Last December, I posed this question as my maiden op-ed here at The Independent Investor: “Where are the females–and how might they support diversity and inclusion in this ecosystem?”
The question stemmed from a lack of female representation at recent startup events and pitch competition, in which women were mostly either the token panel moderator at an all-male panel, all lumped together for a single all-female panel, backstage as the organizing team, or, worse, noticeably absent.
Representation for representation’s sake is not the end goal, of course. And, we don’t need to impose ‘quotas’ to ensure representation of all colors of the gender spectrum. But it’s important for any community to show that a diverse range of people, backgrounds, experiences, ideas, and business models can thrive from where they are.
“Scholars and community leaders have declared mottos like how it’s ‘hard to be what you can’t see,’ asserting that people from marginalized groups do not pursue career or academic opportunities when they are not exposed to such possibilities,” wrote Filipino-American psychology professor Kevin Leo Yabut Nadal in a Psychology Today piece. “For example, when women (and women of color specifically) don’t see themselves represented in STEM fields, they may internalize that such careers are not made for them.”
If we want more women to succeed, grow, and thrive as founders or investors, we need to show them the various pathways to success through the diverse people they will see and meet in the ecosystem.
“Why not women–and why not Asian women?”
| Photo by Lakhi Siap, FilKor Capital
We finally saw them come out in full force, in two back-to-back events held leading up to Women’s Month. In these events, female startup leaders began a series of conversations and connections aiming to discover and support more investible women founders.
At a “Women’s Power Brunch” co-organized in February 2023 by Foxmont Capital Partners; my firm, Imaginable Impact; and FilKor Capital, an Asian-American, female-led venture firm whose partners had flown in from Chicago and New York, a common question discussed was how to help more women founders, particularly Asian-American and Asian women, achieve high growth and “unicorn status”, just like their other male American or Asian-American peers.
The event was attended by a powerhouse of local female startup, business, and investment leaders. It was an incredibly high-energy morning, abuzz with women hungry for conversation, connection, and collaboration.
Diane Yoo, Founding General Partner of FilKor Capital, shared an observation: “‘(Other Asian-American) males are hitting unicorns in less than 10 years. How do they do it, and why is it not you? Why is it not an Asian woman?”
She continued, “There’s a magic formula that we’re seeing – a very dominant common denominator is that they’re utilizing mentors, networks, resources from (the Ivy League schools), then they go to (Y Combinator) then TechStars. They’re utilizing all these networks, and they’re able to do that (and become a unicorn) in eight to ten years. What can we do to hone that in but also make it more accessible to the level that we can do it here in Asia?”
It’s acknowledged that a “bro culture” exists in Silicon Valley and in much of the tech ecosystem, and this has given many male startup founders an unfair advantage and easier access to success and wealth creation. Women founders aren’t asking for special treatment; they, we, are looking for equity and more chances to success and thrive wherever we are in the world, instead of competing over everyone else’s crumbs and scraps.
Maria Odiamar Racho, Founding Managing Partner at FilKor Capital, who left a 29-year career in the corporate world to help establish a venture fund, asked another insightful question. “For me, founders and startups [are] the most human form of business, and I see in them the potential to be the future Fortune 500s. So that was why I decided to shift and put the focus into how do we really help and grow and scale these future Fortune 500s that will be mindful, inclusive, have women, and have people of color in power seats from the very beginning?”
I echo Maria’s question: beyond simply achieving gender equity, the world needs leaders who will help create a more inclusive, compassionate, and sustainable world.
“Where do we find more investible women founders?”
Similar questions were asked at the Manila Angel Investor Network’s (MAIN) Gender Lens Investing (GLI) Committee Huddle held a few days after the Women’s Power Brunch.
how to achieve gender equity in this space
| Photo by Tina Di Cicco, MAIN
“How else can we support female founders? And where and how can we find more investible women-led businesses?” The intimate discussion was led by Tina Di Cicco, chairperson of MAIN’s Investing in Women Committee, along with Jose Paolo Delgado, President & CEO of the Delbros Group and a member of MAIN’s GLI Committee.
A number of insights and recommendations were raised, including the need for greater community support, mentoring, and other programs designed to prepare women entrepreneurs for the rigors of the fundraising process.
I raised the point that, perhaps, many women entrepreneurs already are investible, but they remain invisible to the ecosystem because they’ve simply been too busy running their businesses to network, raise their profiles, or advocate for themselves.
These questions and more underscore the importance of community, of women (and men, too!) connecting with each other, supporting each other in various ways, and advocating for each other.
I’ll be delving into this in future pieces, but for now, know that we will keep on asking questions and sharing answers until more women get access to the networks, resources, and opportunities crucial to growth, success, and sustainable wealth generation.
After all, when women thrive, we all win.
ABOUT THE AUTHOR
Niña Terol is the Founder and CEO of Imaginable Impact, an inclusion strategy consulting firm that co-creates inclusive spaces, programs, and platforms for women to thrive and succeed. She is a serial founder and also a prolific thought leader, author, public speaker, startup mentor, and innovation, leadership, and communications consultant. She co-hosts “Girl, Make Your Move”, a podcast that challenges the status quo and helps women get unstuck in different areas of their lives.
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