This interview is part of a series on Trailblazing Women role models (Entrepreneurs and Leaders) from around the world and first appeared on Huffpost. You have to see what you can be. Entrepreneurs are around 3% of the population and have a different mentality about how they see the world and their purpose. I always had that streak in me and thought there was something wrong with me vs something great about me! As soon as I realized, that it was not only ok but something special about me, that set me up for success.” Elizabeth Galbut is the Founding Partner of two start-up venture capital firms, SoGal Ventures and A-Level Capital. During Elizabeth’s graduate studies at Johns Hopkins University & Maryland Institute College of Art, Elizabeth consulted with hundreds of start-ups and identified the lack of pre-seed funding as the major issue preventing these startups from succeeding. To solve this, she co-founded A-Level Capital, the student-led venture capital firm powered by Johns Hopkins students. With a team of 24 student investment team members, A-Level Capital aims to invest in 80 JHU student and young alumni startups in the next five years. On a mission to create the change she wished to see, Elizabeth and Pocket Sunfounded SoGal Ventures, the first female-led millennial venture capital firm, with an investment focus on exceptional, diverse founding teams that have plans for global domination through tackling major consumer or healthcare problems in the U.S. and Asia. SoGal Ventures represents how far our generation has come, and how deep our impact on the world can be. Elizabeth’s favorite investment area is the intersection of smart design and machine learning/AI fueling major health tech innovation. Her placements include digital pathology standout Proscia, mobile health platform eMocha, smart air detector Birdi, lab research platform Nebulab, smart water bottleHidrateSpark, and mental health app Docz. Elizabeth is proud alumnus of Georgetown University, London School of Economics, Johns Hopkins University, Maryland Institute College of Art, and Deloitte Consulting. Learn more about Sogal Ventures and A-Level Capital and follow Elizabeth on Twitter @design4innov8 @sogalventures Who is your role model as a leader? My mom is a great example of how far women have come in a single generation. She is a real role model for me and encouraged me to go for everything I wanted, even though it’s tough. When she was in college, she wanted to be an athletic trainer for a collegiate football team. There had never been a woman in that role before. She tried for 2 years to get the job, and the coach didn’t take her seriously and wrote back to her as if her request for the job was a joke. After taking her story to the press and continuing to follow-up with the coach, she finally did get the job. Back then, there was less than 10% women in her medical school class. Now at many medical schools including my alma mater John Hopkins University, over half the students in Medical School are women. I see my mom as someone who always pushed for gender equality for both herself and the generation of women around her — and this is a quality I’ve always greatly admired. I hope that by the time I have a daughter, more than 50% of VC’s (venture capitalists) will be women. A lot of the LP’s in our funds are men with younger daughters. They want to support females so that there will be a change when their daughters are looking for jobs or raising funding for their business. What is your greatest achievement to date? I’ve accomplished a number of things, and plan to accomplish many more in my lifetime. Yet my biggest accomplishment so far, is not a singular success, but rather my ability to stay true to myself and put my integrity first in all business and personal interactions. Reputation is something that’s difficult to build, and very easy to tarnish. I pride myself in following my gut, acting with honesty and good intention, and doing what I believe is right. I’ve made mistakes, just like everyone else, but as a whole, I’ve always acted with intention and integrity. What has been your biggest challenge as a woman leader? It was a lot harder to gain the respect of some of my male colleagues and team members. For example, I created A-Level Capital while still at grad school. My co-founders are both men. In the beginning, there was a much lower level of initial respect from our team. I’ve had to build our team’s respect for me to get to the point that it’s equal. When I was in Consulting, I felt as respected as my male colleagues. In this investing industry I have to prove myself more, to be respected at the same level. I’m not naturally one to brag, so I am currently working on how I communicate and highlight my own achievements better. Something I’ve seen work really well for women, is to have someone else who the other party respects, say good things about you and build that ground level of respect. One male VC once told me “ I think what you’re doing is cute”. I don’t know how to react to that type of demeaning comment. A VC is usually committed to their fund for 10–14 years and the success of a fund is highly dependent on who the General Partners are. Some people say to me: “You are 26, how do you know you’ll still want to do this at 36?” I have to boldly say it’s my passion and that I am excited to wake up every day to do this. Mark Zuckerberg started Facebook when he was 20 years old and he is still there today. Just because I’m young, doesn’t mean I am not focused and know what I want. How do you grow people in your organization? At A-level Capital, I have 24 Student team members from undergraduate freshmans to grad students. A big part of it is how to grow them as individuals on my team. The biggest advice I got was from a female manager at Deloitte who coached me on how to identify someone’s best attributes and allow them to thrive using their skills & interests. You must identify them very quickly, so you don’t place someone in the wrong role. If you enable your team members to enjoy their work and experience personal growth from day 1, you’re setting up your entire organization for success. It’s good to let people try out different areas to discover where their talents and passions can be best applied and let them shine doing it. Understanding your team members’ motivations, background, what they like and don’t like, is a constant journey for a leader. As I manage my team remotely, I set up development calls with each person every few months to touch base. Although it’s increasingly difficult as our team grows, it’s an essential part of our success. If you could do 1 thing differently, what would it be? I would get rid of my perception that I needed everyone to accept me, to please everyone and be the person that ‘fit in’. Growing up and in college, I spent a lot of time and energy trying to be that person and I always fell short and felt like an outcast. There are probably reasons for that. Entrepreneurs are around 3% of the population and have a different mentality about how they see the world and their purpose. I always had that streak in me and thought there was something wrong with me vs. something great about me! As soon as I realized that it was not only ok but something special about me, that set me up for success. My ‘aha moment’ came, when I finished my consulting career to start grad school and got handed the leadership reins of the student entrepreneurship club. I still didn’t know then that I wanted to be an entrepreneur, even though my mom always told me ‘you’re going to be an entrepreneur’, and many of my managers gave me feedback that I had an entrepreneurial spirit. As an analyst in consulting, I was very successful at selling complex projects to big clients and that would sometimes get me into trouble, because I kept overstepping the role I should have been doing and sometimes overstepped management above me. At the entrepreneurial club at John Hopkins, I led a team of 52 student leaders across schools, hosting an event every week on average. Only after I had consulted with dozens of startups, did I realize that I was doing something I really liked. Bringing in investors, evaluating companies, matching startups to capital — suddenly I realized I was actually very good at that. What differences do you notice between men and women investor’s styles? I don’t want to generalize. There is a spectrum of attributes for both men and women. As an investor, I typically like to go to coffee/lunch or meet someone at events to get to know them better in an informal setting. Particularly for women entrepreneurs, that makes them more comfortable, brings out their personality and helps me understand who they are and why they are doing what they do. Because of this, we often find out information that other investors don’t get, such as the company’s current problems, worries, and deep aspirations. We get a full picture, not just the highlight reel. I never have startups pitch formally to me or come to my office, which a lot of traditional investors do. I don’t like that power/ no power situation, where investors seem to have the upperhand and feel ‘I’m the investor who has power. If you don’t listen to me, you won’t get my money’ and ‘you’ll be so lucky if I invest in you’. I don’t think that’s a good approach to pick out a company and begin a partnership. I respect entrepreneurs. They are the ones investing their whole lives and sacrificing to build their companies and bring about real change. I see myself as lucky to invest in our portfolio companies and partner with the founders on their journeys. How would you describe your leadership style? I like to be an advocate for everyone on my team and seeing the best in every person. You have to be a role model and lead the way you want everyone else to perform. Your actions as a leader determine how your team behaves. I am a very cognizant, thoughtful and even-keeled leader and don’t usually get flustered. I like to help people achieve and challenge my team often, pushing them to grow and evolve professionally. We picked the best people for our student team because each person has an amazing skillset. I wasn’t aware of my talents at their age (team ranges from 18 to early 30 year olds). I like to help them become aware of their talents and understand what they are capable of. What advice would you give to your younger self? That it will all be OK. As a child I struggled with my weight and was bullied a lot. It was very hard for me emotionally. My mother has multiple sclerosis and the fear that she wouldn’t be in my life or would be disabled really impacted me. Despite all her challenges, my mom instilled in me ‘no matter what, you’ll be ok’. What would you like to achieve in the next 5 years? I want to keep on doing a great job with A-Level Capital and SoGal Ventures. Of course, with SoGal, we’d want to raise a second and third fund by then, and grow our ability to invest in diverse entrerpeneurs at the seed stage. I’d like us to have dozens of thriving businesses solving big societal issues with innovative technology (healthcare, education, energy, finance, etc.) in our portfolio. Through my investments, I know I’ll be facilitating real technological progress and change in the world. 3 key words to describe yourself?
At all points of your life, act like a sponge and absorb everything around you, even if it seems trivial. There’s a lot to learn about the world and yourself. Absorb all that knowledge and personal growth. Where you are now is not where you will be in 5 years. You can grow exponentially.” Watch Anne Ravanona’s TEDx talk on Investing in Women Entrepreneurs and learn more about her @anneravanona or Book Her as as Speaker at www.anneravanona.com
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This interview is part of a series on Trailblazing Women role models (Entrepreneurs and Leaders) from around the world and first appeared on Global Invest Her. You have to see what you can be. I would tell younger people to trust their gut about what they think is best for them and not be afraid to try and fail.” Bedy Yang is Managing Partner at 500Startups. 500Startups is a leading seed and incubator fund in Silicon Valley with vibrant spaces in Mountain View and San Francisco. It provides early-stage companies with funding and mentorship from over 200 experienced startup mentors. Bedy has invested in over 50 startups, not only in Brazil and Spanish speaking countries, but also in Kenya and Russia. In addition to 500 Startups, Bedy founded Brazil Innovators, an organization that became the epicenter and resource for Brazilian tech founders. Through her leadership, her work has been featured in leading media such as Exame, Veja, Folha de São Paulo, Estadão, Techcrunch, TNW, Washington Post, Globo. She was selected as America Quarterly Innovator, featured as women leader on Forbes. Bedy has been active speaker in conferences including Berkeley, Bloomberg Link, Dell Women Entrepreneur Network, Endeavor, Instituto de Empresas, FGV, Startup Chile. Before 500 Startups and Brazil Innovators, Bedy worked as management consultant specializing in distribution and go-to-market strategies for Fortune 500 companies in Brazil. She has also worked as social entrepreneur creating opportunities for women and indigenous tribes in Brazil and China. Bedy holds a BA at Fundação Getúlio Vargas and MLA (East Asian Studies) from University of Pennsylvania. She speaks Chinese, English, Portuguese and Spanish fluently. She is also a member of the Society of Kauffman Fellows and graduated with recognition for her leadership. Visit the 500 startups website or Brazil Innovators website and follow Bedy on Twitter @bedy Who is your role model as a leader? The first role model who is my foundation is my Mom, because she is very entrepreneurial. She moved from Taiwan to Paraguay without speaking a word of Spanish or other Latin languages. She has very strong leadership and built a few businesses. I really looked up to her as I was growing up. She was always very supportive of us to learn foreign languages, travel and explore new things (Bedy speaks Portuguese, Chinese, English, Spanish and some Taiwanese and German) and provided us with an important foundation. When I look at how much she achieved and her leadership, she is a big reference for me. I really admire my other fellow Managing Partners at 500 Startups. Starting with Dave — he will never stop on his vision. He is very smart and is the inspiration behind the vision for the organization. With Christine, one thing I really enjoy about her leadership is that she’s very anchored and has a great balance of being successful and being a mom and wife. She’s not talkative or social at all, but it’s great to see her as a different leadership role model. You may think that every leader has to be loud, out there, but a lot of success at 500Startups is because of her. I really admire her being so centered given the craziness around us. Another great member of the management is Khailee, he is the most energetic person I know! One thing that’s important for me regarding role models, is that a lot of role models come from small moments of interactions with other people around me, including the founders of startups I work with. What is your greatest achievement to date? For me, it’s really important to create optionality and opportunity for other people at scale. My biggest achievement is that I know exactly what I want and I have found ways to fulfil my purpose. I am co-creating a venture fund that is different: global and scalable. I have also started some organizations that I know have created impact for founders which make me very happy! For me as an individual, what is important is the capacity to empower a lot of other people and level very different environments. For example, if I’m in the Bay area that is rich in terms of resources and mindset, I think ‘how can I take that and bring it to a lot of other places?’ I like to see how I can take different vehicles and bring them to fruition. For instance Brazil Innovators, the organization that I founded, now has a team that makes magic happen. We have 10,000 entrepreneurs and investors in a very vibrant community. I wouldn’t say that one person ‘owns’ it, but I feel that the beginning vision, the first spark was important and has created the seed for a lot of things I see today in the Brazilian tech ecosystem. Being able to create a platform where we are not just helping 5 people but thousands of founders, I feel that is a really big accomplishment and I am proud of that. What has been your biggest challenge as a woman leader? I think it’s a mix between being a woman and being a constant immigrant. My parents are immigrants and I have been moving to a different country every 10 years since I was young. First they moved from Taiwan to Paraguay. Then from Paraguay to Brazil and then on to the US. Very often, I’ve come from a minority perspective coming in to change the status quo. The immigrant/minority/woman perspective gets blended so it’s very hard for me to pinpoint what’s what. It’s hard for me to point out an environment where being a woman has been a challenge for me. I spend the majority of my time at 500 Startups which is really an environment that allows different backgrounds to grow. So I don’t feel any difference within my work environment. Also we are an organization that is constantly trying to disrupt, so the way we invest is very different from traditional venture capitalists. I really fit in at 500 so don’t feel any pressure from the outside. How do you grow people in your organization? The way I look at it, 500 Startups is not just a VC fund — we are a platform, so we need to have a network and scale. Very often when I think about a platform/marketplace, it doesn’t count on one single item, it’s a balance of several different factors. What we think about when we are growing the team or the organization, is more from the founders’ perspective. So at early stage, what do founders need most? They need cash and being fast about whether you will invest or not is important, even if it’s a small check. The other thing that’s important at that stage is ‘how do I build my company so that it reaches the customer?’ Internally we call that team the Distribution team — who help startups get user acquisition, growth hacking, leverage pre-existing platforms to reach the audience they want to reach (eg via google search or using video). Another important component we help startups with is when they Exit (with follow-on cash and on how to exit). So when we are growing the organization and the core team, we are always thinking about how can we help startups from a growth and capital perspective and ensure to give them the right resources. We have 300 mentors who really help founders and the founders help each other out too as peers. That’s an important part of our community. If you could do 1 thing differently, what would it be? I would like to find better work life balance. I do think I have made significant shift in my first years, from being a runner to a leader. In the past, I always used to think I needed a lot more time, now I need a lot more team. The team fulfils the lack of time you have. I like to learn and have a very systemic way of thinking, where I see the system as a whole. Building a community, environment and platforms is something I like doing, because that’s the way I learn. Before, I was learning from role models and now that I know what to do, I want to run as fast as I can and I need more time. I moved from being inspired and needing more time, to now needing the right people to work with as a peer. I see everyone in our organization as a peer, a co-worker. My mindset on worklife balance has shifted. I know it’s still not sustainable, but in years to come I do want to be able to look back and not just see what I have done in terms of work, but also my family and friends. That’s really important to me. What differences do you notice between men and women’s leadership styles? That’s a hard question because I think it’s always biased. I think it comes down to confidence. I always have a matrix of confidence and competence when looking at founders. I think back to that imposter syndrome and how it affects women differently. Even when men are less confident, in their communication style they can still come across as more confident. However, we have to be aware of bias and not put people into boxes. How would you describe your leadership style? I am open minded and really want my team members to be successful and accomplished in life. In general, I have a high bar for results and look for entrepreneurial and resourceful people and try to make sure they can become successful at their role. What advice would you give to your younger self? The key thing for me, what I would have told my younger self is, to trust my gut about what I wanted to do. I’ve always challenged myself to do new things, different things, but for a long time I wasn’t really sure because I was always and outsider that broke into new networks. I would tell younger people to trust their gut about what they think is best for them and not be afraid to try and to learn with the journey and not the final result. What would you like to achieve in the next 5 years? I link it directly to what I’m doing at 500, because that’s a great conduit for what I believe for life in general. What I’d like to see in 5 years, is that globally (and not just the organization) access to technology, capital and resources for startups will level up. 500’s work moves the needle forward in that direction and as an organization, we are still learning about how to sustain ourselves. We are always looking at what more resources we can add (in comparison to traditional VC’s) and checking to see if what we have done is well established yet. In 5 years, I’d like to see more organizations, funds, build capital and how you provide funding, knowledge in different countries and women (for whom it is harder) to really level up opportunities globally. We are using 500 as a product/conduit to increase this diversity and access to global opportunity. 3 key words to describe yourself? ● Driven ● Positive ● Builder Don’t be afraid to try new things to find out who you are and where you are going.” Watch Anne Ravanona’s TEDx talk on Investing in Women Entrepreneurs and learn more about her @anneravanona or Book Her as as Speaker at www.anneravanona.com
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