Tech start-ups and the glass ceiling: the women fighting for funding in a man’s world, and the investors who discriminate and miss out
- The world of tech start-ups is a male-dominated place, and women, especially black women, struggle to get any equality when they seek investors
- They face sexual harassment, condescending attitudes, being ignored and a lack of trust – and of course, they rarely get investment money
Lauren Foundos has excelled at just about everything she has put her mind to, from college sports and Wall Street trading to her Forte start-up that takes workouts online.
Being a woman in the overwhelmingly male world of venture capital was still a barrier – but, like many other female entrepreneurs, she only worked harder to succeed. “In some cases, before I even spoke, they were asking me if I would step down as chief executive,” Foundos said. “This was a whole new level.”
Men would speak past her in meetings, discussing whether she could emotionally handle the job as if she wasn’t there, or wondering out loud who would take care of the books. “When that happens, I tell them I am right here,” Foundos said. “I am the finance guy; I worked at big banks for more than 10 years. I’ve been the best at everything I have ever gone into.”
Start-ups can only get by so long relying on friends, family or savings before eventually needing to find investors willing to put money into young companies in exchange for a stake in the business. Money invested in start-ups in their earliest days, perhaps when they are no more than ideas or prototypes, is called “seed” funding.
When it comes to getting backing for a start-up it is about trust, and that seems to be lacking when it comes to women entrepreneurs, according to Foundos and others in the field. “I don’t think women need to be given things,” Foundos said. “But I think they are not seeing the same amount of deals.”