Young and Profiting with Hala Taha - YAPLive: She Means Business: Empowering Women Entrepreneurs [ Propelify Innovation Festival 2020] | Entrepreneurship | Uncut Version

Episode Date: October 9, 2020

Hala recently hosted the “She Means Business” panel during the 2020 Propelify Innovation Festival, powered by TechUnited:NJ, focused on ways to use tech to #BuildABetterFutureForAll.    Speakers: Hala Taha, Producer & Podcast Host, Young & Profiting (Moderator) Debra Sandler, CEO, Mavis Foods Lisa Ascolese, “The Inventress” Kathleen Griffith, Founder & CEO, Grayce & Co.   In this discussion, the ladies discuss their career journeys, hurdles that females encounter during entrepreneurship, and how we can increase the number of S&P 500 board seats filled by women.     Follow YAP on IG: www.instagram.com/youngandprofiting Reach out to Hala directly at [e-mail] Follow Hala on Linkedin: www.linkedin.com/in/htaha/ Follow Hala on Instagram: www.instagram.com/yapwithhala Check out our website to meet the team, view show notes and transcripts: www.youngandprofiting.com

You're listening to Yap, Young and Profiting Podcast, a place where you can listen, learn, and profit. Welcome to the show. I'm your host, Halitaha, and on Young and Profiting Podcast, we investigate a new topic each week and interview some of the brightest minds in the world. My goal is to turn their wisdom into actionable advice that you can use in your everyday life, no matter your age, profession, or industry. There's no fluff on this podcast, and that's on purpose. I'm here to uncover value from my guests by doing the proper research and asking the right

questions. If you're new to the show, we've chatted with the likes of ex-FBI agents, negotiation coaches, world famous cartoonists, CEOs, and bestselling authors. Our subject matter ranges from enhancing productivity, how to gain influence, the art of side hustles, and more. If you're smart and like to continually improve yourself, hit the subscribe button because you'll love it here at Young and Profiting Podcast. Welcome back, everyone. I'd like to introduce today's panel. I hope you enjoyed our last session with Carly from Montclair State University. I'd like to introduce Halitaha. Go ahead and introduce yourself and let's just get right into it. Sure. So first of all, I want to say welcome to everyone. It is day one of Propelify. The theme of the day is better together

and we're focused on social justice and inclusion. My name is Halitaha. I'm the host of the top 10 self-improvement and number one how-to podcast on Apple. It's called Young and Profiting. And today I'm joined by three lovely ladies, Deborah Sandler, Lisa, Askalise, and Kathleen Griffith. So first, I want to make sure that you guys know who your panelists are, know a little bit about their career journey. So ladies, in a few minutes, can you tell us what you do today and some of your career highlights? perhaps let's start with Deborah, and then we'll go on to Lisa and Kathleen. Well, hello, everyone, and Hollis, what a wonderful pleasure to be here with you today. Deborah Sandler, I am a corporate maven-turned-entrepreneur, spent about 30 years in corporate America,

PepsiCo, Johnson, and Johnson, and Mars, and then about five years ago transitioned into governance and entrepreneurship. I sit on the board of three corporate boards and then one private company board, as well as I'm a trustee at my alma mater. So I have an eclectic portfolio of roles, which keeps life interesting. In terms of highlights, if I could take two, one was in my corporate life, being the person who introduced splendor to the world was a lot of fun while I worked at Johnson and Johnson, something that was new to the world. And honestly, in corporate life, just launching two years ago, my sort of family sauce business,

which I run with my aunt, who is chief inspiration officer and my daughter, who is the sort of chief marketing officer. And I am the sauce boss. And we've been having tons of fun doing that. I love that. That's amazing. And Splenda, that's huge. Congratulations.

Those are amazing accomplishments. Lisa, could you introduce yourself? Sure. My name is Lisa Asklees. I'm known as the inventress. Why? Because I have a prolific amount of inventions. Patents and trademarks and some of which are behind me. Some of the patents and trademarks, they can't fit in this table or in this room. I love the fact I am CEO and founder of inventing A to Z. I was jumping to I love the fact that I invent and help other people invent products and bring them from concept to fruition. But first and foremost, I love the fact that I that I can do what I do best, inventing, helping people get to the marketplace from beginning to end, from concept to fruition. In addition, I have a nonprofit organization called the Association of Women Inventors and Entrepreneurs or AOE. And my mission statement is lifting each other up two hands at a time and sometimes you just got to use your foot. And you ladies know what that means because sometimes you just don't move ahead until you have somebody pushing you forward. So happy to say that

I've been in both industries for a very long time, been inventing since I'm nine years old. I won't say how many years that is. No botans. You look great. That's amazing. Thank you. But no, I mean, and my highlight is,

I love the fact that I have been with QVC for over 25 years and having over 50 products on national television and helping women in particular. build their brands and become very, very successful. And being a dreammaker, as far as I'm concerned, not me personally, but by the grace of God, helping people to develop products and get them on national TV and move to the space that they want to be in. That's awesome. The fame, Hala.

Yeah, I mean, Lori Grenier from Shark Tank, better watch out. Move over, Lori. Kathleen, would you introduce yourself, please? Yeah, I am Kathleen Griffith. I'm the founder and CEO of Grace and Co. We are a marketing consultancy that works with Fortune 100 brands and media companies on intercepting the female target deliberately. So not quite so haphazardly. We work with brands like Nike women to Bocardi to Verizon to AOL. And I, you know, for me, my career highlight was really launching a platform called Build Like a Woman. My team and I built this to, initially to try to democratize some of our consulting services for a female entrepreneur who couldn't necessarily afford it. We were getting lots of knocks on the door saying, can you help? Can you help? And we thought there's got to be a better way to scale this. And so it's a series of digital

courses, interview series. We're now in over 125 countries from Kazakhstan to India to South Africa. and our real imperative is, one, if you're going to bet on anyone, bet on yourself, and two, when you fall down, because you will, know that you can get back up. You just need to stay at it and keep at it. And often, as was just stated, you just need the kick from a girlfriend or a friend or your tribe. So we're real believers in community, women coming together. You know, really don't subscribe to kind of this idea of competition. but really we've got to come together to drive change. So that's been my highlight so far.

That's amazing. Cool. Well, so nice to meet all of you. I feel really honored to be moderating this panel with such powerful women and such a diverse panel. It makes me really happy to just be here and be able to pick your brains. So as you guys all know, this panel is really about embracing women entrepreneurs. And I want to know from your perspectives, what do you see as the number one hurdle when it comes to female entrepreneurship? And why don't we start with Deborah? So it's funny because Kathleen probably has a real strong perspective on this as well. But in my experience, the two biggest barriers are access to capital and confidence in one's ideas. I can't tell you how many women I know who have ideas, but that's,

they either don't think it's good enough or they're just not sure about how to move forward. And there's a certain lack of confidence that, hey, I have something here that could be powerful. But even greater than that is access to capital. I think that's an issue for any entrepreneur. But as we know, women entrepreneurs, we don't get the funding at the same level. And to be honest, black female entrepreneurs get even less. And so I think those are two really significant barriers. Kathleen, do you have any thoughts?

Yeah, I mean, just to double-click on that, it's exactly right, 61% of female entrepreneurs bootstrap their business. There are still loans and small business loans, grants. But as we know, that's essentially a full-time job, even to pursue those things. Venture capital, less than 2%, going to women. and, you know, obviously minority founders, even less so. So what this means, I think just from an emotional standpoint, is you're always operating on a razor's edge. You have so little capital in the

bank, because usually it's your savings or a retirement fund that you've depleted, that anything has the potential to truly rock and destroy your business. And so I think just living in that state, you know, that takes an emotional toll, that takes a spiritual toll. It's a real variable that we have to contend with that other founders, frankly, do not. That's interesting. Lisa, do you have any thoughts on this question? I do. I think the number one barrier I know for sure is the ask. I think women don't ask. They're not their authentic cells when they go in to do the ask. And sharing. And I'll explain what I mean by that. When you want something, you really need to ask for it, you know, authentically. When you go into a bank, and it doesn't have to be a big bank, but you go

into a smaller facility and ask for specifically what you want. Give them your background. We don't do that. That's a giant hurdle. Sharing with other women, what you can help them with is a giant barrier. Women do not share with other women the tools they have. Huge barrier. I have a motivational Monday which every Monday I do and ask. We have a group of about 100 people. And I say, just give me one word and ask for what it is you want. When you ask for what it is, you want, somewhere you receive it.

So doing the ask, we do not do. We are not our authentic self and we do not share with other women the tools and the gifts that we have. So start asking and giving, and I think that we'll be at a whole elevated place. I agree with what Deborah is talking about. I 100% agree, but if we're not giving our whole selves and asking the question and asking, we're certainly not going to receive. Not that you're not asking. Sometimes it's a bigger ask.

Yeah. So I see two core themes in what you guys are saying. So first off, lack of funding. Secondly, this confidence and inability. to ask for what we want, low confidence, imposter syndrome, whatever you'll call it. So let's start with the first one. Let's talk about investments and funding and why women don't get this funding. Do you guys have any idea in terms of why we don't get these opportunities when it comes to

getting investments for our business? And Deborah, you can kick it off. Anybody can jump in? Well, I mean, I think Lisa just talked on a little bit about why we don't get it. One is, are we asking for it? are we being bold in our requests and confident in our request? But I also know women who've done that and still haven't gotten it, you know? And I do think on the other side of the table, it's often not women, not diverse people.

And sometimes there's a lack of confidence in our ability to repay the loan. I'm not on the gifting side, on the granting side. So I think you have to ask those folks. My perception is that there is a level of discrimination that says, you know, great idea, ladies, but, you know, no. And so I think that's one of the reasons that we need more women giving on the other side of the table. And as Lisa said, I think I think we also have to be bold and confident in our ass and persistent. You know, it will take for anybody, any entrepreneur, 100 knows to get a yes. And so you can't be deterred by the 100 knows.

You can't let that eat into your soul. You literally have to find a way to shake it off and move on to the next. Can I piggyback that, Debra? And that's very, that's so true because I say I don't take no for an answer. And I really don't. Hence the reason I'm at QBC for 25 years. Because if I, if they said no to me, I'm not interested the first time and I just, you know, cowered and put my tail between my legs and walked away, I would not be there today.

So the same goes with your financial institution. Same. It all is the same. If you take that application, you walk away, you go, you know what, guess what I didn't get my loan? I didn't get what they asked for. And most people, I'm going to make up a number of 99 percent, walk away, discouraged, and they say, you know what, I didn't get, they go home, they say to their husbands or their significant others, I didn't get the loan. And that's the end of the story. The book is. closed. Don't close the book. Keep the book open. Go back over and over and over again. And I promise you, they'll be so irritated by you, like itching a scratch will be like, this woman has good credit. She's shown me that she can pay her bills every single month consistently for two years because

that's a part of it. And I'm going to be very candid. Don't go in just because, and this is a great time. Don't go in just because I'm black and I'm a woman. I deserve to pay your bills. And I say this to everybody, not just black, whatever, all skin tones, backgrounds, pay your bills, show up, show them your bank statements, they'll check your credit. Make sure you pay your bills on time. Pay your bills on time. Show up, show to who you are, your authenticity. I promise you. They're not shutting the door. What I do is I keep my shoe heel. I wish I had my, I have no shoes on right now.

I wish I had my shoe heel to show you. I keep my shoe heel in the door so nobody shuts the door. Hence the reason I go, I'm going back to QVC over and over. I put my heel in. I go, I'm coming back because I put my shoe heel in the door. Meaning I keep the conversation going. What we're lacking is communication. It's not once.

And we're hearing this on shows like, this podcast or whatever, not saying this, this is the platform to say, I'm staying. I'm not going to give you one email and not email you back. I'm going to email you over and over again until I make you nauseous. Yeah, I think persistency is key. Persistence. Yeah. Animation is key. I mean, You know, with a pitch like that, how could you say no to you? Yeah, we have a super unique company culture. We're all about obsessive excellence. We even call ourselves scrappy hustlers.

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which I do have, K on my team. So working genius helps you uncover these genius gaps, helps you work better with your team, helps you reduce friction, helps you collaborate better, understand, why people are the way that they are. It's helped me restructure my team, put people in the spots that they're going to really excel. And it's also helped me in hiring. Working Genius is absolutely amazing. I'm obsessed with this model. So if you guys want to take the Working Genius assessment and get 20% off, you can use code profiting. Go to workinggenius.com. Again, that's workinggenius.com. Stop guessing. Start working in your genius. Kathleen, do you have any

thoughts on this? Just from, you know, from an investor standpoint, I think we're all biased to invest in what we can relate to, which is why to underscore the point about, you know, we need more women who have any kind of form of wealth, even though it is a very high risk proposition, you know, when you're talking to a financial advisor, when you're looking at your total portfolio, and you're saying, I'm going to invest in startups. They're like, we're finding this in the super high risk category. Because nine times out of ten, it's going to be a bust, right? And especially if you're, investing in something that is looking, you know, to go big. It's in a way. It's a glossier. It's a harry's, you know, what have you. That being said, you know, so there's some of that bias and kind of

just knowing that going in, you know, when you're pitching is important. I think for an investor who just also wants to get their feet wet in the space, one of the things that you can do initially is to take equity in exchange for services. So consulting services to sit on the board. So you start to get your feet wet that way. And then you can start investing 25,000, 50,000, you know, not huge amounts of money, but to also just start to kind of feed the community and feed the space. And so I think if more of us do that, and you might actually be ready to do that before you think you are because you're like, okay, I've got $25,000. I can put behind this woman and her idea and, you know, be an angel. So there's, I think, a lot of disruptive potential, too, the more, you know,

we all start to get behind other women entrepreneurs in addition to funding our own businesses. My grandmother used to give us, it was not much, she didn't have much, but she'd give us like $50 and would say, you know, go do something nice for someone else, whether you take someone to a photography exhibit or, you know, buy them some coffee or, you know, just try to find a way to pass it on. And so, again, even if you're just starting out, hey, here's $50. It's all I can give you right now. But I really believe in you. Like, that really goes the distance.

So for anyone who's listening who says, that's not me and I'll never be that, like, you can start small too. I love that. I think that's really good advice. So, Deborah, this question is for you. I know that you sit on several boards, Dollar General and Hofstra University, just to name a few. And in the U.S., women only hold 19.2% of board seats on companies in the S&P 500 index. So that's pretty low. Why do you think that is?

And what's your take on improving that statistic? So, yeah, so I actually sit on the board of Archer Daniels, Midland, Dollar General, and Gannett. And I also am an advisor for Pharmavite, which is if you're taking your vitamins these days, nature-made vitamins. So yes, in terms of corporate boards, the number is quite low. I'm pleased to say that on all the boards where I sit, I'm one of several women on the board. Actually, this year, one of the roles I surprisingly left out in my introduction is I'm actually also advising a company by the name of True Star. And True Star is 100% women own and operated search firm dedicated to board search.

So for 11 years, True Star has been. putting women on boards. But as you say, I mean, it is, you know, the numbers are changing at a slow and snail's pace. I would say there are a number of reasons as to why there aren't more women on boards. It's getting to be, it's gotten to be more okouan, if you will, the last few years, but still very slow. And the way you get on boards is a number of ways. One is your network, right? Search firms do place as well. But if you want to get on a board, you've got to make sure that you're working your network and letting people know. First, well, actually, the first thing you have to do is get yourself board ready in terms of the work that you do and know what it is you can offer to a board.

You're a marketing expert, you're a strategic expert, you're an audit person. So know what it is your special skill is get board ready. And that might be building up a board bio. and maybe attending or a few classes on board readiness. And then really working your network. And that is your personal network. And then letting every recruiter know that you're interested in joining a board. And it takes a little time. And then, you know, I would also say that boards have become more receptive to diversity,

both gender and most recently. I think corporate America is sort of taking a look at, sort of ethnic diversity, racial diversity on the boards, and trying to diversify that. So a true star, in fact, we've been very busy this year, busier than usual. And I know that many of the other search firms are as well. But, you know, the numbers are still so great, so many corporations and so much opportunity. Yeah, I think we've got a lot of work to do.

But what you said sounds really promising. Thank you. So, Kathleen, I want to spend a little time with. you and talk about being an investor. So can you tell us about some of the investments that you've made because I don't think we really hear about these stories from women too often. And can you also talk to us about why we don't see more female investors and venture capitalists and maybe how we can improve that? Woo! How long do we have? So in terms of the broader kind of space, there are seismic shifts, thankfully, that are now starting to happen in terms of VCs in particular, I think taking

women really seriously, just given what we've seen in the market in terms of IPOs and the strength and power of female-driven brands in the marketplace, what they bring to bear, which is needed and necessary, is often they're driven by purpose. So, you know, you look at someone like Elisa, you're creating, you know, from a space of there's a void in the market. You know, there's a, there's a real legitimate void. And I want to create something because I believe in it, profits are secondary. So, um, we're seeing, you know, a lot of traction that way. We're also seeing, um, just a lot of need and desire, especially within, um, female driven brands for authenticity and transparency and, um, you know, female driven brands tend to do that really, really well. So I think

there's a lot happening. The Titanic, these kind of tectonic plates are shifting and these kind of large held institutions. You look at the Grey Lock Partners of the World and upfront ventures and Sequoia and Female Founders Fund. You know, there are so many that are really starting to bring in more diversity in backgrounds and representation within those rooms that are making the decisions in terms of investment and capital. So, I think there's hope there. You know, Arlen Hamilton, we have these unusual investors, too, that are kind of coming out of the woodwork that are starting funds that are just saying,

I'm going to go, you know, raise a $5 million, $10 million, $15 million fund. My own investments, you know, again, I try to really kind of focus on those that I think have lightning in a bottle. I invest in the person first. So I'm just looking for someone that is ferociously committed to their idea that is willing to go the distance, that is undeniable. And then for me, kind of the product is secondary to that. My first investment, I did alongside Reid Hoffman, who's the co-founder of LinkedIn. He was on one of the investors as well. That exited to Dropbox

within a year. So that was a strange, you know, taste of the space where I kind of assumed everyone and after that was going to be this kind of meteoric success, which is certainly not the case and kind of how it rolls. But it's important. It's an important space. But again, you know, I just go back to the most important person you can invest in is yourself. So start there, start with investing in your business and your ideas and your community. And then you kind of, you know, scale out from there. I love that. Thanks for sharing. Now, Lisa, I'd like to give you the floor. I know that you've worked primarily in the retail space, but you take all different ideas from fruition, all the way to deployment. And I know that you've launched so many products on QVC and other national

television brands. What can you say in terms of the opportunity for women entrepreneurs right now, especially we're in a pandemic. We have some more free time. What are your thoughts on that? And to paper. So I can kind of piggyback what Kathleen said. Take your authentic self, take your ideas and put it on paper. Kathleen, you kind of said it all. But I just want to say, use your dynamic self, use your authenticity, use your core, everything that you have, your innovative self, put it on paper and get it out there. I mean, I'm here, the inventress, to help you build your products from concept to fruition.

But it's always, say to my clients, never allow me to be more excited. about your product than you are. And this is what happens. Sometimes people come to me with ideas during a space that is, I'm going to say pandemic. I hate to categorize it in a date, but I have to. During the pandemic, there have been so many creative people coming to me with ideas because they have quiet time. They're in their quiet space.

Use your quiet space to develop and create products, but not just because you want to get on charting. Use the space and time to create your authentic ideas because we all have them. Develop a product that you are excited about. Use your authenticity to build your brand, to build your product, and then come to me, the inventress, to take you from concept to fruition. The right way. The right way.

Awesome. Thank you all so much. So I know we have about five minutes remaining. The last question I have to you all is, how does your organization help to build a better future. Maybe why don't we start backwards from where we started in the beginning. Lisa, do you want to kick that off? Okay, so collaborating with amazing women in particular to showcase what they have, what they've done, what they've built in their businesses, and share it. Share what you've built. Don't keep it to yourself. That's our biggest downfall, not sharing with

other women what we can do. So sharing has been an amazing space. for me, for AEOE, the Association of Women and Ventures and Offutt, give what you have and share it with other women. Awesome. Deborah, do you want to go next? Sure. I mean, you know, I'm a small organization, but we're in the food industry. And so one of the things we try to do is to give back by feeding the hungry.

And it's been obviously more important now. We started this. Like I said, we're two years old. And we've done some events at shelters in Pennsylvania. and New Jersey, where we sort of come in and we make meals using our products, and it's so rewarding. And then so during the pandemic, since there are no events, just giving money, honestly, to food pantries that simply cannot get enough.

And so that's been our contribution today. That's great. And Kathleen? The number one thing we hear in our community from women is how, do I find my purpose? What is my purpose? And then traditionally there's this period of trying to find that. And then if it's too hard kind of giving up on that. And so we want every single woman on this planet who is sitting on a dream to not be part of the statistic of 50% of women giving up on their dreams. And so more than anything really just embody an ethos and a spirit of fortitude.

Very cool. And from my perspective, I host a young and profiting podcast. It's a free resource. I interview billionaires, top CEOs, bestselling authors, celebrities. And I unpack it so that anybody who's listening gets actionable advice on how to improve their life financially or professionally. So if you guys are interested in that, check that out, Young and Profiting Podcast. So with that, thank you all of our amazing panelists, Deborah, Lisa, Kathleen, you guys gave so much great insight. really appreciate your time and I'll hand it back over to Anna who's going to close us out. Awesome. Well, first of all of you, you guys have been an amazing panel. I've learned so much. I'm about to put pen to paper for sure. Hala, thank you so much. You've been a great moderator. And I'd like to thank all of you that have been watching for tuning in. I encourage all of you to go on social. Let us know that you've been watching. What have you learned from today's panel? hashtag better future for all at WeR Tech United.

All right. And right before we log off, I would like to do a virtual high five. Typically, if we were at Propellify on PRA, we turn to our neighbor in the audience and we'd do a high five. But today we'll have to do a virtual one. So on the count of three,

I'd like to do a high five. One, two, three. All of you. All right. Awesome. Thank you so much. And I'll see you all soon. Thanks for listening to Young and Profiting Podcast.

If you enjoyed this episode, please consider leaving a review on Apple Podcasts or comment on YouTube, SoundCloud, or your favorite platform. Reviews make all the hard work worth it. They are the ultimate thank you to me and the Yap team. The other way to support us is by word of mouth. Share this podcast with a friend or family member who may find it valuable. Follow Yap on Instagram at Young and Profiting and check us out at young and profiting. You can find me on Instagram at Yap with Hala or LinkedIn.

Just search for my name, Hala Taha. Until next time, this is Hala, signing off.