CNBC's Julia Boorstin | When Women Lead | Summary and Q&A

TL;DR

Julia Borsten discusses the key insights from her book on female leadership, highlighting the traits and strategies that have helped women succeed despite the challenges they face.

Key Insights

• 😤 Female leaders embrace their unique leadership traits and find success by focusing on their strengths and building diverse teams.
• 🤪 Women face significant funding disparities in the venture-backed ecosystem, with only a small percentage of VC dollars going to female founders.
• 🕵️‍♀️ Successful female leaders demonstrate adaptability and crisis management skills, outperforming male counterparts in certain situations.
• 🧔‍♀️ Intersectionality is a critical consideration, and efforts to support women of color in entrepreneurship and venture funding are essential.
• 💁‍♀️ Information about bias and challenges can empower women to navigate the landscape strategically.
• 🕵️‍♀️ Purpose-driven companies often eliminate biases in funding, providing a unique advantage for female founders.
• 🧔‍♀️ Building diverse networks and mentorship programs can support women in overcoming challenges and accessing opportunities.

Transcript

foreign can we take a minute and look around the room how often do you get a room like this [Applause] this is unbelievable I just um on behalf of Greylock I want to thank all of you for coming and welcome you all to our offices I'm so excited to have this conversation with Julia borsten let's get started welcome Julia thank you so much this is rea... Read More

Questions & Answers

Q: What traits do successful female leaders possess?

Successful female leaders embrace their individual leadership traits, focusing on areas where they excel and surrounding themselves with complementary team members. They lead with empathy, vulnerability, and a growth mindset.

Q: What are the challenges women face in the venture-backed ecosystem?

Women face significant funding disparities, with only 2-3% of VC dollars going to female founders. This is influenced by pattern matching, bias, and limited access to networks. However, many women are navigating these challenges by bootstrapping and starting purpose-driven companies.

Q: How has the pandemic impacted female leaders?

Female leaders have demonstrated exceptional crisis management skills during the pandemic. They have shown adaptability, quick decision-making based on data, and the ability to navigate uncertainty effectively.

Q: How can we support women in the venture-backed ecosystem?

Supporting women in the venture-backed ecosystem requires mentorship, access to diverse networks, and addressing biases in funding. Elevating the visibility of successful women entrepreneurs and changing the narrative surrounding female leaders is also crucial.

Summary

This video features Julia Boorstin, a journalist at CNBC, discussing her book on female leadership with Julia Borsten. They talk about the challenges facing women in leadership positions, the patterns of successful women leaders, and the importance of diverse networks. Julia shares insights from her interviews with over 120 women and highlights the need for change in the venture funding ecosystem. She also addresses the impact of the pandemic on work-life balance and the intersectionality of challenges faced by women of color. The conversation emphasizes the importance of telling positive stories about female leaders and breaking free from stereotypes.

Questions & Answers

Q: Can you provide a summary of your background as a journalist at CNBC?

I've had two jobs in my career - six years at Fortune Magazine and 16 years at CNBC. At CNBC, I have covered media and technology, and I created the CNBC disruptor 50 list. I have always been fascinated by entrepreneurs and their innovative approaches to business. My interest in female entrepreneurs grew as I noticed the lack of women in the industry. This led me to dig deeper into their stories and explore the challenges they face.

Q: Why did you decide to write this book on women leaders?

I was inspired by the women I interviewed who had defied the odds and succeeded despite the challenges they faced. I wanted to understand their stories and the leadership patterns that made them successful. Additionally, I was driven by the persistent and disheartening statistics on venture capital funding for female founders. I believed that by uncovering and sharing these women's stories, we could learn valuable leadership lessons and drive change.

Q: What was your process for writing the book and conducting interviews?

I started by connecting with venture capitalists who have insights into successful female founders. I interviewed VCs and then moved on to interviewing the women themselves. Each interview led me to other women who connected me with even more inspiring leaders. I conducted most of the interviews over Zoom, leveraging the pandemic's reflective period when people were more open to sharing their stories. This process exposed me to many new companies and individuals and bolstered my coverage at CNBC.

Q: Can you share your own experiences and journey as a woman in the media industry?

I started my career with the belief that gender equity would be achieved by the time I entered the workforce. However, as I progressed in my career, I realized that progress was slow, and the gender gap persisted in many industries. I experienced male-dominated environments and had to navigate challenges as a young journalist. Through my work at CNBC, I saw more women in leadership roles, especially in the startup space. Despite some progress, the numbers still showed a significant gender disparity, which drove me to tell the stories of successful women leaders.

Q: What did you discover about women leaders in the venture-backed ecosystem?

Women leaders in this ecosystem exhibited traits such as a growth mindset, empathy, purpose-driven approaches, and communal leadership styles. They were more likely to develop diverse teams and adapt to new situations swiftly. However, the funding statistics for women founders were disheartening. Only a small percentage of venture capital dollars went to female founders, and intersectional challenges for women of color compounded the issue. Purpose-driven companies seemed to mitigate bias to some extent in the fundraising process.

Q: How important is the role of networks and communities for women leaders?

Networks and communities play a vital role in supporting women leaders. Women are more successful when they have a diverse network that provides honest feedback and holds them accountable. It is crucial to have a mix of perspectives from outside their immediate circle. The power of community offers a support system that combats the negative impact of bias. Building affinity groups within companies and bridging into male-dominated spaces creates an inclusive environment.

Q: Did you find any patterns or challenges specifically related to race in your research?

The funding disparity for women of color is significant compared to white women. Organizations like Digital Undivided and Project Include are shedding light on the intersectional challenges women of color face. They have uncovered data showcasing the limited funding allocated to black women founders. Affinity groups and mentoring programs tailored to women of color are necessary since many existing programs primarily benefit white women. It is crucial to increase the visibility of successful women leaders of all races to challenge stereotypes and drive change.

Q: How does pattern matching influence funding decisions in the venture capital world?

Pattern matching, driven by a desire to identify successful models, can hinder opportunities for women who do not fit the traditional archetype of an entrepreneur. Investors often bet on entrepreneurs and ideas in the early stages, and this process is prone to biases. The lack of diverse patterns limits the opportunities for women entrepreneurs. Breaking free from these limited patterns by showcasing varied successful women entrepreneurs can help challenge biases in funding decisions.

Q: How can we address biases and challenges faced by women leaders in the media?

The media plays a significant role in shaping narratives about women leaders. Token theory and perpetuation of archetypes can result in negative media coverage. Breaking free from these cycles requires telling positive stories and showcasing a diversity of successful women leaders. More inclusive portrayals can challenge stereotypes and pave the way for change. It is essential for newsrooms to be aware of biases and strive to tell stories that empower women leaders.

Q: What can individuals in the audience or the Greylock team do to drive change?

Sharing stories and data about successful women leaders is crucial to challenging biases and driving change. By spreading awareness and recognizing the patterns of successful women leaders, we can start to break free from limited archetypes. Mentoring and supporting women entrepreneurs, as well as advocating for inclusivity in funding decisions, are actionable steps on an individual level. By amplifying the voices of women leaders, we can contribute to a more inclusive and equal future.

Summary & Key Takeaways

• Female leaders have defied the odds and found success by embracing their unique leadership traits and surrounding themselves with a diverse network of supporters.

• Women in the venture-backed ecosystem face significant challenges in funding, with only 2-3% of VC dollars going to female founders. However, more women are bootstrapping and starting purpose-driven companies.

• The pandemic has highlighted the adaptability and crisis management skills of female leaders, who have outperformed male counterparts in many cases.

• Intersectionality is a crucial factor, and efforts to support and elevate women of color in entrepreneurship and venture funding are necessary.