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On this episode of the L.A. Venture podcast, Amanda Groves talks about how PLUS Capital advises celebrity investors and why more high-profile individuals are choosing to invest instead of endorse.
As a partner at PLUS, Groves works with over 70 artists and athletes, helping to guide their investment strategies. PLUS advises their talent roster to combine their financial capital with their social capital and focus on five investment areas: the future of work, future of education, health and wellness, the conscious consumer and sustainability.
“The idea is if we can leverage these people who have incredible audiences—and influence over that audience—in the world of venture capital, you'd be able to help make those businesses move forward faster,” Groves said.
PLUS works to create celebrity partnerships by identifying each client’s passions and finding companies that align with them, Groves said. From there, the venture firm can reach out to prospective partners from its many contacts and can help evaluate businesses that approach its clients. Recently, PLUS paired actress Nina Dobrev with the candy company SmartSweets after she had told them about her love for its snacks.
Celebrity entrepreneurship has shifted quite a bit in recent years, Groves said. While celebrities are paid for endorsements, Groves said investing allows them to gain equity from the growth of companies that benefit from their work.
“Like in movies, for example, where they're earning a residual along the way, they thought, ‘You know, if we're going to partner with these brands and create a tremendous amount of enterprise value, we should be able to capture some of the upside that we're generating, too’,” she said.
Partnering in this way also allows her clients to work with a wider range of brands, including small brands that often can’t afford to spend millions on endorsements. Investing allows high-profile individuals to represent brands they care about, Groves said.
“The last piece of the puzzle was a drive towards authenticity,” Groves said. “A lot of these high-profile artists and athletes are not interested, once they've achieved some sort of level of success, in partnering with brands that they don't personally align with.”
Hear the full episode by clicking on the playhead above, and listen to LA Venture on Apple Podcasts, Stitcher, Spotify or wherever you get your podcasts.
dot.LA Editorial Intern Kristin Snyder contributed to this post.
Women Are Still Underrepresented in Entertainment. These LA Startups Want to Change That.
Shira Yevin’s lifelong crusade against a male-dominated music industry began with a pink RV.
After attending the Vans Warped Tour in 2004 and seeing far too few women on the bill, the punk rocker decided to take matters into her own hands: She crashed the tour by parking a pink RV on the campus of Cal State Fullerton and performing on a makeshift stage with her band, Shiragirl. The impromptu show was such a hit that Warped Tour welcomed Yevin back to run an official “Shiragirl Stage,” where female-fronted bands—including artists like Joan Jett and Paramore—performed in the following years.
Now, Yevin is taking an entrepreneurial approach to carve out more space for women in music. She’s the founder and CEO of Los Angeles-based startup Gritty In Pink, which runs an online “marketplace network” that connects music industry professionals with female talent—from musicians and songwriters to engineers and producers. Having launched in beta earlier this year, the startup’s InPink platform lets employers search for talent by skill and demographic.
“Businesses now know they need to find diverse women to hire—but they have no idea where to go to find them,” Yevin told dot.LA.
Whether Gritty In Pink can help solve that imbalance remains to be seen—but what’s clear is that there’s still a huge gender disparity in the music industry that needs addressing. A recent University of Southern California-sponsored study found that there’s been little to no improvement over the last decade in the number of women credited as artists, songwriters or producers on popular songs.
“Women's contributions are often dismissed or devalued,” according to Katherine Pieper, program director at USC’s Annenberg Inclusion Initiative, which conducted the study on women in music. “They're not given the opportunity to work on these songs, or when they are, their work is not being credited to them.”
The USC study examined credits for 1,000 songs that landed on the year-end Billboard Hot 100 chart over the last decade. Researchers found that just 23.3% of artists on the annual chart were women in 2021—a marginal improvement from 22.7% in 2012. The report’s authors blamed stereotypes around women and their abilities as well as the situations in which they must work, noting women in the music industry are often sexualized by their colleagues.
The music industry is not alone in these dynamics; the film industry has made little progress in addressing its own gender imbalance. Women made up only 25% of all directors, writers, producers, executive producers, editors and cinematographers working on top-grossing films in 2021, according to the latest study by the Center for the Study of Women in Television and Film at San Diego State University. That’s an improvement of just 6 percentage points from 19% in 2015, and up only 8 percentage points from 17% in 1998.
“The findings of my research suggest that progress will be slow—evolutionary as opposed to revolutionary,” Martha Lauzen, the center’s director, told dot.LA.
But just as Gritty In Pink is trying to diversify the music industry’s ranks, so are there startups now looking to bring more women into film production. Launched in 2018, L.A.-based Crewvie is a platform connecting film projects with production workers and vendors, with a focus on advancing diversity, equity and inclusion. Crewvie allows talent to create profiles that voluntarily self-identify their gender, race, sexual orientation or disabilities; productions can use Crewvie to hire such talent, track the composition of their crew and use demographic data to ensure they’re eligible for awards and tax incentives.
“We see Crewvie as a resource for women and other underserved people to be found,” co-founder and CEO Marcei Brown told dot.LA. “So there's no more excuses [like] ‘I can't find’—because they're all collected here in one place.”
From left, Crewvie founders Sandra Jimenez, Jeanette Volturno, Marcei Brown and Camille Alcasid.Photo provided by Crewvie
Film studio Endeavor Content recently struck a deal with Crewvie to deploy the startup’s software across all of its productions. YouTube productions use the platform as well, according to co-founder Jeanette Volturno. Crewvie charges rates ranging from $200 to $1,500 for individual projects, while rates for enterprise clients (such as film studios) depend on the number of people and projects expected to use it.
With less than 10 employees, Crewvie is currently looking to close a seed funding round, with eyes on a larger future funding round to expand the platform into other territories and languages. Crewvie is also considering an expansion into live events like theater productions, as well as a foray into the music industry, Volturno said.
Likewise, Gritty In Pink is still in its “baby stages,” Yevin said, having raised $100,000 from Irvine-based Sunstone Management and the Long Beach Accelerator, with plans for a $1 million pre-seed round. The startup can count singer-songwriter Melissa Etheridge, of “Come to My Window” fame, among its supporters; Etheridge recently joined Gritty In Pink as a strategic advisor and has a stake in the company.
It also has dreams of expanding beyond the music industry, Yevin noted. “Our big vision is actually to become the global destination to hire female freelancers in every industry,” she said.
From her one-bedroom apartment, Christina Stembel grew her local flower delivery service to a company that delivers nationwide.
On this episode of Behind Her Empire, the founder and CEO of Farmgirl Flowers discusses growing up in rural Indiana, overseeing a company without investors and finding creative solutions to obstacles.
Stembel’s family wanted her to stay local to their farm, but she said she knew that wasn’t the path for her. She left the farm after high school and eventually found herself working in hospitality in San Francisco. Seeing people in the city manage their own startups inspired her to consider her own business path, and she considered hundreds of ideas before landing on Farmgirl Flowers.
When it launched, the company offered just one daily bouquet. It has since grown to offer up to 40 arrangements at a time.
Stembel had no experience in the floral industry, and she soon discovered how difficult it could be to work with highly perishable products. Everything from heatwaves to shipping issues impacted the flowers, and she had to familiarize herself with potential roadblocks as she placed orders months in advance.
“I think it's really important especially for women to hear that they don't have to be the cliche story of, ‘Oh, you're so lucky you turned your hobby into a business,’” she said. “You can be intentional about wanting to be an entrepreneur and start a business.”
Stembel said she used to regret not going to college; investors often could not see past her lack of a degree. She had to pull from her own savings to fund the company, which is still completely bootstrapped.
Now, she said she values her experience having to foster her own intellectual curiosity and drive outside without the prompting of an academic institution, adding that perspective helped grow both her understanding of her industry and her creative approach to the business.
“I think we need to get out of this mindset that success equals funding,” She said. “It was the most freeing moment that I've had since starting Farmgirl.”
Hear more of the Behind Her Empire podcast. Subscribe on Stitcher, Apple Podcasts, Spotify, iHeart Radio or wherever you get your podcasts.
dot.LA editorial intern Kristin Snyder contributed to this post.