Having the right backers goes a long way in being able to bring your dream business to life, as was discovered by Sallie Krawcheck, Co-Founder & CEO of Ellevest, when Jenny Abramson decided to invest in her startup.
Rethink Impact focuses on entrepreneurs, tech platforms, and networks that are geared towards change. They identify traditionally underfunded entrepreneurs and business models that have the potential for outsized financial and societal returns, and Ellevest happened to be one such business.
Where it all started
Jenny started Rethink Impact because she wanted to follow in the footsteps of her mother who ran a venture capital firm called Women’s Growth Capital in the late 90’s.
Back when Jenny’s mother decided to move into venture capital, women got 2.5% of all venture capital dollars but today, they get even less, which is quite a shocking stat considering how many women-run businesses are out there today.
In a recent interview with Sallie Krawcheck, Jenny speaks about how when she left school, she thought that gender issues were no longer a factor in the business world, that was until she transitioned into the tech sector and realized how uncommon it was to find another female CEO or investor at the same table as her.
It was then that she decided to finish what her mother had started by tackling gender issues within the venture capital space and by working on the social impact issues that really mattered to her.
Jenny started Rethink Impact with Heidi Patel and today they are among the 6% of all investment decision makers who are women.
Venture capital and women
Money is power and Jenny’s primary goal is to ensure that funds are reaching the people who have the ability to make the biggest difference in the long run.
Studies show that a business sees stronger returns when they have a female on their management team, which is a minor but very important reason for everyone to care about what’s happening in the venture capital space when it comes to women founders.
During her interview with Sallie, Jenny offered women who are looking to take control of their financial futures two top tips:
- It’s all about the data. Whether you’re looking to ask for a raise at work or you want to pitch your business to a panel of investors, come bearing a quantitative case.
- Invest! Put yourself in a stronger financial position by investing your money instead of having the cash lying around.
Ellevest is also playing an incredibly important role in supporting women better their financial futures. With research showing that two-thirds of wealth in the U.S. will be controlled by women by 2030, Ellevest is helping women invest and save for their life goals such as starting a business and retirement. You can find out more about what Ellevest offers here.
Women like Jenny, Heidi, and Sallie are proving that with a little help, planning, and support, women can step out of the shadows and live their dreams.