Transcription
[music] I'm very excited to have this conversation with and it's been a pleasure to be working with all of you, but I would love to take this as an opportunity to get more women in front of the camera and talk to them about this and that they can be founders as well. And I know it sounds very obvious, but the numbers are not translating that obviousness, right?
>> So, we see lots of men applying for Anler. We we see lots of men coming to Antler and ultimately get investment. Uh but there's a big opportunity here and I would love for people to see themselves in you. So you have very different profiles. So I would love to get started there. Should we start with a quick intro of all of you?
>> Karly, do you want to go first?
>> You already know me so it feels a bit weird doing [laughter] an intro.
>> So much of you. Uh so my name is Kari and uh I have previously uh built a spaceport to launch rockets for NASA and through that I was really interested in a range of different technologies including communications and so I had a really fun idea about secure communications and wanted to look for groups that would be really supportive on that journey. It's how I found myself at Antler.
>> Love it. Anna.
>> So my name's Anna. My name's Anna Braun. I came into Antler because I started an idea about removing medical documentation in general practice. Um I think a better sort of description of me is I'm a mom. I'm a mom of a neurodeiverse kiddo. Um and I'm sort of rebooting my career in the way that I sort of always hoped I had and to be a leader in my own field and to really see what I can do for our community.
>> Awesome. Helena.
>> Uh so I'm Helena New and I'm here as a second time startup founder. um having previously co-founded and been the CMO of Mogadays uh which is a um digital healthcare company that's helping people living with chronic pain but I'm here second time second time building um and it's really exciting to be a part of an amazingly generous um incredibly smart um Antler have recruited really well.
>> I'll love to get started there. Why was the residency something that caught your attention? I'll be honest, startup life is hard.
>> Um, and while it may have on the outside looked glamorous and exciting and massive million-dollar exits, um, underneath it all is the toil, the grind, the heart, the soul, the sweat that goes into it. So, um, this time around I wanted to build, but I wanted to make sure that I was doing it for the right reasons >> because I left the my, uh, the last startup for the right reasons. Um and so this time around I was really having also a um a support system if you will. What that's what I've come to realize that ANA actually provide really great frameworks a um a timebound residency that actually takes you from zero idea essentially to a working prototype.
>> And yes you can do that um and you can bootstrap that. But to actually have that support and that guidance um second time around actually fills the gaps for me.
>> And it's a longer journey as well when you're building by yourself. What was the main reason for you?
>> Oh, I think like Helena, you nailed it. It's sort of the community and also how you're able to develop yourself in a short period of time. Um, you know, initially we met through a hackathon and that was so amazing to see so many different skill sets and initially I wasn't sure if you know venture capital yet was the right way to go but when I sat in a room full of all these different brilliant minds I realized how important it is to actually be in a sort of an incubator or residency period where you're able to pull from everybody's expertise. So initially I didn't realize that's what I wanted. And while I've been part of this journey, I realized it's exactly what you need when you're starting as a new founder.
>> Love it.
>> I love to hear from you, [clears throat] Carly. You're building rocket ships before and working with NASA and now you're like, I can do this by myself, but I don't want to do it by myself. I'll do with Andler.
>> Yeah. Why?
>> Well, and I actually, you know, was I'm quite stubborn as a person. And so I was like, I I can do it by myself, but it's such a big idea that I'm hoping to jump into that I just knew I wanted I think I said to you, I want friends around me, which is a little bit more um informal than what it is, >> but to have that support around um I knew it would make the journey easier. And when you're speaking, I I know the startup journey is crazy >> and I've done it before and I swore I'd never do it [laughter] again. And I wiped that from my mind. I'm like, let's do it again.
>> And here you are. [laughter]
>> But, uh, knowing that you have a range of people around you and what I've really found through the few weeks that we've been here is that that structure of pacing is really important to your growth and having so many great people to bounce your idea off and reshape it really quickly is far more beneficial than I had imagined even coming in. So it is that kind of network and strength to build whatever you're trying to build, but you just get these beautiful surprises of cool people around you that add great insights.
>> It's such a fine line, isn't it? To I trust my idea and I have high conviction. However, I can be coachable and if you tell me that something is off, I can't take that into account.
>> If you're like too just in one side or the other side, it's quite bad. But the right balance is perfect.
>> It's really hard to find that balance.
>> So hard. And I don't know if you've noticed along the way that you can tell when people maybe receive feedback and they might be a little bit aggressive with the feedback or something. It's such a learning process even in those experiences because you go I need to >> maybe reframe of how I receive feedback and I don't know that's part of this journey as well is like >> I don't know how you respond to people how you're able to craft your idea and how you're able to receive and take feedback. Do you feel that way? I haven't felt as much that way because um one of the things I really liked about Antler as a point of difference was how they respond to founders and how much focus and and the care they put into the feedback.
>> Yeah, that's true.
>> And so even though the feedback um from Antler and your cohort can be quite precise, it's there's no malice behind it. There's no ego trying to cut you down for fun. It is really just helpful advice and I think that's fantastic.
>> I'm assuming that in quantum computing and deep tech. You're very often the only women in the room. Is that is that a fair assumption?
>> There are a lot of women actually in um technology fields who are sensational. You just don't always hear their stories um as easily. But there for me to look into the film of uh or or the setting of deep technology. Um for example, one of my um favorite professionals is Pam Melroy who was a commander of a space shuttle. So kind of like the driver of the ship that goes to space with people in it. And she looking at their journeys, they've worked through so many stages to get to where they're at. And so it's quite inspirational. But if we're looking at that context of often yeah there are quite a few men in the room um and you get used to that >> which is not great [laughter] right I guess it's the same for for investment for uh women get investment from VCs and women working in VC as well so I I think we can all relate to that >> I don't know you you guys will have different experiences and you also as a female investor I think that's one of the things we really enjoy about coming into Antler is that that's a rarity also. So maybe like throwing it back to you for a moment.
>> Uh yeah, I've been working with startups for such a long time and always helping them to raise capital. So crafting the message, the storytelling, helping them to negotiate with other investors, but I felt very powerless because I wasn't the one writing the check.
>> So I'll be doing everything in my power to help them out, but then at the end the outcome could be bad. So now it feels so good to be part of the process uh being able to help and and guide your girls through the process but also having a say in the decision at the end.
>> So yeah, it means a lot to me >> because I can we all have unconscious bias, right? Like it is just something that happens. So if we have the same people and the same gender making decisions and they all hang out in the same places and talk in the same way and have the same accent, >> they're probably just going to invest in people like them. Not because they there's no >> malice on that, but it it just happens. It's it's hard to connect. That's right.
>> So, um Anler team is very diverse and since day one, James McLaren, gave me so much space. Literally the first day when I started, we had trackouts for the previous cohort, which is when they pitch for for all of us for investment. And he messaged me saying, "I want you to vote and I would love to hear your thoughts." and I'll be like, "Oh my god, it's day one. [laughter] I want to put that here."
>> It's really amazing. I mean, because I'll just quickly mention a story that you and I experienced together. And I felt like from that moment I was like, Antler is the group that I'm going to work with for this residency. And there was a conversation that I had with somebody and it went along the lines of, "Oh, well, I don't know how this person raised so much money." And, you know, they got a lot of money. you know, they're a series A or B and you know, but she's a woman and I sort of sat back in the conversation and [clears throat] you know, and and I sat there and I listened. So, I went up to you and I had this conversation with you and I said, you know, I felt a little bit uncomfortable by this conversation that I had and you said that is exact that is wrong. I do not agree with that. Antler does not abide by that.
>> Yeah.
>> And that was a point blank and we left it at that. And >> yes, I'll say no more. But it was a very clear statement that I was like, I'm comfortable that you guys are on the same agenda that you really want to bring women into this and we're you're on the mission as well, like all of us sitting here to like say we're here, we're moms, we're this, we're that, but we're all on the same agenda of trying to move forward this sort of as a collective. A year before the situation happened, I was in the exact same situation where I was interviewing a a founder and he mentioned one of the most successful female founders in Australia and said, "Oh, but she just achieved all of that because she's a woman."
>> Uh his credentials were so good. So on paper, he was an exceptional founder. Yeah.
>> Uh so I put on my notes after the interview. I said, "Look, he's exceptional. However, it happened this comment. I don't know what to do." was my first month working at Antler and James was like, "This is a absolute no.
>> Just reject this founder straight away."
>> Well, I think if you have one toxic person that has that agenda, it brings the whole group down >> and I think, you know, you guys have done a really good job crafting people that have a lot of emotional intelligence and they're very kind to each other. And I feel like for a group in general, we've all really jarred together >> and I think that's part of the process of this. You were talking a lot about language as well and how that shapes cultures and shapes identities and there was something that came up in this cohort that you're really passionate about.
>> Very passionate about it.
>> We should talk about that.
>> Okay, let's bring it up. [laughter] I'm very comfortable to bring it up. We all know what it is. Um the mom test. So the conversation around, you know, please when you get your idea and you start to validate it and you start to have conversations with people, don't do the mum test, which means don't go to a very generous group that maybe doesn't know >> the ecosystem in business. That's sort of my assumption. I know that there's different ways to define this.
>> And I went to a mentor of mine and I said, "What do you think about that? Have you heard this?"
>> Helena and I started speaking about it and we said, "Maybe we should create an Instagram account that says, "What the mom?" [laughter] And you know, then we everybody started speaking about it [snorts] and then we started thinking, well, no, it should be called the fan test because why should we put moms in that category of saying that they're not the same astuteness as the dad or as the, you know, non-gendered or whatever it might be. It's like why are we putting moms or women again into this category that they don't equate to the others? And on that note, do you mind if I just share a few quotes of which I've heard over the last few weeks, not from our necessarily group that we've been working with, but when I've been interviewing outside of our >> Absolutely. That's your experience.
>> Okay. So, this sort of propelled me to advertise this. I really want people to use the fan test.
>> I'm going to read three quotes. Might be shocking, it might not. Um, I told you initially that the first person mentioned how she raised money. You know, she's a woman. Then there was another one. Well, you know, I offered 2% of my company just to have a woman in the team. [sighs]
>> Let that conversation go. Again, I you know, I'm trying to be polite in these conversations, trying to understand where they're coming from. Maybe I misinterpreted. That's classically the way I think about it.
>> Maybe I'm overreacting.
>> Maybe I'm overreacting.
>> Classic. Yeah, probably am. Um, and there was another interview that I had and they said, you know, do you think a female is going to work for me or against me in this process? And I said, oh, can you explain that? and they said, "Well, you know, having you in my team, would it do you think it's going to work for me or do you think it's actually going to be counterproductive?" That was a conversation we had.
>> Not as a person, but as just as a woman,
>> just as a female tick that box for venture capital. This is this is what bothers me. We're not looking at people with skills, with personalities, and I actually get along with that person. Therefore, I want to bring them on board. It's like, can I take advantage of their gender in order to make this better? I feel that this is a really important conversation is like it's not women versus men. No,
>> we are minority and we need them to stand up for us.
>> 100%.
>> What would you say if they're watching us now and they're like, "Yeah, this is frustrating, but like I am not like that. So, what can I do?"
>> I think it's the picking up the fact of in a cohort mom test. It's all right. Can we can we change that language? Like it's just a small little gesture. It's not aggressive. It's not I disrespect why you're saying that. It's been there for 20 years or so. There's no disrespect in our that, but it's just the subtle cues that maybe a man could get involved in and say, "Let's change that language a bit."
>> Yeah. I think it's that awareness as well. When you start to have these conversations, then you hear the things that might have just otherwise been common phrases that you didn't think about previously.
>> And so once you start to pick up that actually, no, that that's a statement that is um not necessarily useful to society. And then for anyone, you know, man, woman, whoever it is, to be able to have the confidence to hear it and then call it out and it doesn't have to embarrass anyone in the room, but just to say, "Actually, I don't I think we can phrase it differently or however you go about it,
>> but to say something about it." And when I speak to younger women who are coming up into finishing university and really excited about what they can do >> and they have these same sorts of um discussions with me about well what happens when I'm in the room and these sorts of comments happen and I I just sit there quietly >> and the more that a variety of people are saying actually that's not the sort of language that we're using >> um the better and and that language does matter. I know there are a lot of conversations in society about language >> language matters.
>> Yeah. My favorite TED talks of all times is how language changes shapes culture and shapes the way that that we think. So it is a small step but it is an important step >> for men for everyone to get involved just slight slight little changes does create a bigger system.
>> Yeah. Since we're talking about moms >> being a founder is a lot.
>> I don't know how you do it. And on top of that you also have family responsibilities. your moms.
>> You have small kids and >> you have your your nod diver gent kid and you have three kids.
>> How do you manage all of that and what would um I would love to see what a day in your life looks like.
>> Chaos.
>> Yes, [laughter] exactly.
>> Well, I was actually going to say that we are not your typical stereotype just stereotypical um image of what a founder is right now. We're very much outliers. Um, and if I were to share with you a typical day or actually, you know, a taste of what the last five weeks have been, >> uh, amongst all of the master classes that we've had, you know, about pricing, about go to market, >> about how to sell a product without having a product, >> finding a co-founder,
>> finding a co-founder, [laughter]
>> that's all mixed in with um, you know, parent teacher interviews and sending my youngest off to camp as well as him um, reaching the state finals of the prime minister's spelling like all of this happens. It's about like charting your own path. So, not necessarily being one one perspective or the other, but um showing that it can exist. I I think it it absolutely can exist, but not in the perfect timing that you want it.
>> And you know, obviously being an American, I love Michelle Obama, so she always talks about this >> and she always says, you know, I've had my life. I I did a beautiful job, but I couldn't do it in the way that I perfectly wanted. So I had to realize I had to pick and choose specific times in my life to accelerate and to pull back.
>> So it's about >> understanding when you have your advantage to run versus when you need to sit back.
>> And you know I think because our kids are a little bit older were able to do that. I don't think we I would have been able to do that when my daughter was 6 months old. I don't >> it would be way too hard.
>> Yeah. The sleepless nights the compounding on one one on the other. There is the >> there is there a medical truth around baby brain? I don't know. [laughter] I I think I still have it. Auntley didn't hear that. [laughter]
>> Her daughter is 25.
>> Yeah, I'm actually the daughter. Yeah. [laughter] No. [gasps] So, it's it's a thing. It really is.
>> It is a thing when they're so young.
>> Exactly. And I'm I'm fighting a little bit of a a different journey as well. Um I have a neurodeiverse daughter, undiagnosed, likely autism, ADHD, maybe some other intellectual disability. And so I really started this journey and started to feel very guilty. So mom guilt is real and I think we need to acknowledge that >> and also be okay the fact that mom guilt can be still there and you still can achieve a career but to have token people in your life that you can go to and say hey I'm feeling really overwhelmed and I feel like I wasn't there for my daughter last night cuz I was sending out a million emails or and just having those sort of collective people to say it's okay you can do this you're going to be all right >> you know so I think you need your your your team really to be around you >> that's a very important point during the interview process we always tell founders to speak to their families before they accept the offer because it is a collective uh decision, right? The a whole family has to be supportive of that and be aware that you have these moments.
>> Did you is that something that you faced as well? Yeah, it was really useful that that was a proactive conversation from Antler and I did have that conversation with my partner and I I feel like um I'm getting extra street cred when you guys are doing a hardy arts because [laughter] um my partner is very supportive as I know you have a very supportive partner as well and um and then uh my in-laws have come down [laughter] >> from cans to spend some time to make sure that we can do those extra runs. So I live in Jalong. Amazing.
>> It is amazing.
>> But still, how hard is it for you? You know, it would be tough, right? Even with that support, >> even um >> even if the logistics are at the moment handled, you know that um life is changing and so I was doing a lot more with the kids and that will change a little bit. And you have a discussion with them. My kids are 8, 11, and 13 >> and uh particularly in the 8-year-old phase like we spend all the time together. So, it's big for Bill that I'm not there playing wrestling and dinosaurs and whatever [laughter] else they wanted to play.
>> Um, so it is a conversation with your family around how life's changing and and why. I feel quite positive about it because I think it's also good for the kids to see um the types of things and people that I'm involved with.
>> Yeah.
>> And pushing that forward for them. Mhm.
>> How do you feel this these two expectations clash between being a founder because it's expected from you the same that is expected from someone that is 20 with no kids >> but also being a mom and be present there. I've been single for the last three years. So, I'm raising my daughter and we have a good co-parent relationship now. But over the last maybe year and developing my idea and working as a GP prior and you know sort of hustling, >> I started to build a lot of respect for other single women and then women in general and people that deal with children and you know, I don't know, somehow it didn't clash. I just started to feel this energy being like I'm sort of doing it. Some days not so well, but you know, overall I think I'm moving forward. So, I don't know. It didn't clash. It's more of like um it's bringing energy and I'm I'm excited about it.
>> I think I tend to agree with you. Um, there's been a lot about pace being, you know, the speed of things, uh, the speed at which you do things. Um I definitely find that I'm moving with intention and I'm moving more efficiently.
>> What I've kind of learned is that pace can present in different it has two faces. It can present as either progress or it can look like spinning wheels.
>> Yes.
>> And so for me it was really around making sure that yes, you have that pace but it comes with intention so that I can progress without spinning my wheels.
>> Love that.
>> It's been really wonderful watching you do that as a friend in the cohort as well. But I think that that focus on >> what you think the next steps are with some insight from Antler to refine that is really important because >> it seems a really common thing, you know, are you busy or are you actually productively busy?
>> Yes.
>> And to refine what you're working on so it's productive and at your own pace to hit um particular milestones that you think are worthwhile.
>> Uh it's a really important process and I think it's something that I've seen people in the cohort do really well. Yeah,
>> I see when you have good customer validation calls and you come come back from the call like Leila this is happening and then the next day you're like maybe it's not >> or [laughter] you know I was exploring this co-founder and it went terribly wrong and now I have to start all over again. So it is important to have this this community supporting you around.
>> It's so crucial.
>> You [clears throat] guys really have been my people that I've gone to and I've told things and I'm exhausted with or I'm frustrated with and then you come back together and you're like no I'm back again. I [laughter] It is just like a roller coaster, isn't it? And we just all understand that one moment someone's up the next and you can see it with the rest of the co cohort, you know, the same journey. And I don't know how you do it, Laya. We [laughter]
>> like one minute Ila, we're so happy. And the next, please give me a hug.
>> Exactly. [laughter] I know. Seriously, >> it is big on that, isn't it? Uh when we do the the pitch practicing right before trackout or IC and I see the founders are extremely stressed and they're like, "Maybe this is not good enough. like what am I doing? What I say is like can we go back to the customer conversations you're having? Like can you do two more validation calls because it always fills you up with so much energy >> so that they go and then they get this confirmation from clients and they they pitch in a much better way after they're >> confident. But I think that's what you were saying is like if you validate, if you do the small steps and have your point clearly like >> you're going to be okay and it might not be the perfect like you might not get funded through a residency but you'll develop a strong strong commitment. you'll have a story.
>> You will have developed a lot in that process. And like I think also just like a little side note for people to take away maybe from this is >> if you're thinking about an idea and maybe you are a mom sitting at home or somebody who doesn't have all the support in the world, >> just start validating.
>> Yes.
>> Yeah.
>> Just validate, validate, validate surveys, questions, interviews, whatever it might be. see where that takes you and then maybe explore when you have the right time, right moment, right momentum to residency or a incubator like that because you will learn so much and you should always try to do that.
>> Yeah.
>> This is what I like about our decision- making process is not based on one day. So if you have an off day on the day you're pitching, you're done. [laughter] That's normally what happens right out there. You're cut.
>> But yeah, you're deleted. Um but with us we have 200 hours of due diligence before we invest in a founder because we have the whole residency program.
>> We are with you every single day. I can see these ups and downs and I can see how quick you recover from that as well. And the idea didn't go well. That's fine. New idea. Let's try [laughter] again.
>> You had a new business plan within like three hours. I think I got that email from you and I'm like >> like just like a cool idea and you know I reviewed it as a doctor perspective. This woman is insane. And then you took your kids somewhere and you're like talking to your parents there.
>> Yeah. Yes. Basketball training. And then my Yeah. I had moms there and I was like, let's have a chat. [laughter]
>> Interview. Correct. Interview. Yes.
>> Can you say that again? [laughter]
>> Thank you.
>> Yeah.
>> Yeah. The resilience is really important.
>> It is. And and like it's not a a perfect story necessarily for me. in like my for example yesterday I was doing an interview with somebody and NDIS is calling and they do this quick little text message answer and they call in a block number so I go in a really important meeting I'm going I am so sorry I have to get off this phone call and the person's looking at me like >> okay and so I jump off I had to take a 30-minute phone call get back on the call it's not a perfect story right the perfect founder is somebody who can do commit 100% >> but you just have to give yourself grace in that >> yeah I think we can put all of this together now to be like cool so we are minority [laughter] >> we don't have uh that many women in this space hence why we're doing this so then we are hoping that people can see themselves in you have completely different journeys and you're coming together here as founders >> but investors are not seeing that >> where is the disconnection >> why were we not finding each other that easily >> it's so funny it's like I I wonder that though is it where do people not sign up? Is it that there was so many people that signed up but didn't get the offer? Or is it back at university? Are we not training people to push? Or Cheryl Sandberg's in the Plan B book, she talks about how women often have their five-year plan. And their five-year plan around 25 says, I might have children, so I'm not going to go for that role, right? I'm not going to go push myself because then I'm going to let a team down. where she goes in comparison a male probably would push and let that not necessarily let team down but [laughter] um >> I mean but like maybe um but I think I think it just goes to so many different layers and even when you're a kid for example um oh your daughter's really bossy on the playground instead of saying oh your son is very strategic when he plays you know there's so many layers of little wordings that we should shift to maybe get like it it's at every level I think that's why we're not getting people care >> 100%. And I think you actually raised a point around mom guilt.
>> That's a a real thing.
>> Um and you'll as moms, you'll, >> you know, triple check, quadruple check a decision before, particularly when it comes to your children.
>> And I think um one way that I was I tried to >> uh advise myself around that because I I was thinking to myself, why am I doing this again? [laughter]
>> What?
>> Second time around. Twilight Zone. Um yeah, exactly. Twilight Zone. Um and I think it was just this idea or this premise of my kids keep me accountable.
>> So if I want them to um demonstrate values or you know nurture values of being um of having a growth mindset of getting back up when they're um when they you know fall down um >> but then it definitely needs to be I need to role model that behavior so that they can take that forward. And so I think you should feel very comfortable that you're role modeling the behavior that you want in your child, you'll inspire her.
>> Yeah.
>> To take that next step when something happens that you know in in the face of adversity or an opportunity.
>> That's I think that really hits home because of something recently I've been feeling and you know it we're all in this journey one to develop our intelligence into the group mindset but also at the end of the day there potentially could be a check that helps you move your company forward. And I had this thought process the other night and I'm like, you know what? If I don't get funded, am I going to feel disappointed? Am I going to feel sad that I maybe didn't achieve what I should have achieved? And we're all quite type A pushed it forward. And I went through this sort of rabbit hole of thinking, yeah, I probably would feel sad and this and that. And then I started realizing, but that's not a bad option either because what did I just show? I just showed that every day I was pushing forward. My daughter saw me going doing things. And I can also explain to her, hey, I didn't get the outcome that I wanted, but I still did it anyways. And you that's what I want you to do, you know, like. So, it's about like imparting that message. Even if you don't have your perfect outcome, you're still trying.
>> I can say already with the kids like I was saying good night to my oldest daughter last night. She's like, "Oh, when do you finish going into [laughter] doing this thing?"
>> Beautiful. I said, "What is her name? [laughter]
>> What is her name?"
>> Maggie. I'm sorry. You're like, I actually got an apartment. [laughter] Yeah,
>> she'll be back very [clears throat] soon.
>> Um, but it was the the part that was extra sweet is that she knows the journey that I'm on. We've spoken about it as a family and she is proud of me, I think, and she said she realized what she was happening and she said, "I'm just joking like you go for it."
>> And I love that, you know. I love saying that for anyone really to give it a run. She's 13.
>> That's pretty [clears throat] cool. So she's probably going to be talking about this at school and there's a whole new model for this whole generation of kids that I didn't have and I'm assuming that most of you as well. You mentioned, oh, we're not the the the typical founder. If you put on ch now like create a photo of a founder for me, it's not going to be looking like any any of us here. [laughter] Uh so it it is important that we're changing that for the next generation because I do feel that it's going to take a while until we see these numbers being 50/50. Right.
>> Yeah.
>> Do you see a difference? So you're seeing not as many applications from women to start with let alone to follow through there after.
>> Uh there are a few reasons for that. I don't know if our the language that we use they don't resonate or it's because they don't see that as as an opportunity as a possibility like should I be a founder? There's one thing that they always wonder, am I good enough?
>> Yeah.
>> And there's heaps of data that supports that that if men has eight out of 10 things that a job is asking for, [clears throat] they apply as they should, right? But if, sorry, if they have six out of 10 and if women has eight out of 10, they don't apply because they're [clears throat] like, there's still two missing here, so there's still more work to do. So I feel that most times we don't feel like we're good enough >> and we miss opportunities because of that. So we see that in on the top of the funnel with the number of applications, but also people that throughout the process they say maybe this is going to be too hard or maybe I'm not the right person for that and I can see that they are.
>> Yeah. But do you think there's a space that can provide more maybe is it funding for women to get in or do you think there's a solution to maybe get that maybe four or five% extra in? The sweet spot for Ansler is like I want to be a founder and my options are either I'll do that by myself with no support, not knowing if a VC is interested or not and I'm going to spend six to one year, six months to one year doing this by myself >> or I will give 10 weeks to Antler and see what they can do with me.
>> That's a good point. So that's a difference. Yeah.
>> So that's our sweet spot. if they are just um exploring that it is a big risk and I get that and if they have kids involved they think maybe it's not the right time but I think to your point all of you mentioned this there's never the perfect time no >> right like life is always throwing something new when everything is fine [laughter] >> small surprise coming up there so >> 100% >> would you all say that that if you if you have that feeling I kind of want to explore being a founder just go for Yeah. Because how proud will you be having your own business that's functional and being able to tell people that >> it's [laughter] a fact.
>> We're manifest.
>> I just think of how much pride I'll have with having that success. Yeah.
>> You mentioned as well um some data about women pitching the same pitch and they're having less funding. If a man versus a woman goes to the same venture capital and pitches the exact same pitch deck, the man will receive 14% more funds than the female. And what is what's the reason? I'm not sure.
>> But there is there's statistically huge differences in the amount of funding that's given to women. We know that. And 2.3% of women are funded by venture capital. Um and actually quarter two of last this year in Australia it was only 0.5% was funded by women which is unfortunately not the right direction but it's not to say that the future quarters won't show something different >> but um the other thing that I'd heard was around the type of questions you get as a female um founder in those investment discussions >> which um can have a tendency toward can you really do it >> as opposed to let me just know the hard facts about the market or what have you.
>> Or are you planning a family?
>> Oh, right.
>> Or are you going to have children? You know, >> that's that's absolutely not a question that should be asked. There's absolutely nothing to do with a company and an investment decision. So, that's shocking.
>> Uh to that point, we had >> a whole uh conversation about this in the last cohort and we had someone coming and training us on how to ask those those questions.
>> Yeah.
>> Um because statistically speaking, it is a thing that we've met. They just ask about more the opportunities. what is the upside here and [clears throat] you know how big is this and with women it's like tell me everything that can go wrong kind of thing. [laughter] So we had a full training on that to make sure that we're checking our own bias. Um so but but it is it is a it is a good point.
>> That's interesting because I noticed that I just did a pitch to your team and the questions were just business questions and it was great and it felt very very appropriate. We have the same check for everybody regardless of their background which it comes to show how important it is especially for female founders right >> um there's some data as well that shows that female founders get like 50% funding in like preede that decreases in half on seed that decreases in half again on series A and there was no participation of female founders on series B and beyond and this was for last year or so and we have the arc that I'm sure they're all familiar But agreement of rolling capital if we invest on you now we guarantee full on investment in 12 months which is available for everybody for men and women but it I I think it benefits women much more because of this data that we see.
>> Yeah.
>> It's quite interesting though because women too like when you invest in women they have a 35% ch more chance that they'll actually get a larger return on investment. So it's funny that like if you actually factor that in like this it I don't know I still just sit on this going the statistics and the reality what like >> where's the disconnect >> there's a disconnect here why [laughter] you know what it goes back to all these points we've been mentioning I guess you know >> I love to hear from all of you if there's any women that is thinking of applying but they are thinking maybe it's not the right time or maybe I'm not good enough or what if I don't get funding what is the point of wasting this 10 weeks >> nothing is wasted throughout the entire 10 weeks, you'll get value every single week, but beyond that, you'll get the connections.
>> I completely agree. Like, if you're if you're humming and hawing on to take maybe leave your job and do this, you're still probably going to be thinking about that in a few years. So, why don't you do it now? Jump in.
>> Go back to your career. There's always a safety net there, we hope. Um, but just do it. Like, again, you're going to make such great friends that are outside of your normal networks.
>> Yes. And again, there's no losing in this because even if you don't get a check, you still again, I'm sorry, guys. I'm I'm your stage five cleaner moving forward, [laughter] relying on it. Yeah.
>> Um [gasps] yeah, those questions that you had, you know, is it the right time and can it go wrong? Why don't you just say yes to all of like Well, no. Why don't [laughter] you say, you know, um is it the right time? No, it will never be. Can it go wrong? Yes, definitely. But still, it's not that bad, you know. And also, if you when you're in your older age, if you're fortunate enough to get there, >> you've got to have some stories to tell. [laughter]
>> You can't be too boring. Essentially, >> give it a run. And it is it is actually a very refined period of time, which you could have had a holiday or an illness for or anything else, but you're going to do this amazing thing that could give you a huge leap forward into something that's just sensational.
>> Give it a run.
>> Yeah. Yeah.
>> To finish up, what was the biggest thing that you've learned through this this last four weeks? Do you come with any convictions that now you're like, I was thinking about that completely in the wrong way?
>> Well, for me, I think a big part of it has been learning um how to sell, how to sell myself. Um you know, we had a conversation and you said, "But why haven't you told this?" We talk a lot about this.
>> Yeah. And you're like, "Why haven't you done this? What? Like, what do you mean you have this percentage of that?" And I said, "Oh, yeah, you're right. I probably should have led with that. [laughter]
>> Some information today, but I was like, you never pitched this before.
>> I know. I was like, but you can't read my mind.
>> I [laughter] know. It's like, but I know that.
>> So, yeah, I think the I mean, just learning how to really sell and also hold on to once you validated something, believe in yourself and do it. Yeah.
>> Oh, I'm still learning. I think but that point I I I want to bounce off that because um it is like you know these things about yourself and and generally I feel when you go into conversations with people I prefer and I I really enjoyed this about Antler is that it was a natural conversation where you pulled out what you needed from the conversation and you learned what you needed to about me in a very natural way. Um, and I expect that, but you do sometimes have to grab the little cherries out and put them in front of people. And it's I find it quite awkward to do despite the start of like, yes, I worked on rocket program. And >> it feels weird to say that sort of thing.
>> Um, and to go through a program where it's clearly beneficial to do that because
It helps tell a story, um, of the great benefit you can bring through the program and, um, business you're building. Yeah.
It's a real learning that it's a real discomfort to talk about some of those positives so often, and it's something that the program keeps, um, helping you with. I think, um, maybe something women in general, we need to, I think maybe it's a stereotype, but like we need to get better at selling ourselves and selling our credentials and selling our, our work and our previous companies and, you know, all that. Like, really, yeah, I always hope someone else will do that for me. Like, I'll be sitting next to someone that will say the things that might need to be said so I'm not, um, happy too.
Let us know to every meeting I go to. But I, I, I think it's a great point. Uh, we, we all feel very uncomfortable doing that, but we have to feel more and more comfortable because the story is there. It has to be told. I see that women normally feel more comfortable, and obviously I'm generalizing here, but when they have a bigger why. So if it's just to promote myself for the sake of it, I'm not going to do it. However, if I'm promoting myself to get more visibility to my company so that I can help more people, or I can tell my story in a way that other women are going to see that and get inspired.
I see. I can see your expressions here already, like, that's right. For those reasons. I just was reflecting on what you're saying, um, Anna, around selling yourself, and I think, uh, I've been quite comfortable doing that, but I don't see it as selling myself.
I see it as connecting through stories.
Yeah.
Okay. I hear you. And so when you find that connection, it's when the other person on, you know, the person sitting on the other side, feel seen by you, feel, um, heard and supported. That value exchange, like you've created value because you're, um, acknowledging what they're feeling, and it gets to the yes quicker because you're connecting with them.
You know, it's, it's always, it's a smooth story that you're telling, and we're listening.
Authentic, right?
Yeah, that's right.
Any final thoughts? I would like to say one thing. I always have final thoughts. Your notes, like I'm gonna read all these stats. No. Um, what I, I do want to say is I've obviously acknowledged that there's been some quotes or things that people have said that might have been disruptive to women in general and venture capital and all of that.
I want to acknowledge how many men have actually fully jumped in to support me as well. So, I think that's a really big piece that I have been so grateful for because as soon as I started talking to different networks, people were like, "How can I support you? How can I help you? What can I do? What network do you want me to tap into for you?"
And so, I think it's about having the confidence to start talking about your idea to different people that maybe are more experienced than you. And just a big shout out to the men who jump on board. That's all I'm going to say.
Very nice. Very nice.
Uh, going after my American friend on last thoughts was such a good, good kind of tail end. I feel we couldn't live that long. Damn it. I don't know what to say to. Uh, it is, you know, thank you for this opportunity to speak with you because there are so many great stories about, um, women, people all around, but in this instance, women who do tremendous things in their fields, and we don't always get to hear about it or to have these sort of candid conversations with each other about the journey there because it is, you know, it's, it's not all roses. Um, but when you're able to do it in a really supportive environment with great people around you, it makes a really big difference and it means you can do some really amazing things, which I think I can see within the cohort, the opportunities for people to do some really amazing things like you guys.
Um, my final thought is just always be pitching.
Yeah.
Yes.
It's true. One of the founders, um, hosting a master class for us said that he called the florist and he was putting an art for his business, and yeah, he ended up becoming lots of, um, different connections that the florist could connect him to business in his ICP. One of the biggest companies though in Australia, he got because of the florist. So you're right, like always.
Uh, I love to thank all of you. I know that you're super busy, middle of the cohort, for kids running around, and still having time and having the willingness to be here, having this conversation. Really appreciate you. And my hope is that people can watch this and feel encouraged. And so if you're thinking of being a founder, this is your sign. Apply. Test it out. And I'm hoping that we can find more women like you. Thank you.
Thank you.