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Aug

Notes from 1st PhXX Forward Collaboration Meeting

Below are the notes from the first PhXX Forward Collaboration Meeting compiled by the ASU Office of Entrepreneurship + Innovation team. Some of the notes might not make sense out of context, so if you have questions feel free to post them.

Most of our discussion revolved around the current state of women business owners in Phoenix. We agreed upon several key issues. Most importantly we agreed that there is still a lot of work to be done and that in order to tackle the bigger issues we will need an increase in collaboration.

Read my other blog, for my thoughts on the collaboration moving forward. Register for our next meeting today, space is limited.

PHXX Forward Collaboration Responses

August 7, 2015

8:00 am – 10:00 am

Note: Questions are listed with compiled responses beneath.

  1. How do we know if we are successful at engaging women in entrepreneurship and accelerating their success as business owners?
  • Parity in Resources
    • Incubators
    • Universities
    • Banks
    • ACA
    • Angels
    • VC
    • ABDC
    • SCORE
  • Number of new [participants] by industry
  • Revenue/profit
  • Increase in total #
  • [Longevity] sustainability
  • Productivity
  • Partnerships
  • Perceived Balance
  • Probability
  • Happiness, satisfaction
  • Impact
  • Community collaboration
  • Connectivity
  • Having authentic conversations
  • Metrics
    • SBA loan rate to women
    • Organizations (private, gout, firms, etc.) % in management ranks
    • AZ’s most senior women are integrated into this initiative (are integrated into this initiative & men)
  • Channels for grass roots input (without bogging down progress) – proper structure
  • The successful are engaged & supportive
  • Clear mission & entrepreneurial focus – leadership influential positioning
  • Are we engaging the ‘million dollar babies’ – women whose biz are worth $1m or more
  • As individuals
    • For some, it will be personal achievement / quality (non-financial)
    • When we can ‘give back’
    • Income (closingcomp.gap)
    • Opportunities for the next generation
    • We’re valued – what’s the value prop being more inclusive of women (diverse viewpoints)
  • Would see an increase in women in entrepreneurship
    • more than 20%
    • Making women students aware that it’s an option
  • Big bank accounts
  • Women asking for what they’re worth – their true value
  • We need more women assisting others navigating waters
  • Each women deines their own success
  • Engagement in ASU program
  • Women equally represented in community & business leadership
    • Reflect communities
  • Economic influence/revenue for impact (profit & non-profit)
  • Social impact
  • % of women ownership
    • US Chamber annual report
  • Close compensation gap
  • More women speakers/panelists (representative)
  • Money!
  • Success: meeting goals
  • Too many meetings; not enough ACTION
  • Matrix, data collection / analysis – vetted
  • Bringing more women into the fold ([off of] the island, alone)
  • Longevity of businesses
  • Raising the percentage of investments available; money for women
  • Women negotiating around money
  • Overcoming fear factors that keep us stuck where we are
  1. What are the biggest challenges women business owners face that thwart their success and/or prevent their engagement in entrepreneurship?
  • Attitude & perception of women business owners in the local economy
  • Life stages & time
  • Childcare
  • Balance – at any time/any need
  • Biz planning
    • How do you do it & doing it (follow through)
    • When you pitch, go with a back up (?) plan in hand
    • When you apply for [a] loan, be prepared
      • Plane 1st round
      • Proposal 2nd round
    • Critical to Success
      • Collaborate
      • Delegate
      • Know your strengths
      • Effective voice – contribute & step forward
      • Effective marketing
      • Reach out / Networking in detail
      • Market research & connecting with the right consumer / market / audience
    • Self confidence – don’t know value or worth
    • Skill development – not just empowerment
    • Self awareness – Stanford study – know our own story & value
    • Communication style
    • Conflict – women & men do it differently – the art & science of negotiation
    • child care / single moms / poverty
    • Understand women starting non-traditional business
    • Economic influence / revenue for impact profit / non-profit
    • Unconscious gender bias / conditioning
    • Adverse to profits (?) – belief systems
    • Develop confidence and basic business knowledge
    • Get more comfortable with failure ([host] event to celebrate failures & teach in school of entr[entrepreneurship]
    • Fragmented / broad industries / grography vs. industry drivers
    • How to negotiate / how to get and be on board
      • Resource directory
        • Coalition with specific, measurable initiatives engaging all
      • No gaps
    • Fear
    • Stereotypes – whiners
    • Lack of confidence in our abilities
    • Lack of role models in media
    • media skewed towards male audience
    • Lack of male support groups focused to women biz owners
    • Lack of clear vision
    • Younger generation cannot [identify] with women movement as big owners
    • Staff / facilities access / structure
    • Need to leverage groups for biggest impact *collectively
  1. Which organizations across the Greater Phoenix Metro Area address those challenges? How?
  • Ellevate
  • For Artists – Sonoran Arts League
  • Small Business Association (SBA)
  • Women’s Biz Center
  • Small Biz Development Centers
  • SCORE – Retired Executives
  • NAWBO
  • Women Enterprise Network
  • Valley Leadership programs
  • Lean In groups
  • Women’s President Organizations
    • No judgement & confidentiality to truly expose themselves
    • Vulnerability
    • Make it OK to be real
  • NAWBO mentors
  • Tons of groups
    • Conscious connections
    • Magnificent leader
  • Alliance / resource guide for women business owners
  • ASU programs like:
    • SPARXX
    • PHXX
    • Women in Philanthropy
  • PBJ making strides
  • Take the Lead (Gloria F.)
  • Women’s Leadership Academy
  • Emerge AZ
  • Mentoring Programs
    • Acceptance of women as role models
    • Reinforce good behavior
    • Equal representation
    • Value woman’s natural state of nurturing
    • Collective community
    • Supportive
    • Courageous

Note from Kristin: With the wealth of experience in the room many organizations and resources where listed. People were also very quick to point out that the challenge was not a lack of resources, it was navigating those resources and finding quality service that actually positively affected their business. 

  1. What are the most needed services / support resources for women business owners that do not currently exist?
  • Press
  • Message => It was never a dress
  • Support existing organizations (question 3)
  • Proper planning for “getting your head in front of your feet”
    • Support
  • Support excellence that has a market
    • A learning process through which people create
    • Are there ways to aggregate our buying power?
  • Strong plan [to] engage the top successful women (judges, etc)
    • Strategic
  • Social, community & emotional support through …
  • Resilience / how to take feedback & improve
  • Legal support
    • Trademark
    • Patent
    • Copyright (IP protection at right price point)
    • How to take on risk
  • Engagement & support of AZ’s influential (including men)
  • Visionaries
  • Education
    • Encourage women in STEM, etc
    • Women at different stages
  • Need tiered organizational structure
  • Coaching / mentoring relationships
    • Not necessarily more
  • Men need to be involved & be champions for women
    • Who truly care
  • Refinement of what’s out there now
  • Where do you find those sacred circles?
  • Create umbrella organization of support
  • Unify women in leadership / high profile positions to come together and to support success
  • Need to provide diversity amongst the groups
    • New strategies
  • Create something DIFFERENT / BETTER
  • Bring in younger generation for their input & perspective

 

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