Debbie Wosskow, OBE on LinkedIn: Canva’s founder got rejected by 100 VCs. They didn’t want to back… | 1,061 comments (2024)

Women received just 2% of VC funding in Europe and the US last year. (The lowest since 2016). One reason for this is the current lack of female-led funds. It’s no secret that women are naturally biased towards investing in women and men in men. Only 12% of fund managers in the UK are female, and female-led funds typically have less capital to deploy. So, would a better representation of women in VC funds solve the issue? I’m not saying male VC funds don’t invest in women, but given the endless research showing women-led companies generate higher returns than men-led companies, you can’t help but think we need to be doing more to balance the equation at the source. Rethinking how we fund and construct VCs would not only level the playing field for men and women but would also make financial sense for the economy. That’s why the Invest in Women Taskforce aims to amplify investment in female VC funds, ultimately fostering more female-powered businesses. Brilliant write-up here from the exceptional Hannah Bernard (my IIWT Co-chair), if you’re interested in reading more: https://lnkd.in/eyvWmx76

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We need to destigmatize non-linear careers. Moving horizontally does not make you a failure. Taking a pay cut does not make you a failure. Pivoting in your 40s does not make you a failure. Quite the opposite. Non-linear careers often create a faster route to success. I saw this analogy recently and it perfectly illustrates how beneficial they can be. We are taught to climb the ‘career ladder’. Often that ladder is against the wrong wall altogether. (Some don’t even want to climb a ladder at all - and that’s fine!) Instead, we should view our careers as a rock face. We might go up one route, then navigate sideways for a better one. We might even come all the way back down to find another. But there is no single route to your goal. The traditional career path we’ve been conditioned to follow is not the only way.

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If there’s one thing I can guarantee you about entrepreneurship, it’s this: It will always throw challenges at you. Young or old, male or female, beginner or pro - it’s going to be tough. But do you know what? You’ve overcome every challenge in your life so far. And whilst it might feel like it’s impossible now, you’ll look back and realise it wasn’t impossible at all. In fact, you’re more capable than you imagine.

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The UK VC workforce is 38% female, but men hold 78% of all senior roles.In the whole of the UK, just 23 women have a significant stake in a VC firm. 23!Unbelievable.As a result, all-male-owned VC funds raise 10x more capital than all-female-owned funds.And this disturbing trend spills over into business too obviously: just 2% of total VC funding goes to female-owned companies.A lot of people wondered about the ‘why’ behind the Invest in Women Taskforce…THIS is exactly why.These horrifying numbers must be changed.We’re going to make the UK the best place in the world to become a female Founder, we’re aiming for a funding pot of £250M.If you’re keen to follow along, join Hannah Bernard OBE and I on this journey, and stay updated on our LinkedIn page Invest in Women Taskforce

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Female entrepreneurs: get good at being uncomfortable.Asking rooms full of men for money is always going to be a little awkward.Being asked questions that male founders will never be asked is always going to s*ck.There’s no way around these things though, nobody is going to do it for you.Being out of your comfort zone is a prerequisite to business growth.Learn how to navigate through the discomfort and get what you need.To make it easier, seek networks with a focus on mentorship and community like AllBright for example, or Barclays’ Eagle Labs.Nothing worth doing feels entirely comfortable.So if you’re feeling uncomfortable, it means you’re likely on the right path.

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An unpleasant fact that all women should know: You need people. How hard you work or how smart you are is irrelevant if you don’t know any of the right people. People are an outsized form of leverage. Your effort and intellect are limited, they need active work to get results. But when you have relevant people in your corner, you get better outcomes without necessarily putting more in. We need other people to mention our names in rooms we aren’t in. We need other people to highlight opportunities we might otherwise miss. We need other people to confide in and receive advice from. 85% of the roles people move into come through connections. Your career progression depends on the people you know more than you realise.

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Real friends don’t ask for discounts, they pay above market price! My network/sisterhood has been my greatest asset. I’ve learned that being a good friend or ally is about the little things. - Show up even when it’s inconvenient for you - Give them gifts to show that you’re thinking of them - Support their business by becoming their first customer/client - Send cards to congratulate them on a promotion or fund-raise - Shout them out on social media to introduce them to new people - Share resources that helped you when you were the ‘newbie’ Let’s support the women in our lives by being their biggest cheerleaders regardless of how small/big their achievements are! Tag someone you appreciate :)

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Why female entrepreneurs must ‘fake it till you make it’ ⬇️ Just 35% of women feel confident enough to start their own business, compared to 55% of men. Too many women let their past determine their self-worth. This limits the boldness of our choices and lets imposter syndrome beat us. The solution is simple: Have ridiculous, blind, unshakeable self-belief. You don’t actually have to feel it’s true, but when you project this externally and slowly use your actions to generate evidence... The world will have no choice but to believe you eventually. You have to believe you can do it way before logic agrees that you can. Remember: you don’t need self-belief to act, you need to act to build self-belief.

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I’ve been scaling businesses for 25 years now. The biggest lesson I’ve learned is that: If your why isn’t strong enough, success will be hard to come by. Entrepreneurship takes a ton of commitment, hard work, and self-discipline. Knowing why you’re doing what you’re doing makes it easier to endure the hard times and makes the good times more enjoyable. Find your reason, and look within yourself and your subconscious mind. It might be that you want to show your kids what’s possible. It might be that you’re passionate about the solution your business provides. It might also be that you just like making money (no shame in admitting that, I certainly do). Whatever your why is, it has to be strong enough to keep you going through the darker times that will inevitably come. Your why will be your biggest motivation. So make sure you have extreme clarity about it.

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Who said you can’t be an amazing mum and partner while also being a successful entrepreneur?Society encourages women to pursue goals rooted in nurturing others. Newsflash: you can have all these things AND build your own business.In fact, it’s one of the great benefits of being self-employed, you get to operate on your own clock. But you must take time for yourself, whatever that looks like for you… Or you’ll burn out fast. - Be realistic and set a personal routine that works for you. - When the work or ‘mum guilt’ sets in, you have to speak back to this criticism of yourself or you’ll end up defeated by it.- Energy management > time management. Structure your day around what gives you energy. Surround yourself with the food, people, and activities that give you energy.You should never have to sacrifice personal ambition for external expectations.

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