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Holy Catfish Batman, I Think I'm the Unicorn in VC Land

7/23/2014

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The term 'unicorn' has become replacement jargon for what old school venture capitalists called the 'home run'. Granted the level of success required to qualify as a home run has been amped and the term unicorn refers to the rare startup that grows to a $billion+ valuation. Think @Uber or @WhatsApp.

Recently there has been a growing swell of interest and concern around the lack of female partners in venture capital firms. Earlier this year, @danprimack wrote a great article for Fortune Magazine entitled Venture Capital's Stunning Lack of Female Decision-Makers. The article found that just 4% of senior voting partners at venture capital firms are women. According to the NVCA, even if you include non-investment female partners (marketing, CFO), that number only grows to 11%. A recent study on women in the Canadian VC landscape was equally dismal. For comparison, in other industries structured as partnerships, such as law or accounting firms, women represent between 16% - 21% of partners.  

Then it hit me...like a large man dressed as a mystical animal wearing a pink fanny pack. I'm the unicorn in VC land. Despite the reports of female scarcity, I have lots of experience working with and for female decision-makers during my 15 year VC career. In my 20s, I had female peers at the Associate and VP level. In my 30s, I reported to a female VC Partner (and CEO). I also requested her over the male partner that I was initially to report to. The first VC firm that I was promoted to a voting partner had 2 women out of 5 partners. In my 40s, I co-founded my own venture capital firm, McRock Capital, with a woman who is hands-down one of the best and brightest VCs I had ever worked with.

I have a unique perspective. I'm accustomed to sitting around Monday morning partners meetings debating and voting with women about which entrepreneurs should get funded. I have also worked with female Board members and CEOs. Now I'm growing my VC firm alongside a female co-founder.

I obviously think working alongside women is a significant competitive advantage for a startup as well as my own VC firm. I have many stories to illustrate the subtle and blatant benefits of gender diversity in VC land.

Here are just a few of my observations:
  • Women can diffuse difficult situations quickly; 
  • When a woman drops-the-hammer in a business situation, people listen;
  • People are 10x more likely to open up and show their personalities to women;
  • Women have a crazy work ethic - sorry guys, they make most of us look like part-timing temps; and
  • Don't confuse female head nodding with agreement. That's usually just a woman saying, "Go on...I'm listening". Guys, she is likely NOT agreeing with you. Women, please reconsider all the head nodding as it confuses us men.

If you want to hear more nuggets from the magical fields where the pink mystical unicorn roams, write a comment.
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"THEN IT HIT ME...LIKE A LARGE MAN DRESSED AS A MYSTICAL ANIMAL WEARING A PINK FANNY PACK"
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