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Sharon Vosmek, CEO Astia Message from the CEOInnovation on my mind Recently I was asked by Mary Kathleen Flynn of The Deal why I thought there were so few women VCs. While I struggle to answer that question (and I welcome your thoughts if you have them) I have been spending a great deal of time thinking about what it means for innovation if women are not appropriately represented – as innovators, funders and consumers of innovation. My cause for concern was validated this week by John Doerr’s comments as he accepted the Bay Area Business Council Hall of Fame Award with fellow VC Brook Byers. John presented a compelling case for why he believes we are heading for a significant innovation crisis here in the Bay Area – and why this is the challenge of our time. What I heard in his comments was that innovation matters. And if an economic powerhouse like Doerr says it matters – I believe. Accepting that innovation matters, I return to my original quandary about the role of women in innovation. So I read and I observe and I think. These are the tools I have used to develop the following conclusions about innovation and why you should care if you look around and everyone looks, thinks, sounds, acts and is – JUST LIKE YOU. Number 1) Smart people have told us that diversity results in better innovation: “The diverse group almost always outperforms the group of the best by a substantial margin,” The Difference, Scott E. Page, University of Michigan. “The key to innovation, in economic terms, resides inside the heads of people, the more diverse the better. That link may not be immediately apparent, yet any understanding of innovation's role in economic growth must focus on diversity as well as ability.” Number 2) There is a significant body of research that demonstrates the correlation between women in executive positions and higher profits and better overall performance. Agreed, correlation is not cause, but the correlation is significant. Women Matter, McKinsey & Co.; The Bottom Line, Catalyst, A Business Case for Women, McKinsey & Co.. Number 3) The smartest people I know surround themselves with people who challenge their opinions, their premises, their conclusions – they invest in the intellectual journey and the debate. To get to this environment they tend to surround themselves with folks who bring a unique perspective, a unique experience, or a unique way of thinking about the problem –and they welcome these. OK, this one is not research, but I told you I used observation, too. These are not my final thoughts on the topic by any measure. They are where I am today and what I am thinking about. I welcome your thoughts and observations on the matter and even invite you to guest blog about them on the Astia Notes Blog. Cheers, Sharon Vosmek Chief Executive Officer Astia in coversation with The Deal: Wanna boost VC returns? Get women partners Sonnenschein Nath & Rosenthal hosts screening day for Elite Entrepreneur Program in Silicon Valley Astia Congratulates LearnVest, Inc. for Selection as a TechCrunch50 Company |
In This Issue Message from the CEO
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The financial contributions received through our membership program help to underwrite Astia´s mission of providing programs that accelerate the funding and growth of women-led companies, develop the executive leadership of the founding team, and enable For more information on membership levels and benefits, visit our website.
Become an Astia Member— Astia is now blogging! Join our ongoing discussions at Astia Notes
You can now follow Astia on Twitter: Sharon Vosmek | AstiaSF | AstiaUK | Astia is also on Linked-In and Facebook. Be sure to join our groups! Want to join the Astia community? Register for the community portal and fill out your member profile! Astia Investor Advisory Council JOIN Astia´s Investor Advisory Council Allegis Capital; Alloy Ventures; Apex Venture Partners; Asset Management Company; CalPERS; CISCO; Garage Technology Ventures; Hamilton Lane; Hummer Winblad Venture Partners; Illuminate Ventures; Intel Capital; Levensohn Venture Partners; Milk Street Ventures; Opus Capital Ventures; Palomar Ventures; Prolog Ventures How to Get Connected
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Silicon Valley
Although the deadline passed for applications we still have new entrepreneurs wanting to apply for the 8th Annual Astia Doing it Right program in Silicon Valley and we are accommodating them with last minute screening. For the majority of the applicants we held in person screening simultaneously in Silicon Valley and New York on October 1 where 40 women-led start-ups presented to an audience of over 70 investors, CEOs and industry experts to qualify. Companies selected in both locations have been invited to join the elite program for entrepreneurs in San Francisco November 2–7, 2009. "It was amazing in the depth, breadth and quality of companies." Eilish McCaffrey, veteran Astia Advisor "Astia continues to source high-caliber, pre-screened start-ups for its highly competitive program." commented Craig Taylor of Alloy Ventures, member of the Astia Investor Advisory Council since 2006. "I´m impressed by the participating companies and look forward to following up with them" commented Rich Simoni, Partner at Asset Management Company, also a member of the Astia Investor Advisory Council. Already known for exceptional results in the technology and life science sectors, Astia this year has added a clean tech track, leveraging a broad network of clean tech experts to develop the program and source the companies. We have great buzz around this year´s applicants and the program itself. Check out our website for the latest schedule and the opportunity to attend the open sessions as Astia members here. |
New York
September flew by quickly for Astia NYC, and it found Astia NYC in Washington D.C.! Highlights of a 10-day trip visiting the nation´s capital include: meetings with the U.S. Export-Import Bank to discuss the bank´s interest and extensive portfolio of financings options for U.S.-based clean tech entrepreneurs producing goods to sell abroad; a speaking event at the 85 Broads —D.C. Chapter featuring Jennifer Hill, Astia´s VP of New York; meeting with Women-Grow-Business, a women´s focused technology blog and community that brings in the best and brightest of the DC area entrepreneurs. Last, but not least, Astia NYC rounded out the week as a guest of Inc Magazine at the annual Inc 500 | 5000 Conference, celebrating the nation´s top small business entrepreneurs. Thank you, Inc.!
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London
The sun was shining for Astia´s recent trip to the UK! A delightful reception hosted by Coutts meetings with Astia community members and the UK Advisory Board were timed to perfection as the weather greeted Sharon in the UK. Significant time was also spent in Cambridge, meeting with entrepreneurs and, at an event hosted by East of England International, some of the region´s key business people. The next visit will include time in Oxford, UK. Know people that we should meet while there? Let us know. During her visit, Sharon announced that the Doing it Right London programme for entrepreneurs by entrepreneurs returns next year in May 2010. Astia is accepting applications now! For the opportunity to be considered, please email Evie Mulberry for essential information. We would like to specifically thank the following for hosting parts of the recent trip: Rowan Gardner, BioLauncher Ltd, SVB Financial Group UK, Osborne Clarke, East of England International and Coutts. Astia would like to congratulate Marie Wold, co-founder and CFO OnRelay, and Jennie Lees, co-founder Affect Labs for their inclusion within The Guardian´s recent Tech Media Invest 100 list. |
India
Astia India was launched in Fall 2008 by a planning committee headed by individuals with roots in the Indus region who had |
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Biotech ShowcaseTM Partners with Astia to Help Women Biotech Entrepreneurs Successfully Grow their Business
EBD Group and Demy-Colton Life Science Advisors, the producers of Biotech ShowcaseTM, and Astia have just announced a strategic collaboration designed to ensure that women-led biotech companies gain the investor and industry relationships needed to successfully grow their businesses. Under this agreement, Astia´s biotech clients participating in the Astia Silicon Valley Doing it Right Program will have the opportunity to present at the second annual Biotech Showcase 2010 held on January 12–13, 2010 at the Marines´ Memorial Club and Hotel, San Francisco, CA. Co-produced by EBD Group and Demy-Colton Life Science Advisors, the Biotech Showcase is a high-powered forum providing private and public companies an opportunity to present to an audience of investors and biopharmaceutical business development executives. "The Biotech Showcase has quickly established itself as a premier venue for companies to present their innovations to potential private and institutional investors and business development teams from pharmaceutical and large biotech firms," said Sharon Vosmek, CEO, Astia. "Being featured at Biotech Showcase has the potential to catapult a company several step forward toward achieving their business goals, and this is why we view it as ´the forum´ for the Astia companies to be showcased." Chris Meda, president and CEO of Astia supported company, Arcxis Biotechnologies, remarked, "As CEO of a biotech start up and an Astia alumna I am thrilled with the announcement of the partnership with Biotech Showcase—this will allow Astia entrepreneurs to benefit from the power of the Astia community while ensuring we are being showcased in one of the premier forums for our industry. Astia has always reached out for the best opportunities for its entrepreneurs and this is another illustration." "Astia is an organization we are excited to be working with," said Carola Schropp, President, EBD Group. "By working with exceptional women entrepreneurs as they drive innovation and build successful biotech companies, Astia plays an important role in the long-term success of our bio-economy." "I am very excited about this opportunity to work with Astia. Building a successful life science company takes great science, access to capital and, above all, a great management team. We are very impressed with the community that Astia offers up and coming management teams and the fact that advisors are there for the long-term," said Sara Jane Demy, President of Demy-Colton Life Science Advisors.
Astia with SD Forum present Clean Tech Breakfast Series: Old Energy Resources in a New Climate
Tuesday, November 10, 2009, 8:00am - 10:00am Astia Award Winners & Tickets The 5th Annual Astia Awards will be held on November 19th, 2009 at The Golden Gate Club of San Francisco. Get your tickets now as you won´t want to miss this fabulous evening as Astia awards this year´s winners, honors the Astia community, and provides an inspiring evening for all. The evening will begin with a VIP reception at 5pm, followed by the awards celebration at 6pm. Cocktails & hors d´oeuvres will be served. We are proud to announce this year´s winners Astia Diversified Portfolio Award For the UK Astia Shattered Glass Award For the UK Astia Breaking the Barriers Award For the UK 2009 Technology Innovator Award 2009 Life Science Innovator Award 2009 Clean Tech Innovator Award Astia 2009 Deloitte Leadership in Mentoring Award Astia Investor Forum
Early Bird Ticket Special through October 30th
One Medical Group: Doctors Reinventing Primary Care in San Francisco and New York City We are excited to introduce you to an innovative new service that we think is a great fit for Astia members and the busy lifestyles that you lead. One Medical Group is a boutique primary care medical practice that is far from your typical doctor´s office. Their main focus is to provide a first-class customer service experience that is completely focused on the patient. They offer a unique set of member benefits, including:
• Experienced and trusted physicians • Email access to your doctor, saving time and money • Online health tools, including prescription renewals • Convenient locations in downtown San Francisco and Midtown Manhattan One Medical Group accepts most major forms of PPO and HMO insurance to cover medical appointments and applicable services. To join One Medical Group members pay a small annual fee. You can learn more at www.onemedical.md.
Exclusive 20% discount on the annual membership fee for Astia members To join and receive your discount, just follow these easy steps: *Discount only available to first-time members. Offer expires 12/31/09. BVCA presents Limited Partner Dinner 2009
October 13, 2009 Women 2.0 presents Startup Essentials
Developer Night – October 13, 2009 Dow Jones VentureWire Technology Showcase 2009
October 13-14, 2009 BVCA Summit and CEO Awards 2009
October 14, 2009 Women in the Know Series: Ethics and Investing in the post-Madoff Era
October 14, 2009 AngelNews: Exit Strategies for Entrepreneurs
October 14, 2009 EBC: Project and Tax Equity Financing of Renewable Energy Facilities October 14, 2009 AllThingsLifeSciences holds a Venture Capital Forum Exclusively for women-led Life Sciences Companies
California – October 15, 2009 Osborne Clarke and Sonnenschein present Cross-Border M&A after the Great Meltdown: A Merger Boom Lying in Wait? October 15, 2009 WIC and SVAMA Present: Christine Comaford Lynch on Three Mistakes Entrepreneurs Make that Increase Stress & Limit October 15, 2009 AlwaysOn presents OnDC: Entrepreneurs´ March on Washington October 19-23, 2009 SDForum presents Enterprise Software
October 20, 2009 BioCenter presents Meet with...Genentech, Inc. October 22, 2009 BizTechDay: Business Strategy & Technology Conference for Entrepreneurs October 22-23, 2009 Naseba presents Women in Leadership Forum October 25-27, 2009 BioExec Institute — Managing Value November 2-3, 2009 TIE UK presents Alan Halsall — Silvercross — A Great British Brand November 2, 2009 TIE UK presents Leading High Performing Teams November 5, 2009 London Business School: Entrepreneurial Leadership Speaker Series with Stan Boland November 5, 2009 Women in Technology: Style DNA for Women November 11, 2009 The FundingPost presents the Perfect Venture Conference November 12, 2009 EBC presents Meet with Khosla Ventures November 13, 2009
Launch of The University of Cambridge Discovery Fund |
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