70% of their founding teams including women or minorities. The firm also requires term sheets carry a diversity clause for hiring.
</p><p>
"We're not doing this to change the world, we're doing this to make more money," Silton said. "We believe finding the best founders no matter their background and making diverse teams means we're going to make more money. It's the right thing to do and it also works."
</p><p>
That has been borne out in a
<a href="https://www.cloverpop.com/hacking-diversity-with-inclusive-decision-making-white-paper" target="_blank">series</a> <a href="https://www.credit-suisse.com/about-us-news/en/articles/media-releases/42035-201207.html" target="_blank">of</a> <a href="https://www.mckinsey.com/business-functions/organization/our-insights/why-diversity-matters" target="_blank">studies</a> that finds diverse teams outperform those that aren't, and that investment in female-led companies actually provides a better return than investments in male-led companies.
</p><p>
Investing in diverse founders requires outreach to communities that are often overlooked and to founders at early stages more proactively, as well as trying to create a more hospitable and welcoming environment for founders of any background, Silton said.
</p><p>
"One of the things you see is that women often present differently, their degree of confidence in relation to their background tends to present differently, than a man," Silton said. "If you listen, a man sounds more positive and a woman maybe less so, when they are equally capable and maybe the woman is even more capable."
</p><p>
<a href="https://hbr.org/2014/08/why-women-dont-apply-for-jobs-unless-theyre-100-qualified" target="_blank">Studies have shown that men are more willing to apply</a> for jobs for which they don't necessarily meet the criteria, while women tend not to apply unless they have all the necessary skills perfected. They've also <a href="https://hbr.org/2017/06/male-and-female-entrepreneurs-get-asked-different-questions-by-vcs-and-it-affects-how-much-funding-they-get" target="_blank">shown that VCs tend to ask women questions they don't ask male founders</a>.
</p><p>
That puts a burden on VCs to look beyond men they've previously invested in, to be conscious of their biases, to support and coach founders, and to give them equal opportunities, Silton said.
</p><p>
"There are intentional biases, there are unconscious biases, and there's a lack of effort to find different founders," Silton said. "And some believe that to achieve a different outcome you have to start differently."
</p><p>
Barber said that to combat some of this she often tells founders who are women or underrepresented to try to "be the biggest version of yourself" and exude confidence. "Sometimes what gets in the way for people is imposter syndrome," Barber said, "just the idea of keeping yourself small."
</p><p>
It's worth noting that PitchBook doesn't track data on venture investments in companies founded by people of color. The numbers are far smaller when you factor in businesses founded by women of color.
</p><h2>The Case for More Female Investors
</h2><p>
"It starts with the capital, and I don't just mean where VC funds are investing, I mean who is investing in VC funds," said Kara Weber, president of Brud and founder of Brilliant Ventures. Weber said the largest shift of private wealth from men to women is occurring globally right now, as people's fathers and husbands pass away. But the challenge is where women put that money. Historically, women have been directed to more philanthropic efforts like the nonprofit sector.
</p><p>
"I've heard women talk about how they will not bat an eyelash at giving $250,000 to the New York City Ballet, but god forbid you suggest investing $25,000 in a startup," Weber said. "I think there were gendered norms around that stuff that we're still shaking off the chains from. The men handle one side and the women handle the other."
</p><p class="shortcode-media shortcode-media-rebelmouse-image">
<img type="lazy-image" data-runner-src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjg0MTI5OS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYxMTQxNDAxN30.-2YZSV8P6-3uUF5eYatJeibC5qbD_bI4qB7GJuQbYyo/image.jpg?width=980" id="97126" class="rm-shortcode" data-rm-shortcode-id="54ea765d3185e70385257896b1756de4" data-rm-shortcode-name="rebelmouse-image" />
<small class="image-media media-caption" placeholder="Add Photo Caption..."> Alexa Ray Joel wears Tamara Mellon at Go Red for Women-The Heart Truth Red Dress Collection at Mercedes-Benz Fashion Week at Lincoln Center on February 12, 2015 in New York City.</small><small class="image-media media-photo-credit" placeholder="Add Photo Credit...">by <a href="https://www.shutterstock.com/g/dwong19" target="_blank">Debby Wong</a></small>
</p><p>
She added that driving women's capital into the innovation ecosystem ultimately will still benefit women investors and founders: "There's so much economic evidence showing that when you do well by women, you do well by the world." Brilliant Ventures has invested in 17 companies; 72% of the founders are women. But even though there have been a lot of deals, "our check size was miniscule," Weber said.
</p><p>
Weber remembers telling a prominent female angel investor that she wanted to raise Brilliant's first fund entirely from women, "She laughed and laughed and laughed, and said, 'I wish the world for you, but I don't believe you'll ever do it.'" Spoiler alert: "She was right," said Weber. "We did get a lot of women investing, but the bulk of our capital came from men."
</p><p>
She added, with a sad laugh, "I would say, we had a dream."
</p><p>
In 2016, Weber's new L.A.-based venture capital firm Brilliant Ventures was looking to do its first deal, and had the chance to back Tamara Mellon, a new luxury footwear brand founded by Mellon who had previously founded the highly successful Jimmy Choo.
</p><p>
"This deal had everything going for it, it was very well-backed, had a proven founder, and was a category that women investors can understand," Weber said. "And every single woman I took the deal to asked me to speak to a man on her behalf."
</p><p>
One good friend came back and told Weber: "I'm going to do it! My brother thinks it's a no brainer." Weber was dumbfounded. The woman's brother is an emergency wilderness doctor and less qualified on the subject matter than she was to make such a decision.
</p><p>
"We've been so trained to not have confidence in ourselves," Weber said. "That really struck me. These were women, who have plenty of experience buying luxury footwear, they know who Jimmy Choo is and they all still asked me to talk to men, whether financial advisors, private wealth managers, or husbands on their behalf."
</p><p>
Grid110, a nonprofit and accelerator program, has worked to flip the narrative, working with 126 companies over the past five years. About 70% are led by a female founder or cofounder and 60% of the companies are headed by a person of color. So far, 17 companies have raised $16 million and 95% of that is from teams with at least one female founder.
</p><p>
"That's typically the inverse of what you see," said Miki Reynolds, executive director of Grid110 and also a member of the advisory board for PledgeLA.
</p><p>
More women are starting businesses and so there are more female business owners, Reynolds said. But those businesses aren't necessarily the type that has traditionally received VC funds.
</p><p class="shortcode-media shortcode-media-rebelmouse-proxy-image">
<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vbWVkaWEucmJsLm1zL2ltYWdlP3U9JTJGbWVkaWElMkZEcUpKOU5OVnNBQW9ld2guanBnJTNBbWVkaXVtJmhvPWh0dHBzJTNBJTJGJTJGcGJzLnR3aW1nLmNvbSZzPTYwNCZoPWM2YTZmNmY2NDM5MDNhZjkwM2JjNTkwZGY0YjM5NWU2NTc4MDE0MTM3ZTQzMDdjZWEwMDljYTRmOTczZWJhOWQmc2l6ZT05ODB4JmM9MzQyNTYyMzgxMSIsImV4cGlyZXNfYXQiOjE2NTc2NTY2MDR9.T_Tp4C0ChG9mfAPEAYpuzptP7S4lt06AOXQDm0Dg9IE/img.jpg" id="f3ad9" class="rm-shortcode" data-rm-shortcode-id="16b8cef17adff7d48f2aae0a2e0be3ba" />
<small class="image-media media-photo-credit" placeholder="Add Photo Credit..."><a href="https://pbs.twimg.com/media/DqJJ9NNVsAAoewh.jpg" target="_blank">C</a>ourtesy of LAMayor.org</small>
</p><p>
VCs "invest in what scales and forms the size returns they're looking for, which is a certain type of business," Reynolds said.
<br/>
</p><p>
Carmen Palafox, managing partner at MiLA Capital said having more female investors is also critical.
</p><p>
"I think (the stagnant numbers) goes back to the need for systemic change," Palafox said. "You're going to see incremental improvements, there's some programs that will accelerate the pace. But at the end of the day, bottom line, if you don't have more women investors, you're going to just go at a turtle's pace."
</p><p>
Palafox strongly believes there needs to be strong incentives, perhaps government-backed, to push for VC firms to invest in women.
</p><p>
"You need to create incentives for folks to do something differently than what they're currently doing," Palafox said, "because what they're currently doing is working for them."
</p><p>
Barber, of Techstars, said she still feels "a lot of hope" despite the numbers that "we will move the needle."
</p><p>
"Looking at who's writing checks is a big part of it," she said. "Not only thinking about investing in more women but also enabling more women to invest."
</p><p>
<em>__</em>
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<em>Do you have a story that needs to be told? My DMs are open on Twitter </em><a href="https://twitter.com/latams" target="_blank"><em>@latams</em></a><em>. You can also email me at <a href="mailto:mailto:tami@dot.la">tami(at)dot.la</a>, or ask for my Signal.</em>
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