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Path Forward Fundraising Deck
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- 2. Talented women puttheir careers on hold to care for children • In a study of biz school grads, 37% of millennial women planned to interrupt their career for family compared with 28% of Generation X women • The reality is likely to be higher: While 28% of Gen Xers expected to put their career on hold, in reality 43% did Source: Life and Leadership after HBS, Harvard Business School, May 2015
- 3. Women make thischoice willingly and unwillingly • 80% of mothers would prefer to work • Nearly half would like reduced hours to manage work/life conflict • When those options don’t exist, some choose to take time off
- 4. While many ofthese women plan to return to work, one study found as many as 30% never do … Source: Sylvia Ann Hewlett, Harvard Business Review, Off-Ramps and On-Ramps Revisited, June 2010
- 5. Why? The penaltywomen pay for a gap on their resume is high “At every interview there was this awkward pause when they noticed the gap. They acted like I’d spent the time in jail.” – a 2015 Return Path returnee who was out of the workforce for a little less than two years caring for her newborn son
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- 7. Gender diversity isa hot topic that gets companies in hot water • “Dropbox Sees Drop in Women in Latest Diversity Report, Slight Gains For Blacks Hispanics” - International Business Times • “Inside Pinterest’s Plans To Fix Its Diversity Problem” - Fast Company • “Twitter Still Has A Major Problem With Employee Diversity” - The Verge • “Facebook’s New Diversity Numbers Are Still Pathetic” - Wired • “Intel isn’t Diverse Enough And It Knows” - Wired
- 8. Percentage of femaletechnical talent at top tech companies • Twitter: 13% • Amazon: 11% • Google: 18% • Microsoft: 16.9% • Apple: 22% • Facebook: 16 Note: for many of these companies the % of female engineers is lower
- 9. Gender diversity improvesbusiness performance • McKinsey found that companies in the top quartile for gender diversity were 15% more likely to outperform the companies in the bottom quartile • “The unequal performance of companies in the same industry and the same country implies that diversity is a competitive differentiator shifting market share toward more diverse companies.”
- 10. Getting more womenback to work would increase gender diversity and the overall talent pool • Every percentage point increase in women’s participation in the labor force would add roughly 1.3 million workers to the US economy
- 11. Solution: Midcareer Internships •20-week paid internships for midcareer professionals who have been out of the workforce for more than two years to accommodate caregiving responsibilities • Provide an on-ramp back to the workforce • Include onboarding, professional development, feedback sessions, networking, and off-boarding
- 12. The Big Idea •Create a nonprofit to organize groups of companies in the same geo and train them to run this program • Recruit participants across the network of partners and offer them back-to-work training during the program • Give both partners and participants access to the network throughout the program, especially during off- boarding • The nonprofit becomes self-funding through a fee-for- service model
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- 14. Sources of fundingfrom partners • Recruiting budget • Hiring just 2 returnees would cover the cost of the program compared with traditional recruiting fees • Diversity budget • Companies pour money into programs that don’t have immediate impact – this program can drive measurable change • Philanthropy budget • Companies that can’t participate in the program will still be able to support our efforts
- 15. Why do wethink this will work? Because we already did it.
- 16. Return Path, adata solutions provider, faced the challenges of gender diversity and talent shortages and piloted midcareer internships … • 2014: 1 woman; mixed experience but clear that there was an idea to be explored • January 2015: 6 women; 80% were hired • Added structure, HR involvement, building on learning • Result: Positive experience for managers and returnees, high success rate
- 17. And attracted pressattention …
- 18. Then we expandedit with partnerships
- 19. And the programis having a huge impact for partners and participants
- 20. Partner Testimonials “The PathForward program has been incredibly valuable for our recruitment strategy and our business. The opportunity to partner with other top companies, share knowledge, and build community has been invaluable.” --Courtney Graham, Senior Director of Human Resources, ReadyTalk “We are thrilled to support Path Forward. It offers a tremendous opportunity to support people who are rejoining the workforce after an extended absence for caregiving. Through our involvement in the program, we have learned firsthand about the benefits of adding diverse perspectives and skill sets to our team. We look forward to continuing to work with Path Forward as our team grows in 2016 and beyond.” --Maureen Schilling, Human Resources, SpotX “Our participation with Path Forward leveraged a new way of tapping into a diverse talent pool. As it relates to our diversity and inclusion initiative, it is an evolving growth strategy that specifically targets community and culture. We love the program and can't wait to bring on another cohort!” --Margho Dunnahoo-Kirsch, Corporate Recruiter, SendGrid
- 21. Participant Testimonials “I feelso honored to be part of this amazing program. It has given me the confidence to know that I’m not alone in this transition and that I can provide a valuable contribution in today’s workforce. You can do this!” — Janelle Pelletier, Client Service, Return Path “The Path Forward program has allowed me to re-engage with a career I assumed had been lost to earlier choices. Thank you for making it possible for me to test the intellectual waters again.” — Lisa Souza, QA Engineer, Moz “Participating in the Path Forward program gave me the opportunity to begin a new career. It has allowed me to reinvent myself and bring value right away to the company. Feeling appreciated for my experience is a wonderful way to re-enter the workforce.”— Kim, Content Marketing, Return Path “The Path Forward program was an amazing opportunity to re-start my career after a long parenting hiatus. It introduced me to progressive companies on the forefront of people-first cultures and work/life balance. I now feel confident about my chances for renewed success in technology sales.” — John Bortscheller, Sales, ReadyTalk
- 22. Organization Revenue ModelKey Clients PF differentiation iRelaunch: Coaching for women returning to work Coaching fees from clients, event sponsorship, consulting fees Goldman Sachs, Morgan Stanley Revenue is driven by businesses, not the women seeking help; nonprofit GapJumpers: Hosts blind auditions to eliminate bias $750 for an assessment that uncovers bias, designs challenges; annual subscription fee for the platform Google, Wieden + Kennedy, Chegg, Adobe and BBC Digital GapJumpers is a complement to what we are doing OnRamp Fellowship: Gets female attorneys back to work in one-year fellowships Pricing structure is a yearlong subscription fee per fellow, includes an assessment framework to identify most successful candidates 4 law firms with 32 fellows Our program is sector and role agnostic – it can work for any company hiring into almost any role Power to Fly: Place technical women in on-demand, work-from-home jobs.. 85% of the placements are subcontracted so that they are the employer; 15% is placement fees BuzzFeed, Hearst, Time Inc., The Washington Post Nonprofit, network, programming MomCorps: A staffing firm that focuses on professional moms who want nontraditional jobs -- part-time, flex-time, WFH Placement fees; also offers contract employees who they pay directly. Doesn’t list them, but claims Fortune 500 clients Nonprofit, network, programming recruitHER: staffing firm focused on Placement fees Pandora, GitHub and Nonprofit, network, programming
- 23. Board of Directors •Matt Blumberg, Co-Chair (Chairman & CEO, Return Path) • Joanne Wilson, Co-Chair (Angel Investor, Founder of the Women’s Entrepreneur Festival) • Cathie Black (Former President, Hearst Magazine) • Brad Feld (Founder, Foundry Group, Chairman of the Board of the National Center for Women & Information Technology) • Cathy Hawley (VP People, Return Path) • Raj Vinnakota (EVP Youth & Engagement Division, Aspen Institute, Founder of SEED Academy)
- 24. Income Statement andImpact 2016 2017 2018 Program Revenue 600,000 2,300,000 4,775,000 Fundraising Revenue 1,000,000 160,000 0 Expenses 1,400,000 3,535,905 4,466,730 Net Income 200,000 (1,075,905) 308,270 Number of companies in the program 40 120 235 Number of participants 200 1240 2645 Expense per partner 35,558 29,465 19,007 Program Revenue per partner 15,000 19,166 20,319
- 25. Use of proceeds •Staffing primarily aimed at recruiting new partners and participants, marketing push, build out of program and supporting technology • Technology to enable the creation of an online network of partners and participants • Marketing in the form of sponsorships, advertising, branding and PR
- 26. Staffing 2016 2018 Executive Director1 1 1 Business Development: Solicits partners to join the consortium 2 5 6 Program Management: Runs the program in market 3 5 5 Curriculum Development: Develops & delivers training content 0 1 2 Coordinators: Admin and event support 0 1 2 Marketing: Support for biz dev and participant recruiting 1 1 2 Product & Technology: Design & implementation of tech 0 4 5 Operations: Back office 0 2 3 Total 7 20 26
- 27. The Ask • Afirst round of $1,000,000 to fund start-up costs • A second round in 2017 $160,000 • Goal: Be self-funding by 2018
- 28. Commitment to earlysupporters • Listed as a founding donor • Open invitation to end-of-program celebration events with returnees • Quarterly updates on the progress of the organization, including “participant spotlights” • Can designate someone to serve on our Advisory Board
Editor's Notes
- #4 80% of mothers actually want to work, but nearly half of them want part-time options that will reduce their work/life conflict
- #5 This is a huge loss of talent for all businesses. It also contributes to the inadequate pipeline of women available for senior roles leading to acute gender disparity in the C-Suite. https://hbr.org/2010/06/off-ramps-and-on-ramps-revisited
- #8 NOTE: While these headlines use “diversity” generally the articles were focused on or substantially about gender diversity.
- #12 Our program provides a bridge back through paid interships. For the businesses who partner with us they get a low-risk way to tap into a talent pool they are currently not considering. For the women who participate they get an opportunity to prove their value and update their experience.
- #18 Gender diversity, especially in tech, and women in the workplace are hot topics in media. Our program has already been profiled in SF Chron and HBR and we are in discussions with Fortune to have them write about the launch of the organization.
- #19 The proof that this concept will work is that we already have 6 partners paying a fee to participate in the program currently run out of Return Path.