WVC:E Founders Reflect on Motivations & Outcomes
In this interview, we explore where WVC:E came from…and where it’s going…
Why did you do WVC:E?
Ruth: I didn’t really need to do WVC:E. I’m a partner and decision-maker at a great fund. I am actively deploying capital. I’m on numerous boards. I’ve made dozens of investments, including some very successful ones.
The more you achieve in your career, the more tempting it is to distance yourself from the struggle. But I think that’s wrong.
On panels, I hear a lot of chatter about the pipeline problem. I can see how difficult it remains to succeed in this business as a woman: for some in VC, women are invisible. I work with female founders who are overlooked or, worse, underserved by their investors. I wanted to show: there is no pipeline problem. There is a discrimination problem.
I’ve been a feminist my whole life because my mom was a feminist. Like many women of her generation, my mom was a part of the Civil Rights Movement. She saw the value of activism and organizing. In addition to being a high school teacher, my mom volunteered, often for causes related to women and families, donating her free time in an understated way. She was very hard-working and had an incredible amount of energy for things that mattered to her.
I’m outraged by the fact that women-run startups capture only 2% of venture dollars. This gap represents an ongoing denial of women’s meaningful contributions to technology and innovation. The world is screwed up right now. We need every possible voice with every experience from every walk of life. We need a more inclusive approach to problem-solving.
Sophie: Thinking back, there were actually a couple of things that played into Ruth and I starting WVC:E, which at the time we called it our “small side project” and actually turned out to be organising a huge conference, with zero event organising experience . . .
Firstly, I am extremely passionate about the topic of diversity in VC (and in finance more broadly), and have been ever since I started work. But not in the negative “oh look at these super depressing numbers” way (don’t get me wrong, they totally are), but in a “my god there is so much potential, it just feels like we need a catalyst for change”. I am very lucky that I’ve seen first hand what it’s like when you include and empower Women in VC. I work directly with a female partner, have investments in multiple incredible female founders who are killing it and have a strong and profound network of female VCs I not only call colleagues, but also friends. Unfortunately this is an exception. It shouldn’t be.
Next, I have had exposure to some amazingly powerful local groups during my time in VC. For example, SISTA’s have done some amazing things in France, and just launched their first fund; Diversity VC in the UK is driving change through its diversity standard; and the VC Ladies Germany WhatsApp group is the most active one I’ve come across. However, it felt there was an opportunity to bring everyone together under one roof, in order to share learnings and create deeper networks. We all know that Europe is a lot more fragmented than the US, and perhaps that’s why there seems to be more events supporting the diversity initiative over there, but that wasn’t going to stop us.
And last but not least, we were totally naïve about how much work would be involved . . .
What did you learn?
Ruth: Co-organizing WVC:E with Sophie, I learned a whole hell of a lot! Mainly, I learned that people needed this event a lot more than we initially assumed. We were like, “Maybe 50 people will show up, but that would still be great!” WVC:E kind of went viral. And it’s precisely because women are sick of being overlooked. We were delighted to attract women at different points in their careers. The solidarity women expressed at WVC:E was inspirational.
We suspected that doing an event where people just talked about being a woman would be really boring. We thought: women investors, LPs and founders want great content. They need tactical advice and information. And they’d like to talk about hard things in a context that’s safe and engaging. We learned that those instincts were right.
I also have to say: if you take on an unpaid passion project, work with someone whose company you really enjoy. Sophie totally accepts how weird I am, all my weaknesses. She’s an amazing person, whom I really admire. I learn from her perspective all the time, and I learned that you really need this level of admiration for your collaborators.
Sophie: My god so so much. From small, seemingly trivial things like setting up a business bank account to receive multiple currencies (thanks Wise!) and registering a company and invoicing sponsors (thanks Ember!) [Sidebar — FinTech is pretty cool eh?]
To big things like how important having a co-founder is when you’re building something that’s never been done before. Ruth and I had no playbook to work from, so the ability to talk things through late into the evenings was invaluable. There are no wrong decisions when you are building something new, but having someone say “that makes sense”, “let’s try it” and “I trust you” makes a massive difference. It also becomes super important when things went wrong (don’t speak to me about the emails going into spam) — Ruth can make me laugh no matter the situation, a very required skill in the events business.
The other thing I didn’t so much learn, but have confirmed, was the power of a passionate and motivated group of women. What a lot of people don’t know is that while Ruth and I started WVC:E, it was propelled by an amazing group of women that formed the WVC:E Working Group. We met every other week to discuss topics such as content creation, agenda planning and goals and outcomes. These women helped us get connected to the right people, brainstorm what topics would be most meaningful, and generally keep us motivated when at times it felt a little too much. Honestly, sometimes I would leave those calls almost in tears about how supported I felt. I remember very vividly celebrating when we sold 3 tickets, but the Working Group’s grassroots efforts to create a buzz around a first time unproven event meant that we actually eventually ended up selling out!
Finally (and it’s almost embarrassing I have to say this) I learnt there are SO MANY amazing women doing SO MANY amazing things in this space across Europe. I think sometimes women don’t shout enough about their accomplishments, so it’s my hope WVC:E will become a platform to amplify these achievements, and provide inspiration for others just starting out.
What’s next?
Ruth: The answer to that question belongs to the community! We’ll do another event, no problem. But our dream is that this snowballs into a movement, something far more integrated and inclusive, a true network of people who collaborate, mentor each other and do deals together.
Geographically, we also see big opportunities for integration. Our keynote speaker came all the way from Cameroon to tell her story. That was the highlight of my day!
Venture investing is a game of exceptions. It’s all about outsized opportunities arising from only semi-predictable circumstances. Women need to get the opportunity to deploy capital and to found more of those transformational companies. Women need the space to be as crazy as men. I hope WVC:E can continue to level the playing field. I proudly support male and female and non-binary founders. And I want all of my peers to be able to say the same!
Sophie: Well, given that I was forced to be interviewed on stage at the event and was asked the question “will WVC:E be back next year?” and I shouted “hell yeah”, I guess we’ll be back next year! (I’m sorry Ruth, I was so high off the energy from the event at the time, I probably should have consulted you first . . .).
But what was clear to both Ruth and I that day, and in the days since, was that WVC:E ended up being so much more than an event. It was a space for women of all levels and geographies to feel safe and heard. It was a place where women felt they could network openly and comfortably. It was a moment where everyone felt united in a need to change the status quo. That was super exciting. Now we just have to figure out how we can best continue to support!
Finally, for me, and hopefully for many others in my position, WVC:E has given me the confidence that I do belong in this industry and can progress. And it’s given me hella motivation to go out and find the next rockstar female CEO to invest in.
Want to keep up to date with WVC:E? Register you’re interest for the 2023 event here.
