Clearing the Hurdles: Women Building High-Growth Businesses

242 CLEARING THE HURDLES: WOMEN BUILDING HIGH-GROWTH BUSINESSES

human capital deficiencies rather than to social capital and network

access. Because women do lag men in technical training, this observa-

tion might be a function of the fact that their venture firms specialize in

technology. The data from the Springboard Forums does not appear

consistent with these observations of inadequate human capital.

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The observation that the industry is gender blind and that investment

choices are made based on objective standards seems to be a contradic-

tion of sorts. Anecdotal and empirical evidence suggests that investment

decisions are often more subjective, based on gut feeling rather than

being truly objective. This raises the question of whether women in the

venture capital industry are adopting the norms and beliefs of their male

partners (rather than changing them) to succeed in their roles.

The women venture capitalists observed that their participation in

the decision-making process has influenced discussions in new and posi-

tive ways, particularly in bringing new perspectives to the table. How-

ever, these changes have not resulted in substantial changes in the

number or quality of investments in female-led businesses. There might

be some institutional change taking place in the industry, but it is an

extremely slow process. If and when there is a perceived benefit in accel-

erating change, it could come as a result of industry or policy mandate.

What Can You Do to Change Things?

Investigate Organizations That Provide

Support

The Small Business Administration (SBA) has launched a Women’s

Network for Entrepreneurial Training (WNET). The mentoring pro-

gram provides an opportunity for informal mentoring relationships

between experienced women business owners and women whose busi-

nesses are ready to grow. Other resources include the following: