Podcast Summary
Embracing change and making a difference: Never too late to pivot, innovate, and make a difference in personal and professional life. Learn new skills, surround yourself with supportive communities, and embrace change to thrive in today's dynamic world.
Importance of continuous learning, adaptation, and entrepreneurship, no matter what stage of life or career you're in. Deborah Sandler, Lisa Ascolis, and Kathleen Griffith, the panelists at the Propelify event, shared their diverse career journeys, from corporate leadership to entrepreneurship and invention. Deborah, a former executive at PepsiCo, Johnson and Johnson, and Mars, transitioned into governance and entrepreneurship, sitting on corporate and private boards, and starting a family sauce business with her aunt and daughter. Lisa, known as the "inventress," is the CEO and founder of Inventing a to z, where she helps bring inventions from concept to fruition. She also runs a nonprofit organization, AOE, to lift other women inventors and entrepreneurs up. Kathleen Griffith, unfortunately, her part was cut off during the recording. These women's stories demonstrate that it's never too late to pivot, innovate, and make a difference in your personal and professional life. Embrace change, learn new skills, and surround yourself with supportive communities to thrive in today's dynamic world.
Women entrepreneurs face confidence and funding challenges: 61% of female entrepreneurs self-fund, women entrepreneurs often doubt their ideas, and the funding gap between women and men entrepreneurs persists
Women entrepreneurs face significant barriers to success, with the two most prominent hurdles being lack of confidence in their ideas and limited access to capital. Deborah shared her experience of encountering these challenges frequently among women entrepreneurs, highlighting that they often doubt the validity of their ideas or lack the certainty to move forward. Moreover, the funding gap between women and men entrepreneurs persists, with Black female entrepreneurs receiving even less financial support. Kathleen echoed Deborah's sentiments, emphasizing that 61% of female entrepreneurs self-fund their businesses, making it a full-time endeavor to secure loans or grants. Both women urged the importance of self-belief, resilience, and the support of a community to help women entrepreneurs overcome these obstacles and build thriving businesses.
Unique challenges for women and minorities in securing VC: Build confidence, ask for funding, share resources, and foster a supportive community to elevate women and minority founders in business.
Women and minority founders face unique challenges in securing venture capital, which can lead to operating on a financial precipice and experiencing emotional and spiritual tolls. The root cause, according to the discussion, is a lack of confidence and authenticity in asking for funding and sharing resources with each other. This reluctance to ask and give contributes to the underrepresentation of women in receiving investments. To overcome this, it's essential to build confidence, ask for what we want, and share resources with one another. Additionally, there's a need for more women in positions of power to grant funding and challenge the perception that women and minorities may not be able to repay loans or have viable business ideas. By addressing these challenges and fostering a supportive community, we can elevate the position of women and minority founders in the business world.
Persistence and communication are key to financial success: Stay informed, communicate effectively, and use tools like Yahoo Finance to manage investments for financial success
Persistence and communication are key when it comes to achieving your financial goals, whether it's securing a loan or building wealth through investing. As the speaker shared from her personal experience, not taking "no" for an answer and keeping the conversation going can lead to success. The same applies to investing – it's essential to stay informed and keep track of your accounts to make the most of your money. The use of tools like Yahoo Finance, which allows users to link and manage multiple investment accounts in one place, can help simplify the process and make informed decisions. Don't let setbacks discourage you – keep the book open and try again. Persistence pays off.
Tools for Financial Management and Business Growth: Yahoo Finance delivers financial news, analysis, and data for investors, while Shopify empowers entrepreneurs to sell products and services with ease and AI tools
Yahoo Finance and Shopify provide essential resources for different aspects of financial management and business growth. Yahoo Finance offers comprehensive financial news, analysis, and data for investors, while Shopify is a global commerce platform that enables entrepreneurs to sell products and services at every stage of their business. Shopify's user-friendly features, including easy setup, various selling options, and AI tools, help businesses grow and convert customers effectively. For investors, understanding the risks involved in investing in startups and considering alternative ways to get involved, such as taking equity in exchange for services, can be beneficial. Both Yahoo Finance and Shopify are valuable tools for individuals and businesses looking to navigate the financial and entrepreneurial landscapes.
Supporting women entrepreneurs and seeking board seats for women: Investing in women entrepreneurs and preparing for board seats can contribute to community growth and gender diversity in corporate leadership.
Supporting and investing in other women entrepreneurs, even with small amounts of money, can make a significant impact and contribute to the growth of the community. This can start at an early stage, and everyone has the ability to make a difference, no matter how small their resources may be. Furthermore, the underrepresentation of women on corporate boards in the US is a persistent issue, with women holding only 19.2% of seats in the S&P 500 index. To address this, it's essential to make yourself "board-ready" by developing your skills and building a strong network, and actively seeking opportunities to join boards. Additionally, companies are becoming more receptive to diversity, including gender and ethnic diversity, on their boards.
Shifting focus in VC industry towards investing in women and female-driven businesses: Female investors and entrepreneurs bring unique qualities like purpose and authenticity. Growing number of institutions and funds invest in female founders. Women entrepreneurs have opportunities to start and grow businesses, especially during the pandemic.
There's a significant shift happening in the venture capital industry, with a growing focus on investing in women and female-driven businesses. Kathleen shared her experiences as an investor and highlighted the unique qualities that female investors and entrepreneurs bring to the table, such as a strong sense of purpose and a focus on authenticity and transparency. She also mentioned the growing number of institutions and funds specifically dedicated to investing in female founders. Lisa added to the conversation by discussing the opportunities available to women entrepreneurs, particularly during the pandemic, to start and grow their businesses. Overall, the conversation underscored the importance of investing in oneself and one's ideas, and the exciting prospects for women in the business world.
Empowering Women: Authenticity, Collaboration, and Giving Back: Women should embrace their unique ideas, collaborate with others, and give back to their communities for personal and professional growth.
Every individual, especially women, should utilize their authenticity, creativity, and quiet time to develop unique ideas and build their own products and brands. Sharing experiences and knowledge with others is also crucial for growth and community building. Organizations like The Association of Women Investors and Entrepreneurs (AOE) and small businesses in various industries are making a difference by empowering women, collaborating, and giving back to their communities. For instance, AOE encourages women to share their achievements and knowledge, while small businesses like Deborah's in the food industry provide meals to shelters and donate to food pantries during challenging times. Kathleen, with her podcast, Young and Profiting, offers valuable insights and advice from industry leaders to help individuals improve their lives financially and professionally. By embodying fortitude and seeking purpose, women can avoid giving up on their dreams and contribute to a better future for themselves and their communities.
Importance of continuous learning and engagement in tech industry: Stay informed about latest trends and technologies, network and collaborate, have a growth mindset, and be resilient and adaptable in tech industry
Learning from today's panel discussion on the Young and Profiting Podcast is the importance of continuous learning and engagement within the tech industry. The panelists, who were all leaders in their respective fields, emphasized the need to stay informed about the latest trends and technologies, as well as the importance of networking and collaboration. Hala, the moderator, did an excellent job of facilitating the conversation and encouraging audience participation. She encouraged listeners to engage with the panelists and each other on social media using the hashtag #betterfuturefortall at We Are Tech United. The panelists shared their insights and experiences, offering valuable advice for those looking to succeed in tech. They emphasized the importance of resilience, adaptability, and a growth mindset. As we log off, let's do a virtual high five to show our appreciation for the knowledge shared today. Remember to leave a review or share this podcast with someone who may find it valuable. Until next time, this is Hala signing off.
