3rd Annual Women in Tech Summit Examines Strength, Fundraising & Diversity
On Monday, September 23, Austin Startup Week had an impressive kick-off at Capital Factory where over 400 women and allies gathered at the 3rd Annual Women in Tech Summit! Women leaders from across the U.S. delivered inspirational keynotes and led us through workshops, informative chats, and discussion breakout sessions— along with a startup showcase featuring seven women founders.
You could feel the energy buzzing as guests gathered for the summit’s keynote speech from Vanessa Liu, Vice President of SAP.iO Foundries North America. From a very young age, Vanessa knew she wanted to bring people together and break down borders with innovation. Although she spent her early years studying to become an astronaut, she realized that becoming a founder was her new calling.
Here are 5 lessons she learned while being an entrepreneur:
1. Know your strengths
2. Map your interests to your strengths
3. Shape your success
4. Ask for help
5. Collaborate
Vanessa joined SAP last year to lead SAP.iO, where she helps entrepreneurs and underrepresented founders grow their businesses. She has an impressive record that includes building, launching and relaunching six businesses over a span of twenty years. For her, it’s always been about being at the forefront of innovation. She’s had an array of experiences across different fields, but Vanessa told guests that if you visualize where you want to go, you can make it happen.
Founder’s Stories: A Fireside Chat
Julia Cheek, Founder and CEO at EverlyWell, doesn’t have an entrepreneurial background. After spending a portion of her life as a competitive athlete, she utilized her grit and passion to start her own company. Julia discussed the challenges that came along with that commitment; founders have to wear a lot of hats and learn skills on the fly. Although you may not be the best at those skills starting out, it’s essential to master them to move your business forward.
Despite how difficult it may be to raise funding and keep your company afloat, she believes it’s the best time to be a woman founder. However, Julia advises, you have to stay relentless. Diversity is also important to her — “It’s much easier to have a diverse team when you start with one from the beginning.” Form a team that is committed to creating an inclusive space. It takes a combination of processes, hard work and data.
Fundraising: The Good, The Bad, The Ugly
This panel focused on the many trials and tribulations that come along with fundraising, especially as a woman entrepreneur. Tarica Phung Navarro, Founder of KINN, suggests that founders make warm introductions, treat people as human beings and get to know VC’s on a personal level.
As a founder, you should lay out a definitive plan for what you want to do with the money you raise and be sure it’s the right call for your startup. Keep in mind that it’s possible to find “bad money” that isn’t aligned with your company’s values. Christy Cardenas, Managing Partner at Ecliptic Capital, warns that it can ultimately ruin your business, so you must be diligent with your investor choices.
It comes down to not giving up; keep going in the face of “no.” Ask yourself, “Are there still paths to go down?” If the answer is yes, you’re not done yet.
Uncovering Unconscious Bias
Diversity is an advantage. Diverse teams outperform homogeneous ones, especially when solving complex problems. However, this Google for Startups Workshop made more than a few unsettling points about the nature of unconscious bias. So, how do we counter the act of using your assumptions to make decisions?
Start By Committing to One Action:
1. Structure for success (e.g. Prepare interviews to make it an easier experience for the interviewee)
2. Collect Data
3. Evaluate subtle messages
4. Hold everyone accountable (including yourself)
Stacey Cleveland, Equity Strategist for Employee Engagement at Google, left us with some wise words: “We don’t have all the answers, we may ask you to google it.”
Dealing with Investors, Pushing for Innovation & Easing Generational Tensions
Navigating & Pitching to Venture Capitalists
If Venture Capital intimidates you, you’re not alone. However, Sara Brand, Founding General Partner at True Wealth VC, said there’s never been a better time for women to raise money. There’s still a huge gap in opportunity, but there’s much more awareness in today’s climate. You can’t deny what the data says: When there’s more diverse teams, they do better financially. Investors have taken notice, which means there are more proactive programs as well as angel groups that have a specific mandate to focus on women.
Intrapreneurs in a Corporate Field
An intrapreneur, not to be confused as a misspelling of entrepreneur, is someone who promotes innovative products and initiatives while working within a large organization. Many people are hesitant to present their ideas in the workplace for fear of being shut down. Andie Young, Design Lead at IBM, encourages everyone to voice their thoughts and work with their company to foster a culture of intrapreneurship.
Cross-Generational Entrepreneurship
Generational differences raise tensions in the entrepreneurial space, especially when you manage someone older or report to someone younger than you. Janice Omadeke, CEO and Founder of The Mentor Method, has some pointers: Whatever the case may be, instead of being angry or passive-aggressive, approach the situation with compassion and empathy. Jan Ryan, Executive Director of Entrepreneurship and Innovation at UT Austin, reminds everyone that humans are humans — seeing things from their perspective is essential. Especially as a leader, you must see yourself as a resource and be open to learning from your employees.
Seven Women Founders You’ll Want to Meet
We closed out the day with a showcase featuring seven women founders who pitched their startups for a chance to win $75,000 worth of advisory support, an in-person meeting with a True Wealth VC partner, and legal services valued at $10,000. The companies who pitched included: Kanthaka, HappiFamli, Brobe International, BlendedSense, TripLoop, SWAYY and TaxTaker.
It takes a lot to get up on stage and deliver a pitch (no matter how many times you’ve done it before), but these founders pitched their way into the Capital Factory Accelerator program, among other exclusive startup programs, and know what they’re doing. Our two judges, Mellie Price, Director of Diversity and Inclusion at Capital Factory, and Andrea Cunha, Partner at Waller Lansden Dortch & Davis LLP decided that the winner was…Brobe International! Brobe is reframing the experience of surgical recovery by equipping patients with products that provide comfort and confidence.
Let’s Keep the Ball Rolling!
“Women in Tech not only focused on inspirational and honest discussions, but also real, tactical advice that women founders can take away and apply immediately. I was very honored to be a part of it and hope that attendees feel ready to tackle their endeavors with even more focus!” added our Keynote speaker, Vanessa Liu, Vice President of SAP.iO Foundries North America.
We look forward to continuing the DEI conversation within our community through events like our Veterans in Tech Summit on November 12 and even more events in 2020. Stay connected with us through our Austin Tech Live or Dallas Tech Live mailing lists and @CFWoman for updates.
Huge shoutout to the amazing women founders, members and staff we get to work with every day at Capital Factory. Y’all helped us make this event a success!
