Do you have her back?
As men, we know that sexism in the entrepreneurial and venture capital world is prevalent. We may like to pretend that it doesn’t exist, and certainly nobody we know could be responsible for such transgressions. But, if the #MeToo movement has shown us anything, it is that these kinds of offenses are everywhere and are being committed with horrifying frequency, often by people we least suspect.
Brought into the realm of startup investment and fundraising, a similar discrepancy exists. The fact that there are fewer female entrepreneurs, angels, or venture capitalists is not a surprise, largely due to accepted histories of sexism and access to resources. Put simply, we can all acknowledge that there is something unfortunate in that women raise less startup capital then men. But, just as it took #MeToo to bring awareness to the severity of the issue, let me ask you this: Just how much less do women raise than men?
If the answer was that women raise 50% as much as their male counterparts, would you consider that bad? How about 25%? At what level, would you stand up, as a man, and proclaim that there is a profound and systemic problem here that needs immediate addressment? How imbalanced would it have to be for you to get involved?
Is 2.9% ridiculously bad enough? Because that’s the answer.
Women raise 2.9% of the startup capital men do. Or, put another way, for every dollar that is invested in a female entrepreneur, more than thirty-four dollars are invested into their male counterparts.
This is simply unacceptable. But, like any good entrepreneur, we need to recognize a problem in the marketplace and understand that it means that there is opportunity – and there is tremendous opportunity here.
First, we must acknowledge that this is not new news. Venture capitalists and angel groups have been privy to this information for years, and have made embarrassingly modest progress towards gender parity, in their staffs, their investment teams, and certainly in their portfolios.
Second, we know that like begets like. For women to become successful as entrepreneurs, angels, or VCs, there needs to be more women entrepreneurs, angels, and VCs for them to look up to, do business with, be mentored by, and model themselves against. Again, the current structures have done a woeful job of addressing this.
Third, because of these market forces, it dictates that women-led startups must be that much more scrappy and innovative to get to the same levels of success as their male counterparts. If we consider even being at the table for venture or angel investment an early marker of success, then women-led startups should provide superior returns for investors.
Taking these three points together, the need becomes apparent for a women-led initiative to foster the development of women as investors, entrepreneurs, and leaders in the venture and startup communities.
Enter DyMynd Angels.
Founded by Carolyn Leonard, one of the first female traders at the Chicago Board of Options Exchange who has become a leading voice for women in finance, and Monika Black, a PhD in Community Psychology with a proven track record of building women-focused movements, DyMynd Angels has the legitimacy, community support, and requisite resources to be truly impactful and, like its homonym, is a rare find with tremendous potential value.
It is incumbent upon us as men to understand that we must play a role – that women should not have to face this upward battle alone. We know that the worst players will only listen to their male counterparts, and thus we must speak up. Further, this isn’t about helping to carry women over those last few yards, they aren’t even on their own 3-yard line yet – they’ve got over 97% left to go to get to the end zone of gender parity. This is about joining forces and influencing other men in our circles to recognize that we will all be better off and have more opportunities if we can equalize the playing field.
So, we the undersigned, proudly assert our support, as men, of this women’s initiative and we encourage other men, in particular those in the entrepreneurial, venture capital, and broader financial communities, to join us and help to make those communities stronger for having women in them and playing the roles they so richly deserve.
If you would like to demonstrate your support, we invite you to join us in any of the following ways:
- Sign this petition. Simply provide us with your information and agree to the terms.
- Make a contribution of $97 (representing the 97% gap in gender funding) or more, and be recognized as a contributor to the DyMynd Angels movement to economically back women throughout Chicago and the Midwest.
- Make a contribution of $970 or more and be recognized as an exceptional man supporting female entrepreneurs. Our exceptional men will be acknowledged as a part of the Top 100 Contributors through Chicago media outlets.
All contributors will be acknowledged on the DyMynd Angels website, and all signers will be listed on the “Got Her Back” page within 72 hours.
If you have general questions regarding DyMynd, DyMynd Angels, or the “Got Her Back” initiative, please contact us.