Women Challenging the Status Quo: Building Businesses Their Way

Event Context and Objectives

• The Milken Institute focused the year's forum on women and girls, setting a specific goal to increase female representation from 10% to 30% within one year.
• Editor-in-Chief Joyce Chang highlighted a mix of momentum (e.g., Lean In, Hillary Clinton's campaign) and "reality checks" regarding gender inequality, citing the Sony email leak and Charlize Theron's wage gap experiences.
• The panel aimed to move beyond identifying problems to discussing actionable strategies for entrepreneurship, investment, and cultural change.

Industry Status and Statistical Trends

• Beauty Industry Scale: The global beauty and wellness services market is an $80 billion annual industry, yet remains largely ignored by Silicon Valley.
• VC Representation: Women currently hold only 6% of venture capital partner roles, a figure that has decreased from 10% in previous years.
• Investment Returns: Female investors are three times more likely to invest in female entrepreneurs.
• Performance Metrics: Female-founded companies demonstrate 35% greater return on equity compared to male-founded companies, suggesting higher capital efficiency.
• Education Gap: The number of women graduating with computer science degrees is declining, creating a potential bottleneck for future technological leadership.
• Investment Behavior: While men reinvest 30% of their income into their families and communities, women reinvest 90%.

Entrepreneurial and Corporate Dynamics

• The "Boys Club" Barrier: Despite the "spotlight" on women, participants noted a persistent "wall" where female entrepreneurs face higher scrutiny regarding their pitch viability compared to male counterparts.
• Agency Influence: CAA agents are actively using salary data to influence studio negotiations and raise consciousness regarding pay equity, a strategy described as "untraditional."
• Startup vs. Corporate Path: Many panelists noted a shift where women increasingly choose to leave corporate structures to found their own companies to avoid the "talent drain" caused by rigid hierarchies.
• Bootstrapping Strategy: StyleSeat and other ventures noted that rejecting non-aligned investors initially led to successful bootstrapping, allowing companies to prove metrics before accepting capital.
• Character Perception: Women face a dichotomy where assertiveness is often labeled as "aggressive" or a "bitch," whereas the same behavior in men is viewed as "strong" or a "bulldog."

Mentorship and Leadership Development

• The Confidence Gap: Participants cited the book The Confidence Gap, noting that men tend to apply for roles when meeting 60% of criteria, while women often wait until meeting 100%.
• Reverse Mentorship: Panelists advocated for "reverse mentorship," where senior leaders learn emerging trends (e.g., Snapchat, Gen Z behaviors) from younger employees to stay relevant.
• Frindtorship: A concept coined by the panel involves peer-to-peer mentorship among women (ages 25–45) to address shared challenges like balancing childcare with business, distinct from traditional top-down mentoring.
• De-mentorship: The panel acknowledged that "struggle" and past mentors who stood in their way were instrumental in shaping resilience and professional identity.
• Key Advice for Fundraising: Successful fundraising requires securing a mentor who has recently raised $100M+ to guide pitch mechanics, email etiquette, and introduction protocols.

Personal Narratives and Societal Impact

• Minka Kelly's Philanthropy: Kelly works with Fashion Able to employ women in Africa, noting that providing tools for dignity is more effective than handouts, as women seek to work rather than receive aid.
• Malia McCluskey's Motivation: Her drive is personal, rooted in her mother's history as a sex worker who sacrificed for her family; she aims to prevent her nieces from facing the same barriers.
• Poonah Mohajer's Heritage: Mohajer credits her immigrant parents for instilling tenacity, noting that they worked tirelessly to provide opportunities she now uses to mentor young girls.
• Robin Ward's Experience: Ward noted that while seeking female mentors, she has heavily relied on male mentors who "put their neck out" to advocate for her credibility with investors.
• Shift in Success Metrics: Several panelists described a personal transition from defining success by "what" (awards, exits) to "who" (community, support systems) and the ability to uplift others.

Future Outlook and Challenges

• Technology as a Catalyst: Panelists agree that entrepreneurship and STEM literacy are the most viable levers to accelerate gender equality compared to slow-moving traditional corporate structures.
• The "30% Goal": While 30% is a concrete target, some panelists suggested it is arbitrary and that the true goal should be 50%, though the specific number serves as a necessary motivator for the next phase of progress.
• Millennial Trends: Younger generations are described as more narcissistic and self-expressive, which may inadvertently aid women in breaking traditional molds and demanding work-life balance.
• Institutional Change: Participants emphasized that while the "spotlight" creates pressure, it also forces investors and institutions to look at deals they previously would have ignored.
• Long-term Vision: The ultimate goal is not just representation in the "corner office," but the creation of industries where women lead, define success, and reinvest heavily in the next generation.