All About All Raise
All Raise is a nonprofit organization focused on women’s participation in venture capital and as founders in the tech industry. They provide programming connections and resources to female entrepreneurs and investors. At the end of 2020, All Raise announced $11M in fundraising to continue their work toward diversifying venture capital and founders. All Raise also just launched a series of master classes focused on fundraising and scaling for women and nonbinary folks.
We are thrilled to highlight this organization doing incredible work that aligns well with our mission here at Shine & Rise. Our founders participated in a Fundraising Bootcamp through All Raise last year. The Fundraising Bootcamp is designed specifically for female founders with targeted education and advice as well as opportunities to connect with other female founders and funders.
The many panelists shared a generous amount of valuable advice, personal experience, and resources over the 5 sessions of the Fundraising Bootcamp. We’re sharing our team's top 5 takeaways from the bootcamp.
1. You don’t HAVE to fundraise and venture capital is not, nor should be, the only option
“Most businesses should not raise venture capital,” Melody Koh, partner at NextView Ventures, starts the first session. An unexpected beginning to a bootcamp on fundraising, but of course it is the first and most important question to ask. “Should I be raising venture capital?” Raising a big round of funding is sure to lead to great press and notoriety, but there are trade-offs. Founders should consider non-institutional investors and weigh the benefits, expectations, and pressures associated with different types of $$. And as Suelin Chen, founder & CEO of Cake emphasizes, there is something to be said about bootstrapping your business. It may be considered newsworthy by the media, but very well may not be the right decision for your business.
2. Fundraising is like dating, and it takes a lot of time, energy, and self-awareness to find the right partner
Fundraising takes A LOT of time, and rightfully so. Zoe Barry, Founder & CEO of Zingeroo, talks about entrepreneurship all through the lens of relationship building, referring to it as “a series of coffee meetings.” It is important to build relationships and find people who align with your vision. Venture capital investment is giving a piece of your company to someone else, and it matters with whom you are entering into this long-term relationship. While some fundraising deals seem to happen quickly, that is not the norm, just as most couples do not fall in love at first sight (despite what the movies portray). Take your time, and keep at it; important things take time.
3. Prevention vs. Promotion
Let’s start with some stats. Studies show founders are more likely to be funded when they are asked promotion questions rather prevention questions. Female founders are more likely to be asked prevention questions than their male counterparts. Ergo, women are being held back just because of the questions they are asked. All Raise suggests flipping the script. When asked a prevention question turn your answer toward promotion. Assia Grazioli-Venier, Co-Founder of Muse Capital, suggests founders should be proactive in answering the difficult questions. Lead with your prevention before an investor even asks about it. This shows how you are able to anticipate VCs concerns and leaves more room for conversation about growth and potential.
4. It’s not necessarily you...
Critical mass matters. Because the majority of funders and founders are white men, the cycle of like funding like continues to create a very homogeneous ecosystem. Women and founders of color are likely to experience bias when fundraising. The panelists from All Raise gave strategies and guidance for raising money, while also addressing the systemic issues at play. Dolly Singh, CEO & Founder of Thesis Couture, notes there are many people in entrepreneurship trying to maintain the status quo and repeat what has worked in the past. Be aware of what you're up against, but keep focused on your journey and building toward your mission.
5. Passion
One idea constantly emphasized throughout the bootcamp was passion. While it may seem cliche, the panelists said over and over again how important passion is in your dedication and perseverance in this long journey, and also how important it is to demonstrate that passion to potential funders. Being an entrepreneur is not easy, and the journey to a seed series can be long and challenging. Your passion for your mission will fuel you through it all—a point that really resonates with our founding team.
We are so appreciative to All Raise for putting together such a comprehensive program and for all of the experts who volunteered their time. If you are interested in learning more about All Raise’s programs, visit their website and follow them on social media.
