Women-Focused VCs Are Betting That Leveling the Playing Field Will Result in Women Winning

4min read

Feature Photo courtesy of Chloe Capital

At the end of 2019, a District Court judge in California ruled that players on the U.S. women's national soccer team—that year's World Champions—could go forward with class-action status in their gender discrimination suit against the federation.

This was in the same year that Nike shut down its notoriously imbalanced track and field training program (zero women coaches in the senior ranks) amid accusations of sexist and damaging coaching.

Women in sports have made massive, fast progress toward equality over the past several decades, and a big part of that improvement has been thanks to a concerted, legal, and global effort to level playing fields. Leveling the playing fields has meant letting women have a seat at the table—all of the tables.

For instance, since 2012, no Olympic sports have been allowed to exclude women, and women's overall participation in the games is now nearing 50%.

"There are many parallels between women's positions right now in sports and in business," says Elisa Miller-Out, co-founder of the seed stage venture capital firm Chloe Capital, which invests exclusively in women-led startups.

"Sports exist in an ecosystem, and so does business development," Miller-Out says. "What happens upstream absolutely determines what happens further downstream."

Since 2008, VC investment in women-founded companies has hovered stagnant around 2% and 3%, while the number of deals completed by women founders has steadily risen. But those who do invest in women-led companies enjoy better than average returns on their investments, according to several studies, including a report by Morgan Stanley.

Ready to tackle the inequities head-on and capitalize on the good performance of women-led startups are a handful of new VC firms, including Chloe Capital, which was founded in 2017. "Our founders," says co-founder of Chloe Capital Kathryn Cartini, "are our star athletes. We discover them and nurture them, and they perform."

The natural affinity between women athletes and women in business shows up everywhere, notably at the Aurora Festival and Aurora Games, a newly launched annual showcase of excellence in women's sports that featured, in its inaugural year last summer, 125 Olympic athletes, competition in six women's sports by elite women athletes from all over the world, and a series of events and panels focusing on women's achievement in both sports and business.

Held in Albany, NY, the festival was sponsored in part by Miller-Out's firm Chloe Capital. It was the brainchild of Jerry Solomon, longtime agent and promoter and author of An Insider's Guide to Managing Sporting Events, who is the husband of figure skater Nancy Kerrigan.

Cartini, along with Merrill Lynch Wealth Management Advisor Georgia Kelly, hosted a 5-hour seminar at the Aurora Festival. Participants included everyone from C-Suite executives, middle managers, athletic team coaches, and business founders.

Connecting Women to Each Other, Knowledge, and Money

"Kathryn's got a keen sense of what is needed to grow and promote women's business," Georgia Kelly says of Cartini. "I've learned so much from her. She's very thoughtful and diligent in execution. She's focused on the end result, but at the same time on the details along the way."

Editor-in-Chief of Women's Health Magazine Liz Plosser interviewed the Team World basketball players at the session. Also presenting was Judge Rosemarie Aquilina, who presided over the trial against U.S. Gymnastics physician and abuser Larry Nassar.

"It was inspiring to see how fully engaged all the participants were, hanging around after the formal parts of the event, having great conversations with each other," Kelly remembers.

Those conversations and connections are the stuff of investment and business success, she asserts. "It's always the surprise connection that pays off, one degree of separation beyond what people predicted."

At one discussion, there was a question from the audience about how to grow women's confidence. Sunny Stroeer, a climber and outdoor adventure sports star and photographer, had this answer: "Do hard things. It doesn't matter if you succeed at them. The trying is the important part."

Good advice, and yet when it comes to women in sports and in business, it's not a lack of trying hard things that accounts for gender inequity; it's discrimination and an inequity in support and opportunity.

And so special venues like the Aurora Games, and special investors who focus on women, like Chloe Capital, are likely to play an outsized role in providing the ultimate remedy.

"The drive, determination, and hard work I see in women athletes who defy odds stacked against them," Miller-Out says, "gives me hope for women in business too."

5 Min Read

Judge Tanya Acker On Overcoming Racial Barriers And Her Rise To The Top

You may recognize Judge, Tanya Acker, from her political and legal commentary on different networks and shows like Good Morning America, The Talk, Wendy Williams, CNN Reports or The Insider. Acker is more than an experienced commentator. She is also a Judge on the fifth season of Emmy nominated CBS show, Hot Bench.

Acker's career has been built around key moments and professional experiences in her life.

The show, created by Judge Judy, is a new take on the court genre. Alongside Acker, are two other judges: Patricia DiMango and Michael Corriero. Together the three-panel judges take viewers inside the courtroom and into their chambers. “I feel like my responsibility on the show is, to be honest, fair, [and] to try and give people a just and equitable result," Acker says. She is accomplished, honest and especially passionate about her career. In fact, Acker likes the fact that she is able to help people solve problems. “I think that efficient ways of solving disputes are really at the core of modern life.

“We are a very diverse community [with] different values, backgrounds [and] beliefs. It's inevitable that we're going to find ourselves in some conflicts. I enjoy being a part of a process where you can help resolve the conflicts and diffuse them," she explains.

Acker's career has been built around key moments and professional experiences in her life. Particularly, her time working right after college impacted the type of legal work she takes on now.

Shaping Her Career

Acker didn't foresee doing this kind of work on television when she was in college at either Howard University or Yale Law. “I was really open in college about what would happen next," Acker comments. “In fact, I deliberately chose a major (English) that wouldn't lock me into anything [because] I wanted to keep all of my options open." Her inevitable success on the show and throughout her career is an example of that. In fact, after graduating from Yale, Acker served as a judicial law clerk to Judge Dorothy Nelson who sits on the Ninth U.S. Circuit Court of Appeals.

It was not only her first job out of law school but also one of the formative experiences of her professional life. “[Judge Nelson is] certainly, if not my most important professional influence," Acker says. “She is really the living embodiment of justice, fairness, and believes in being faithful to the letter and the spirit of the law," she exclaims. “She delivers it all with a lot of love." Judge Nelson is still on the bench and is continuing to work through her Foundation: The Western Justice Center in Pasadena, California, where Acker serves on the board. The foundation helps people seeking alternative ways of resolving their disputes instead of going to court.

"I enjoy being a part of a process where you can help resolve the conflicts and diffuse them," she explains.

“It was important to her to try and create platforms for people to resolve conflict outside of court because court takes a long time," Acker explains. “I'm proud to be a part of that work and to sit on that board."

After her clerkship, she was awarded a Bristow Fellowship and continued building her career. Outside of the fellowship, Acker's legal work incorporated a broad variety of matters from civil litigation, constitutional cases, business counseling, and advising. One of her most memorable moments was representing a group of homeless people against the city. “They were being fought for vagrancy and our defense was, they had no place to go," she shares.

As part of her pro bono work, Acker was awarded the ACLU's First Amendment Award for her success with the case. Though, she has a hard time choosing from one of many memorable moments on Hot Bench. Acker does share a few of the things that matter to her. “Our show is really drawn from a cross-section of courtrooms across America and the chance to engage with such a diverse group of people really means a lot to me," she discusses.

How Did Acker Become A Judge?

In addition to Judge Nelson, Judge Judy is certainly among her top professional influences. “I think it's incredible [and] I feel very lucky that my professional career has been bookended by these incredible judges," she acclaims. “I've really learned a lot from Judy about this job, doing this kind of job on television." Before Acker was selected for Hot Bench, she hadn't been a judge. It was Judge Judy who recommended that she get some experience. Acker briefly comments on her first experience as a temporary judge on a volunteer basis in traffic court. “I was happy to be able to have the chance to kind of get a feel for it before we started doing the show," she comments. “Judy is a wonderful, kind, generous person [and] she's taught me quite a lot. I feel lucky."

Judge Acker in white pantsuit with her dog. Photo Courtesy of Annie Shak.

Acker's Time Away From Home

Outside of Hot Bench, Acker took recent trips to Haiti and Alabama. They were memorable and meaningful.

Haiti, in particular, was the first trip she excitedly talks about. She did some work there in an orphanage as part of LOVE Takes Root, an organization that is driven to help children around the world whether it's basic aid or education. “Haiti has a special place in my heart," she began. “As a person who's descended from enslaved people, I have a lot of honor and reverence for a country that threw off the shackles of slavery."

She was intrigued by the history of Haiti. Especially regarding the communities, corrupt government and natural disasters. “They really had to endure a lot, but I tell you this when I was there, I saw people who were more elegant, dignified, gracious and generous as any group of people I've ever met anywhere in the world," she goes on. “I think it left me with was a strong sense of how you can be graceful and elegant under fire." Acker is optimistic about the country's overall growth and success.

“[Judge Nelson is] certainly, if not my most important professional influence," Acker says. “She is really the living embodiment of justice, fairness, and believes in being faithful to the letter and the spirit of the law."

“There are certainly times when people treated me differently or made assumptions about me because I was a black woman," Acker says. “I've got it much better, but that doesn't mean it's perfect...it certainly isn't, but you just have to keep it moving."

Her other trip was different in more ways than one. She traveled there for the first time with her mother as part of a get out to vote effort, that Alabama's First black House Minority Leader, Anthony Daniels was organizing. “It was incredible to take that trip with her [and] I've got to tell you, the South of today is not the South of my mother's upbringing," she explains. Originally from Mississippi, Acker's mother hasn't been back in the South since 1952. “Every place has a ways to go, but it was a really exciting trip [and] it was nice for me to connect with that part of the country and that part of my history."

Overcoming Racial Barriers

As a black woman, Acker has certainly faced challenges based on her race and gender. But it doesn't define who she is or what she can accomplish. “There are certainly times when people treated me differently or made assumptions about me because I was a black woman," she says. “There's no sort of barrier that someone would attempt to impose upon me that they didn't attempt to impose on my mother, grandmother or great-grandmother." In a space where disparity is sometimes apparent, she recognizes that there is no barrier someone would try to impose on her that they didn't attempt to impose on her mother or grandmothers. “I've got it much better, but that doesn't mean it's perfect...it certainly isn't, but you just have to keep it moving," Acker states. The conversation continues truthfully and seriously. Acker shares what it can be like for black women, specifically. “I think we're underestimated and we can be disrespected, whereas other folks are allowed the freedom to enjoy a full range of emotions and feelings," she articulates.

At times black women are often restricted from expressing themselves. “If someone wants to make an assumption or jump to a conclusion about me because of my race or gender, that's on them, but their assumptions aren't going to define me," Acker declares. “If something makes me angry or happy I will express that and if someone wants to caricature me, that's their pigeonholing; that's not my problem." A lifelong lesson she learned and shared is to not let other people define who you are. It is one of three bits of wisdom.

Three Pieces Of Advice From Judge Acker

The Power Of Self-awareness

“It's really important that you have a really firm sense of what you want to do and be, and how you're moving in the world because when people try to sway you, judge you or steer you off course you've got to have some basis for getting back on track."

Know Your Support System

“Have a strong community of people who you trust, love and who love you," she advises. “But also learn to love and trust yourself because sometimes it's your own voice that can provide you the most comfort or solace in something."

Learn From Your Experiences

“Trust yourself. Take care of yourself. Don't be too hard on yourself. Be honest with yourself.

“There are times when it's not enough to say this is who I am. Take it or leave it. Sometimes we've got things that we need to work on, change or improve upon," she concludes.

Acker stands out not only because of her accomplishments, but the way she views certain aspects of her life. These days, she's comfortable accepting what makes her different. “I think there's a time when you're younger when conformity feels comfortable, [but] I'm comfortable these days not conforming," she laughs. She enjoys being a decision maker and helping people work through it on Hot Bench.

This article was originally published May 15, 2019.