Latest / Women Disrupting Tech / How FEM-Start Helps Female Founders Get Funded | Ep. 110

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How FEM-Start Helps Female Founders Get Funded | Ep. 110 · Women Disrupting Tech

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Because so many women, there are so many women entrepreneurs and
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more are coming and they are not making a lot of money.
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So it's going and they know will not have a pension in in 20 to
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30 years. That is a crisis.
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So yeah, I think that is the sense of urgency needs to be
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communicated and lobbied. Welcome to Women Disrupting
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Tech. My name is Der Konopkas, and on
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this podcast I give the women who work in tech the platform
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they need to inspire and empower each other.
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Join me on a journey into the world of entrepreneurship,
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funding biases, and role models to discover the strategies for
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success in the tech industry. In other words, how women can
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disrupt tech. Are you ready to listen?
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Hey, welcome back to Women Disrupting Tech and thank you
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for tuning into episode 110. This podcast started with the
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statistic that only 2% of VC funding goes to female founded
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teams. And from the start, this has
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been a journey to discover why that is and what we can do about
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it. In this episode, we'll explore
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what role education can play when it comes to closing the
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funding gap. You'll hear from Femstart
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founders Marion Spear and Simona von Baisterfeld how they are
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building a global platform that teaches female entrepreneurs
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what the language of venture capital investors is, how they
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can build realistic forecasts that appeal to those investors,
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and why it's important to know your worth at the negotiation
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table. What makes this episode special
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is that it is packed with insight and inspiration for
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female entrepreneurs. One thing that struck me is that
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about 25 minutes into the episode, Marion Spears says
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something I haven't heard before on the podcast.
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She believes that the funding situation for female founders
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changes when more women owned businesses become too big to
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ignore. So when you're ready to listen
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and learn how Femstart helps female founders get funded,
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please welcome to women disrupting tech, Marion Spear
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and Simona von Baistervelt. Marion Spear, Simona von
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Baistervelt, welcome to women disrupting tech.
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Good to have you. Question I always ask at the
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start is how you got into your current job or current positions
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as founders of Femstart and Marion Floor is yours.
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Well, I organised TEDx events since 2009 and 2010.
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I started organising TEDx Amsterdam Women in 2015.
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I founded the Startup Awards because what we discovered with
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the group, the team is that the most underprivileged group was
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female entrepreneurs. And what we saw was the snowball
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effect, which was that once the women were visible and started
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learning more about how to raise funding, they were able to raise
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funding. So in 2020 after I quit FedEx
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Amsterdam Women, I founded Femstar in 2020 right before
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COVID and then after that my Co founders joined because I
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thought well it's nice that they're giving me a cup of
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coffee after they raised funding.
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But I think I should start a business with this and not just
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have a cup of coffee after one of the ladies race funding.
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Yeah, we'll get to the business part in a bit.
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So Simone, you joined 10 a bit later.
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How did you get into contact? Did you know each other?
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Yeah, we knew each other. I started my working career long
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time ago in finance and I did a lot of finance jobs and at some
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point I was working at Media Monks as a CFO.
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Media Monks is part of S4 Capital listed in the UK.
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And there we were also, that was also during COVID time and we
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were working in 34 countries with a lot of colleagues.
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And there Marion was introduced by the HR director to help us
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out on writing a code, how to engage with each other as
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colleagues. So that's where I first met
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Marion and then at some point when I already quit my job at
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Mediamonks, I started as an entrepreneur myself to help
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startup in scale UPS, making sure their back office was
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organized in a good way. So I do that as the CFO, as a
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service or financial advisor. And at some point Marian asked
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me, do you want to join as Co founder because you are more the
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complementary part of my capabilities and that's how it
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started. OK.
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So you started in COVID. How was that?
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Because currently you organize physical events and physical
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trainings. What did you start with?
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How did you make that switch, Malayan?
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So when I started, the plan was to create an incubator program
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and a global incubator program because there was no at that
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time, there were there were no incubator programs for female
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entrepreneurs mostly in the US, but not that much.
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Once, yeah, COVID was there, we said OK, then we have to create
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a digital platform. That's How I Met Jim Stolzo, who
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was one of the founders of TEDx Amsterdam, and I knew that he
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was building AT tech platforms. So I contacted him and asked him
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if he wants to help us build an AT tech platform for Femstart.
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So it was a pivot. As startups, you need to pivot
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your business constantly because the world is changing and you
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need to change with the world. So that's how it started, yeah.
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Yeah. And that's and at that point you
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really needed to pivot. Yes, we needed to.
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Pivot, because the world did change a lot.
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Yes, yes, yes. So how did you?
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But still the basis of the program is online program.
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So we have two online courses which are combined with the
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physical meetings we have. And the first online course is
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types of funding. So they're a female entrepreneur
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can learn about which types of funding are out there to finance
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the growth of your company. And the second one is meeting
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the investor where you can really see Marion interviewing
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an investor and they female founder in a real between
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brackets context with questions you can expect from an investor
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because I think that is that is a big hurdle for female
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entrepreneurs to go across doing that actual meeting with the
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investor. So, so that is the basis of our
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of our training still. Yeah.
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Can you double click on on the why that is difficult for women?
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I think twofold. So one is female entrepreneurs
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have a lack of networking to have a seat at the table.
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And the second thing is that female entrepreneurs are more
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risk averse and a bit more shy in showing what they are able to
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build with growth funding. So Marion, do you have anything
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to add there? So there are a few reasons, of
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course. Feasibility investors have
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always have what they call FOMO of fear of missing out.
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So when an entrepreneur is visible in in the press, you see
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that they receive more funding. And a lot of female
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entrepreneurs lack visibility because they're focused more on
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building the business and or creating the product.
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Another reason is access. So with networking, what we see
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is as a young man, maybe he studies said to you Delft,
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there's always somebody who will and he built something.
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There's always an uncle, a friend or a friend of a friend
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who will say, I know somebody maybe who will be able to invest
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in you, which is more difficult for women entrepreneurs.
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Once they build something, then it's oh, that's cute, cute
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business. Oh, it's nice, maybe some
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interest on Instagram, but it's not.
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That is something I don't know, but why?
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But there is another click that somebody says this could become
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a huge business. So access to networks, what we
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see now women entrepreneurs on networking more, they go to the
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next web and all these tech events.
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And then is there's a third thing called access to financial
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institutions. So this could be what I've heard
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a lot is that when my entrepreneurs will send an
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e-mail to a VC or an investor and they would not receive an
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response back, that is one. But even with banks, most of the
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time banks send the letter. That is well known, Sir, Mr. XY
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said. It is that there's where the
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bias comes in for the access to the financial institution part.
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And I think it is mostly that they don't know then that also
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sometimes not willing, but mostly they don't know the
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potential. Women entrepreneurs have women
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entrepreneurs who want to scale their business because we also
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have to focus on debt group and women with a growth potential
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and who want to scale their business.
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But are these women then still more modest about their, their,
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their business and financial projections?
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Because I would expect once you have, and this is a bit of
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testing my own bias, that once you have a growth mindset, once
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you want to grow, you don't have that modesty or not as much
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modesty, let's say. Are you asking me the question?
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So yes, So that is well known based on on research that women
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are more modest. They're honest as you can say
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it's not modest, they're honest. And we use honesty as a modest.
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We say honesty is modesty, but they're just honest in showing
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the correct numbers. So and that is how, not how the
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game is played. So understanding the game of how
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this ecosystem works is very important for a female
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entrepreneurs. I don't think it's modesty.
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I think when you're an entrepreneur, you want to grow
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your business. It is your yeah, you and you're
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focused on your product, as I said in the beginning.
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So that could be a hurdle for for female entrepreneurs.
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But nowadays, I mean, all the information is on the Internet.
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They have access to the events, there are tickets available for
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female entrepreneurs. There's so many spaces where
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they can go to to race funding. I think there's still not even
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level playing field. But yeah, I think now the bias
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comes in because all the instruments are available and
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the information. We've sort of the access is less
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of a problem is that what I'm hearing you say?
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But by still is the big problem. No, access is still a problem.
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As I said, there are the events where they say, for instance,
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there's a women in tech, they can go to the web, some they can
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go to the next web. All these events where you could
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meet investors, you have all these programs, you have
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Codefaay, you have all these programs.
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But The thing is, the moment they send out the e-mail to meet
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up, then there is no response. So yes, there's still no access
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for many female entrepreneurs who want to grow their business.
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And it starts with, of course, as we all know that it takes at
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least a year before you race funding.
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You need to have many conversations with investors.
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And if you don't have many conversations, you don't learn
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on how to approach them and or how to pitch your business.
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So you need the access. And you need also to talk to a
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lot of VCs and not just one. Not one.
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Yes, you need to talk to a lot because not everybody who is an
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investor is maybe a match for you.
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So you need to talk to at least 20 to 40 investors to know like,
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OK, this is the right partner. You know, you receive feedback,
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you apply the feedback, it becomes better your pitch, you
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know, So, yes. And that's.
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Really a problem. Yeah.
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So, Simone, how can we change that?
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How can we get that second layer of access better in place?
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So women can go to events but they once they send the e-mail,
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they get nothing back? How can we change that?
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Is that investor education that we need to do or?
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I think we need to do together because I think female
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entrepreneurs but also female investors, male investors need
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to work Better Together to start with, I think, and that's where
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Fem Start comes in, is that female entrepreneurs do need to
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educate themselves to prepare for that investment talk, right?
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Because I mean, I still don't understand why investors ask
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female entrepreneurs how they organize things with the kids at
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home and with male investor, with male entrepreneurs, they
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don't because that is still the case.
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But besides that, female entrepreneurs do need to educate
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themselves on specific terms when it comes to investment
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cases and those kind of stuff. Because I mean, I work my whole
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life in finance, but this is another type of business with
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another language. So everybody needs to learn when
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you're a female founder and wants to get money in a second
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is that, um, if male investors judge the forecasts of female
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entrepreneurs that they should keep in mind that probably those
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figures are based on realistic assumptions compared to the more
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meal forecasts where the hockey stick effects will be a bit
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higher. But we also educate the female
15:33
entrepreneurs in our course. The other side that male
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entrepreneurs have the more like the heavier hockey sticks
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presented. So not that we educate the
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female entrepreneurs, you have to do it completely differently
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according to how males do it, but they need to be a aware and
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need to be educated on this specific topic to understand the
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real potential upside of their business.
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Yeah. And also to be able to, let's
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say, prompt investors to say, hey, don't just cut 30% of my
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forecast because this is actually realistic stuff.
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And compared to men where investors are known to just cut
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20 to 30% of the forecast right away and then see if it's works,
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yes or no. Yeah.
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So, So what we, I mean, what we really try to emphasize is that
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they describe their assumptions as specific as possible in their
16:33
business case because that helps understanding the investor on
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the other side what the business case is based on so.
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Talk talk me through what you mean then How specific does does
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a founder need to get? Well, that is a difficult
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question because obviously every business case is different.
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But I think it's important to to write down assumptions which is
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handed over to the investor, like how big is the markets,
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which percentage do you want to achieve?
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What is your price? What is your price flexibility
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when it comes to your revenue? How many people do you want to
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have on the payroll? Those kind of things being very
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specific helps the investor understand your business case in
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a better way. And then if a female investor
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decides to present her more realistic scenario, then the
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investor at least understands where that business case is
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based upon. So I think I think that helps
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the female entrepreneur to to present a business case where
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she is confident about because that confidence is important in
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that meeting with the investor, right.
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So, yeah. So I think that is also what we
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educate a few more entrepreneurs.
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Is it also a bit of a mind game then, Marion, that that you're
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playing with the investor, that it's also in part there's
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knowledge, of course there's being prepared for the pitch,
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but there's also like mental prep that you need to do that
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you're really confident when you're pitching.
18:10
Well, yeah, that applies to men and to women.
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So I, I believe everybody needs to do the mental prep before.
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I don't think that's a gender based thing.
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The difference between men and men and women is that there is
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bias when the women stand in front.
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So if you're too, you know, you know your stuff, you stand
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there, you could, they would think you're too cocky.
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Or if you're, you know, a bit nervous, then you don't know
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what you're talking about. So the prep is for everybody.
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It's not just for women. But The thing is that on the
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other side, there's the bias once you're not prep.
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But I, I always think to, to stay true to yourself when
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you're standing there and not because it's like a marriage
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when you receive the funding. So if you start playing a game
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or you're acting up, you will not keep up with that.
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So I think I don't think women should change to receive
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investment. I think they need to stay like
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who they are because you have shy guys who are are pitching.
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I think you should have an investor who's not biased
19:22
because once you're, you know, being an entrepreneur goes with
19:27
ebbs and flows and you cannot have an investor who is, you
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know, like when you go, when they're when they're going, that
19:35
stuff that he looks at you because you're a woman that
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you're not doing well. I think women should remain.
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They should stay. The thing is with, and this is
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not only for women, but mostly because they do not have the
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networks, It's the lingo. You know the words.
19:54
If you understand what is ticked size, what is, what is precede
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seed, what is, you know, Series A, series B, series C, you know,
20:05
you need to understand the lingo.
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I think once you understand the lingo you communicate the
20:11
language the VCs are communicating, I think it is
20:15
easier to picture your your company.
20:19
But you should not never, never, ever change.
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You know, you can grow as a as a person, but you have to build a
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relationship with that investor. So yeah, if he's biased, he's
20:31
not going to change. Yeah.
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And and to add to that, it's also up to the entrepreneur,
20:36
male or female, to choose if you want to add an investor to your
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company, because that's also what we sometimes hear, that
20:45
investor want to have a big chunk of the equity against low
20:49
value. And then indeed, what Marian
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says stay true to yourself and don't sell your company at every
20:57
cost. You know, but that that applies
20:59
to men and women to be honest, because you, you especially
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early stage, you do not want to sell a lot of your company
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because that also means that in series come Series A, series B,
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that you have nothing to sell anymore.
21:13
Yeah. Exactly.
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And at some point, it could be very difficult because
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especially when you're precedes, you don't have enough money on
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your bank accounts when you're really desperate.
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I mean, that is, yeah, that's really difficult.
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But that still is, yeah, very important to also to, if needed,
21:37
say no, Yeah. And and that's where staying
21:42
true to yourself also comes in, yes.
21:44
Yes. So no games.
21:45
No, so, so go. But going back to Dubai, I said
21:49
because, so there's a lot, I hate to say this, but there's a
21:54
lot that can be fixed about women.
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But there's one big thing that needs to be fixed on the male
21:59
side of the equation, on the investor side, which is the bias
22:03
part. How?
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How can we go about that? I don't, I don't believe we
22:08
should fix women. I think we should educate, which
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is, you know, when you are changing careers and you don't
22:18
know a lot about the subject, you should educate, which is
22:21
like if especially you're starting a business, it's like a
22:25
career change. You should educate yourself on
22:28
the subject and not just start as women are educating
22:33
themselves how to raise funding because this is the one of the
22:38
fastest growing groups within the ecosystem.
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I think investors should educate themselves too because this is a
22:46
group that is growing within the ecosystem.
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They cannot ignore it anymore. So I don't believe in fixing,
22:55
educating. Too, But how do we educate the
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the the investors then instead? Because that doesn't isn't just
23:04
one bias training session I would think.
23:07
No I don't I 1. I don't believe in bias training
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sessions but. Why not?
23:14
Because scientifically it's proven that it doesn't work.
23:17
So what? But I'm not going into that.
23:21
But I just received the presentation on that, that it
23:24
does not work and it only shows the bias, but it doesn't change
23:29
the behaviour. I think once the group is now,
23:33
for now, especially in the Netherlands, you could see 37%
23:37
of women with a Chamber of Commerce number, the group is
23:41
growing. Once the groups becomes 6040 and
23:46
you have like say 20% of these women want to grow their
23:50
business because not all of them want to grow, just some just
23:53
want to have a business, then you'll see a bigger change.
23:56
So the only way that it will change, I don't think that
24:00
people will be able to change. The system itself will change
24:03
because the group will become so large that they cannot ignore
24:07
them. Not every entrepreneur needs
24:11
funding to grow, but once there will be more women entrepreneurs
24:15
with large businesses, they cannot, you know, then the
24:19
perception changes and then I think that is the only way from
24:23
in my opinion, it's not scientifically proven, but I
24:27
don't think vice training events and all these things will change
24:33
it because it's not a male female thing.
24:36
It's a masculine way of thinking because science proves also that
24:44
female investors are all very also very conservative.
24:48
So it's not have more female investors.
24:51
I know some of them will invest in women, but it is
24:55
scientifically proven that it doesn't change.
24:58
Okay, so yes, that's. Proven so, yeah.
25:02
No, no, no, I believe you. But it's.
25:04
It's, I think that should be more, more.
25:07
It's like the workforce. No, Before there were not many
25:11
women working 100 years ago. And because there are more women
25:16
working, it became more equal. There's still no, there's still
25:20
a big gap, but there are more women working, there are more
25:24
women who become managers. And it will take time because,
25:27
yeah, it's ingrained in the system.
25:30
But when I'm hearing you say it will sort of, at least in part,
25:34
take care of itself. Let's hope so.
25:37
OK, so you've talked to a lot of investors yourself, I suppose.
25:43
What's 1 myth that you're tired of hearing about female
25:46
founders, Maria? That they we've discussed this
25:50
beforehand because I see many myths.
25:52
Not for me the myth is the the babies.
25:55
But Simone says we should take a brother.
25:57
But I, I think what they see, especially when it's a young
26:01
female entrepreneur with a startup, they're all worried
26:05
about when they have a baby, will they still be, you know,
26:09
this hungry for the business. And I believe that women who
26:14
want to grow their business, it doesn't matter if they have a
26:16
baby or not, They will be the same.
26:18
They will not change unless they become ill.
26:21
But that could happen to men also.
26:24
Yeah, we also discussed this and as Simona had another point, but
26:30
maybe you can share your point. Yeah, Yeah.
26:33
Well, I think, I think it's broader.
26:37
So not only female entrepreneurs, but also female
26:40
in business that it's important to focus on the person itself
26:46
and the characteristics instead of she's the female.
26:50
So she will take care of the households and the kids.
26:53
And from my perspective, I also hope to be a role model myself
26:59
for women in business, but also for female entrepreneurs, that
27:02
it is possible to at some point become a CFO or a entrepreneur
27:08
while raising 3 kids who are now 1416 and 18.
27:13
And that it goes hand in hand with a balance between work and
27:18
private, which is, which is good.
27:20
But I, I think it's important that you need environments also
27:24
for the support in a positive way instead of how are you going
27:29
to organize it with the kids and asking that question, right?
27:33
I mean, I think it's very important to to be treated equal
27:37
from that perspective. So to, to also, I either ask men
27:43
the same question on how, how do you, do you have kids?
27:47
Do you plan to have kids? How is this?
27:50
How do you want to organize this with your partner together?
27:54
Because I think it's it's important also that this becomes
27:58
a shared responsibility. Definitely.
28:00
Not just because otherwise we risk perpetuating the bias that
28:05
women will take care of of the kids.
28:08
Yeah. So having that said, I think
28:11
yeah indeed it's it's a broader discussion where for example,
28:15
hey, you, you in the Netherlands now you have the law with a
28:18
percentage on boards of of females etcetera.
28:22
I question if getting laws in place, I mean it, it might help
28:27
but in the end we all need to do together.
28:29
Do you think quota will help? Well, I still think that's a
28:32
difficult question to ask because I think that diversity
28:38
imports is very important, but that not only relates to gender.
28:43
So that's one. And second, I still think that
28:47
you have to choose for the best fit slash quality in a certain
28:53
role, but that is difficult to judge if you only look at
29:00
gender, if you understand what I mean.
29:04
So for the company itself, a diverse board is very important.
29:08
But at some point, if a board is already there with a certain
29:14
with a certain setting and you need to add an extra person, why
29:17
couldn't it be the a meal? It's more about capabilities,
29:23
but my point there is always that if you look at the best
29:27
person or the best fit, that is really looked through a biased
29:32
gender lens. So if a woman is a fit and this
29:38
there there's, I'm reading a book about the 40 cap right now.
29:43
It's until they get to the top, they are sort of seen as less
29:49
capable. Once they get to the top level,
29:52
it sort of equalizes, especially if they you have a woman become
29:59
ACEO, then it's sort of because then she has the title.
30:03
So then you know, all else equal almost.
30:06
But until that time, there are still a lot of bias where in
30:12
place, where, where. And this is also why I
30:15
continuously sort of pitch a bit on the on the on the bias card,
30:20
let's say of the of the tech. There's still a lot of bias that
30:25
prevents women from being seen as the best fit.
30:28
Yeah, but also that if, if a female's asked to do promotion,
30:36
then she thinks about it and then she needs to make sure that
30:40
she's capable for 200% whilst male just says yes, right.
30:47
So that's also, I think from that perspective, you need to
30:50
have the environment there to make sure that also for women in
30:56
business or entrepreneurs are able to flourish and are able to
31:01
or that they feel that they can make the next step.
31:04
Yeah, yeah, true. So, so Maria and I want to just
31:09
switch back to you for a minute because the FEM start is, is
31:14
important education platform. Are there any things that you
31:20
think should be taught at school instead of having FEM Start
31:24
teach women entrepreneurs? So Femstart is an education
31:29
platform, it's an ad tech platform 1st and I've worked in
31:34
education for eight years. I know the University of Applied
31:37
Sciences in Amsterdam has an entrepreneurship program and
31:41
more than 50% of the of the school consists of women.
31:47
I don't think there's an issue there.
31:49
What we are focusing on is how to raise funding, which is a
31:54
different from being an entrepreneur.
31:57
You can be an entrepreneur, but you don't not need or want to
32:01
raise funding. So what we're focusing is on is
32:04
the gap and I think they could create a minor for that program.
32:11
We have to be honest and and this is not a large group.
32:16
And when you start a school adverts in education, you look
32:20
at and we would say the Tom sum sum of education and and is it,
32:26
are there enough students who will apply for this program?
32:33
As I said before, you have 800,000, you have 37% of the
32:39
entrepreneurs are women. They have a KAFI car number, but
32:43
that doesn't mean that all of them want to grow their
32:46
business. So we are just focusing on the
32:49
ones that want to grow their business, which is not a very
32:54
large group in the Netherlands. And we have to be honest about
32:58
it, how large the group is. I hope June 13th Code of Faith
33:03
will give us the answer, but if they do not have the answer, we
33:06
still will not know. We only know that there are
33:09
800,000 women who have a Chamber of Commerce in America.
33:14
So there's a group that wants to grow the business and there's a
33:19
group who doesn't know that they need to grow their business.
33:23
Yeah, I think it, it is a small program of the university, but I
33:28
do not think that every school, I don't know.
33:32
But if, if we take it a bit broader, hey, if we look at it,
33:36
not only the funding part, but more the entrepreneurship part,
33:40
also a quote, UN quote, selling yourself or pitching yourself,
33:44
which you have to do either way, even if you don't want to grow,
33:47
you still have to sell your product at some in some way,
33:50
shape or form, right? Is that something that we also
33:54
should start teaching women how to do?
33:58
But they're already teaching that, but they teaching it in
34:01
the entrepreneurship program, which is different from from
34:05
fundraising, which is they teaching them of course how to
34:10
pitch. But what we are focusing on is
34:13
access to networks, access to financial institutions, those
34:18
topics, you know that they teach them how to build a business.
34:24
But the access to networks and access to institutions, that's
34:28
something I don't know if they teach it, I don't think so.
34:31
Now what I'm was trying to point out is if you look at the
34:35
entrepreneurship curriculum, that already reaches a small
34:39
subset of the students who are interested in that.
34:42
I was looking at a state one stage, sorry, one stage earlier.
34:47
So really in high school or maybe and really start earlier,
34:53
because I think most of how I understand this to work is that
34:57
most of the traits that you have as a person you get in the first
35:02
seven years or so of your life. Most of the the capabilities are
35:07
instilled at that point. So if you're not, you don't ever
35:10
have anyone around you who's an entrepreneur, Chances of you
35:14
becoming an entrepreneur are still to none.
35:16
The same applies also to dealing, dealing with situations
35:20
where you have to sell yourself. If you are not in a position
35:24
where you have to, let's say, yeah, maybe sell yourself.
35:30
I I've had so many small children at my door over the
35:34
past few weeks trying to sell me something, which is a lot of
35:39
fun, but it's it's a small they are children of entrepreneurs
35:43
because I always ask, is your father or mother an
35:45
entrepreneur? Yeah, yeah, My, my father has a
35:48
business this so I. I I think Mbo, I don't know how
35:52
you say it's vocational. Studies, yeah.
35:54
Vocational studies, yeah. They have entrepreneurship
35:56
programs, They have it. So it's already being taught.
36:00
It's different than 10 years ago, but I know that most
36:05
educational studies have entrepreneurial program.
36:08
OK. So it's getting pushed to
36:11
earlier stages of education. For sure, sure.
36:14
Yeah. So I was wondering with
36:17
Femstart, you're organizing, you're an ad tech platform.
36:20
What kind of entrepreneurs are you most excited to have there
36:25
except that they want to grow their business?
36:27
Do you focus on specific sectors?
36:30
Do you know I see a no. No, no, I think every female
36:34
entrepreneur who is willing to get education on how to grow
36:38
their business is very welcome. So, so no specific branches, no
36:42
specific. Well, we have two, two types of
36:46
programs actually. We have the growth program and
36:48
that is for the female entrepreneurs who are probably
36:52
still in the precede stage. And we have the next level
36:55
training where female entrepreneurs already have
36:59
revenue and and that is the second program.
37:02
But all the female entrepreneurs doesn't matter which brands are
37:06
more than welcome to join. Except that it needs to be sort
37:09
of early stage, or let's say not not late stage.
37:14
So series B probably would be, but then.
37:16
Correct, because it really relates to education on how
37:21
Marion says it, the lingo, what you can expect in raising money
37:25
for your business. Cool.
37:27
I wanted to move a bit to your personal experience, how it's
37:31
shaped your journey. So Marion, you worked in in
37:34
innovation and leadership. How does that help you build Fem
37:39
Start? I think my educational
37:42
background helps with understanding on how people
37:48
learn because I worked in education for many years.
37:53
That is 1. I think I'm an entrepreneur
37:56
since 2012. I know it goes in absent flows.
37:59
It never is never like a straight line.
38:03
So perseverance is important as an entrepreneur because the
38:08
moment you think you're completely down, it goes up
38:11
again. And I don't know, it's something
38:13
miraculous about being an entrepreneur and I cannot
38:15
explain it, but that helps also to understand entrepreneurs.
38:22
Honestly, I must say I have not encountered a lot of bias
38:26
raising funding, maybe because I had like in Dutch, they would
38:30
say bought from a cop. When I would go for funding, I
38:33
would just ask. But also, of course, like really
38:38
struggling with a, with my business.
38:40
I in the beginning, I, I really struggled.
38:43
So I understand the hardship of being an believe in in making
38:48
something out of it and also constantly pivoting.
38:51
So that is the innovative part. The leadership part is the many
38:56
management positions I had which not do not come to play as with
39:03
the with the entrepreneurs, but mostly with stakeholder
39:08
management because we have a lot of stakeholders also now because
39:12
you also have AB to B platform. Yeah.
39:15
So it is so many things come to play when you're an
39:19
entrepreneur. And that's why I encourage young
39:22
people who immediately want to become an entrepreneur first to
39:25
get a job. Unless you're like a talent
39:28
talented entrepreneur and you have a family who can support
39:32
you. It is very good to have a
39:36
regular job first, to know how it works, the system to be
39:40
organized, to be disciplined to. Yeah, to report to, to know how
39:48
to work with colleagues. Yeah, that that helps.
39:52
So also to see a job. As as sort of education prep
39:56
education for entrepreneurship, then yeah, well, education.
40:01
Prep. It is a prep before.
40:03
I believe that. I think if you look at
40:06
successful entrepreneurs, you have a few.
40:10
Talents. Like the guy from Apple, but
40:13
most had a job before they started, you know, and they
40:17
started with their colleagues or with friends.
40:20
But it is it it helps it helps to just understand how to do the
40:26
job. So, Simone, you.
40:29
You have a background in finance also.
40:31
Did you also handle investors? Not per SE, but obviously.
40:35
As a controller slash CFO, you do handle stakeholders in the
40:40
broadest sense. So from that perspective, yes.
40:44
But I think the investor language is completely different
40:48
to regular finance, which also explained to you before.
40:52
So that was partly new for me, but I mean, the basics in
40:56
finance need to be that's what we also educate your basics in
41:01
finance need to be on par before an investor joins.
41:05
So from that perspective, that helps me in educating the female
41:10
entrepreneurs. Not that we have a training for
41:12
financial household of your company, but we do explain a few
41:16
things which you need to have in place and also like making sure
41:21
that you do your tax returns in time, those kind of stuff.
41:24
I mean, it's if you have a backlog in that, I mean, you
41:27
don't want to know at some point you could have big issues.
41:29
You just, I mean and that's not necessary.
41:32
So just make sure that your finances and your bookkeeping is
41:37
is up and running that there is a difference between P&L and
41:40
cash flow and because that is still difficult to understand,
41:44
but that's where she will say cash is king.
41:46
I mean if you don't have any money on your bank account and
41:49
you're and you're lost, but it's different.
41:51
I mean you can make a profit but don't have the money in your
41:53
bank yet. So, so those kind of kind of
41:55
things. And obviously when female
41:57
founders have questions about making forecast plus I can high
42:01
level help them out and give them some pointers.
42:04
So yeah, that's from my perspective.
42:08
I think what helps does do you think a founder.
42:11
Needs to know his or her finances by heart, yes.
42:17
Yes, I do. I do think and then specific on
42:20
the main KPIs, because the founder knows his or her
42:26
business the best. I mean, I believe that that he
42:30
or she should know, know the business case by heart because
42:33
if if he or she doesn't know it, then what should an investor do
42:37
with it, right. So, yeah, because I also think
42:40
if you know the heart, they also know the possibilities in your
42:45
business case. And do you then you know where
42:47
to turn the the dials to make things better or different or
42:52
quicker or slower or whatever? Yeah.
42:56
So I'm. Definitely confused.
42:58
By that. OK, Mario, how about you?
43:01
Of course, that is the first. Mistake I made that I didn't
43:05
know my finances, my heart. And now I know.
43:08
Like every penny I spent. So yeah.
43:11
But I I can know. Every penny I spend and still
43:14
have no overview of of the picture as well and.
43:18
Have the overview. I have the overview.
43:20
I know like even with the bookkeeper, he would send
43:24
something and I would send something back.
43:27
I know even the laws. So, yeah, I, I, I take a deep
43:32
dive in everything, even the tax laws, the things that are
43:35
changing because, yeah, once you are burned once, then you learn,
43:40
you know, and because when you're an entrepreneur, you're
43:43
so focused on building the business and, and, and, and
43:48
making money, but you're not focused on handling the
43:52
finances. And it is important to know how
43:58
to handle your finances and your taxes also to be able to.
44:03
Outshort it to a bookkeeper, yes.
44:07
Yeah. When you're outsources.
44:09
You need to know what he's doing.
44:10
You need to read what he's doing.
44:12
You know, he's also a human being or she, they can make
44:16
mistakes. But not even, I think it's just
44:20
not finances. It's also the legal part of your
44:24
business. You know that it's set up right,
44:27
You know, legally. So I want to move a bit.
44:32
To words to future fam start, if I remember correctly from the
44:36
start, Marion, you wanted to build a want to build a global
44:40
platform that's say it's 10 years from now you have that
44:45
global platform. So it's not just the Netherlands
44:49
or Europe, but it's really everywhere.
44:52
What is the one thing step that has taken you there?
44:56
What has changed, I think, for us?
44:59
The challenge is how can we scale up the technical part of
45:07
our platform. So that is once we take that
45:11
hurdle, I think you can go global, which is also a hurdle
45:16
for every tech entrepreneur. So does it work in the
45:21
Netherlands and then tested in other countries?
45:26
Yeah. So I think the first hurdle is
45:29
the tech part of the platform to to Caleb find the right product
45:35
market fits for that and then go global.
45:39
But that is the Holy Grail of entrepreneurship.
45:41
Yeah, yeah. So, Simone, I see you smile.
45:46
Yeah, that is because Marion says that's.
45:48
The Holy Grail of entrepreneurship.
45:50
If we go now and then, everything will be easy, right?
45:54
But what what needs to happen in?
45:55
Your view to to go global except for the technical, the yeah, the
46:01
technical capabilities. Are there any other things?
46:05
No, I think Marion. Just said I think product market
46:09
fits in other countries. That is the next step.
46:12
Look the the the IT works. If you look at our LinkedIn, you
46:15
see women are raising funding, You see the results.
46:19
It's not. We're not lying.
46:21
No, it is. The impact is there and the
46:25
thing. Is who are these?
46:27
Women different, right? So yes, who are these women with
46:31
growth potential? Because it's different from who
46:34
are The Who are female entrepreneurs.
46:37
If you create an entrepreneurship program, you
46:39
can reach all the 800,000 women in the Netherlands.
46:43
You say that's your market, but who are these women who want to
46:47
grow their business and who want to raise funding finding in a in
46:52
a different? Setting in a different culture
46:54
and a different language, yes. So you.
46:57
Briefly entered on. On results, Marion, can you name
47:02
one female founder that you're particularly proud of who raised
47:06
who managed to raise funding, proud of all the.
47:10
Women, you know, it is not easy to raise funding.
47:13
It is not easy and it means somebody needs to trust in you.
47:17
We have the women who we kick started, we give them a kick
47:23
start through the startup awards who raised funding in millions
47:27
and 1,000,002 million, 3 million.
47:30
And we have the woman who raised funding through our program
47:34
200,000. Now we're hearing 500,000 but
47:38
also 17 have 50,000. So it's every amount that help
47:47
bridge the funding gap that is important.
47:50
I cannot say one woman no, because all of them are are
47:54
heroes for me. It is not easy.
47:57
It's not easy for men and so it's not easy for women.
48:00
No, that that is true. But.
48:03
OK. Are you, are you proud of
48:05
specific collaborations you've helped accomplish, for instance,
48:10
the Fem start awards that you organize or that her capital
48:15
connection? Yeah, well, I think we are proud
48:18
of. All our partners, so our first
48:20
partner was KPMG Maybach, which is really great.
48:23
So when it comes to Texas that the female entrepreneurs have a
48:27
low entrance to a very big firm with a lot of knowledge, but
48:31
they can really be global from the starts.
48:33
Sorry, also global. Yes, also.
48:36
Global, so that is great. The other one important partner
48:39
we wanted to add to our to our Fem Starts community is legal.
48:45
So we are proud of AO Sherman and to be our partner.
48:49
That is what we have seen developing and what we are in
48:53
favour of that Fem Start is part of an ecosystem which needs to
48:58
change, right. So from that perspective, we are
49:01
proud of her capital connection that different partners in that
49:05
ecosystem work together to create awareness to give the
49:09
female founders a platform where also investors are part of it.
49:13
So we keep on saying Fem Start is the educational platform in
49:18
that ecosystem. And if every, if every
49:22
organization plays her or his role in a good way, we can close
49:29
that funding gap. Yeah.
49:31
Is that also? A bit of the I was looking for
49:34
the right word here, but also knowing your role.
49:41
That you're part of an ecosystem.
49:43
And you solve this particular problem in your, in your case,
49:46
it's educational female founders who get to understand how to
49:50
pitch their start up to an investor and what to be mindful
49:56
of in terms of being a founder. Is that also part of the
50:00
strength of fem start? That you only focus on this part
50:03
and that you outsource all the other work, that you collaborate
50:07
for all the other parts that are needed, like bookkeeping, like
50:12
tax advise, like ego advise, that you just you don't build
50:16
the whole thing yourself. No, because I think from that.
50:19
Perspective tax is very complicated specialism legal as
50:24
well. So yeah.
50:27
So I think that is really that is a really conscious decision
50:31
that we don't try to do that what other people can do way
50:37
better because they had a lot of education before and already
50:41
built brands globally. So, yeah, that is, I think
50:45
that's a conscious decision and that's something extra which we
50:49
give to that female entrepreneurs where and then we
50:52
go back to when we where we started is that female
50:54
entrepreneurs do lack networking on different topics.
50:59
And so also on taxes, also on legal.
51:02
So we give them access also to those networks.
51:07
So you provide the access. But then they have to act
51:10
themselves. In getting.
51:14
The right advice? On the topics, they have cool
51:18
sounds. Like a great place to move to my
51:20
last question. So I'm on a mission to make
51:23
inclusion in tech 2 new normal by the end of 2032 on What would
51:28
be your advice to me? What what what both action
51:33
should I take or should men in general take to get there?
51:38
I think, but how? Do you want like what do you
51:42
mean by that? Because then then I can answer
51:45
your question correctly. So inclusion in tech to.
51:48
Really make it applicable to funding is that I want to
51:54
achieve a state where funding of mixed teams is to norm by the
52:00
end of 2032. So if you have I always forget
52:04
what the English word is, but in Dutch it's a normal for daily.
52:09
So you have 80% in the middle, 80% is funded, funding goes.
52:15
To mixed teams. Because then you have the
52:18
inclusion, the diversity that you need on boards or on
52:22
startups and you get better products as a result.
52:26
So that's and then there are 10% women and there are 10% men
52:32
because they are really good, just really good at what they
52:36
do, which by the way, I think the 10% and still was a big, a
52:40
lot bigger percentage than we have now.
52:44
Well, I think once for the. Successful entrepreneurs is not
52:47
just only by good what they do, it's also how they know how to
52:50
play the game. So you have an ecosystem and
52:54
there are many players in that ecosystem.
52:56
You have the government who plays a role.
53:00
So if you want to change that, then you have to start lobbying
53:05
and key players who can help you with that at the Ministry of
53:09
Economic Affairs. Then you have the feces who are
53:15
the ones that are investing in entrepreneurs.
53:18
So that is also a lobby because I don't, I think, I think you
53:24
position yourself for me. It's just not clear what your
53:27
role would be. But what I hear is you're
53:30
positioning yourself as a evangelist lobbyist.
53:34
So I think there is where you need to lobby.
53:36
It's the, the, the, the Ministry of Economic Affairs, the
53:41
government, because they have the instruments, they are able
53:47
to change this system. They have the money to do that.
53:52
If they can invest so much money in Invest NL, they can invest so
53:56
much money in creating even ecosystem.
54:01
So that is where and then once, you know, once the government
54:06
creates the instruments, the feces and the England fest and
54:10
everybody will follow because they are the only ones in the
54:14
Netherlands who will be able and has the the money to do that,
54:20
the capital to do that. I don't think if you want this
54:25
is 7 years, but it's a lot of lobbying.
54:30
I think the communication towards women entrepreneurs,
54:33
it's been, you know, of course it should be, but that is also
54:37
where the government can play a role in.
54:40
It's just like how they play the role in less smoking or you
54:45
know, so this is a crisis because so many women, there are
54:52
so many women entrepreneurs and more are coming and there are
54:55
not making a lot of money. So it's going and they know will
54:59
not have a pension in in 20 to 30 years and it's a crisis.
55:05
So yeah, I think that is the sense of urgency needs to be
55:08
communicated and lobbied. So if you could play a role in
55:12
that, that'll be great. I'm more than happy to.
55:14
But. Thanks for sharing, Simona.
55:18
Nothing to add to this, Dan. Thanks.
55:20
Very much for an. Amazing conversation.
55:22
Simona and Mariam really enjoyed this.
55:25
I hope you did too. Thank you if people that.
55:29
Would like to learn. More about femstart or connect
55:32
with you? Where would you like to send
55:34
them? WWW dot.
55:37
Famstart.com anditsalready.com. Yes, yes dot NL.
55:45
It's dot dot dot dot everywhere. OK, cool.
55:50
So. Famstar.com. famstar.com Yes.
55:54
Where can they connect? With you.
55:55
Personally on LinkedIn. LinkedIn, of course.
56:01
Cool. And we'll include.
56:02
Those things in the show notes. So Simona von Baiserfeld, Marian
56:08
Speer, thank you very much for an amazing conversation.
56:11
This nurse, thank you very much for listening.
56:13
And until the next episode, keep being awesome.
56:20
Well, that's a wrap for episode 110 of Women Disrupting Tech
56:25
with Marian Speer and Simona von Baiserfeld on how Femstart helps
56:30
female founders get funded. Marion, Simona, and I hope that
56:34
you found this conversation as inspiring and educational as we
56:38
intended it to be. And if you have any questions
56:41
for Marion or Simona or maybe for me, please leave them in the
56:45
comments on Spotify, Apple or YouTube.
56:49
I do read all the comments and I will make sure they get
56:51
answered. If you'd like to learn more
56:53
about Marion, Speer, Simona, von Baisdefeld and Femstart, please
56:57
check out the links in the show notes.
56:59
And as usual, you can find show notes at Women Disrupting Tech
57:03
dot blog. The link is also in the
57:05
description. If you've enjoyed this episode,
57:09
please consider leaving a rating or a review on Apple or Spotify.
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I hope to see you in the next episode and until then, keep
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