The entrepreneurial lessons for the experts

Dr. Linda van de Burgwal (moderator) is a seasoned academic entrepreneur with over 15 years of experience working at the intersection of science and business as an assistant professor. Her research focuses on how entrepreneurship can drive societal impact through knowledge in the life sciences. In addition to her academic pursuits, she has co-founded multiple service companies in the life sciences. Currently, as the Director of the Demonstrator Lab at VU University, she guides and supports aspiring academic entrepreneurs, both students, and staff, as they embark on their entrepreneurial journey.

Anita Ye (co-moderator) is a Senior Business Developer at SkylineDx, a molecular gene expression-based diagnostics company, and junior ambassador of the TOPX network.

Elise de Reus was inspired by the vast potential of industrial biotechnology to produce everyday products like Dairy protein more sustainably, which motivated her to co-found Cradle in October 2021. Cradle is making a software platform that researchers across different industries can use to optimize their proteins and enzymes faster using machine learning, so we're starting to make that distinction between the end user and customer and also making the distinction between the different industries that Cradle can operate in. “ The lesson that I keep on learning is to embrace the change that ntrepreneurship brings because the world is going to change, and your expectations will need to be adjusted many times over. Every interaction can and often should be customer Discovery''' Customer Discovery is simply listening to other people to understand what their biggest problem is and or the current bottleneck due to their next success.'''

Katty Hsu is a senior researcher and startup facilitator at the Erasmus Center for entrepreneurship. She investigates Innovative startups and high-growth firms scale-ups and the Innovation ecosystems surrounding them. Katty’s the research leads initiator of She leads, an initiative that encourages female entrepreneurship and Leadership and promotes female representation and Entrepreneurship education. “The entrepreneurship lesson that I keep on learning is that every entrepreneurship journey is different, with diverse experiences and perspectives to keep in mind. So at Erasmus Center of Entrepreneurship, we support different types of entrepreneurs and people who want to become more entrepreneurial in their own roles from various Industries.”

Maarten Rotman is a trade neuroscientist focused on entrepreneurial training at the Mayo Clinic after a Ph.D. in Neuroscience from the Leiden University Medical Center, followed by a post-doc at Mayo Clinic. He is now the Entrepreneurial Education Manager at the Office of Entrepreneurship at the Mayo Clinic. Maarten trains colleagues in the principles of the Lean Startup methodology, specifically for the life sciences, teaching them how to test and pivot in the early stages of research and development. In partnership with the All Women's College Saint Catherine University in Minnesota, he founded the National Science Foundation's CONNECT Network, which aims to introduce entrepreneurial education into the undergraduate biology curriculum, specifically focusing on women and underrepresented populations in the US. He is passionate about increasing equity and access to entrepreneurial opportunities and helping scientists understand what it takes for an idea to become an investable one. " The key lesson in entrepreneurship is that every interaction should be an opportunity for customer discovery. Understanding the needs and problems of customers is crucial for founders to ensure that their ideas align with the needs of the market. Customer discovery is simply about listening to others and identifying ways in which you can add value in the future. The more you practice this, the easier it becomes. I encourage entrepreneurs to make a habit of actively listening and engaging in customer discovery as often as possible. It trains you to listen carefully, which is always appreciated."

“Entrepreneurship is really creating value for others…and that can also happen without actually starting a company.

“The heart of it is noticing when there's an excitement or a curiosity to learn or take a new approach and finding your buddies in that, like finding your allies, finding other people who are also curious about this, and then trying to take that journey together.”

“When looking at the entrepreneurship cycle and understanding how to apply different Innovative Concepts in different contexts, it's important to doubt and think about what assumptions you have in mind and how to test these assumptions to grow your company.”

Diversity in founder teams is essential because diverse groups tend to perform better than non-diverse teams. People from different backgrounds and perspectives bring unique ideas and ways of thinking to the table, which leads to more creativity and innovation. Diversity in founder teams helps mitigate groupthink, a phenomenon where a group of people collectively make decisions that may not be in the best interest of the organization or the customers. Furthermore, a diverse team can promote inclusivity and an open-minded culture. In contrast, a lack of diversity in the founder team can lead to a lack of representation and opportunities for underrepresented groups in the startup ecosystem. This can perpetuate the systemic barriers and inequalities that exist in society.

The funding gap

According to data from PitchBook, in 2020, only 2.2% of venture capital funding went to female-founded companies, while male-founded companies received 97.8% of the funding. Additionally, according to a report by Crunchbase, only 11.3% of startups that raised venture capital funding in 2020 had a female founder. So firms with female founders are underfunded. Why is this happening? Elise: “I think there needs to be a representation of women on the level of decision-makers for funding decisions, and I think being aware of that as a woman in a conversation can help you pivot to what you actually want to talk about”

The funding gap for female and underrepresented founders is a persistent issue in the startup ecosystem. Despite having the same drive, passion, and ideas as their male and majority counterparts, female and underrepresented founders often find it more challenging to secure funding for their businesses. This funding gap significantly impacts the growth and success of female and underrepresented-led companies, as they have fewer resources to grow their businesses.

"There's a ripple effect where more female founders who are successful go on to become angel investors who can help each other out.”

To close this gap, solutions such as increasing the number of female and underrepresented investors, creating targeted programs and funds, improving access to networks and mentorship, addressing unconscious bias, promoting transparency and accountability, and promoting education and awareness can be implemented. Closing the funding gap will require a concerted effort from all stakeholders in the startup ecosystem, including investors, founders, and policymakers.

Final words of advice for (female) entrepreneurs?

Pursuing entrepreneurship can be challenging but rewarding, and for women, it can come with its own set of unique obstacles. However, with the right mindset and strategies, women can not only succeed in the world of entrepreneurship but also break barriers and pave the way for a future generation

“To support female entrepreneurs, it's important to start with early-stage inspiration, integrate entrepreneurship in the education curriculum from the very early stage, and highlight that there is an ecosystem of resources and tools to support the next generation of female entrepreneurs.”

“Take a seat at the table, speak up, and ask for the things they require for themselves to move forward.’ You bring a unique perspective to the table. Embrace your unique talents and use them to your advantage. Your perspective can set you apart and make your business stand out.

Network, network, network. Building a solid network of supportive individuals is vital for any entrepreneur, particularly for women. Surround yourself with people who can offer guidance, advice, and connections to help you grow your business. “Use your network, ask for help, and look at successful role models.”

“Stay very close to yourself, look for role models that fit who you are, build on your own strengths, and be clear in calling people out when you are pushed into a certain box. We have learned a lot about female entrepreneurship and how we can help each other in our entrepreneurial journey.”

Resources

PitchBook. (2021). Report on Women in VC Finds Growing Number of Female Checkwriters Could Bolster Female-Founded Startups Disproportionately Impacted by Pandemic. Retrieved January 21, 2023, from https://pitchbook.com/news/articles/report-on-women-in-vc-finds-growing-number-of-female-checkwriters-could-bolster-female-founded-startups-disproportionately-impacted-by-pandemic . Date of retrival 21 January 2023.

Crunchbase. (2020). Funding to Female Founders Report. Retrieved from https://about.crunchbase.com/wp-content/uploads/2020/03/Funding-To-Female-Founders_Report.pdf . Date of retrival 21 January 2023.

© Nazma F. Ilahibaks, 2023