Fostering Diversity in Tech, Entrepreneurship, and Angel Investing: Empowering Women Entrepreneurs at BVZ by TMU
In the early stages of fundraising, founders often face challenges in attracting venture capital, relying on their pitch, networks, and early champions to secure funding. This situation is particularly critical for women entrepreneurs who encounter barriers such as limited access to networks, insufficient capital, and a lack of training. In Canada, where women constitute only 2.82% of CEO ranks, the underrepresentation of women in angel networks further exacerbates the issue, leading to pitches predominantly to male investors.
Securing an early round of angel capital is vital for startups aiming to attract future institutional investors. The ability to connect with like-minded individuals can significantly impact a startup's success. Before embarking on the fundraising journey, founders must be vigilant about red flags and recognize that the relationship with angel investors is a mutual one that can extend throughout the startup's lifecycle.
Angels vs. VCs:
Distinguished by their personal funds and subjective investment criteria, angel investors operate differently from venture capitalists (VCs) who adhere to clearly defined contractual terms. Understanding the subjective nature of angel investing is crucial for founders navigating this stage of funding.
Finding Your Angels:
For founders, conducting due diligence on potential angel investors is paramount. Identifying reputable angels with a track record of aiding businesses beyond financial support is essential. Startups should seek investors whose experience and passions align authentically with their company's offerings. Building a wishlist of potential connections, networking strategically, and maintaining genuine relationships can enhance the chances of securing trustworthy angel investors.
The Firehood - A Solution to Funding Gaps:
Addressing gaps in angel stage funding, The Firehood, launched by Claudette McGowan and I just 2 years ago, consists of a network of over 100 women angels who have invested over $4M in women-led startups across Canada. These investors gain valuable offerings from the network, including 100s of pitches from women entrepreneurs and direct matches with like-minded executive women investors, advisors, and champions.
Women Entrepreneurs at Brampton Venture Zone by TMU:
The resilient women entrepreneurs at BVZ, working on health and wellness or smart city, mobility, and logistics startups, showcase dedication within BVZ's Launch program (opens in new window) . BVZ Launch program provides essential tools and resources, connecting entrepreneurs with industry partners to foster growth. Throughout the three BVZ cohorts, we've proudly witnessed a 38% representation of female co-founders, highlighting the commitment to diversity and inclusion within BVZ’s entrepreneurial ecosystem. Moreover, recognizing the significance of racialized women in Brampton, BVZ continues to strive for greater representation and support for women of color in entrepreneurship, acknowledging their unique perspectives and contributions to innovation and community development. As these entrepreneurs seek funding, finding investors aligned with their vision becomes crucial for success.
Empowering Women Entrepreneurs Through Angel Investors Ontario (AIO):
BVZ's women entrepreneurs are actively networked across all angel networks across Ontario through Joint Venture Screenings as they seek funds to support their ventures. Those interested in becoming angel investors can connect with AIO by filling out this form (external link, opens in new window) . AIO's network has facilitated over $550 million in funding for high-potential ventures, highlighting the impact of fostering diverse angel investments.
In conclusion, promoting diversity in tech, entrepreneurship, and angel investing is not only a social imperative but also a strategic move towards a more inclusive and innovative future. The endeavors of women entrepreneurs at BVZ and initiatives like The Firehood exemplify the positive impact that diverse perspectives and investments can have on the startup ecosystem.
About Danielle Graham:
Danielle Graham (external link, opens in new window) is General Partner of Phoenix Fire and Co-Founder of The Firehood, an angel stage fund and network focused on women in technology. She created Fierce Founders Programs — the first women-focused accelerator and bootcamp series in Canada. Previously, she managed Ontario Centres of Innovation's Market Readiness Fund, Principal at Sandpiper Ventures and Consultant at Deloitte. Danielle supports underrepresented founders looking to scale their tech businesses as a member of the angel community network, investment officer and advisor to tech incubators. Masters of Business Administration (M.B.A.) from Wilfrid Laurier University, a Masters of Arts (M.A.) from Dalhousie University and a Bachelor of Arts (B.A.) from Trinity College, University of Toronto. Executive in Residence for Capital at BVZ by TMU, Foresight, CDL and ventureLAB's Capital Investment Program.
As an Expert-in-Residence at the Brampton Venture Zone by TMU, Danielle Graham has been an unwavering pillar of support for our female founders, offering them invaluable guidance and access to her extensive network. Her commitment to fostering growth and innovation within our community is truly commendable.
Danielle's impact goes beyond mere mentorship – she has invested in the success of two of BVZ's most promising startups, Tenomix and Roga. Let's take a closer look at their groundbreaking work:
Tenomix: At Tenomix (external link, opens in new window) , the team is dedicated to revolutionizing cancer care by developing novel technologies that target inefficiencies in the pathology workflow. Danielle's investment of $100,000 played a pivotal role in propelling Tenomix forward, ultimately leading to further funding from OCI and Facit.
Roga: Roga (external link, opens in new window) is pioneering the field of therapeutic wearables with their innovative device designed to alleviate stress and promote relaxation. With the discreet appearance of a pair of headphones, Roga works by sending gentle pulses to the brain, signaling safety to the nervous system. Danielle's investment of $40,000 underscores her belief in Roga's mission to enhance mental well-being through cutting-edge technology.
Danielle Graham's contributions extend far beyond financial support; her expertise and mentorship have been instrumental in the growth and success of BVZ startups. We are immensely grateful for her ongoing dedication to empowering entrepreneurs and driving innovation within our ecosystem.
About the Firehood (external link, opens in new window) :
On a mission to increase the participation, leadership, and prosperity of women in technology, the Firehood community is a national movement to recognise and elevate women entrepreneurs. The Firehood was co-founded in 2021 by Canadian businesswomen Danielle Graham and Claudette McGowan to help counter the adversities women face in the tech industry. The Firehood brings women together for professional development, networking and events, mentorship, and capital raising opportunities