8 Minutes With... Bobbi Pickard, CEO of Trans in the City

BOBBI PICKARD

CEO of Trans in the City

From advocating trans and non-binary awareness to creating an inclusive community where everyone can be their true selves, Bobbi Pickard shares her inspirational journey and advice for the next generation

obbi Pickard, CEO of Trans in the City, came out as transgender 30 years ago. Despite this, it took almost 25 years for her to come out in the workplace. We sat down with Bobbi to discuss the crucial importance of trans and non-binary awareness in creating inclusive environments where individuals can be their authentic selves in the workplace.

Hi Bobbi! Please tell us more about yourself and Trans in the City

I started my career in the early 90s – so I feel old! I first started out at British Aerospace and moved to numerous other companies, including Kodak, Computer Weekly and bp. I came out as transgender professionally about five years ago – I say ‘professionally’ because I had come out as trans in various aspects of my life beforehand, just not in the workplace. Back then, being trans was considered to be professional suicide.

When I came out at bp, everyone was wonderfully supportive. I was given the flexibility to help train and develop people – to really upset the apple cart. From this, my confidence grew and I was able to convince five other companies to do an event during Trans Awareness Week, which ended up being a massive success. From there, I came up with Trans in the City as a way to make global corporates collaborate on trans and non-binary awareness because, although some organisations have role models or a lot of money to raise awareness, many smaller companies don’t have either.

Why is it so important to advocate for trans and non-binary people?

It’s vital. Awareness training and education surrounding trans and non-binary people is fantastically low, but it’s essential for society in general. We've got such a headwind now, what with the anti-trans printed press and broadcast media that's trying to force misdirection about trans and nonbinary people, that it's essential that we can get some of the truth out there. With Trans in the City, we bring big companies, small companies and all the companies in between together to demonstrate best practices, role models and free resources to try to make an impact.

When I came out, there were hardly any trans or non-binary role models at all in business, but unless you can see someone else like you achieving, whatever you do will feel like a complete jump into the void. But it’s more than that – the emotional and mental weight that falls on the shoulders of trans and non-binary people is huge. There are not many of us and, a lot of the time, we’re talking about things that are incredibly personal. For me, it’s all worth it, because I don’t want another kid to tread the path that I had to.

How do you cope with being a role model?

I’m still learning to listen to how I feel, but for a long time, my primary method was to work. I’ve become a lot better at managing it now, but I used to work 90-hour weeks, seven days a week.

Now I know that it’s okay to feel rubbish. It can be very hard being in the trans and non-binary community – I’ve lost six people to suicide over the years, so it can seem very

emotionally heavy. Because of this weight, it’s so important to do what feels right. So sometimes you just have to shut yourself off from the world, get in bed and cry – it’s about doing what feels right for you.

It’s also important to find a support system. Find friends that you can be completely open and honest with about how you’re feeling, so you can have an ear to talk to even on the hardest of days.

How can individuals find or create support systems at work if there isn’t already one in place?

This can be really difficult, but a lot of companies have employee resource groups, so I would definitely recommend joining one. If they don’t have a strong trans presence, then get in there and make one. Employee resource groups should always be pushing the boundaries of the organisation. If it’s a soft and cosy place to be, something isn’t right.

If your employer doesn’t have one, then reach out to other trans, non-binary or LGBTQIA+ employees to start one. And if you still can’t find anyone, reach out to me and I’ll find you some people from Trans in the City with whom to build an employee resource group. Anyone can join Trans in the City to meet hundreds of other trans and non-binary people – we’re all here to support each other.

How did you find coming out as trans in the workplace?

It’s hard, painful and emotional, but it’s vital nonetheless, as it means people are able to be their true selves. Everyone focuses on the physical transition, but it was the social side that I found the most challenging – receiving

Everyone focuses on the physical transition, but it was the social side that I found the most challenging

scrutiny and sometimes abuse from others. But for many trans people, it's individuals around us that really make a difference.

For example, I used to get massively anxious about coming to work, so much so that a manager overheard me telling someone else in a conversation. He had a complex of different desks that were reserved for training, but he said I could have one to myself to help avoid the anxiety. I’d also be stopped on my way to the canteen as people wanted to hug me to make me feel better – it was those interactions that got me through.

It’s been a wild journey, but I’m so happy that I can now be myself. It’s given me my life, rather than giving me my life back.

On the topic of being your true self – how important is it for individuals to be themselves in the workplace?

This isn't something that's just limited to trans and non-binary people, but when we pretend to be somebody we’re not, we project an image of somebody else. So every comment and action that we say or do has to be filtered through that

There are no shortcuts to creating inclusive cultures, so businesses need to act now

projection to ensure we’re still aligning with that image. It’s exhausting! This also reinforces low self-esteem, while strengthening the idea that white, straight and cisgender is the correct way to be.

In terms of business, we know that organisations that allow individuals to be their true selves thrive. They’re more innovative and inclusive, and they tend to generate more profit. So, yes, it’s the right thing to do morally, but it’s also the right thing to do for your business.

When we look at students joining university this year, 20% identify as LGBTQIA+ and 24% identify as questioning – so almost half. We, as businesses, need to create environments that welcome these individuals, because DEI doesn’t happen overnight. These individuals will join companies that are inclusive to them, so if businesses don’t take inclusivity seriously, they’ll be cutting off half of their talent pool.

So many companies look for quick wins and low-hanging fruit when it comes to DEI. But they don’t exist, and if they did, they happened 10 years ago. There are no shortcuts to creating inclusive cultures, so businesses need to act now.

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Everything to know before your IPO

Tony Tiscornia

Chief Financial Officer Coupa Software

IPO

Going public is arguably one of the biggest steps a business can make. Although it can bring a number of benefits, there are also a number of roadblocks to navigate. Tony Tiscornia discusses how to prepare for IPO while assessing the current market conditions

he initial public offering (IPO) process is robust. It’s one that starts the moment a company decides that it wants to offer its shares to the public, commencing a process commonly referred to as “IPO readiness” – a thorough and comprehensive procedure.

Google, VISA, Saudi Aramco, and UBER are just some of the world’s most notable companies to have gone public, yet many of us are clueless about the process. So, to fill in the gaps, we decided to explore what it actually means for a company to be IPO-ready, as well as the pros and cons to consider in today’s market.

Why do companies decide to go public?

Companies choose to go public for many different reasons, but most are looking to raise capital to fund the next stage of growth for their business. For many, being a publicly listed company also gives them a stamp of legitimacy that helps them compete in the market.

Regardless of the motivation, the pre-IPO phase is a major stress test for any company. As such, preparation for an IPO must start long before the company is ready to sell its shares to the public.

How does IPO readiness begin?

The run-up to an IPO is the most critical period – it’s the time when the business needs to get its financial house in order and begin behaving like a public company, because it will face increased scrutiny from investors and regulators after it has listed.

This can take much longer than most realise, so it’s in the company’s interest to start earlier rather than later.

A company must consider all aspects of its business, financial operations, internal controls, accounting, and financial statement reporting before making a decision. The business needs to identify the areas requiring improvement and raising up to public company standards. Some areas of focus, can range from examining financial controls and risk management processes to evaluating whether the business meets different regulatory requirements, to considering whether the existing team has the skills needed to guide the company through an IPO and operate as a public company beyond the initial offering.

Once everything is in order, the business prepares a registration statement to file with the appropriate exchange commission. After the commission reviews the application, the company will either be accepted – perhaps subject to certain amendments – or rejected. Once approved, the company will list a number of shares that will be available for sale through the chosen stock exchange.

Prior to considering going public, it’s crucial that the business assesses whether it is realistically in a good position to support a successful public offering. There are several elements that should be considered in the decision-making process, including future growth potential, the company’s size and tangible assets, and the long-term business plan, to name but a few. Overall, it’s about whether the company’s financial processes are robust and scalable enough to support its growth, as well as able to withstand the increased regulatory and reporting burdens that come with being a public company.

It’s important for businesses to find inspiration from their recent resilience and agility

Understanding whether going public is the right step for your company

One of the most important objectives for any business anticipating increased operational and reporting demands – as well as requirements from investors and regulators – is to implement back-office finance systems that provide a single source of truth for the company’s financial position. Doing so will instil confidence in the company’s financial operations and compliance in advance of being ready to list or seek additional funds, while also easing the burden of operating as a public company. However, Coupa’s research shows that nearly three in four (72%) highgrowth businesses recognise their financial processes are not robust and scalable enough to support their growth plans.

Setting up your company for a successful IPO is by no means a straightforward process, and there are many factors every business needs to consider as part of that. As a company that’s gone through this process ourselves and helped many

We saw a boom of IPOs in 2021 – a record year by most accounts

companies – such as Uber and Slack – to do so as well, we know what it takes to build for scale and successfully IPO. We share those insights in detail in our five-point IPO readiness checklist, so that business leaders can take stock and prepare to reignite their acceleration plans as soon as it’s right for their organisation.

The risks of going public

While IPOs offer an exciting opportunity for companies, they also come with risks. Companies will face increased public scrutiny from investors, the media and regulators. They must identify all the regulations with which they’ll need to comply, ensure their financial systems can easily be accessed by auditors and regulators, and be ready and able to produce accurate financial reports on a quarterly and ad-hoc basis.

The IPO process can also be costly. Companies will be required to work with auditors and underwriters who have the potential to make or break an IPO, as they can delay or halt the IPO entirely if they find fault with a company’s financial records. One mistake can cost millions in fees and labour hours to correct.

As well as compliance risks, companies will need to manage a complex network of relationships with multiple stakeholders including directors, new and existing investors, regulators, law firms, issuing entities and offering underwriters. There is also the challenge of managing positive relations with investors if they grow dissatisfied with the company’s performance.

Being a public company can also increase your competitive advantage in the market by giving customers and prospects a level of comfort regarding your capital position, financial stability, and overall longevity.

IPO delays and going public in the current market

As the threat of a new recession looms large, IPOs are meaningfully down from last year. Having just emerged from the global pandemic, businesses now face fresh economic uncertainty. We saw a boom of IPOs in 2021 – a record year by most accounts. Yet, as we entered the second half of 2022, several companies, including BrewDog, Mishcon de Reya, and CVC, confirmed that they were stalling their IPOs. Breaking down the insights from Coupa’s recent research further, it’s clear that 31% of UK businesses are delaying their IPO due to rising interest rates, while 31% are stalling due to supply chain shortages. What’s more,

a further 31% are holding off due to the recent stock market volatility, and 23% are halting due to rising inflation.

Managing a business's finances is no doubt a complex process, and, combined with fast growth and pre-IPO preparation, this can be a major stress test for any company. But it’s important for businesses to find inspiration from their recent resilience and agility, as well as examples from the past, to emerge stronger from this latest set of challenges.

Businesses that choose to delay their IPO may need to look elsewhere to access the capital they need to fund future growth, such as private investments or debt financing. Debt financing can be expensive, especially in an environment of rising interest rates.

It is only sensible to delay an IPO during current market conditions. But holding tight and waiting for a sunnier day simply isn’t enough. Businesses now find themselves with extra time to prepare and ensure the right team, processes, governance, and technological tools are in place to help them implement these processes more easily. This will end up proving crucial to their growth ambitions.

In the past, similar circumstances to those we face today have resulted in accomplished businesses. For instance, Airbnb, Asana, Slack, and Uber all navigated the 2008-2009 recession, yet launched and found huge success regardless. Looking even further back, both Microsoft and Apple were forged during the recession of the 1970s and launched soon after – and look where they are today.

Today’s uncertainty will also pass. When it does, the businesses that will be ready to capitalise will be the ones who lay the groundwork now.

When deciding whether or not to go public, keep in mind Tony’s key aspects investors look out for

There are many considerations investors evaluate with respect to companies that are going public, including why the company is going public, how it plans to use the money, what the company's prospects are for growth and profitability, and whether there is the governance and management team in place to protect their interests. This information is made available through many channels, including the company's annual reports, investor relations materials and activities, media articles, and reports issued by brokerage houses. Investors might also compare new public companies with similar listed companies to determine whether it is the right investment.