Two key pieces of advice when fundraising … from one who knows

I joined an excellent #StBrigidsDay Women in Science & Medicine event earlier this week.  It was a super event hosted by Ambassador Helena Nolan at the Irish Embassy of Belgium in Brussels.  A lovely mix of poetry, song and of course a WomeninSTEM discussion expertly moderated by journalist and writer Antonia Hart.  I was lucky enough to be selected to ask a question of the panel and on behalf of the female founders in #AwakenHub I posed the following question to experienced healthcare VC partner Dr Ena Prosser (of Fountain Healthcare Partners & WITS Ireland). 

“What small number of key pieces of advice would you give to a woman starting out on the journey to access investment for her business?”

This was Dr Prosser’s answer: 

“Aim high.  When I was judging HPSU grants for Enterprise Ireland, the women would shoot low and the men refused to comply.  If the maximum grant on offer was €500k, the women asked for €475k and the men for €750k.  The men expected their bids to be cut down as if they were haggling in a souk in Marrakech. 

Women tend to view the VC dance as a contract whereas men see it for what it is … a negotiation.  You don’t have to become the man.  Instead make it clear that your plans and forecasts are realistic and are not open for negotiation”. 

Dr Prosser added “Women use “we” and men use “I”.  Be aware of this when you’re presenting to VCs.  Often they are seeking to back leaders”.

I was expecting the first but not the second so I found that to be an interesting observation and something to just be aware of.

She wrapped up by commenting that as more women join corporate VC and become VCs themselves, this dance will get easier for female founders and observed that this is far less of an issue in some other EU countries than it is in Ireland … so a ray of hope for anyone starting out.

Big thanks to Ambassador Nolan but also to the whole team at the Embassy for sourcing such interesting women to entertain us and give us food for thought as we celebrate #StBrigid this year … together but apart!