How Can Networks Diversify Startup Boards?

TL;DR

Curated professional networks can help startups find qualified women for independent board seats by turning trusted endorsements into a searchable talent marketplace. The Boardlist began with about 100 technology leaders and more than 700 endorsed women, aiming to improve board diversity now while supporting longer-term efforts such as encouraging girls to pursue STEM fields.

Transcript

Hi, everyone. Welcome to the a16z podcast. I'm Sonal, and today I'm here with two special guests, Sukhinder Singh Cassidy, who is the founder and CEO of The Boardlist, as well as the founder and CEO of Joyus. And, and she's actually been a serial entrepreneur for many years. And John Cina, who is from the Silicon Valley Bank. Welcome, guys. Thank y... Read More

Key Insights

• The Boardlist is a curated talent marketplace for women who are considered ready to serve on private technology company boards. It is not a ranking, because participating leaders endorse candidates rather than ordering them against one another.
• Private company boards offer an immediate opportunity to introduce independent judgment and gender diversity. The initiative focuses particularly on Series B and later startups, where an independent board seat can broaden thought without waiting for longer-term talent programs to mature.
• Trusted endorsements are the marketplace's primary quality mechanism. Recognized venture capitalists, CEOs, executives, and other technology leaders nominate women from their own communities and personally support their readiness for board opportunities.
• The marketplace began with about 100 technology leaders, including roughly 30 venture capitalists and 70 operators. Their nominations produced a database of more than 700 endorsed women, creating a base of vetted talent intended to attract demand from companies.
• Cassidy's survey included more than 300 female founders from approximately 20 years of company creation. It found that 55% came from entrepreneurial families, suggesting that women entrepreneurs follow a family-background pattern also associated with entrepreneurs generally.
• Entrepreneurship received strong support from the women surveyed, with 88% saying they would wholeheartedly recommend it. The remaining respondents based their hesitation on whether entrepreneurship suited the individual, not on gender, because building a company requires many different qualities.
• Female entrepreneurship has its own diversity gap, because the surveyed founders were overwhelmingly white or Asian. Hispanic, Latino, and African American women had very little representation, showing that increasing women's participation alone does not resolve every dimension of inclusion.
• Boards are groups of advisors whose influence depends on how effectively a CEO uses them. Cassidy notes that a company remains the CEO's show, but a well-used board can still offer valuable counsel and create room for independent and diverse perspectives.

Questions & Answers

Q: What is The Boardlist and how does it work?

The Boardlist is a curated talent marketplace that connects private technology companies with women considered ready for board service. Technology leaders nominate and endorse women from their professional communities, placing their reputations behind those recommendations. Companies can then access a database of vetted candidates when seeking independent directors. The platform does not rank women against one another.

Q: How can professional networks increase diversity on startup boards?

Professional networks can increase board diversity by making qualified candidates visible through trusted endorsements. Venture capitalists, CEOs, executives, and other established technology leaders nominate women they know and consider ready for board responsibilities. Pooling these recommendations creates discoverable, vetted supply for companies, which addresses the recurring difficulty of finding credible candidates outside a CEO's immediate network.

Q: Why does The Boardlist focus on private company boards?

Private company boards provide an opportunity to improve representation and independent thinking immediately. Cassidy argues that many Series B and later startups could create independent seats and use them to add diverse perspectives, including gender diversity. This approach complements programs focused on future talent, such as encouraging girls to enter STEM, by acting on qualified leadership available today.

Q: Is The Boardlist a ranking of female executives?

The Boardlist is not a ranking of female executives. It is a curated database in which established technology leaders nominate and endorse women whom they believe are prepared for board opportunities. More than 700 women had been endorsed at the time discussed. The emphasis is on validation through trusted relationships, not on assigning candidates comparative scores or positions.

Q: What did Cassidy's survey reveal about female founders?

Cassidy surveyed more than 300 women who had founded companies over approximately 20 years. The survey found that 55% came from entrepreneurial families. Fathers were commonly described as CEOs, engineers, or entrepreneurs, while teaching was the leading profession among mothers. It also showed that female founders were predominantly white or Asian, with little Hispanic, Latino, or African American representation.

Q: Would female founders recommend entrepreneurship to others?

Most surveyed female founders would recommend entrepreneurship, with 88% saying they would do so wholeheartedly. The remaining respondents did not attribute their hesitation to gender. Instead, they questioned whether entrepreneurship would be the right personal fit for a daughter or another prospective founder, because building a company requires numerous qualities and gender is only a small factor.

Q: What role should a startup board play?

A startup board should function as a group of advisors when the CEO uses it effectively. Cassidy emphasizes that the company remains the CEO's show and that boards can bring their own difficulties. Even so, a well-used board can contribute counsel, independent judgment, and diverse thought, making board composition an important influence on how a company develops.

Q: How was The Boardlist marketplace initially established?

The marketplace was seeded by about 100 technology leaders, including approximately 30 venture capitalists and 70 operators such as CEOs and C-suite executives. Together, they nominated and endorsed more than 700 women who were viewed as proven leaders ready for board opportunities. Establishing this high-quality supply was intended to attract companies seeking vetted board talent.

Summary & Key Takeaways

• Sukhinder Singh Cassidy connects The Boardlist to her career as a serial entrepreneur and technology executive. Her experience includes co-founding Yodlee, building Local and Maps at Google, managing distinct international markets, and founding Joyus. These roles shaped her belief that technology has qualified women whose abilities are not fully harnessed.

• Cassidy surveyed more than 300 female founders and found that 55% came from entrepreneurial families. Their fathers commonly worked as CEOs, engineers, or entrepreneurs, while teaching was the leading profession among their mothers. The survey also revealed limited representation among female entrepreneurs beyond white and Asian women.

• The Boardlist is a curated marketplace connecting private companies with women who are ready for board roles. About 100 technology leaders, including roughly 30 venture capitalists and 70 operators, helped seed more than 700 endorsed candidates. Its immediate objective is to generate company demand for vetted, diverse board talent.