October 6, 2022

Galvanize: Financial Support for Women Entrepreneurs 9 to 5

This one is it, the last entry in our “Dolly Parton Do? 9 To 5 in the Climate Tech Sector” series. I want to take a sneak peek at the other side of the startup ecosystem: venture capital firms (VC).

As we already know in order to cut off Companies must live up to Dolly’s gender equality doctrine. needless to say This led to a few companies being wiped out. Galvanized Climate Solutions Able to step up to the plate in the form of co-head of innovation and expansion Saloni Multani.

The words 'Galvanize Climate Solutions' in large blue and black block letters.

I first met Multani on the wonderful podcast “Catalyst w/ Shayle Kann,” where she joined Kann as a guest. I was intrigued by her eloquence and ability to make dry investment jargon easy to digest and interesting. So one email and one very late flight to California later. I’m sitting across from a glass conference table from Maltani at Galvanize’s San Francisco headquarters.

What I intended to be another form of Q&A interview turned out to be an interesting conversation that lost all structure! So, I’m only going to highlight some of Multani’s interesting insights. (Some languages ​​have been edited for length and clarity)

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IRA and Climate Technology Funding

Quick note: Multani and I talked in early August before the Inflation Reduction Act (IRA) was formally coded.

First, the additional IRA technical point, as discussed last week in GreenBiz’s “The State of Climate Tech Funding” webcast (which features both Multani and myself), will affect every aspect of the startup ecosystem. Trees and investors play a key role, Multani breaks it for me.

“due to [Galvanize] Thinking about portfolio companies and IRAs, we have to ask ourselves some basic questions. Are there some policies related to our company? Are there some policies that create a market for our company? that gives incentives? We pay attention to the point that is clear and tangible, where one can say, ‘That’s how we should prioritize our efforts. Because obviously the market is being stimulated by this capital.’”

Essentially, Multani, Galvanize, and all sustainable VC firms should want to be key players in contributing to the creation and acceleration of new markets. and the IRA will strengthen that relationship going forward.

VC and GE (Gender Equality)

As a black woman in the investing world, Multani knows her demographics are scarce. when detailing her decades of experience She noted that “Everywhere I work I’m the only woman visible, top, bottom, and sides, and when I started at Blackstone, [a previous employer]I don’t think they ever had a woman in private equity.”

By 2022, startups founded by women in each sector can raise a total of $20 billion so far. When I quoted this incredibly low number, Multani’s head of innovation and expansion, Veery Maxwell, came in to greet and focus on the topic.

“Although those numbers are clearly insufficient. but there are other groups It’s really important to convene women in business,” she said. Maxwell explains that most of the reasons women are left off the line of entrepreneurship are not because of their lack of talent. But lacking mentorship and camaraderie, she tells me, “A great woman never lacks who can and should start a company. But often they don’t want to take the leap. because they don’t think they can make money.”

Maxwell was on the list. Silicon Valley Bank Modern Women’s Discussion Group But “powerful women” Maxwell and Multani both agreed to lead the charge. women in climatethat combines more than 100 women in executive and investor roles.

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When I asked how women were able to reach these groups, The two co-leaders in the room agreed on the process. Both of their answers are below:

Maxwell: “That’s a very good question. Women tend to choose one female investor. and whether we decide to move forward or not We agree that they are excellent. And we invite them to join the community. Which is not the most organized way. Let’s go, because it wants them to come before us.”

Multani: “For new founders I would say that only a large number of referrals from practitioners brought people along and you. [speaking directly to Maxwell] have great intentions when the opportunity arises It is like filling a board seat in a broad and diverse manner.”

Looking at these two women both of which are in positions of power. Support and honor each other at one of the leading climate VC firms. I sobbed and thanked Dolly. Parton for allowing me to witness this rare event. And let’s be clear: this can be very difficult because women are often excluded from these coveted positions. It’s not because it’s unusual for women to support women. far from it people

move forward

At the end of my conversation with Multani, she reflects on past moments of self-doubt, echoing Sunfolding’s chief technology officer Leila Madrone at a previous WWDPD show, “Sometimes you almost talk to yourself. That you didn’t try because you couldn’t.” No evidence that people like you were successful. And the data shows that this is not always a successful path.”

And this feeling is what stood out to me throughout my Dolly Parton-themed series. Each of the women interviewed for the series Successful and great in itself Shows reluctance to enter the game due to the lack of female representatives. but their thoughts and more importantly The indelible impact their thoughts could have on the world. They deserve their perseverance and confidence.

Living Carbon’s trees capture greenhouse gas emissions at an unprecedented rate. Sunfolding’s trackers are expanding their solar power capabilities. Twelve reactors remove fossil fuels from industrial operations. and galvanizing finance and support these investments to become a reality

“What Can Dolly Parton Do, 9 to 5 in Climate Tech” came about because 42 years ago, Dolly Parton wrote a song that expresses the frustrations and limitations women face when trying to earn success, compensation, and Honor as a man … almost half a century later. It is easy and fair to lament that the rights status of all who identify as women is deteriorating when they should be advancing.

but a glorious woman worthy of our attention. Existing and changing the world And I will be damned if I don’t do my best to become a member of this incredibly special club. Thank you to the Climate Tech Weekly community for reading and actively supporting my limited series.

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