Monday, August 12, 2019
Interview with Vanessa Dawson, The Vinetta Project
The Vinetta Project (www.vinettaproject.com), a group which is focused on helping to accelerate the growth of female-led startups, announced a few weeks ago that it is working with P&G Ventures, the internal "startup studio" of Procter and Gamble on an effort to help female-led companies in Los Angeles. We caught up with Vanessa Dawson, the CEO of The Vinetta Project, to learn more about the group and what it's doing with P&G Ventures.
What is The Vinetta Project?
How long have you been active in Los Angeles?
Vanessa Dawson: We have been here for three or four years in Los Angeles, and the primary events we operate in LA is a showcase pitch event, as well as a founder and funder dinner series, and problem solving membership program, that pairs corporate executives with founders to help tackle key business issues.
What are you doing with this recently announcement with P&G Ventures, and how does that work?
Vanessa Dawson: Proctor and Gamble Ventures is an internal startup studio within the larger, P&G Brand. Their goal is to partner in really unique ways with entrepreneurs, accelerators and investors, to create businesses and brands in new categories for P&G. They have done a ton of research and have access to consumer analytics and data, where they have identified eight categories where they feel there is a ton of potential for innovation. All of the companies they are looking for are in the consumer space, and they are partnering with us to source and support specific companies that are in line with their areas of interest. They are looking for early-stage companies, which have an advantage with IP, or some sort of patent, or sensibility from the technical perspective. They are particularly interested in working with Vinetta, because of our history of helping female founded companies. P&G is really dedicated to women-owned businesses, not just for social reasons, but from a business perspective. P&g spends billions on women-owned businesses in the U.S., and is committed to sourcing from those businesses as a global part of their supply chain.
So what you're working with them is very much focused on consumers?
Vanessa Dawson: We have over 4,500 founders in our pipeline, across a range of sectors. We have a cross section of companies, across 55 different sectors, ranging from fintech to insurance to consumer, all the way to cybersecurity and ed-tech. There's a very wide range of companies we present, but the goal of our pipeline is that we work specifically with venture backed businesses. We're looking for companies where their market opportunity is a billion plus. What's our differentiator, is our entrepreneurial support ecosystem. That's sector and geography agnostic, but our deal flow tends to follow the geography. In New York, for example, there are a lot of very strong fintech, fashion technology and media companies. In LA, we have very strong consumer companies, strong media, and real estate, plus food technology and beauty brands also tend to be popular in LA. The deal flow really depends on what's going on in a particular city.
Are there any themes you tend to see with your most successful companies?
Vanessa Dawson: That's a really good question. There are some interesting traction points you see from our database. Over fifty percent of our founders are already revenue generating when they apply and pitch, and one of the factors that seems to make a company stand out and indicate they are bound for success, is their understanding of the metrics of their particular market, and what they need to compete versus competitors. Whether they are building a marketplace, or building an e-commerce platform, understanding the growth metrics for a company is really the key.
So, where do you think the technology industry is today in terms of women founders?
Vanessa Dawson: We're making progress, but there are still only 2.2 percent of funds going to female founded businesses. That number is extremely low. That said, we have seen, year over year, a 35 percent increase in our founder applicant pool. There are more female entrepreneurs thinking big, and raising capital, and having that venture mind set. But, the gap for them to close that money is big. We still need to focus on the network access, relationship building, and taking advantage of business opportunities when we do back female entrepreneurs. That's why it's so exciting to see P&G making an investment here, and understanding that women have been massively undervalued assets as entrepreneurs. They see that, if we can invest our time and energy into supporting them, and really invest in them, that leads to really high returns. The problem still exists, but there's been a clear, identified solution, and partners like P&G who are taking actionable steps towards really spporting the underserved category of entrepreneurs.
What's the best way for women to get over that hurdle of building a network?
Vanessa Dawson: Networking and relationship development really is key. Vinetta has a key, matchmaking CRM that really is a system for developing and identifying relationships, and how you can leverage those relationships to accomplish your business goals. If you're interested in Vinetta, the best way is to sign up for our program and join our database. The more information we have on women-owned businesses and female led businesses, not only that that make us better able to match more entrepreneurs to opportunities and funding, that also gives people more data on insights, trends, and opportunities that exist, and the growth of the community. The best way to get involves applying for our programming, and we do have a big pitch even coming up in Los Angeles on October 9th. Applications are currently open, which is a great way to get involved. It's free to apply to pitch.
What's your biggest piece of advice to any entrepreneur?
Vanessa Dawson: Enjoy the journey. Entrepreneurship has a lot of ups and downs, but it's also a lifestyle choice. If you're continuously passionate about what you're building and doing, it's amazing to be be able to create a career for yourself. Look back and enjoy and appreciate the things you've created and the lifestyle of an entrepreneur.
Thanks!