LOOKING BACK ON 2020
2020: A Year Like No Other. The Work More Essential Than Ever.
Project W kicked off 2020 with great optimism for the year ahead. We held our first Seattle Women Entrepreneurs Boot Camp (WEB); we hosted the second Women of Color Entrepreneurs Roundtable; we partnered again with the British Consul General and U.K. Department of International Trade to introduce another mission of U.K. female founders to the New York venture ecosystem; and we showed up in force at Black Women Talk Tech’s Roadmap to Billions conference. That was going to be just the start. We were looking forward to a fantastic year: a weekend of Project W events and outreach at SXSW, WEB in New York in April, a year full of programming with our valued partner Springboard Enterprises, hosting gatherings of women fund managers and aspiring Black investors at our offices around the country, and much more.
Instead, we were confronted with two crises of epic proportions: A once in a century pandemic that laid bare the economic inequities in our country and a national reckoning with the consequences of hundreds of years of systemic racism.
In the face of these circumstances, we pivoted and focused on helping startups and small businesses survive during a national lockdown and its aftermath and on doing our part to redress the historic lack of access to resources, connections and funding faced by underrepresented founders. And all the while, we continued our work to raise up female founders through our own programming and through existing and new collaborations with valued partners.
We were just getting started…
Seattle Women Entrepreneurs Boot Camp Cohort: February 10, 2020
Women of Color Entrepreneurs Roundtable: March 4, 2020
Davis Wright Tremaine’s Danielle Toaltoan moderates Black Women Talk Tech’s Roadmap to Billions conference: February 28, 2020
Powering Through the Pandemic
Businesses owned by women were particularly hard hit by the pandemic. Women business owners received less federal aid, and the burden of caring for the health and safety of loved ones and of home-schooling children fell disproportionately on their shoulders. That led us to tap into our network of experts and advisors to provide resources and insights to female founders facing these unprecedented challenges.
WORKSHOP PRESENTERS
1. Mona Bijoor, JOOR 2. Christina Blacken, The New Quo
3. Jake Dunlap, Skaled Consulting 4. Dana Kanze, London Business School 5. Adam Quinton, Lucas Point Ventures
6. Janet DeFrino, Muse Advisors 7. Monica Logani, Muse Advisors 8. Lenore Kantor, Growth Warrior
9. Landes Taylor, Davis Wright Tremaine
10. Melanie VanSlavens, Davis Wright Tremaine
11. Gillian Muessig, Mastersfund 12. Sarah Donaldson, Pionette 13. Edith Dorsen, WomensVCFund II
14. Fiona McKay, Lightbulb Leadership Solutions
15. Rachel Marmor, Davis Wright Tremaine
GETTING FOUNDERS THE GUIDANCE THEY NEEDED. On April 8, we launched the first of fourteen weekly workshops designed to help founders navigate the unprecedented challenges presented by the coronavirus pandemic. The first series, Rising to the Challenge: Succeeding in Difficult Times, addressed issues that were front of mind for founders, including maintaining entrepreneurial resilience, lead generation and customer engagement, telling a story of survival, overcoming implicit bias, and communicating difficult news to investors. As the first wave of the pandemic turned the corner, so did our workshops, with the second series, On the Rebound: Coming Out Strong on the Other Side. Looking around that corner, this series addressed how companies could emerge from the crisis strong and nimble by focusing on their capital structure, by refining their business model and strategies, and by learning leadership from crisis.
SHARING INSIGHTS AND STORIES FROM SHELTERING IN PLACE. We launched the Project W newsletter at the outset of the pandemic. Since then we have had the privilege of sharing wisdom from members of the Project W community, including advice from VC Edith Dorsen on how to communicate with investors during a crisis, insights from Project W leader Darby Allen on how crisis can be a catalyst for change in the healthcare system, and tips from Lena West on how to maximize mentorship during COVID-19. And, we have shared stories about lessons learned while sheltering in place, including reflections by Project W ally Vid Prabhakaran on the undervalued and unpaid work at home that mostly falls on women and musings by Project W leader Valerie Gallo on the inner strength she found going solo
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FEMALE FOUNDERS ON THE FRONTLINES
InKind 11. Naysa Mishler, Everest Effect 12. Morgan Mercer, Vantage Point 13. Martha Montoya, AgTools 14. Tannia Ospina, Belle Threads 15. Jess Riegel, Motivote 16. Katica Roy, Pipeline Equity 17.
CELEBRATING FEMALE FOUNDERS ON THE FRONTLINES. We celebrated female founders in our network who inspired us with their resilience and ingenuity. These founders were on the front lines, reimagining their business strategies to address the profound needs presented by COVID-19. They are role models for other founders who are struggling to see the light at the end of the tunnel.
1. Helen Adeosun, CareAcademy 2. Christina Camacho, Ivy Lender 3. Felicity Conrad, Paladin 4. Nicole Hamilton, Homeownering 5. Dawn Jutla, Peer Ledger 6. Sylvia Kampshoff, Kanthaka 7. Manjari Kumar, BestClass 8. Jennifer Larson, SchoolBzz 9. Adina Mangubat, Spiral Genetics 10. Laura Malcolm, Give
Weerada Sucharitkul, FilmDoo 18. Swatee Surve, Litesprite 19. Isa Watson, Squad 20. Amanda Wilson, VOXAPOD 21. Carmen Chen Wu, Caraa Sport 22. Carolyn Yarina, Sisu Global Health
Closing the Racial Divide
The national reckoning with systemic racism threw a spotlight on the racial fault lines in the startup ecosystem and even in our own Project W network. We took a hard look and concluded we had to do better. We committed to be anti-racist in our programming and in the choice of partners we support and work with. We committed to work for meaningful, measurable and sustainable change to close the racial divide in access to connections, resources and funding.
Opening Doors to Resources and Connections. Black founders lack access to the resources and connections that come with being part of an established network. While the VC and startup network is still largely white and male, the Project W network is a diverse group of women
and men who share a common purpose of leveling the playing field in the startup ecosystem. Following the murder of George Floyd, we launched our 1:1 With Black Founders initiative, putting out a call to the investors, advisors and experts in the Project W network to volunteer at least 30 minutes of their time to mentor a Black founder. Through this initiative we paired over 120 Black founders with mentors. Hear from our founders how game-changing a simple act of mentorship can be.
" [My mentor] has empowered me to take charge of my financials, and she has given me confidence and empowered me to become strong in the part of my business that I am weakest. "
MORE FEEDBACK FROM OUR 1:1 INITIATIVE
“ As a solopreneur it was good to have a voice and different eyes looking from the outside. All too often, I’m working alone and don’t have the opportunity to bounce ideas back-and-forth with someone. ”
MENTORS MAKING A DIFFERENCE
Megan Arneson
Sue Baggott
Gwenn Baldwin
Irina Berkon
Barbara Bickham
Rachel Block
Sara Brand
Deb Bronston-Culp
Lisa Burton
Kathleen Camilli
Alicia Castillo
Nyssa Chopra
“ I’m limited because of location but these opportunities alongside being able to connect online help tremendously. I get to interact with someone who is a million miles away but can provide the knowledge and offer a new network. ”
“ Within two weeks of our first meeting, I became a new person. [My mentor] pushed me to dig into my “why” for my career and to identify what I truly enjoyed. It was a really challenging exercise at first, but I was finally able to be honest with myself and complete the exercise. The exercise came at the perfect time for me. I have so much more clarity now. ”
Leslie Cohen
Renee Cohen
Heather Coldwell
Anna Consani
Laurisha Cotton
Meghan Cross
Nancy Daniels
Diane DiResta
Ita Ekpoudom
Carolyn Fikke
Lauren Flanagan
Sarah Foley
Danny Gardner
Christienne Genaro
Nancy Hayes
Ed Ingle
Laurie Jakobsen
Wendy Kearns
Tunde Kelani
Olivia Kim
Kore Koubourlis
Barb Kraft
Eva Kripalani
Amy LaMeyer
Abby Landon Wool
Linda Laskowski
Alicia LeDuc
Kendall Leeper
Nancy Libin
Lori Marshall
Chrys Martin
Sean McCann
Fiona McKay
Jackie Miller
Jules Miller
Priyanka Mitra
Gillian Muessig
Diana Murakhovskaya
Susan Namkung
Dayna Nicholson
Yoko Okano
Martha Phelps
Christie Pitts
Barbara Roberts
Michael Robinson
Christiane Roussell
Wendy Ryan
Jeffrey Seltzer
April Severson
Lori Sokol
Paige Soya
Rachel Strom
Jacalyn ThompsonChampion
Kim Walls
Laura Warf
Lena West
Salle Yoo
Supporting the Network Effect of Women of Color. While the traditional, white male networks still remain mostly off limits, women of color founders are building their own, powerful networks. Our partner Black Women Talk Tech has built a WOC network to rival the old boys’. And, we’re doing our own part through our Women of Color Entrepreneurs Roundtable, in collaboration with Chante Harris, to create a safe space where women of color can connect, support and champion one another, and learn from women who have broken down barriers.
1. Christina Blacken, The New Quo 2. Sybil Clark Amuti, The Great Girlfriends 3. Lena West, CEO Rising 4. Judith Erwin, Grasshopper Bank 5. Olivia Owens, IFundWomen of Color 6. Lorine Pendleton, Portfolia Rising America Fund 7. Cheryl Campos, Republic 8. Chante Harris, SecondMuse 9. Danielle Toaltoan, Davis Wright Tremaine 10. Katori Copeland, Davis Wright Tremaine 11. Jenna Rovira, Davis Wright Tremaine
Transforming Industries Through the Power of Women
Women are driving transformative change across industries. With their unique perspective and life experience, women see opportunities others don’t. With their collaborative leadership style, women are changing the corporate culture. With their eye on improving lives and the planet, women are building companies that will make the future brighter for generations to come. Project W continues to do its part to fuel the power of women to make transformative change. In 2020, we focused on women transforming industry sectors.
CREATING SOLUTIONS TO MANAGE AND PROTECT DATA.
The collection and use of data is more widespread than ever, and the protection of that data has never been more critical. Female founders are leading the way in this important sector, and Project W is focused on helping them succeed through the following programming held in 2020.
Project W’s Cybersecurity | Data Management Women Entrepreneurs Boot Camp
A Dolphin Tank in collaboration with Springboard Enterprises
DEVELOPING FOOD THROUGH TECHNOLOGY FOR A HEALTHIER PLANET.
The female founders in our Plant-Based Food Women Entrepreneurs Boot Camp are changing the way we eat by substituting alternative protein for animal protein and, along the way, improving the health of people and the environment.
LEVELING THE PLAYING FIELD IN THE MEDIA AND ENTERTAINMENT INDUSTRY
Project W’s RiseTogether brings together women in business and legal affairs in media and entertainment to promote gender equity in the industry.
RiseTogether
LEVERAGING THE POWER OF THE CLOUD TO PROPEL INNOVATION.
The female founders in the first cohort of the SaaS Launch Lab, a Project W x Microsoft M12 partnership, are developing enterprise software to make businesses more efficient, sustainable and profitable.
TRANSFORMING FASHION AND RETAIL
Through our longstanding collaboration with the NY Fashion Tech Lab, we support female founders from around the world who are changing the way we make, market and consume fashion.
INNOVATING IN BANKING, FINANCE AND PAYMENTS.
Female founders are deploying technology to bank the underbanked and to democratize and revolutionize the movement of money. The founders in our FinTech Women Entrepreneurs Boot Camp are leading the way in changing the industry.
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REVOLUTIONIZING HEALTHCARE BY ADDRESSING WOMEN’S HEALTH AND OTHER UNDERSERVED NEEDS
We teamed up with our valued partner, Springboard Enterprises, to support women who are upending the way healthcare is delivered and, in doing so, addressing overlooked issues of women’s health and the health of underserved communities. Here are some of the ways we are supporting innovation in healthcare.
Health
PROJECT W PRESENTERS
Dolphin Tank featuring four femalefounded HealthTech companies
Women’s Health Roundtables
Christina Chan
Lyra Correa
Darby Allen
Lauren Harris Summer Associate
Louisa Barash
Louisa Barash
Dayna Nicholson
Dayna Nicholson
Jade Harvey Summer Associate
Jane Eckels
Lyra Correa
Health Innovation Hub
Contributing to the Growing Ecosystem
It takes an ecosystem to break down the many barriers to resources, expertise and funding faced by female founders and other underrepresented founders. Project W is proud to be part of a growing ecosystem committed to a shared vision of unlocking the potential of underrepresented founders. We are connected to the ecosystem through our partners and through the many Project W founders, investors and advisors who are part of like-minded communities. As we continue to connect these dots, the ecosystem becomes even more purposeful and effective.
We are honored to partner with these wonderful organizations who share our passion for lifting up underrepresented founders.
As we look back on this year like no other, we end as we began – with great optimism. The founders in our community are stronger and more resilient, deploying their capital more efficiently, refining their business models to tap into new markets and deliver new solutions, and creating change out of crisis. The investors and advisors in our network are more committed than ever to the success of underrepresented founders by providing funding, sharing their experience and insights, and opening doors. And, the startup ecosystem is awakening to the systemic inequities that have impeded the development of untold talent and innovation and to the obligation – and opportunity — to unlock that potential.
And Project W? We are excited about the possibilities the new year holds. We plan to leverage the insights gained from the challenges and crises of the past year to redouble our efforts to close the access and funding gap faced by underrepresented founders.
Until then, we wish all our valued Project W friends a productive and fulfilling 2021, marked by success, innovation and real progress towards achieving a more just and equitable startup ecosystem.
THE PROJECT W TEAM
This
report is dedicated to the investors, advisors and experts who gave so generously of their time and wisdom to Project W during 2020.