Women in Venture Capital

Breaking Barriers and Building Success in the World of VC

By Maya Fox and Kripa Marvadi

Venture capital, like many other financial sectors, is a male dominated industry. Historically, women have been widely underrepresented in venture capital, but that is changing as more women are entering the field. Despite facing challenges such as gender bias, women are making significant strides in venture capital. By bringing more women into the industry, venture capital firms can benefit from diverse perspectives, which can lead to better investment decisions and improved performance. By recognizing the success of women in the industry, we can inspire and encourage other women to pursue careers in venture capital. This article is to celebrate the women in venture capital, and bring light to their achievements both past, present and future. We will highlight three women venture capitalists, each with their own story and each with their own achievements. 

I had the privilege of interviewing Alison, Sophia, and Nandini, three powerful women making big strides in venture capital. Each of these ladies' stories and experiences were different, but they all share the strength, intelligence, and confidence needed in order to be successful.

I first talked with Alison Malloy, the managing director of Connecticut Innovations. Her warm and inviting nature hit me the second I hopped on the call - she was so excited to talk to another woman in venture capital, and even more excited to spread her advice to a student. Her accomplishments were many - to start, she was a female CEO of a successfully exited technology company, one of the earliest investors in one of the largest woman angel networks Golden Seed, and joined Connecticut Innovations in 2017. During her time at Connecticut Innovations, she co-founded Tidal River with first lady Annie Lamont, building a vast network of women investors. When asked what students today should do in order to facilitate more diversity in venture capital in the future, she recommended that students “get involved with venture capital at a very early stage in their college career.” She also recommended joining or creating a venture group, which can focus on different sectors or demographics. Alison tackles the world of venture capital head-on, and believes that when her idea gets rejected or her opinion is shot down, it is because it needs to be edited - not because she's a woman. She gets this teaching from her father, who recognized that the world for women is different than it is for men. Maybe it is harder for girls to get ahead, but “he taught me to never take no as a final answer.” 

Next up was Sophia Youngdhal, a student venture capitalist from Atland Ventures. 

Sophia and I, although hundreds of miles away, are quite similar. We are both sophomore women in college immersing ourselves in the field of venture capital. Therefore, I was curious to find out if our experiences were the same. When asked what was the biggest challenge she has faced so far as a female student in business, she answered that “oftentimes reassurance comes from within, and sometimes that is a difficult narrative to keep up in myself… the narrative I tell myself needs to be consistent.” Although Sophia is a highly capable and intelligent student and young venture capitalist, we both agreed that oftentimes confidence can get shaken when walking into a room that is highly male-dominated. Throughout the interview, the theme of the “fighting the voices” that tell you that you do not belong somewhere, or that you are not as good as your peers kept reappearing. Her advice to other female students who are hesitant to break into finance or venture capital because of the workplace stereotype was to “be bold no matter what. Some stereotypes may be true and some may not be true. Go into situations with a blank bias and be bold no matter what.” When asked what was the best advice she has ever received, she began to tell a story about her visit to Texas, where she found herself talking to a native woman in an art store. When beginning to ask her questions, the woman yelled at her and told her “never ask for permission - just simply do.” 

Last, I had a discussion with Nandini Agarwal of ff Venture Capital. I related to Nandini right off the bat. Like me, Nandini had no prior experience in venture capital before joining a fund. In fact, she became the founder of a medical device company, and still did not have familiarity with venture capital. It was only when she started to watch Shark Tank that she became interested in venture capital. This was reassuring to hear, as I often find myself comparing my skillset to my peers. When I asked her if it was more daunting going into this new and unknown field as a woman, she responded that the hardest thing was being the only person of color, and one of the only girls. She found it difficult to pursue friendships in the workplace, as their demographics were so different. Her biggest piece of advice is to “make your own opportunities. A lot of the time we are looking for a job posting or for somebody to ask us to come to a happy hour. A lot of the time it's us waiting for things to be out there. Ninety percent of the time those things do not exist.” 

The underrepresentation of women in venture capital is a complex issue that needs a comprehensive approach to solve. Creating more inclusive networks and support groups for women in venture capital can help to increase visibility and build connections. There are organizations like Women in VC, All Raise, and Female Founders Fund that are helping to increase the representation of women in the industry and build a network. Other approaches to address the lack of diversity include raising awareness, creating inclusive networks, increasing diversity in hiring, and providing education and training opportunities. 

Overall, the stories of Alison, Sophia, and Nandini demonstrate the strength and resilience of women in venture capital. These women have overcome obstacles and challenged stereotypes to bring value in a generally male-dominated field. By sharing their experiences and advice, they provide inspiration and guidance to other women who aspire to break into venture capital. By promoting diversity and inclusion in the industry, venture capital firms can benefit from a wider range of perspectives and insights, ultimately leading to better investment decisions and performance. It is important to continue to support and celebrate the achievements of women in venture capital, and to work towards creating a more diverse and inclusive industry for all.