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Women intech

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  • R E N E G A D E S A N D R E B E L S , W O M E N A N D T E C H I N C E N T R A L F L O R I D A D E C E M B E R , 2 0 1 52

    Designed and illustrated by Jill Shargaa Shargaa Illustration & Design www.shargaa.com Orlando, Florida

    This report was prepared by

    Leslie HielemaVice President, Orlando CenterFlorida Institue of [email protected] [email protected]

    Danya Shea GlennyDirector, weVENTURE

    Florida Institue of TechnologyFounder, Fervr

    @danyashea [email protected]

    Special thanks to

    Necole PynnLandfall Creative

    @necolepynn

    STILL NEED SHEAS PHOTO

    HERE

  • 1

    1. Setting the Stage: ................................................................2 Opening Context Why We Did This Study .................................................................. 2 Why Our Study Matters ................................................................. 3 Economic impact New products and services Innovative new business models Cultures that matter to women Realize full potential Scale with digital tech How We Studied............................................................................ 7 Who We Studied ............................................................................ 8

    2. Key FindingS: .......................................................................10 Impact ....................................................................................... 10 Revenue Employees Degrees Universities Mentors Awards Their Path to Tech ....................................................................... 15 Interests & Passions are Starting Point Problem-Solving is The Prize Early and Consistent Exposure is Key Self-belief Cultivates Confidence Combine Left and Right Brain Thinking

    3. Community inSightS & opportunitieS ................................21 Embrace The New Power & The New Economy Address Unconscious Gender Bias Redefine Our Conversation with Girls Prepare Women to Pursue Capital Harness Shared Leadership and Collective Intelligence Start A New Conversation

    4. new initiativeS For Central Florida ..................................27

    CONTENTS

    R E N E G A D E S A N D R E B E L S , W O M E N A N D T E C H I N C E N T R A L F L O R I D A N O V E M B E R , 2 0 1 5

  • R E N E G A D E S A N D R E B E L S , W O M E N A N D T E C H I N C E N T R A L F L O R I D A D E C E M B E R , 2 0 1 5

    Opening Context

    To make data meaningful and actionable, context is key. Here we hope to share the purpose behind initiating this study and the framework that guided us through the process. For quick reference, here are the parameters of our research project:

    Study Timeframe: 4 months, July thru October 2015Sample Pool: 100 women owners, founders, executives and technologists identified with 40% response rate

    Region: Orange, Seminole and Brevard CountiesCompany age: early-stage startup to decades in businessCompany Size: 1 employee to 500 employees Revenue Range: pre-revenue to over $65mm in annual revenueIndustries: advanced manufacturing, aerospace, civil engineering, data analytics, electronics, hardware development, IT, medical, mobile and web development, modeling and simulation, nanotech, sensors, software development, virtual reality

    Why We Did This Study

    Since Florida Institute of Technology launched weVENTURE Orlando in March 2015, weve been asked to provide many community partners, policy-makers and media sources insight into the women techpreneurs in our region. To provide the most accurate picture possible, we knew we needed to formally address the collection of this information in a way many of us can leverage as we make Orlando and the surrounding area the #1 choice for women to start and grow companies, and participate fully in the tech boom, unto the economic benefit of all. Additionally, there was a prevailing perception at many levels of our community that there arent a lot of women in tech. Personally we know many women in tech, but werent sure how indicative our perspective really was of the reality of women in tech across Central Florida. We needed to do more research on the demographics of women techpreneurs across Central Florida. We are also often asked Why does it matter to have more women in tech? National economic studies confirm that women-owned companies may be the

    SETTING THE STAGE

    It seems clear that the future of American entrepreneurship and growth is in the hands of women.

    Kauffman Foundation report, 2014

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  • key to economic security in the years to come while local studies confirm that the technology industry is the second most important industry to our local economy. Therefore, we investigated to see if there was a compelling case to justify a community-wide imperative that we support women in tech to have greater business success while also encouraging more girls and young women to pursue futures in tech locally. National Economic Insights Favoring Women Entrepreneurs Everyone, then, is in search of those future economic tailwinds or shocks that will give a boost to twenty-first-century growth in the same way that womens labor force entry and rising educational attainment did during the twentieth century. One potential boost is a crucial economic area where women continue to be underrepresented: entrepreneurship, especially high-growth entrepreneurship. - Kauffman, 2014

    A study of U.S. Census data found that growth in women-owned businesses with more than $10 million in revenue is 47% higher than among all companies with similar revenue. A seed-stage investment firm recently reviewed its portfolio and found that companies with at least one woman founder performed 63% better, based on increase in company valuation. In another study, the Kauffman foundation found that women-led technology companies have a 35% higher return on investment. With venture funding, those companies have revenues 12% higher. Women are finding success in building high-growth, venture-funded companies.

    Local Economic Insights Favoring Technology IndustryIn Central Florida, technology and science is the second-largest industry after tourism, and it is one of the fastest-

    growing, mirroring national and global trends. The areas primary industry sectors include modeling and simulation, optics and photonics, interactive entertainment tech and digital media, advanced manufacturing, information technology, aviation and aerospace, and medical technology. Learning about these companies and the entrepreneurs who are building them provides us with a closer look at a cluster of innovative businesses in our community and provides insight into the experience of the entrepreneurs who have built them. Through this information, we can see the deep impact women have on the technology industry in our region and gain a better understanding of future opportunities for our community and the world.

    Why Our Study Matters

    We know that it is important to have more women involved in technology and science. It is part of the national dialog and can be seen in numerous state and local initiatives. But we need to clearly understand the reasons why it is important. By having a common understanding of these reasons, we can leverage untapped potential and implement the most impactful programs, dialogs, and policy. Technology is the thread that runs through a competitive economy, driving multiple and diverse industries and impacting myriad policy issues that are vital to commerce and communication. Technology-based industries and businesses create tremendous growth and opportunity in the U.S. economy and are essential to competing in an interconnected world. U.S.Chamber of Commerce

    The potential to advance women economically may be the most exciting transformative feature of technology.

    Center for the Advancement of Women, 2010

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  • R E N E G A D E S A N D R E B E L S , W O M E N A N D T E C H I N C E N T R A L F L O R I D A D E C E M B E R , 2 0 1 54

    Six Reasons Why it is Importantto Have Women Engaged in Tech and Science 1) Economic Impact Women-owned businesses already are serious players in this nations economy. However, women-owned businesses continue to lag men-owned businesses in the top revenue categories. Only 3% of majority women-owned firms have revenues over $1 million compared to 6% of majority men-owned businesses. The average revenue of women-owned businesses is less than 30% of the average revenue of majority men-owned businesses. National Womens Business Council

    This means there is tremendous untapped and unrealized potential for women-owned businesses to make an even greater contribution to the nations economic health. One way to realize this potential is to better support women who are building businesses in industries with high revenue potential which can be found in tech and science sectors.

    2) New Products and ServicesWe recognize that a diverse set of experiences, perspectives, and backgrounds is crucial to innovation and the development

    of new ideas. It is crucial that women engage in devising products or services that affect areas such as health, wealth, safety, and wellbeing, to name a few. There is also opportunity to enhance and increase the products and services that address the needs of women as a market segment.

    3) Innovative New Business ModelsThere is a growing trend toward transacting business on the basis of authenticity and personal passion, solving meaningful problems and creating sustainable, equitable, and profitable enterprises. Increasingly, people are choosing to do