Intelligence in the Birds’ Nests: Why Humane Entrepreneurship is the Future

Intelligence in the Birds’ Nests: Why Humane Entrepreneurship is the Future

Intelligence in the Birds’ Nests: Why Humane Entrepreneurship is the Future

Wednesday, September 16, 2020, by Dr. Nasiru Taura

As we move into our digital future, we, as a global community, are experiencing unprecedented levels of activity as well as a simultaneous rise in the average person’s uncertainty of their environment. These have been intensified by the fast-paced environments that we have created to shape and nurture future entrepreneurs. The rise in mental health struggles for entrepreneurs and our harmful effect on the environment suggest that this fast-paced environment in which we have sought to nurture entrepreneurial talents is in no way sustainable. During a recent ICSB Knowledge Exchange webinar, Dr. Taura presented his futuristic vision of a digital revolution which includes humane entrepreneurship. 

He started with a personal story about how his childhood struggles, involving his slower learning in a world designed for those with cognitive speed, had evoked negative emotions. Understanding the dangers of negative emotions for young people, Dr. Taura found much comfort in his birds’ nest, or collection of African birds. As a child growing up in Nigeria, he would often escape to his birds for hours while engaging in contemplative imagination about mankind, the universe, and society.  His birds’ nests became a therapeutic space to release negative energy. Therefore, in spending time in this setting, the birds nest became the initial bed rock, or foundation, for nurturing his emotional intelligence, compassion, and empathy, which he continues to use in his entrepreneurship teaching on a global stage. Today, Dr. Taura reflects and ask the question, “Were would he have been today if he had not found the alternate intelligence in the birds nest?,” or even more importantly, “How many more slow learners could have been great assets to the entrepreneurial world by engaging their thoughtful reflection and empathy, but have been lost within a system designed solely for cognitive speed?” It is time to re-think our approach. If we want a future, we need to engage a more inclusive and humane approach.

Slow is ‘NOT’ unintelligent:

Despite struggles of slow learning in childhood, Dr. Taura is now a Senior Lecturer of Entrepreneurship and Innovation at Bournemouth University in the UK. Bournemouth University is an exciting institution as it embodies digital futures and is particularly celebrated for computer animation and digital effects as well as acting as the home to the famous National Centre for Computer Animation (NCCA). 

Over 50 BU graduates, as well as a number of staff members, worked on the Oscar-winning film Gravity. Currently, Bournemouth is launching a course on MSC Artificial Intelligence and Media. These provide definite examples that demonstrate cutting-edge digital futures for learning. As a senior academic, digital entrepreneur, and social innovator, Dr. Taura is, today, the living proof that slow does not equate to unintelligent.

Moving into the digital futures, Dr. Taura advised that games and animations could play key roles in providing immersive experiences that would enable youths to learn to be humane entrepreneurs. The games would emphasize crossover, so that when young people were outside of their virtual worlds, they would still be able to engage these important skills. 

We seem to be competing in the wrong spaces of intelligence

With the explosion of the application of Artificial Intelligence (AI) in all works of life, we must revisit the on-going debate between human and artificial intelligences. It is clear that, given the immense data available, machines outperform humans–humans only stand a chance against machines when data is incomplete. 

We are making the mistake of attempting to compete with machines in wrong spaces, or in other words, we will consistently lose to machines in the test of time and speed, however human insight can be captured on a more humane front, including emotional, social, and cultural intelligences. AI is enabling start-ups around the world, especially those in Africa, to achieve great results – beyond human speed. For example, to achieve 90% reliability in plant disease diagnosis, the Plant Clinic, a Cameroonian start-up, would need to use between 5000-6000 thousand images to identify a disease. However, with the support of a laboratory in the United States, they have now been able to create a database containing more than 60,000 thousand images of various plant diseases. 

Komazo, a Kenyan start-up uses AI and satellite data to map out tree growth. This has led to a truly revolutionary approach to sustainable forestry, and now the start-up is focusing its ambitions to plant 1 billion trees by 2030. Rwanda is one of the pioneer countries to deploy the use of drones for the purpose of humanitarian logistics and supply chain, engaging drones specifically to air lift medical supplies to the needy, thereby being able to save lives thanks to the speed of machines. There is no doubt that the speed of machines outperforms humans, but humans have something to offer which machines are lacking: empathy. 

We are looking to a future with robotic doctors, robotic financial managers and advisors, and robotic lawyers. It is essential that we train the next generation of entrepreneurs by providing them opportunities to nurture their emotional, social, and cultural intelligence. These represent the spaces in which machines are not able to establish connections as effectively. 

Going forward, we should learn from the non-expert account of intelligence among rural Kenyans which is said to have comprised of rieko (knowledge and skills), luoro (respect), winjo (comprehension to handle real-life problems), and paro (initiative). Intelligence based on cognitive speed without rieko, respect to fellow humans, animals, and planet earth, is counterproductive. Additionally, it is unlikely, for an AI to be able to outperform human initiative (paro). Our future depends more on how we train the next generations to be ‘humane’ which will necessitate the ability to respect, initiate, and empathize with fellow humans, animals, and the environment.

Reverse migration to slow spaces could be the future

Entrepreneurs working in a fast-paced environment, those who are redefining, disrupting and innovating on a continual basis, might be a higher risk for poor mental health and stress.  Consequently, we are witnessing a silent revolution of reverse migration from city centers to their peripheral regions, which is ultimately giving rise to the slow entrepreneurship in the periphery.

Digital connectivity and the rise of gig economy are fueling the increased attraction of working and living in seaside towns for the benefits of ‘time’ and ‘space’ needed to nourish the creative soul. More and more entrepreneurs in search of a humane atmosphere and lifestyle are beginning to move to the periphery to enjoy balanced sustainable growth and preventative approaches to wellbeing, which has given this rise to peripheral entrepreneurship. 

For their health and mental wellbeing entrepreneurs need more than the lifestyle available to them in a crowded city. They also need space to help them manage and regulate their emotions, prevent against cognitive decline, and give the necessary attention to their mental health as seen in a well-balanced work-life relationship. Seaside towns offer the opportunity for this balance and harmony of physical, emotional, cognitive, and mental spaces across a given ecosystem and are, therefore, more likely to be a magnate for humane entrepreneurs of the future. They provide opportunities for entrepreneurs to disconnect from the fast-paced lifestyle and to diffuse stress while connecting with nature. For example, the Bournemouth & Poole digital cluster in the South West of England attracts frequent digital innovators, those who produce economic value with less environmental pressure. We are likely to see the emergence of more digital cluster of health-conscious entrepreneurs, social/impact investors, and imaginative spaces for nurturing frequent innovations. In the wake of the need to be more humane, we can expect to see more reverse migrations taking place from center to periphery. 

Future humane entrepreneurs and the need for more patient capital

We are beginning to witness the rise of impact and social investors who are often mission driven, concerned by a desire to alleviate poverty, minimize environmental impacts, etc. Their decisions to invest is not limited to financial return, but rather it encompasses social and/or environmental returns.  They accept making fewer returns in the short run with their focus on impact investments, meaning that they scale faster. Digital entrepreneurs who are slow but intelligent would prefer patient capital as it enables them to focus on solving the world’s biggest challenges with less pressure of immediate ROI from investors. Impatient investment leads to burnout and often mental strain for entrepreneurs. We need to encourage more patient capital to support future humane entrepreneurs.

Humane Entrepreneurship & the Future 

The ICSB has championed the movement of humane entrepreneurship. It is still in its early days, but the concept is very promising and is in line with the United Nations Sustainable Development Goals agenda. Dr. Taura advocates for slow entrepreneurship, which is more humane, explained through its platform, the PAICA Global (https://paica.info/about/). Dr. Taura argues that the future is for humane entrepreneurs who use the application of technology (AI, games, simulation, etc.) for social good. To this extent, we can utilize our humane intelligence; instead of relying solely on cognitive speed as our yardstick of intelligence, the future will be restored. 

We need to nurture inclusive intelligence for humane entrepreneurs of the future, regardless of where this forming might take place. A future were slow entrepreneurship manifests in the periphery, such as seaside towns, where capital can become more patient and the application of technology for social good is pervasive is a world worthy of our aspirations.

10 Reasons Why Every High Schooler Should Launch a Business

10 Reasons Why Every High Schooler Should Launch a Business

10 Reasons Why Every High Schooler Should Launch a Business

Tuesday, September 15, 2020, by Jenna Winocur

Do you often feel overwhelmed by choosing a college or even a path of study? Much of what you do in high school will shape your career interests and help you determine your major. Too many students will discover too late, however, that their chosen college major may not be for them. High school is the perfect opportunity to experiment with many different skills and find which ones invigorate or drain you. While some high school clubs might give you this chance, none of them can compare to launching a startup. Here are 10 reasons why every high schooler should launch a startup.

1. Entrepreneurship teaches a new way of thinking

Trying to find a real problem for a real customer requires empathy, a great skill to have in many aspects of your life. A startup is a perfect way to hone this skill.

2. Launching a business means being creative

            Entrepreneurship will give you the opportunity to become more creative and build this strength!

3. Know how to problem solve

            Entrepreneurship will provide you with the tools to problem solve no matter what problem you find yourself facing.

4. Invest in yourself 

             No matter what the outcome of your startup, you will notice the impact you’ve made on yourself simply by going through the entrepreneurial process.

5. Flexible hours during a busy high school schedule

           Regardless of how busy you may already be because of classes and extracurriculars, you can almost always find time to pursue a startup if you are willing to hustle and make it happen.

6. Overcome failure with ease

         When you inevitably encounter failure in a college or professional setting, if you can quickly learn from that failure and get back up on your feet, you will stand out among your peers.

7. Gain life advice from a mentor

          While mentors are vital to the growth of your startup, they can also give you excellent insights into yourself.

8. Build a personal brand

          Starting a business will give you a level of credibility that is unmatched by almost any other high school experience.

9. Have a great story to tell

          Regardless of if your startup fails or succeeds, you will have an amazing story to tell during future interviews.

10. Change the world

         If you want to make a meaningful, sustainable, and scalable impact on a social cause or issue you care about entrepreneurship may be perfect for you.

Life Changing School is a virtual high school program founded and run by Cornell University members and entrepreneurs. In LCS you will learn everything you need to know to build a sustainable startup focused on social impact. You could even begin making money by the end of the program! You will gain skills such as design thinking, creativity, adaptability, communication, leadership, and so much more. You will go through the customer discovery process and the Build Measure Learn feedback loop. You’ll receive world-class mentorship and get access to Q&A with some of the industry’s leading minds. At the end of six weeks, you will pitch your final product to a panel of expert judges. Building a startup provides you with the most powerful experience you can speak to for college applications or future interviews. You will overcome challenges and create something of value. LCS provides a rigorous entrepreneurship curriculum and startup incubator to high school students from anywhere in the world with no prior experience required. Register today using code: LCSOCT4 to receive $100 off of the program!

 

Democratization of Knowledge

Democratization of Knowledge

Democratization of Knowledge

Saturday, September 12, 2020, by  Dr.Ayman El Tarabishy and Dr. Elias Carayannis 

“Until philosophers are kings, or the kings and princes of this world have the spirit and power of philosophy… cities will never have rest from their evils — no, nor the human race as I believe…” (Plato)

As theory grows and develops in its ability to encompass the more greatly faceted institutional pillars of Government, University, Industry, Civil Society, and the Environment, we can imagine how our movement from the information age to the humane age provides the world even more excellent opportunities than before. People are no longer left responsible for the choice between human-focused work and progress, but rather our society is taking the necessary steps to change our perspectives to see how the invitation of technology will quickly lead to a more human-centric society. The concept of Quadruple and Quintuple Helix Innovation systems offers us a systemic perspective for knowledge and innovation, meaning that we can use the model of these institutional pillars to see knowledge and innovation in an entirely new light that allows humans to both feel enabled and empowered by technology to more fully act as democratic agents in the greater society.

This theory, which demonstrates balance amongst the major world systems, allows for new modes of profit by the way that creativity thrives on helping with the interaction and synergies between innovation, entrepreneurship, and design thinking. Therefore, one action informs the next. Through this approach, we can “adopt a much more complex approach to considering our surroundings and dealing with challenges” (Carayannis, 2020). In broader terms, each pillar or facet of the model allows for more advanced opportunities in knowledge and innovation, which beholds the possibility to completely alter how we participate and embody the subsequent usage of power coming from this participation.

Democracy and our empowered participation in it are said to be a “requirement for the further evolution of knowledge and democracy,” demonstrating that we will not progress or succeed in our ability to reimage a better application of knowledge and democracy until we accept the requirement of our full participation in our current forms of knowledge and democracy. Yet, if we can maximize the interfaces and intersections between the pillars of the Quintuple Helix theory, then we might be able to introduce an expansion of the Democratization of Knowledge to attain Society 5.0 ultimately.

This unique opportunity will allow for the spread of knowledge to reach unprecedented levels, migrating to a system with which everyone has full access to knowledge and, therefore, revealing a populace who is empowered and liberated to participate in creating a better world for themselves. As mentioned above, this transition will not come until we activate this participation in our current systems, leading those to demand the dissemination of knowledge to further limits at this moment. Once everyone has access to the knowledge — and the societal hierarchy that decides who has access to which information is abolished — people will have equal access to the very knowledge that will help them create real and actionable solutions for the world. By engaging with the knowledge available in this technocentric age, we will initiate a workforce transition, meaning that the widespread usage of technology will transform jobs rather than replace the employment of human beings. This will provide an entirely new and important platform from which humans can begin making innovative and creative decisions to facilitate the care for the human person and our surrounding environment.

Dr. Elias Carayannis foresees a world in which we embody Society 5.0, where:

“Every project… should always have the quintuple helix in mind when calling for proposals; all projects should have our common good as the foremost goal. We should, therefore, always ask ourselves how does this project supports democracy and protect the environment, and that is a Quadruple and Quintuple Innovation Helix framework thinking approach to policy and practice” (Carayannis, 2020).

The migration towards the democratization of knowledge and the subsequent collaboration with technology will offer an unbelievable opportunity to look clearly at society as it is and begin changing our chosen “either/or” approach to one that allows for “both/and.” In pursuing more powerful platforms to engage with the democratization of knowledge, we will all become enablers, participants, and protectors of a democratic world. With democracy, we will be able to create solutions to the missing pieces throughout the complex issues that plague our world today. Let us all be active participants in creating a next level society that finds the humane by engaging with tech solution advances for our collective future.

Article by:

Dr. Ayman El Tarabishy and Dr. Elias Carayannis 
President & CEO, ICSB
Deputy Chair, Department of Management, GW School of Business
Editor in Chief of the Journal of Small Business Management (JSBM)

 

Dr. Elias Carayannis, Full Professor of Science, Technology, Innovation, and Entrepreneurship, as well as co-Founder and co-Director of the Global and Entrepreneurial Finance Research Institute (GEFRI) and Director of Research on Science, Technology, Innovation and Entrepreneurship, European Union Research Center, (EURC) at the School of Business of the George Washington University in Washington, DC.

References:

Carayannis, E. (2020). Research Reconfiguring and Innovation Constellations. Personal interview [European Union’s Horizon]. Available at http://riconfigure.eu/wp-content/uploads/2020/01/Interview-with-Elias-Carayannis_2020_Final.pdf

Reference video: The Ecosystem as Helix: Towards Industry and Society 5.0 via the Quadruple/Quintuple Innovation Helix Lens. Featuring Dr. Elias Carayannis:

It is Not Just About the Money

It is Not Just About the Money

It is Not Just About the Money

Monday, September 7, 2020, by Andrew McDonald

It is Not Just About the Money

Monday, September 7, 2020, by Andrew McDonald

In continuing our conversation about the practical ways in which we can enact change for MSMEs globally, we will begin highlighting a spotlight piece every week from our journals, JICSB and JSBM. This week we are looking at JICSB.

Andrew McDonald, Chair, Small Business Investment Committee, the European Bank for Reconstruction and Development (EBRD) is featured in the first issue of the Journal of the International Council for Small Business (JICSB). The article, titled “It’s not just about the money,” speaks to the great truth of compounding factors that keep MSMEs from success. In his article, McDonald discussed the following as recommendations (directly from the article) for policy interventions that could aid MSMEs in overcoming the environmental challenges placed on them:

  • Business advice programs need to be developed to train local professionals to assist them in developing into local consultants.
  • Nations must develop and improve their regulatory frameworks and introduce targeted policies to support fintech and promote different initiatives. Therefore, a strengthened ecosystem removes barriers to accessing finance, provides improved capacity for both public and private institutions to serve SMEs, and ultimately provides platform advocacy for SMEs; this leads to better policies and regulatory support, stronger institutions, and improved market effectiveness.
  • In emerging economies, the role of local banks is important. Still, it is often supported and supplemented by the international financial institutions (IFIs) who use the local bank to deliver focused programs that help address the policy objectives mentioned above. Many of these come with technical assistance for the banks so that they can develop these activities into sustainable products that they can upscale.
  • Providing the money, or access to the money is a great start but does resolve the issues facing SMEs if we want them to be the powerhouses of our economies. It is undisputed that SMEs need access to finance to grow and develop, but they also need much more. There is no silver bullet solution; instead, it requires a combination of factors to be present, and these will vary from country to country and from time to time, but at least we know what the ingredients are. Developing each recipe, however, is the challenge that requires continued and improved coordination and cooperation from a cast of characters. (McDonald, 2020).

This article is a wonderful example of the ways that we can think creatively about providing aid to smaller economic units. The author takes no time to get to the main argument of his article, making it even stronger and more impactful. We applaud the work of the author, Andrew McDonald, and the EBRD, who both work tirelessly to progress towards ‘market-oriented economies and the promotion of the private and entrepreneurial initiative.’ Thanks to organizations like this, MSMEs are receiving the visibility and support that they need.

If you are looking to discuss MSMEs further, get personal access to the ICSB’s journals, JICSB, and JSBM when you become a member of ICSB.

The purpose of the Journal of the International Council for Small Business (JICSB) is to advance research and knowledge of policies and economic development as they relate to improving the performance and sustainability of micro, small, and medium-sized enterprises (MSMEs). To achieve this, JICSB emphasizes the relevance of the authors’ contributions to MSME practice. This unique focus creates the challenge of attracting and managing submissions of rigorous academic scholarly activity that intersect with the application of the knowledge created to operational practices of MSMEs.

JICSB has a strong focus on orientation to research, business, and industry. It will have a foot in both science and practice and can serve as a platform intermediary. This creates several unique strengths and opportunities in research that offer significant value to MSMEs. Articles emphasize the relevance of the research to the actual success of MSMEs by answering the “so what” question. Also, the Journal links this to the Sustainable Development Goals (SDGs) to map them when we are talking about MSMEs effectively. 

Resiliency

Resiliency

Resiliency

Monday, Septemeber 7, 2020, by Lenore Miller

The panelists for “Arts and Entrepreneurship” (September 1, 2020) described both practicality and idealism under the current circumstances of distancing and digital outreach. The “new normal” of virtual representation was discussed by Tim Davis and Pat Thornton, who are forces in bringing the community together with positive visualization. Tim was talking about his work as an artist, curator and educator. Brave Spaces is an online exhibition exemplary of the crux of the webinar— i.e. “Resilience” in these changing times, as represented by International Visions & Consulting. All the artists presented and discussed had inspiring examples of their work. Pat Thornton serves as the Executive Director of Gateway Community Development Corporation, an organization that has focused on revitalization efforts from an art-centered perspective enabling 25 studios for artists, and provides support and advocacy for its tenants and the broader arts community in the Gateway Arts District. A pioneering step was launching the first-ever virtual Open Studios.

Tim and Pat’s remarks generated conversation about success as being true to passion and true to purpose for an artist’s identity. Truth and trust are key words here: and I would also add authenticity for the serious artist. A tangible product is not necessary nor is the handmade better than those fabricated by mechanical intervention, or even a “team” approach — it is the concept behind the work that must drive value and be worth appreciating.

An artist is an entrepreneur in that the artist is creating a “personal brand.” The artist has freedom to be his/her own boss. The brand is distinguished by the style or format for which the artist is or will become known. It must be consistent and recognizable, and innovative, striving for something new!
Just as the entrepreneur needs an idea and pertinent education and business acumen to bring it into the public realm, the artist needs to bring a vision to life and embody it in the real or virtual world. All the “isms” of art of the 20th Century were new ideas with manifestos. The artist builds upon these strengths and since everyone is unique, a unique touch, innovation occurs within every generation.

To “build a resilient community” new ways are needed to bring people and organizations together in cooperative systems within a community to effect positive change for the betterment of society. I applaud the efforts of ICSB to look at business in a more humane and sensitive environment. The arts can driving force in achieving inclusivity and cultural awareness. The arts make us human.

In order to build on these ideas, in future webinars, we need to develop a bibliography and concrete examples. We need a parallel vocabulary between business and art, that can help the non-artist and business student become educated to better appreciate the importance of art as shared cultural heritage and an agent for change.

Explore how artists are like small businesses in the following ways:
Make a product Sell a product Keep an inventory Promote themselves Work various jobs to supplement income ( a classic example of this was in NYC in the ‘80s, artists would bake at home and sell cookies)

 

The Top Funded Women Founders in Every State

The Top Funded Women Founders in Every State

The Top Funded Women Founders in Every State

Tuesday, September 1, 2020, 

The top women entrepreneurs and female founders in the U.S. are doing well, but there is a considerable gap from top to bottom. But there is an even bigger gap between what male and female founders receive in funding.

According to PitchBook, in 2019 only 2.8% of the companies founded solely by women secured the total capital invested in venture-backed startups in the US. It goes up by almost 10% (12.4%) when it is co-founded by female and male entrepreneurs.

As bleak as this might seem, this hasn’t stopped female founders from going after their dreams. And when they do, they deliver better returns for their investors. A study from the Boston Consulting Group revealed startups founded by women generated 78 cents in revenue for every dollar of investment compared to only 31 cents for male-run startups. So, how are female founders doing in the U.S.?

A new report from Business Financing.Co.UK titled, “The Top Female Founder In Every Country World Map” shows the leading female founders in each country. The map in the U.S. goes into more detail by showing the top founders in each state.

The company analyzed data from the Crunchbase business information resource to identify the top female founder. It then used the information to create maps with the leading female founders in the relevant states and countries.

In the end, the data set for the result contains 107 female founders and co-founders across 102 countries in the world. The U.S. data has 57 female founders from 50 states and Washington D.C.


 



 


Women Entrepreneurs in the U.S.

As the largest economy in the world, the female founders in the U.S. have better opportunities than many people in other countries. The result shows more multi-million/billion startups in the U.S. than any other country. And contrary to popular belief, they are not all in California and New York.

Each state has its own successful women business owners and founders responsible for business development in their communities.

Women Entrepreneurs

 

 

images: Business Financing.Co.UK

 

 

 


 


The Top Ten Founders in the U.S.

Rebekah Neumann

The top female founder in the U.S. is Rebekah Neumann of The We Company at $19.5 billion. Neumann is a co-founder along with Adam Neumann and Miguel McKelvey. As We Work, a subsidiary of The We Company continues to grapple with the fiasco of its IPO plans falling apart in 2019, only time will tell where this company is heading. But it is fair to say Neuman will not be on top of the list this year. All of the founders since have stepped down and the company now has a new executive chairman.

Kathryn Petralia

Kathryn Petralia the Co-founder and President of Kabbage was named the ninth most powerful woman in finance by Forbes in 2017. In 2018 Petralia was named the Fintech Woman of the Year, again by Forbes. After raising $2.5 billion in funding, Kabbage was slated to be one of the leading online small business lenders in the U.S. However, the pandemic has changed all that.

In April of 2020 the company stopped lending money to small businesses. Kabbage said the biggest reason for this decision was small businesses couldn’t generate any income during the lockdowns around the country. On August 17, 2020, American Express announced it is buying Kabbage. The terms of the deal haven’t been disclosed, but it will close in late 2020.

Jennifer Parke

Jennifer Parke is a co-founder of Fair, a car leasing company in the car-as-a-service segment. To date, the company has raised $2.1 billion in funding.


 


Parke has extensive experience in art direction and design. Her background includes working for brands like Apple, Cisco, Old Navy and HBO to name a few. Additionally, Parke is responsible for establishing several companies: Sugar Shots, SubGiant, and Boombang Inc.,

Reshma Shetty

One of six founders of Ginko Bioworks, Reshma Shetty and her company has raised almost $720 million to date. This is a company that develops biological engineering products and custom microbes across multiple markets. Shetty received her Ph.D. in Biological Engineering from MIT and also has a B.S. in Computer Science from the University of Utah.

Biotech and health are the more inclusive industries when it comes to women founders. Twenty-three of the 57 women in the U.S. data are in these segments.

Tanya Lipscomb

In addition to being a co-founder at Inscripta, Tanay Lipscomb was also the Chief Technology Officer (CTO) and VP of R&D. To date, the company has raised $259 million. Inscripta is another biotech company developing the world’s first benchtop platform for scalable digital genome engineering.


 


Since 2018 Lipscomb has moved on to as Biotechnology Entrepreneur and Advisor for The Novo Nordisk Foundation Center for Biosustainability and Chief Technology Officer for Artisan Biotechnologies. She holds a PhD. in Chemical & Biological Engineering from the University of Colorado Boulder and a BS in Chemical Engineering from Kansas State University.

Other Female Founders on the U.S. List

Ayla Rogers, Laura Oden and Celia MacLeod

Even though they are the founders with the least amount of money on the list at $505,000 Ayla Rogers, Laura Oden and Celia MacLeod have a great business going with Pandere Shoes. Based in Alaska, the company has carved out a niche market in the industry, making adjustable ankle, mid-foot and toe box shoes. If you have wide feet, Pandere Shoes is the company for you.

Sevetri M. Wilson

With a total funding amount of $10.4 million, Sevetri M. Wilson is the CEO and Founder of Resilia. Wilson’s company provides organizations with on-demand tools that optimize operations and increase their effectiveness. It also simplifies the formation of new nonprofits.

The enterprise platform offers corporations, foundations, and government entities intuitive, data-driven software so they can leverage technology to accelerate impact and increase connectivity. Wilson holds MPP (Master of Public Policy) from Harvard University and a BA and MA from LSU in History and Mass Communications.


 


Jessica Rolph

From Idaho, Jessica Rolph is the CEO and co-founder of Lovevery, which has raised close to $26 million in funding. Rolph’s business is a new child development company helping parents ensure they are making the most of each learning stage. Rolph is also the co-founder and COO of Happy Family, the first organic brand to offer a line of organic foods for babies, toddlers and kids.

Rolph has an MBA from Cornell University – Johnson Graduate School of Management.

Suzanne Sysko Clough, MD

With more than $55 million, Suzanne Sysko Clough is another woman founder in the biotech and health sector. Dr. Clough was a co-founder and Chief Medical Officer of WellDoc. Dr. Clough since has co-founded Clough Health and Services and serves as Chief Medical Officer at QualityCare Connect and Amalgam.

Clough received her Doctor of Medicine degree from the University of Maryland School of Medicine.


 


Courtney Spence

As the co-founder and CMO of the Kenzie Academy, Courtney Spence’s company has raised over $113 million. Spence is a serial entrepreneur who also founded CSPence Group and Students of the World.

Spence is a Duke University graduate.

Global Woman Entrepreneurs

Globally the top female entrepreneurs represent several industries, but financial and fintech make up half of the founders.

The number one spot with $22 billion goes to China’s Lucy Peng, who is the executive chairman of Ant Financial Services. This is the online finance arm of Alibaba Group. At number two is the previously mentioned Rebekah Neumann from the U.S. followed by Tan Hooi Ling from Singapore with $9.9 billion as the co-founder of Grab. Grab is an app that provides transportation, logistics and financial services.


 


Kate Keenan from Australia is at number four with $1.4 billion as the co-founder and CMO for Judo Bank. And Victoria van Lennep from the U.K. rounds up the top five with $1.2 billion as co-founder of Lendable, a FinTech company.

Women Entrepreneurs

 

 

image: Business Financing.Co.UK

 

 

 

Industries Representing Women Founders

Forbes reveals 32% of the 1,714 women founders in its report represent the software, biotech, and healthcare industries. Just as in this report biotech and healthcare segments represent female entrepreneurs in higher numbers. But women are in many industries and some of them have higher female entrepreneurs representation while others leave much to be desired.


 


In part, this has pushed women to bootstrap their business and grow from there. Female entrepreneurs who started a side hustle and grew it to become billion-dollar businesses are taking place more often. With the advent of the internet and social media, several women have turned their passions into businesses that are now unicorns.

Pat McGrath, a makeup artist, is one of the female entrepreneurs who now has a business with a billion-dollar valuation. Emily Weiss turned her side hustle, which was the blog Into the Gloss the vehicle for her make up line Glossier. The business now has a valuation of $1.2 billion.

Even though the billion-dollar valuation of a business gets the most attention, there are tens of thousands of female entrepreneurs that are successful. And not everyone measures success the same way. A founder in the non-profit segment has a much different goal than a fintech founder.

As long as a woman entrepreneur has the same opportunities they have shown they can grow their business to great heights. Experience, the right education and the guidance of some great mentors don’t hurt. But for most of the highly successful people on this list, it all starts with a solid education from a good school.


 


The Right School

When it comes to education, the school you go to will not determine the success of your business, but it can give you a heads up. Of the female founders, Medium kept track of in a report, 25% of them are represented by just eight undergraduate universities. What is more, only 10 graduate programs represent 59% of all capital raised by the top 300 female founders.

By company count, Harvard University, Stanford University, and Cornell University are the top three undergraduate institutions. And the top graduate programs by company count are Harvard Business School, Harvard University and The Wharton School at the University of Pennsylvania.

You can’t go wrong with a great education, but going to one of these schools is not a guarantee you will succeed. The business world is full of people without much education who are very successful. Hard work and determination have been responsible for the success of countless entrepreneurs. But for women, even a degree from these schools will not shield them from the bias they will face when looking for funding.

The Gender Bias in Venture Capital

There is undisputed data that shows female founders don’t get the same investment as their male counterparts from venture capital firms. According to the Curnchbase Q1 2019 Diversity Report 83% of venture dollars went to only male founders. And as mentioned previously, it is less than 3% for female only founders. But the bias goes even further. Women entrepreneurs are scrutinized in a much different way. Investors are more inclined to ask male entrepreneurs promotion-focused questions and female entrepreneurs prevention-focused questions.

Why is this so important? Because the study from the Academy of Management says it has a bearing on how much they raise. And it is resulting in divergent funding outcomes. The amount of those who were asked promotion-focused questions raised, “Significantly higher amounts of funding than those asked prevention-focused questions.”

The good news is entrepreneurial women are being recognized and supported for their hard work. The average seed round for female-only founded jumped to $1.2 million in 2019, which is almost the same as male founders at $1.35 million. Furthermore, there were 21 unicorns in that last year founded by female entrepreneurs, these are startup businesses with a value of more than $1 billion.

At the end of the day, investors are looking to increase their investment and gender should not play a role in how good an idea is. If all the data points to a great investment, then women should get the funding just like men. After all, female entrepreneurs are delivering better returns for each dollar invested. And this is driving the growth of female founders globally.

The 2020s: The Decade of Growth for Female Founders

The first quarter of 2020 started out with a bang for female founders. A record-tying $5.2 billion (Q2 2019) of capital was invested with 629 deals. This according to Pitchbook’s VC Female Founders Dashboard analysis. The great start in 2020 was driven by a stellar 2019 in which female founders raised $17.2 billion.

However, the pandemic put a damper in the optimism of the new decade with the third quarter delivering only $1.8 billion in investments compared to $4.9 billion in 2019. But this one in a lifetime incident shouldn’t change much of the growth that has taken place in the 2010s.

To put the growth of the past decade in context, the amount of capital investment for female founders was a mere $442 million in Q1 of 2010. And the deal count was 151. Each subsequent quarter and year experienced impressive growth peaking with the $5.2 billion of the first quarters of 2019 and 2020. Without the curveball of the pandemic, there was a great chance 2020 would’ve been a record year for funding for female entrepreneurs.

When things go back to normal, female and male VCs have to work even harder to get more female founders the capital they need. And it will require both their efforts to close the huge funding gap that currently exists. But first, they have to overcome a big hurdle to get more woman decision-makers in the VC ecosystem. Pitchbook says in 2019 only 12% of venture capital decision-makers in the U.S. were women.

Because general partners (GPs) in VCs control the use of capital as well as management and operations in a venture firm, having female GPs will at the very least give female entrepreneurs a better chance of having their ideas heard.

Conclusion

For venture capital firms that are only investing a minuscule percentage on female-only founders, they are missing out. How much are they missing out on? According to Morgan Stanley, to the tune of $1 trillion by simply overlooking people of different gender and cultures.

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