This document discusses challenges facing female founders and investors in the venture capital scene. It notes that less than 3% of venture capital goes to female CEOs and female founders have invented fake male cofounders to be taken more seriously. However, it argues that female investors can help female founders by approaching investing differently than male counterparts, focusing more on knowledge sharing. It envisions a parallel venture capital universe where female investors syndicate to support female-led startups and educate each other. Brief biographies are provided for several female founders and investors working to address these issues.

1. ALL THE START-UP LADIES:
REIMAGINING THE VC SCENE
Moderated by: Sarah F. Chambless

2. REIMAGINING THE VC SCENE
LET’S DEFINE THE PROBLEM.
▸ Dismal funding rates for female-led startups —
approximately 17% of startups this year have been
founded by a woman. Less than 3% of all venture
capital goes to female CEOs.***
▸ The vast majority of VC partners are men, and they
generally don’t understand female-focused businesses
— Naya Health turned to kickstarter to fund its smart
breast pump when it couldn’t find traditional
investment, while VCs poured over $100M down the
drain with Juicero.
▸ Women-led startups inventing fictitious male
cofounders — the female cofounders of Witchsy made
headlines when they invented ‘Keith Mann’ so that their
developers would take them more seriously.
▸ “Confidence Gap” among both female funders and
founders — female funders may be more deliberate
and less prone to invest based on FOMO while female
founders show less confidence in their projections.
*** Article by Heidi Zak published on February 7, 2018 — “How Much VC Money
Goes to Women Entrepreneurs?”: https://www.inc.com/quora/how-much-vc-money-
goes-to-women-entrepreneurs-numbers-are-pretty-dismal.html

3. REIMAGINING THE VC SCENE
SOLUTION: DIFFERENCE = STRENGTH
▸ Female funders can approach
investing differently from their
male counterparts — women
invest not just to increase their
personal wealth but also to share
their knowledge and
connections, educate themselves,
and support another’s vision.
▸ This difference can confer a
competitive advantage on
female-led startups, enabling
them to succeed.

4. REIMAGINING THE VC SCENE
A PARALLEL VC UNIVERSE.
▸ Female investors can support
female founders with a vision for
products and services that speak to
women’s needs.
▸ Female investors can syndicate their
investments, educating each other
on new trends and increasing their
leverage in deals.
▸ Women can utilize this structure to
tap into male investors’ sense of
FOMO.

5. “BY IMPROVING THE SUCCESS OF WOMEN IN THE
VENTURE-BACKED TECH ECOSYSTEM, WE CAN
BUILD A MORE ACCESSIBLE COMMUNITY THAT
REFLECTS THE DIVERSITY OF THE WORLD
AROUND US”
Aileen Lee - Founder/Partner of Cowboy Ventures

6. REIMAGINING THE VC SCENE
TOSCA MUSK.
▸ Founder and CEO of Passionflix Inc. — an OTT Platform
for the romance enthusiast.
▸ Multi-award winning filmmaker known for her directing,
producing, writing, and executive producing of feature
films and leading-edge content.
▸ Launched her career at Alliance-Atlantis — the largest
producer and distributor of feature films, becoming the
Director of Development at Sela Ward’s Magnolia Films.
▸ Her television movie — Holiday Engagement — provided
Hallmark Channel with its highest-rated Sunday night
movie in network history.
▸ Her family feature — Simple Things — garnered 9 awards.
▸ Her web series — Tiki Bar TV — was used by Steve Jobs in
his 2005 Keynote speech, a pioneer in the field of video
podcasting.

7. REIMAGINING THE VC SCENE
DAINA TROUT.
▸ CEO and Co-Founder of Health-Ade Kombucha.
▸ Trusting her motto to “follow your gut,” Trout and her co-
founders quit their day jobs and focused on Health-Ade full
time, brewing kombucha in her closet and selling bottles at
a local farmers’ market.
▸ Over the next 5 years, Trout nurtured her small production
into a national brand that is now sold at grocery stores and
health-food markets nationwide, including major retailers
like Target, Whole Foods, and Sprouts.
▸ The brand has also received funding from two of the top
beverage investment firms in the country — CAVU Venture
Partners and First Beverage Group (FBG).
▸ Named by Food & Wine as one of the most innovative
women in food and drink.
▸ Featured by Create & Cultivate as one of 100 women who
are masters in their field.

8. REIMAGINING THE VC SCENE
MAXINE KOZLER.
▸ Co-Managing Director of LDR Adventures — an LA-
based VC firm focused on making investments in
female and minority founders and entrepreneurs.
▸ Spearheads events to teach more women how to invest
at the Angel and Seed Level in order to empower them
and correct the funding disparity for female minority
founders.
▸ Limited Partner at BELLE Capital USA, L.P. — which
provides capital to female-led companies.
▸ Executive Producer of The Biz Fix podcast.
▸ Director of Public Relations at Melissa & Doug.
▸ Started her career in the music industry with publishing
and artist management as a music supervisor placing
songs into films, TV shows, and commercials.

9. REIMAGINING THE VC SCENE
SARAH F. CHAMBLESS
▸ Corporate/Finance partner at Manatt, Phelps & Phillips
in the Media, Technology and Entertainment division.
▸ Sarah’s practice focuses on technology companies,
specifically in the areas of start-up company formation,
early and growth-stage finance, technology licensing
and regulatory considerations, venture capital
investment transactions, and mergers and acquisitions.
▸ Sarah also advises investors on their venture
investments.
▸ Southern California Super Lawyers Rising Star in
2015-2018.
▸ Manatt Venture Fund Investment Committee Member.
▸ Prior to attending law school, Sarah taught elementary
school in Compton, CA as a Teach for America corps
member from 2002-2005.