200 Gender Diverse Startups Breaking the Mold
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TECHLEAP.NL | BID BOOK 200 gender diverse startups breaking the mold We, forward moving VCs, believe in equal access to funding and opportunity for all founders Help us make it happen! #FundRight · 200 gender diverse startups 003 Preface Even though it is a long-standing insight that diverse teams perform better, there is still a lack of diversity in the VC sector and the founding/ management teams of startups. According to research of TechLeap.NL, only 0.8% of investments (from 2008 to 2019) into Dutch startups and scaleups, including venture capital, was invested in female-founder teams and 4.9% in mixed teams. This shows a decline from previous research conducted by Janneke Niessen and Eva de Mol. That’s why it is so important that over 30 progres- sive VCs decided to take action by setting up #Fundright, as a foundation for tangible change. They commit to a diversity statement that will ensure that founders of startups in the Netherlands have equal access to funding regardless of their gender. With #FundRight they also show what can happen when the debate on diversity in entrepreneurship is mainly focused on opportunities. Mixed teams outperform mono-teams and VCs and startups that embrace diversity make themselves more versatile, resilient and stronger. So why should you, as an investor, not reap the rewards of this? That’s why, with this book, we want to focus on the opportunities for VCs and startups with diverse teams by showcasing 200 promising Dutch start- ups with at least one female in the founding team. Of course, their potential will only materialise when they get sufficient investments and paying customers, so we’re looking forward to connecting you with these highly-impactful entrepreneurs. We need all VCs to take responsibility for investing more in women-led companies and diverse teams. The current situation is not only a waste of tal- ent, but such a monoculture can also threaten the success of companies. So join #FundRight and let’s work together to make the Dutch startup ecosys- tem more diverse! Constantijn van Oranje Special Envoy—TechLeap.NL 004 Diversity Statement Venture Capital #FundRight · 200 gender diverse startups 005 Diversity We, the undersigned Dutch Starting Point Statement VCs, believe in equal access We care about all aspects of diversity. The first Venture to funding and opportunity step will focus on creating working models around for all founders, irrespective increasing gender diversity in the Dutch ecosys- Capital of their background or gender. tem. Progress will be tracked and monitored and lessons learned shared so they can be adopted into A joint initiative by measures to further increase diversity beyond gen- Dutch VC firms A prevalent example is that der diversity and expanded to European investor and TechLeap.NL currently only ~2% of all networks. Dutch VC capital is invested We are aware of the impact of unconscious bias and in female-founded or female the effort it will, therefore, take to change this and co-founded companies. This other deeply ingrained prejudices. This will require structural measures and a long term commitment is despite the fact that research of all parties involved. shows that diverse teams positively impact performance. Therefore, in our joint effort to create a more Moreover, investing in diversity diverse startup ecosystem in the Netherlands, we will commit ourselves for the next three years is the right thing to do. to the following goals and actions. We want to create the optimal startup ecosystem in the Netherlands. To achieve this Goals we need to maximize diversity for all our talent. We, the undersigned VCs and TechLeap.NL commit to the following goals: With this statement, we take • Within 3 years of this statement, all participat- a stance to #FundRight and ing VC companies* and the management teams invite other parties to join. of their current portfolio companies will have Together we can make a dif- a diverse mix including 35% women. ference in achieving a diverse • A considerable percentage of the companies startup ecosystem! (co-)invested in are (co-)founded by a woman. • We will, carried out by TechLeap.NL, publish Join us at an annual report of key statistics in relation to www.fundright.nl the gender diversity of Dutch VC and their portfolio companies. • We actively propagate our statement, share our learnings and approaches with the end goal of signing up 100% of all Dutch VCs by 2022. * partners, advisory board, investment committee 006 Diversity Statement Venture Capital #FundRight · 200 gender diverse startups 007 Actions Inclusion Clause Over 30 Dutch VCs Legal documents We strive to invest in companies that are conscious- undersigned An inclusion clause will be added to the term sheets ly working to create a diverse leadership team – one the statement of the participating VC companies (see an example that’s inclusive across gender, ethnicity, age, sexual of an inclusion clause on the right). orientation, disabilities and national origins. While Are you next? we would never impose hiring decisions, we aim to www.fundright.nl Annual overview reduce the potential impact of unconscious bias for To give an overview of the Dutch VC landscape key C-Level, advisory board, supervisory board and and gender diversity, TechLeap.NL will work with senior roles within a Company. We, therefore, ask all partners involved on creating an annual report that each portfolio company include an “inclusion (based on anonymous data) including, but not rule” in its HR policies so that at least one woman limited to data on: and/or member of a population currently under- • Diversity of investment committees represented within the company shall be formally • Diversity of management of portfolio companies interviewed for any open executive position.” (for new and existing investments) • Invested capital per category (i.e. female, male, mixed teams) Speaking engagements All parties involved will hold up to only participat- ing in events as jury members or speakers that have a high level of diversity in those taking part. Communication To share and communicate our learnings, insights, and commitment to external stakeholders. Operations Screen all communication and recruitment pro- cesses for diversity sensitivity to avoid implicit bias and encourage diversity. Our commitment to this statement is for three years. After this period the statement will be revised. 008 Table of Content #FundRight · 200 gender diverse startups 009 Definin the symbols 200 gender 3D Printing 025 diverse Healtcare / Wellness / Fitness Advanced materials startups 043 Artificial Intelligence Connectivity Blockchain 010 057 Alexander Ribbink Design / Fashion / Art Big Data & Eline Leijten Double talk 065 Biotech Enterprise software & solutions Cleantech Index 079 Cybersecurity Food / Agriculture 003 Preface Immersive media Constantijn van Oranje 091 Home / Living 004 Diversity Statement Impact Venture Capital #FundRight 097 Nanotechnology Education 010 ‘If we de nothing we know for sure that nothing will change’ Why we Smart Cities & IOT Alexander Ribbink & Eline Leijten 105 take a stand Other industries Robotics & Automation 016 The Bigger Picture on diversity Insights on the ecosystem 046 024 Bid book Tom Kist 200 gender diverse startups Slingshot Ventures 082 124 Index Eva de Mol Janneke Niessen 126 Colophon Capital T 100 Johan van Mil Peak Capital 010 Alexander Ribbink & Eline Leijten #FundRight · 200 gender diverse startups 011 They are both strong advocates for a more diverse tech sector: General Partner Double talk and Co-Founder of Keen Venture Partners Alexander Ribbink Alexander Ribbink and CEO of Plugify, & Eline Leijten Eline Leijten. He as co-VC-founder of #FundRight, she as a well-known female role model in tech. On the basis of four persistent prejudices, we discussed with them why #FundRight is needed to pro- duce lasting change. ‘If we do nothing, we know ‘The ambition with #FundRight is solid’, says Alexander Ribbink. ‘We give ourselves three years to reach the goal.’ It is also for this reason for sure that, immediately after the launch of #FundRi- ght, he sent e-mails to all the CEOs of his portfo- lio companies, saying that he wanted to discuss these objectives with them. Because the agree- that ments in the statement also apply to portfolio companies of the VCs. The message is clear: the time for talking is nothing over, the time for action has come. Eline Leijten couldn’t agree more. Eline is an advocate for a more diverse tech sector, as an entrepreneur, as a role model and a member of the Inspiring will Fifty. She’s glad that with #FundRight, a broad- er movement has now arisen. “The launch of #Fundright was really a milestone to celebrate. I’m thrilled to see how many women and men change’ are fully committed to the economic – and mor- al need for more diversity and inclusion in our homogenous startup ecosystem. The initiators of #FundRight make a major contribution to this.” Although it seems that the sector has really been awakened by #FundRight, that does not mean that the work is done. On the contrary: now is the time for words to become action and for even more VCs to feel compelled to join. The 012 Alexander Ribbink & Eline Leijten #FundRight · 200 gender diverse startups 013 only question is: how do we convince them? Time to play the devil’s advocate and ask Eline Only 1.6% of and Alexander four pressing questions that live VC-funding in in the minds of many #FundRight-critics in the hope that by digging a bit deeper, we can get the Netherlands them to join this initiative. goes to women Why should I invest in women-led teams? led ventures I don’t see any good female entrepreneurs and I don’t meet them either. Eline: “To the people who think that I would like to start by saying: take a look at this bid book.