This woman is Elizabeth Holmes, 30 years old, founder of Theranos, a medical technology company valued at over nine billion dollars, in which she owns more than fifty per cent of the shares.
Keep Elizabeth Holmes in mind. Keep her in mind, women entrepreneurs, the next time you pitch me. Because you ought to decide how big your ambitions should be, but I am going to think of Elizabeth and I am not going to be satisfied if your pitch says your startup is going to solve a small problem, serve a handful of customers, employ a few people, distribute through niche channels, raise a little capital, produce some revenues, break even, and not scale. If you’re not aiming to change the world in some significant way, you’re the one putting yourself at a disadvantage towards the other startups, the ones that plan to do exactly that. Investors like to bet their money on people who dream big and want to change the world. They are not going to bet on you if you nurture small, local, provincial ambitions.
There is a great concept in behavioral science called “nudge“. A nudge is “any aspect of the choice architecture that alters people’s behavior in a predictable way without forbidding any options or significantly changing economic incentives”. Most of you were not nudged, I assume, towards choosing STEM disciplines in school. But today, I believe, the ethical thing to do in our families and in our education systems is to nudge today’s girls and young women towards STEM disciplines.
Because if we don’t, this happens: only four out of 81 “unicorn” companies – private companies valued at over one billion dollars – have a woman CEO. These companies are technology companies and are overwhelmingly founded and led by technologists. Elizabeth Holmes is a technologist. But she is one of just four women CEOs in that list. The rest are all men.
And if we don’t, that’s not the only thing that happens. What also happens – and drives me crazy – is the mansplaining about choice, as in “young women are not interested in tech because they choose not to be”. But how can you be interested in something you know nothing about and have had no exposure to?
Exposure is the primal nudge here. Then we have hands-on learning, networking, coaching, mentoring, sponsoring. Getting the Inspiring Fifty group together – at 10 Downing Street, of all places – and speed-mentoring a number of Girls in Tech was a great moment. Let us commit to creating more and more moments like that. And to offer our girls a nudge, in their own best interest, at every opportunity we get.