Showing posts with label Partners. Show all posts
Showing posts with label Partners. Show all posts

Friday, January 28, 2011

For These Business Partners, Age Is Just a Number

Amy Gonzales and Kelly Caldwell didn't allow their difference in age to stand in the way of their partnership.

As told to Darren Dahl |  Sep 1, 2010 Good to See You Kelly Caldwell (left) and Amy Gonzales get together once a month or so.

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Good to See You Kelly Caldwell (left) and Amy Gonzales get together once a month or so.

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Amy Gonzales, a geologist and wetlands scientist, played mentor to Kelly Caldwell, a biologist, at their former employer, for which they did environmental-impact studies of proposed gas pipelines and other energy projects. When Gonzales grew frustrated with her bosses, Caldwell, who was 17 years her junior, suggested they start their own company. The result is AK Environmental, which performs environmental surveys and manages construction projects nationwide. The women run their company virtually—Gonzales lives in New Jersey; Caldwell, in North Carolina.

Kelly Caldwell: I think people thought we were nuts to quit our jobs and start our own business. I think they also said, "Is Amy crazy to trust this kid?" I was just 26 at the time. She was the one with all the experience.

Amy Gonzales: I didn't even think about her age. If people can do their job, it doesn't matter how old they are.

KC: People would always tell me that it was strange that Amy and I never worked in the same place. But we never did. She mentored me, but I was in New Jersey, and she was in Pennsylvania. I call her 10 times a day and e-mail constantly. Communication has never been an issue between us.

AG: I own 60 percent of the business, and Kelly owns 40 percent. In the beginning, we both worked from our homes. In 2004, we hired my husband, Ed, who is an engineer. That's when I moved my office out of the house, because we couldn't work together very well.

KC: Around that same time, I had my first daughter and stopped doing fieldwork. We were doing other hiring as well, and as we started to grow—from six employees to 11 and then to 40—it became increasingly important for me to focus on the business side of things anyway, like payroll, invoicing, and insurance. When I had my second daughter a few years later, I did payroll in my hospital room as the nurses went in and out.

AG: I focus on the technical and marketing aspects of the business, and Kelly does an amazing job focusing on issues like banks and payroll. There isn't a lot of overlap.

KC: I admit that I miss doing the fieldwork from time to time. But this role was what I needed to do. Now, I don't think I could trust anyone else to do this.

AG: I've had employees ask me why they have to carry a business card around that says our company is a woman-owned enterprise. And I tell them, "Because it is." We work in a male-dominated industry, and we're proud of how quickly we can turn projects around and cut through the red tape. And, while we are serious about our business, we like to be lighthearted, too. Sometimes when we're in meetings with clients, it's like they have never heard anyone laugh before.

KC: The funny thing is that Amy and Ed are very well known in the industry. I have had employees or customers ask if I'm Ed's daughter. I even had an employee tell me he didn't know I was one of the owners. It makes me laugh to think about it. Ed actually reports to me, but mostly just for technical reasons. The three of us work well together.

AG: Kelly makes a real effort to visit the staff out in the field, so she sees more of them than I do. We have done work in 20 states, so we have staff all over the place. We encourage everyone to call and talk to us. We also try to do marketing things together so that our clients can see the face of AK. They always seem excited when they figure out that, Oh, AK comes from Amy and Kelly.


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Tuesday, January 25, 2011

Why Venture Capital Firms Need More Women Partners

I moderated a panel yesterday at the inaugural We Own It Summit in downtown Manhattan. The daylong event, hatched through many meetings of the minds at 24 organizations including Astia, the Kauffman Foundation, and Springboard Enterprises, was meant to drum up practical ideas on boosting women’s participation in high-growth entrepreneurship.

My panel was about venture capital. To set the scene, I cited data from the Center for Women’s Business Research that show that while about 41 percent of private companies in the U.S. are owned by women, only 3 percent to 5 percent of them get venture capital. Then the panelists, experienced entrepreneurs and equity investors Heidi Messer (World Evolved), Diane Mulcahy (Babson College), Divya Gugnani (Behind the Burner), and Anu Shukla (KM), candidly described their experiences on both sides of the funding table to an audience of about 45 women and a handful of men. One of the big (if obvious) takeaways: venture money is available but there are still plenty of gender-related obstacles. After that, the discussion began, with panelists and folks in the audience kicking around prescriptions for improving the odds.

Cindy Padnos, managing director of Illuminate Ventures, said increasing the number of women partners at VC firms was key, since those firms with at least one woman partner are 70 percent more likely to lead investments in a woman-run company than those VC firms with only male partners. (Padnos’s firm recently published a whitepaper aggregating new research on women entrepreneurs.)

Of course, it’s not just about adding women partners—the firm’s culture needs to change, too. Padnos told the audience this anecdote: “When I go out with these women-led companies and introduce them to women [venture capital] investors, I frequently hear a comment that shocked me—and when I thought about it, I realized they were right. They say, ‘I’m a new partner here. I’ve already done one woman-led deal. I can’t do another.’ Now substitute another male-led deal, Indian-led deal, Asian-led deal; anything else and you would think that person was absolutely out of their mind. But in reality when they’re in a partnership where they’re the only woman partner…and they are a junior partner in the firm and they’ve made one bet already on a woman, they’ve got to see it through successfully before they feel comfortable taking on another.”


View the original article here