Against all odds: Female entrepreneurs - Latin America ...
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JANUARY’ 21 ISSUE #7
Against all odds:
Female entrepreneurs
In a year of record investments in Latin America,
none of the $4.4 billion raised in the region went to
female-only founded startups. Beyond numbers,
LABS spoke with several female investors, founders,
and experts to understand why this happens
PROFILES BUSINESS
Six executives tell what it is like to With a billionaire potential, Brazilian favelas
be a female leader in Latin America will be decisive for economic recovery in 2021
E D ITO R I A L
There is no single key to
open more room to Latin
American women in tech
2 020 was an excellent year for the venture capital
market in Latin America. But from the $4.4
billion raised in the region, zero went to female-
only founded startups. The COVID-19 pandemic might be
LABS is a business news website about
Latin America, focused on economics,
business, technology and society. By
providing deep and accurate content
one to blame, even though it is not clear for people in the about the economic and technological
ecosystem if this was caused entirely by the coronavirus landscape of Latin America, both in
and its implications. On the entrepreneurs’ side, with Portuguese and English, we help readers
remote work and children at home, both data and understand the region’s particularities.
perceptions point out in one direction: the pandemic has
further accentuated the gender gap.
On the funding side, investors became more
conservative, returning to their same original network of MASTHEAD
male founders. As women in the ecosystem swim against
the tide to change this landscape, the solution appears to Thiago Romariz
be pivoting into a virtuous cycle: investors point to the Head of PR and Content at LABS
need for more women in the venture capital market, as thiago.romariz@labsnews.com
they tend to invest more in female-led businesses.
From the companies' perspective, female leaders are Fabiane Ziolla Menezes
more likely not only to bring other women but to inspire Editor-in-Chief of LABS
them to seek leadership roles. The equation, however, fabiane.menezes@labsnews.com
is far from being solved. Although some latinas (which
in the case of this magazine go well beyond Hispanic- Carolina Pompeo
Americans) already access the VC market (less than 15%), Editor at LABS
the vast majority of them are white, showing that there carolina.pompeo@labsnews.com
are still challenges for inclusion.
And if COVID-19 was the main reason why so many Anna Lima
latinas lost their jobs in the region, it was through remote Content Analyst at LABS
work forced by the disease that some women, those most anna.lima@labsnews.com
privileged, were able to find ways to balance professional
and personal life and relieve the guilt of spending little Isabela Fleischmann
time with their children. Content Analyst at LABS
To put the diversity and inclusion machine in motion, isabela.amaral@labsnews.com
a series of gears are needed. Gradually, latinas are
managing to rise to more leadership positions, hiring
more women, and attracting more investments. Project Design Lead by Leticia Mulinari
La verdad de la milanesa (or the undeniable truth) Cover Illustration by Felipe Mayerle
is that diversity adds financially to companies. Those
who are diverse can develop more business options and
products, covering most of the consumer market.
This LABS Collections' Edition, written entirely by
women, brings a comprehensive overview of the issue in
Latin America. Powered by
Enjoy your reading!
LABS TEAM
2
Female entrepreneurs swim against the tide
04 IN A CROWDED 2020 FOR FUNDING IN LATIN AMERICA, NONE OF THE $4.4 BILLION WENT
TO FEMALE-ONLY FOUNDED STARTUPS. LABS SPOKE WITH SEVERAL FEMALE INVESTORS
AND EXPERTS TO UNDERSTAND THIS LANDSCAPE
Women in leadership roles
10 SIX HIGH EXECUTIVES FROM TECH COMPANIES SHARE THEIR PERCEPTIONS ON
WHAT IT IS LIKE TO BE A FEMALE LEADER IN THE LATIN AMERICAN ECOSYSTEM
11 Maitê Lourenço, Founder and CEO at BlackRocks Startups
12 Viviane Sales, VP of @Work Business Unit at Creditas
14 Amanda Jacobson, Chief of Staff at Oyster Financial
16 Maia Eliscovich, Head of Merchant Acquiring at Ualá
17 Stella Brant, Chief Marketing Officer at Liv Up
19 Paula Morais, Co-founder at Intera
Creditas starts to scale in Mexico
21 SERGIO FURIO, CEO AND CO-FOUNDER, TOLD LABS HOW THE BRAZILIAN UNICORN
OVERCAME A TROUBLING 2020 AND ENDED UP DOUBLING ITS REVENUE
Brazilian favelas will be decisive for
25 economic recovery in 2021
A STUDY BY OUTDOOR SOCIAL SHOWS THAT THE CONSUMPTION POTENTIAL IN
THE 10 LARGEST PERIPHERAL COMMUNITIES IN BRAZIL REACHES BRL 159 BILLION
Latin America is set to be fastest-growing
28 e-commerce market globally
EBANX’S ANNUAL BEYOND BORDERS RESEARCH SHOWS THAT MORE THAN 50 MILLION
PEOPLE ARE LIKELY TO HAVE BOUGHT ONLINE FOR THE FIRST TIME DUE TO COVID-19
Latin America needs to find a never-before-
32 achieved balance between structural
reforms and monetary stimulus
THE REGION WILL GROW MORE THAN 3% NEXT YEAR, ACCORDING TO ECLAC, IMF AND
S&P GLOBAL. RECOVERY IN SERVICES, COMMERCE SECTORS DEPENDS ON VACCINE RACE
Culture on the spotlight
35 TIPS ON LATIN AMERICA'S MUSIC, CINEMA, AND LITERATURE
LABS COLLECTIONS FEMALE ENTREPRENEURS 3
C OV E R S TO RY
In a crowded 2020 for
funding in Latin America,
none of the $4.4 billion
went to female-only
founded startups
Data from Crunchbase shows that funding
for female-only founded startups (including
seed, venture, and corporate venture) went
from $14 million in 2019 to zero in 2020
BY ANNA LIMA & ISABELA FLEISCHMANN
L ast year was busy for the capital market
in Latin America, with new unicorns,
such as the Brazilian property tech
company Loft – which received $175 million, the
second-largest 2020 round in the region – and
the lending startup Creditas, in addition to the
Mexican car marketplace Kavak. In Brazil alone,
the $3.5 billion raised by startups was the largest
Latin America funding by founder gender
In USD million 2019 2020
in history, according to Distrito. Although the sce-
nario for total investments fell from 2019 to 2020
4500
in Latin America, startups in the region received 4000 3,804 3,829
$4.4 billion last year. But none of that amount
came into the hands of female founders who do 3500
not have a male business partner, according to 3000
data from Crunchbase sent to LABS.
According to the platform's data, rounds 2500
to startups founded only by women in Latin 2000
America went from $14 million in 2019 to zero
in 2020 (see infographic). As for startups with 1500
women and men as founders, the resources 1000
748
raised fell from $748 million in 2019 to $612 612
million in 2020. In contrast, investments in 500
startups founded only by men slightly grew in 14 0
0
the region, from $3.80 billion to $3.83 billion. Female Female and Male founded
founded male founded
Source: Crunchbase
4 LABS COLLECTIONS FEMALE ENTREPRENEURS
Photo: Courtesy
Venture capital investment in 2019 and
2020 into women-co-led startups included a
significant round for the Brazilian neobank
Nubank, which has Cristina Junqueira
as co-founder and VP (a recording $300
million only last year). While increasing the
amount received by companies co-led by
women, this also means that the resources
available ended up in the hands of a few.
"There are some improvements in
funding mixed teams when there's a
man on the team. But when there's only Carolina Strobel, partner at Redpoint eventures.
one woman or multiple women, that's
where we are seeing no change after 12
years in our funding date," says Claire But why did this happen?
Díaz-Ortiz, partner at Magma Partners. Díaz-Ortiz, who is currently writing a book
about female founders, says that in 2020,
amid a climate of stress and caution, ven-
ture capital fund managers and investors
Latin America funding by ended up restricting their contributions to
founder gender1 their existing networks. "Unfortunately, in
a world where about 90% of investors in
2019
venture capital are men, existing networks
are going to be the ones that those male
partners already have, which are usually
0,3% 16,3% 83,3% made up of male founders."
Female Male and Female Male
There was a secondary issue to female
founders: the remote work. "Working
2020
moms just had the worst year of their
careers ever in 2020. And you see how
tough it was for female founders," she adds.
0% 13,7% 86,2% Carolina Strobel, Redpoint even-
Female Male and Female Male
tures' second female partner, knows
very well this double domestic work
Source: Crunchbase
Claire Díaz-Ortiz, partner
at Magma Partners. journey, which "became an infinite
And investors chose this path despite journey in the pandemic of COVID-19."
Photo: Courtesy
a series of evidence pointing in the "I'm talking (in meetings) and thinking
opposite direction. Boston Consulting about what's for the children's dinner, the
Group reports that for every dollar, a next day's schedule. I never went through
female founder or co-founder raises, she such a moment of personal exhaustion; it
generates 2.5 times more revenue than needs a lot of organization to work. In my
a male founder. First Round Capital's case, I have structure, and I can do that
research shows that female-founded [work remotely] and dedicate myself to
companies perform 63% better than my goals. But imagine the vast majority of
all-male founding teams. And the Ewing women entrepreneurs (in Latin America)."
Marion Kauffman Foundation's report Without a doubt, Strobel points out,
shows that the return on investment the past ten months have been much
from women-led teams is 35% higher more demanding for women than
than their all-male counterparts. Latin for men in Latin America, where do-
America is just the most negative picture mestic care obligations are culturally
of a scenario that repeats itself globally. placed on the shoulders of women.
LABS COLLECTIONS FEMALE ENTREPRENEURS 5
Photo: Courtesy
The same goes for venture capital funding.
I believe it's important to say that you want
females founding businesses," she said.
Having a female investing partner
in a VC fund makes it up to three times
more likely to invest in a female founder,
according to Ortiz. For addressing this
kind of issue in the startup ecosystem,
EWA Capital, the first private fund that
is led by women founders in Colombia,
will address 40% of its second fund for
startups founded by women or for start-
ups with women in C-level positions.
"We believe the more women we
have in the C level in startups; they will
at the end of the day create their own
companies. And that's the main driver
for us because they will create with
Lícia Souza, experience, with real-life experience,
We Impact's "The networking of people in the they will have an 'MBA' in a startup, they
CEO. industry is with the people who make will know how to pivot a product, to
the industry, who are (mostly) white do research, to raise capital, to handle
men. If we do not change this network investors," says Patricia Sáenz, managing,
in terms of gender, diversity, race, and founding partner at EWA Capital.
vulnerability, it will not change."
Lícia Souza, founder of the Brazilian
venture builder WE Impact dedicated COVID-19 accentuated inequalities
to startups founded by women, adds For Strobel, although it is not clear how
that the venture capital environment much COVID-19 was responsible for this
is permeated with risks. As a pandem- worldwide drop in funding in companies led
ic is capable of turning the scenario by women, it cannot be denied that the gen-
into something chaotic, the risk view der gap has worsened with the pandemic.
becomes even more prevalent. Overall, the COVID-19 pandemic meant Patricia Sáenz,
"As there are still few women starting a disproportionate impact on the female managing,
workforce worldwide: a staggering 87% and founding
startups, and still many men who make
partner at EWA
investment decisions, the consequence of women business owners claimed to Capital.
is that these male investors bet less on have been adversely affected
the female founders, turning themselves by the pandemic, according
to an environment of supposed 'comfort' to the Mastercard Index of
and 'knowledge'. That is, investing in Women Entrepreneurs report,
startups founded and led by men." released in late-November.
Díaz-Ortiz highlights that about 8% of Whether by an overrepre-
all investing partners in Latin America sentation in sectors hardest hit
are women. In the US, this share rises to by economic setbacks, a digital
13%. So, if most networking participants gender gap in an increasingly
are white straight male, how to make virtual world, or by the many
them look for funding women's startups? pressures of household and
For her, the first step is making sure that childcare responsibilities,
you are a female founder-friendly fund. the female workforce was
"Being a female founder-friendly (fund) left particularly vulnerable.
is not only about showing the numbers, In the US, employers cut
showing that you are investing in female 140,000 jobs in December.
founders, but also being clear that you want Women accounted for all
to do that. If you put out a job description, the losses. Brazil followed
a woman is less likely to apply if she feels the same direction. Between
anyway underqualified, while a man is March and November last
always likely to feel overqualified to apply. year, 107,500 formal job
6 LABS COLLECTIONS FEMALE ENTREPRENEURS
opportunities were occupied by men. Lourenço adds it is a chain
Photo: Courtesy
At the same time, women lost 220,400 reaction: if there are no women
formal work positions, according to data leading companies, their salary
from the Brazilian Ministry of Labor via is not compatible with the salary
the General Register of Employed and that it is possible to become an
Unemployed (Caged, in Portuguese). investor, and she is not within
And when it comes to Black women, the venture capital ecosystem.
the impact was even greater. "Within the "We need to discuss this context
racial context, the Black population is of leadership and give Black
the first one to be fired and the last one women a space of possibility
to be hired amid a crisis,” says Maitê to lead in this ecosystem."
Lourenço, CEO and founder of the
Brazilian accelerator BlackRocks Startups.
For Black entrepreneurs, the pandemic Decision-makers
interfered even more in the fundraising latinas in tech
Maitê
process. Lourenço says that the pandemic Since 2014, Latinas in Tech (LiT),
Lourenço,
CEO and has made these women, once again, a non-profit organization with
founder of become caregivers for their families, the aim to connect, support,
BlackRocks
mothers, aunts, children, nephews. and empower Latina women
Startups. working in tech, has been
"As a consequence, they
ended up being out of the working closely with technology
companies to create safe spaces
Photo: Courtesy
(venture capital) environ- Rocío Van Nierop,
ment, (while) being 'more for learning, mentorship, and
Co-founder and
aggressive' in the sense recruitment of latinas. Executive Director
of building products and Before COVID-19, Latinas in Tech had of Latinas in Tech.
services that can generate live events in big tech companies, with
this impact. Bringing it to 300 latinas attending, where they could
a financial perspective, the be recruited. These events sponsorships
pandemic only revealed were also the NGO's main revenue source.
the distance between Black The first company to talk about an
women and investment annual sponsorship to have access to
funds and incentives for Latina's programs was Airbnb, as the
them to undertake. Here in co-founder and executive director at LiT,
Brazil, we do not even have Rocío Van Nierop tells LABS. Today, the
funds that look at racial project's partner companies are Silicon
diversity, let alone Black Valley Bank, Facebook, Dropbox, Google,
people leading these funds." Pinterest, Comcast, Twitter, and Paypal.
Lourenço adds that if Van Nierop explains that there
today the venture capital were two main reasons for the tech
market in Latin America is still mostly companies to partner with the NGO:
male, there is still a small percentage of they wanted to test Latinas in Tech out
white women accessing it. "We see the and see how it would play out, host an
privilege there when we see that even in a event, and getting some recruiting; and
group that is still very small, like women in they wanted actually to be partners,
the technology environment, white women and post jobs on Latina's platform
are already included. We see several and interact with its members, as its
female investors, VC leaders in Brazil recruiting was at the center of it.
who, however small a percentage, are still There was a third reason (one that
proportionally higher than other groups." fills the NGO's leaders hearts): to
"We see companies that are led by ensure that latina women are going
women, but few Black women are leading to companies that care about latinas
the same spaces. We see institutions that that already exist in their companies,
claim that they are diverse, but they have even before hiring new ones. Ensure
no Black women in the leadership. This that these companies will make them
totally interferes with the process of these grow, that they will not be stuck in
women becoming investors," she says. positions without promotion.
LABS COLLECTIONS FEMALE ENTREPRENEURS 7
Photo: Courtesy
A research published in Harvard Business
Review shows that investors ask questions with
a focus on potential losses and risks to female
founders, as well as personal questions such as
whether the founders are married and whether
they have children or intend to have children.
While, for male founders, the questions focus
on the growth potential of the startup.
"As long as we don't have more women
in VCs, in bigger funds, we are not going
to see bigger money going to women
entrepreneurs." Valverde believes that
to change the data landscape showed by
Crunchbase it is necessary to move women
founders from raising $1k, $500k, to raise $10
million, $20 million, $100 million. "We need
Julia Figueiredo, women decision-makers in larger funds."
advisor at "The number of people they hire that's
Latinas In Tech not my success metric; it is the number
and LatAm's of latinas they promote. If they have Building a more inclusive tech
director at more latinas growing, if we have latinas environment
Silicon Valley
making decisions, latinas being the ones One of the suggestions to change the VC eco-
Bank.
that hire. That is success. It's a work in system is related to establishing a quota policy
progress to ensure that they shift their to build a diverse firm. Livia Brando, country Consuelo Valverde,
founder and
primary goal from recruitment to the well manager at Wayra Brasil, says that Wayra's
managing partner,
being of existing latinas in the company, fund asks its startups about the number of jobs SV Latam Capital.
and the second goal of expanding the generated and data on hiring men and women,
Livia Brando,
number of latinas," stresses Van Nierop. in addition to classifications by color.
country manager
LiT's advisor and LatAm's director at "This all puts pressure on the ecosystem in at Wayra Brasil.
Silicon Valley Bank, Julia Figueiredo, general. But the movement is very slow. If we
adds that the main reason for the gathering are going to be held hostage
Photo: Courtesy
of Latinas in Tech, in the beginning, was to these adversities of this
that they all were latinas, born in Latam, organic movement, I think it
working in Silicon Valley, and they wanted will take a long time to change
to help each other. "How do we grow in things, so in my view, I think
our careers, how do we interview, how do we really need to make some
we negotiate salary? Helping each other decisions [like quota policy]."
to navigate the step work eight years ago Former Mountain Nazca
because now we have more diversity and Colombia, EWA's Capital
inclusion, but years ago was much harder." managing partner Patricia
Mexican Consuelo Valverde graduated Saenz adds that EWA's main
from electrical engineering at 20 years old. goal is to reach 10% of the
Back then, she didn't fit in the job offerings fund invested by women. The
searching for male 25+ years older engineers firm is looking to invest where
in Mexico. "But it was a very good thing to women are founders or where
Photo: Courtesy
happen because it made me start my first women are in C-suite, or even
tech company," she recalls. Long story short, companies that are solving
she saw the power of the VC market amid problems for women, where
startups and turned out to be the founder 60% or over of the customers
and managing partner at SV Latam Capital. are female, for example.
Valverde tells LABS that being an outper- "One of the things we are
forming woman founder can be something doing absolutely differently
very challenging. "You would think it is is to be supported by women
easier. But no, people start questioning why it investors, these are women
happened. Like she was just lucky because of that have been in a very high
this and that, they ask many more questions position in corporate and
and just become more complicated. It doesn't they have all this background.
happen to men that outperform. They out- We want to be supportive in
perform and no question about it," she says. terms of empowerment."”
8 LABS COLLECTIONS FEMALE ENTREPRENEURS
A product targeting
women, made
and invested by
women: Meet Brazil's
femtech Theia
BY ANNA LIMA Theia founders, Flavia Deutsch Gotfryd (left) and Paula Crespi. Photo: Courtesy
A mong the little more than 13,000
startups registered at the Brazilian
Startups Association base, only 12.6% of
of deliveries are caesarean births because
this has a medical indication to reduce
maternal-neonatal morbidity. In the
The startup's face-to-face
consultation and online monitoring
program, which for now only serves
them – around 1,638 companies – were Brazilian private health system, it is 10% to in São Paulo, is expected to expand to
founded by women. Also according to data 15% [of deliveries] that are normal, is the more cities in the second half of 2021.
provided by ABStartups to LABS, 7.1% (923 opposite. If you consider public and private To support the entire product roadmap
companies) have the same number of men together, 55% are cesarean," she explains. and expansion goals during the year, in
and women in the founding board; and a In the product-market fit phase, the 2019, Theia raised a $1.7 million round
timid 2.4% (around 312 startups) have more femtech pivoted the solution, in November with venture capital funds and angel
women than men on the founding team of last year, for the B2C model, with a focus investors. Led by Kaszek Ventures
these companies. on pregnant women and women trying with the support of Maya Capital,
Theia, first Brazil's femtech – the name to conceive. The main solution is a basic from businesswomen Lara Lemann
given to health techs focused on women's package with selected professionals in and Mônica Saggioro, the investment
health – launched by entrepreneurs Paula obstetrics, nutrition, physical preparation, had an atypical trait in the sector: "For
Crespi and Flavia Deutsch Gotfryd is pelvic physiotherapy, among others, and each male angel investor, we brought a
part of statistics, and wants to be a game- through the Theia methodology, the startup female one," says the CEO.
changer for the female-founded firms’ adapts the journey according to the woman's The contribution received in 2019
landscape. Offering a women's health care needs. The value is BRL 549.00 per month, was the largest round in Latin America
network during the maternity journey, the but you can opt for individual consultations, raised by a startup founded entirely
startup's solution combines technology and in person or online, paid for use. by women that year. "When people
face-to-face or virtual consultations with a The patient also has psychological congratulate us, we say that we are not
multidisciplinary network of professionals monitoring and a personal specialist to happy," points out Crespi. "Nubank,
to support women in the prenatal, answer questions and set up a plan for in the same year, raised $400 million,"
childbirth and postpartum phases. pregnancy, in addition to content prepared adds Gotfryd. "Paula and I have a
"Health was not made for women, by doctors and specialists. "Our approach at personal mission to bring more women
but it was made by men and for men. Theia is to look at women in an integral and to become entrepreneurs, invest in
Especially during pregnancy, which is multidisciplinary way," summarizes Gotfryd. technology, lead teams. We think it's a
a more vulnerable moment, you have a Paula Crespi, COO and co-founder, huge gap in the market and we need to
lower level of support and we (founders) says that they decided on the B2C model change that."
were experiencing this in our maternity because "we are at a stage where it is In addition to the startup, Theia's
journey," says Gotfryd, CEO, and co-founder important to have as much contact as founders are also part of the Female
of Theia. "Paula and I questioned a lot how possible with whoever is using it, with the Force Latam initiative, an online
with technology we could manage to make need of the woman at the end. Later on, we mentoring platform where women
women's experience with motherhood want to engage in different B2B paths that entrepreneurs can turn to a group of
different." are already mapped." mentors to answer specific business
"Most women want a normal delivery," The startup already issues a refundable questions. Founded by Saggioro and
reports Gotfryd. "But today, in the private invoice for health plans and has on the Lemann, from Maya Capital, the
system [in Brazil], 86% have caesarean radar agreements with health insurance project aims to inspire and bring more
births. WHO recommends that 10% to 15% programs. women to entrepreneurship.
LABS COLLECTIONS FEMALE ENTREPRENEURS 9
SOC IE TY
Women in leadership roles:
6 high executives on what it is
like to be a female leader
From the buzz surrounding companies’ supposed greater
interest to promote female leaders to the most distinct
challenges imposed on these professionals. They tell
LABS what is really happening in Latin America
BY ANNA LIMA & ISABELA FLEISCHMANN
T he best performance of female-led
countries, such as Germany's Angela
Merkel and New Zealand's Jacinda
Ardern, in handling the pandemic crisis
to Revelo, even in careers in which
they are the majority, women have low
representation in leadership positions. Not
half of the women (43%) who work in digital
made a few news headlines in 2020. The topic marketing are in leadership roles. The same
even became the target of a study published is true in finance (42%). The survey was
by the Center for Economic Policy Research carried out with the platform’s entire base,
and the World Economic Forum, which which has more than 16,000 companies
analyzed 194 countries, and suggested that and 1 million registered candidates.
women-led countries had “systematically From the buzz surrounding companies’
and significantly better” COVID-19 outcomes. supposed greater interest to promote female
They adopted lockdowns earlier, and their leaders to the most distinct challenges
countries suffer half as many deaths on imposed on these professionals, six
average as those led by men. high executives shared with LABS their
Setting aside this landscape to looking perceptions and feelings about what it is
into the workforce in Latin America, like to be a woman in a leadership position.
specifically in the tech field, a survey from To endeavor the mission of managing
2020 led by the Brazilian HRTech Revelo – personal and professional life when
the largest one in Latin America – shows being a mother, fight against gender
that, while in 2017, women accounted for and race bias when taking over these
10.9% of career openings in the area, in roles, face more hurdles to raise capital,
2020, the number rose to a timid 12%. and leverage privileges to open room to
By segment, the study shows that women more women in these sectors. These are
fill 54% of digital marketing jobs, while only some of the perceptions shared by
in finance, a male-predominant area, them in this kaleidoscope of stories.
women occupy 48% of jobs. But according Get to know them all:
10 LABS COLLECTIONS FEMALE ENTREPRENEURSRacial diversity needs to be an
ecosystem-wide commitment
Maitê Lourenço graduated as a psycholo- tough for them to look at the maid's daugh-
Maitê Lourenço, gist, but got into the world of technology "by ter and believe that she will be someone
founder and CEO the audacity of being an entrepreneur,” as who will manage a large company, a large
at BlackRocks the executive defined it to LABS. "I wanted institution, mainly technological ones. This,
Startups to do things that connected people's daily I experience myself. I am the daughter of a
lives with the technological axis." With a housekeeper."
career devoted to people management and According to the executive, an essential
development, in 2010, Lourenço founded step in talking about female leadership for
Cia de Currículos, an e-commerce firm in Black women is to address why white men,
the HR area. in general, do not hire Black women for
The company offered services such as leadership positions. "I find it irresponsible
curriculum design, simulation of inter- to say that women are the ones responsible
views, and candidates’ preparation until for fighting for leadership positions since
hiring. While searching for innovation and they know that the market does not accept
technology events to optimize and automate them. The data is there to prove it. We see
her company's processes, the executive that even if Black women graduate and do
came across the market’s racial context a master's degree, they often do not reach
through the so-called "neck leadership positions."
test,” used by Brazilian Black She believes that there is no point in wait-
Photo: Courtesy
activists to check, in a simple ing for Black women to succeed individually
way, if specific environments, in this sense when the problem is social.
contexts, are genuinely diverse. "We see several phrases in this sense of
"[In this test] you look around 'lowering the bar' for Blacks, among other
to see how many Black people things. I think the question that has to be
are at an innovation or tech- asked to the leading white men is: Why don't
nology event, who are invited you hire Black women for leadership?"
to speak or even the startups Lourenço's most significant challenge
that are part of the core of the today is overcoming the idea that she is just
accelerator," she explains. “I a Black woman working in technology.
"At
realized how much this envi- what point will people see the technical
ronment did not value the black capacity beyond that context? The biggest
population since there was no challenge is proving that I am not just a Black
representative there. That's why woman. To prove that I have the technical
I ended up entering the startup capacity to hold leadership positions, to
ecosystem.” The executive manage an accelerator, to create an invest-
founded BlackRocks Startups ment fund structure, among other things."
in 2016, a Black innovation hub But being the CEO of an accelerator is no
that connects entrepreneurs easy task. "For me, it has been imperative
to opportunities in the startup to understand that many things go beyond
ecosystem. what I am, it is placed within a society that
Last year, BlackRocks is racist, and that is sexist."
launched the project "Grow Lourenço stresses that racial diversity in
Startup – Grow your business,” a startup companies brings profit to the institution.
acceleration program that focuses on scal- "There is no better way to show the impact
able and economic growth in business in than financially. McKinsey did a study
partnership with the bank BTG Pactual. The (about it) in 2017. Sueli Carneiro, a Brazilian
program selected eight Brazilian startups scholar, and intellectual brought [the same
that have at least one Black founder. concept] in 2012, saying that the higher the
"When men are leading [investment racial diversity within an institution, the
funds], white men of the middle class, it is more profit it has."
LABS COLLECTIONS FEMALE ENTREPRENEURS 11Photo: Courtesy
Beyond policies. It is necessary
to transform the vicious cycle
into a virtuous one
Viviane Sales, When it comes to inspiring women to
seek leadership positions, Viviane Sales,
VP of @Work
VP of the business unit called @Work at
Business Unit at the fintech unicorn Creditas, highlights
Creditas the importance of role models and
inclusive policies as implicit bias training
and specific skills within companies. But
according to what the executive told LABS,
it is useless for the company to have a
whole set of policies aimed at women if the
working environment is not favorable.
"We have [at Creditas] the program 'É
da conta delas' [something like 'Is their But amid so many numbers, what
business'], which promotes discussions changed the equation in Sales' life and
between women, with lectures and many started to demand even more from
events. We have a specific one for women her range of skills was her first child’s
in technology and product, and we also arrival in 2019. For the executive, among
have an event for women in data. But it so many challenges faced during her
is no use having all these policies and at career, the biggest one is to reconcile
the same time having annoying situations personal and professional life after
happening to women daily." being a mother. "The difference happens
Having worked for seven years at The when you have a child. Today, I am fully
Boston Consulting Group (BCG), where aware that the work of a mother is much
she built the foundation of her career in greater than that of an executive."
consulting and strategy, and three years To deal with a double shift, she
at Twitter, as head of strategy and sales says, having a support network and
operation for Latin America, it was at well-defined routines are essential. "At
Creditas that Sales had the opportunity to home, we [she and her husband] share
satisfy her most entrepreneurial spirit. everything 100% the same. Both of us
Sales says that her first position at the are parents; both of us are executives.
fintech, as VP of marketing and analytics, When you are a mother, a father, it is
combined her strategic, analytical, and important, if possible, to have a help
quantitative skills – her "strongest side.” system, support," she defends.
Graduated first in Brazil in Business Regarding the importance of routine,
Administration and then with an MBA Sales believes that balance also leads to
in the Northwestern University, the better leadership. "Not only for those
executive led four areas at the same who have children. I think you need to
time: analytics (internal consulting), have your own time for work and your
data science, credit modeling, and own time for your personal life (...)
performance marketing. "We were a Otherwise, it is impossible, with a child
team of 180 people; today, we are 1700. It too, the time is his, not yours [laughs]
was three and a half years of exponential You have to adapt your life to manage it.
growth. We had almost no algorithms If you can't do this for yourself, you may
implemented, and now we have algorithms not be able to respect the time of people
in virtually every area of the company." in your team."
12 LABS COLLECTIONS FEMALE ENTREPRENEURS"The world has 50% men and
50% women, so if you don't have
representation in your company,
you are not understanding half practically half and half, of men and
of your audience and half of the women in all areas. Among other things,
universe as it works [...] Why we have a very favorable and positive
shouldn't you be working with environment for women, but the fact that
I was leading also helped because women
half the workforce that is often feel more comfortable, knowing that they
even more qualified?" will have a safe environment."
For her, having female leaders and
VIVIANE SALES,
VP OF @WORK BUSINESS helping access the pool of new female
UNIT AT CREDITAS talents, mainly in technology and data, is
also about strategy. "The world has 50%
men and 50% women, so if you don't have
As soon as she returned from maternity representation in your company, you are
leave in 2020, the executive's new not understanding half of your audience
challenge was to take over the position of and half of the universe as it works [...]
VP of home equity. "I spent ten months Why shouldn't you be working with half
leading. I entered a critical moment, the workforce that is often even more
which was April when we hit the brakes qualified? Nowadays, there is a higher
due to the pandemic. We significantly percentage of women in college."
reduced our marketing investment, so I The exec also points out the importance
took the business unit that was practically of role models as crucial to inspiring
stationary (and led them) all the way back. other women to be leaders. "When there
In the last months, we managed not only to is a low percentage [of women] in the
resume but to break records and achieved leadership, this makes women who are in
very good numbers." lower roles to see themselves less in these
The newest endeavor in the executive's positions; it is a vicious cycle.” Sales says
journey is the business unit @Work, that at the beginning of her career, when
an area at Creditas that offers solutions she joined BCG, there were no female
for companies, from payroll loans for partners. "Today is quite different, but the
businessmen and women to a package percentage, globally, of female partners
of solutions aimed at companies' HR, in consultancies in general, is very low,
with wage anticipations, meal benefits, so it is hard for you to see yourself in that
private pension, and an e-commerce leadership position."
solution. Understanding the HR ecosystem, To pivot the vicious cycle into a virtuous
restoring her experience with the B2B one, the tool is to promote diversity
model, and structuring the team and in these positions so that differences
product are some of the challenges listed are leveraged, rather than penalized.
by Sales in her new position. "When you have women in leadership
With three leadership roles at Creditas positions, you will also have women
throughout three and a half years, Sales doing performance analysis. And
understands that the impact of having then, things that maybe a man would
women in leadership positions in a penalize, like 'Oh no, that person is not
company's culture starts by making room so straightforward,’ for example, the
for more professionals. "When you have woman can say 'No, she is straightforward,
a woman [leader], you can bring others. it is just the way she speaks.' If you
In my first position [as VP of marketing have diversity among people who are
and analytics], my four areas were very evaluating, you can see the performance
quantitative, areas that typically have from different angles. So, it is about how
a very low percentage of women. At you leverage these differences instead
Creditas, we managed to have a balance, of claiming everyone to be the same."
LABS COLLECTIONS FEMALE ENTREPRENEURS 13The right mix: social entrepreneurship, good
opportunities, and supportive leaders
From Los Angeles, Amanda Jacobson When Village Capital was doing its first
Amanda Jacobson, studied business and psychology in the program with Mastercard in 2014, "Latin
chief of staff at US, but it was in Mexico that the American America" and "fintech" emerged as the mix
Oyster Financial executive found her passion and chose that set the stage for Jacobson's current
to set her roots in. Chief of staff at the experience. "It was the first time I heard
fintech-focused on SMBs Oyster Financial the word fintech, and the first time I had an
since 2019, Jacobson has expertise on the opportunity to work in Latin America."
whole ecosystem of entrepreneurship Merging her experience in finding and
and investment, from incubators and evaluating entrepreneurs in India with
accelerators to startups and fundraising. running the workshops and bringing
"Social entrepreneurship was what together the mentors allowed her to lay
really captured me, so I did a fellowship the foundation for her path in Mexico.
in social enterprise in India after college, From the accelerator, Jacobson jumped to
instead of going straight to my career (...) the other side of the coin. "I am already
My job was to essentially find for profit in the CEO, CFO offices of all these big
social entrepreneurs across India, all companies – Can I ask them for money?
different topics from health, [laughs] So, I did fundraising, and then
to water, to women's rights." it was when everything started moving.
Photo: Courtesy
After those six months of I started hiring a team, working with
fellowship, she came back multiple sectors, moving into other
to LA to find a job, literally regions, Argentina, Chile, Colombia. I'm
applying to 100 jobs over six really proud of the team that, after I left, it
months. "I was working at Lyft kept growing, including into Brazil. That
cause my car was too old for was something really meaningful to me,
Uber [laughs]." It was in 2014 to train the next set of leaders in Mexico
that Jacobson crossed paths to continue the legacy and to continue
with Village Capital to then helping social entrepreneurs."
find something she knew she Settled in Latin America, with expertise
"would be passionate about." in the whole ecosystem and experiences
Focused on venture as a leader, from that time on, Jacobson
readiness, Village Capital is also had a passage on the Mexican
an accelerator and incubator microfinance institution Gentera where
that supports entrepreneurs she was invited to lead their venture capital
getting ready to raise their fund and run a portfolio of nine companies
first investment rounds. In in Mexico, Colombia, and Brazil. "It was
three years, Jacobson went
from a part-time job setting up
their workshops and learning "If you take the time to focus
everything she could on how
to support entrepreneurs,
your energy on something you
while moving chairs and buying pizzas, to love, if you become the best
regional manager for Latin America. "If in the world, you will get well
you take the time to focus your energy on paid, you will get what you
something you love, if you become the best
in the world, you will get well paid, you will
need out of life"
get what you need out of life." AMANDA JACOBSON,
CHIEF OF STAFF AT
OYSTER FINANCIAL
14 LABS COLLECTIONS FEMALE ENTREPRENEURSfrom there that, after a couple of years, I "I have been in leadership positions,
started wondering how good of an investor and by having confidence in myself,
I could be with never having been an people had confidence in me, so, when I
entrepreneur." And that was when Oyster, have strong opinions. Puede ser chocante.
the digital financial services startup aimed That is just also part of the culture here.
at helping SMEs, crossed her path. You don’t say no. In Mexico, it is always
"In Mexico, about 50% of the GDP is 'yes' even if you mean 'no.’ And as an
from SMBs, and like 99% of jobs are in American woman, coming in and being
these SMBs. So if I can do something to so aggressive, I get a bit of 'It's ok cause
take out this one pain point and make she's American, so she's just like that.’
it so entrepreneurs can focus more on Still, I think that's what enabled me to be
what they love." A career paved by her successful, speaking my mind, and having
excitement with social people around me who support me."
entrepreneurship, good From the importance of role models
opportunities, and supportive to entities that proactively help women
leaders, as summarizes the organize efforts to help each other in the
"In Mexico, about 50% of exec. workforce, Jacobson also believes that giv-
the GDP is from SMBs, In Mexico, Jacobson ing visibility in the media, in conferences,
says that there are still and in education is vital to inspire women
and like 99% of jobs are many women taking care to seek leadership positions, including in
in these SMBs. So if I can of the family, playing more the fintech sector. She mentions the impor-
do something to take out traditional roles, not taking tance of removing bias during hirings and
this one pain point and risks. "But one of the things interviews to ensure that women are given
that are coolest about living equal opportunities right from the start.
make it so entrepreneurs in Mexico is how much More diversity in leadership positions
can focus more on what women recognize this generates better products, more ideas,
they love" (support from other women). life experiences, and networks – but
How important it is to build also more money. "If you look at the
AMANDA JACOBSON,
each other up and support Kaufman study, you will see that they
CHIEF OF STAFF AT
OYSTER FINANCIAL other women in leadership [women] fundraise better [laughs]."
positions, and be role The piece cited by the exec, from The
models, and offer support Kauffman Fellows Research Center
and create communities," (KFRC) points out that gender-inclu-
Jacobson celebrates. "What sive founding teams have more success
I have seen in Latin America right now when fundraising and innovating.
is that it is really a golden age of women "Currently, at Oyster, about a quarter of
coming together and supporting each our business clients are women owned.
other to build businesses." Compared to the population [in Mexico],
Being an American woman in Mexico we have a higher distribution of women
also gave Jacobson a perception of what owners on Oyster's platform. That is inter-
society expects from female workers esting in understanding the challenges for
and leaders, depending on their cultural women going into the bank; why would
backgrounds. "Aggressive personalities and they prefer a new bank like Oyster over
strong women leaders are more accepted traditional options? There is a really inter-
in the US [...] there are a lot of exceptions, esting gap, both in terms of how we move
but women [in Latin America] are not as the needle in empowering more women to
aggressive and straightforward in saying own businesses in Mexico, to take that risk
their opinions." and be supported by their communities."
LABS COLLECTIONS FEMALE ENTREPRENEURS 15Photo: Courtesy
More than role models.
It's about the legacy
Maia Eliscovich, Born in Ecuador and raised in Argentina,
the head of merchant acquiring at
head of merchant
the Argentinian fintech Ualá, Maia
acquiring at Ualá Eliscovich, majored in Economics in the
US as she sought a generalist career. With
passages on McKinsey in New York where
she has worked with many different
industries such as oil and gas, chemicals,
public sector, education, and banking,
she was hired by Ualá in 2018 – when she
moved back to Argentina, as chief of staff.
"That was my first position. When
I joined Ualá, there were around 35
people at the company, and my role
was to help the CEO navigate the women that will come after us. Women
growth of the company [...] There were working in different roles look up to the
many different things, but a lot of it was company and visualize whether they
dedicated to raising capital." Eliscovich could stay at the company long term."
participated in the fintech's $34 million Eliscovich tells that, from her own
Series B round in 2018 led by Goldman previous experiences in other firms,
Sachs and also worked on the $150 million it was challenging to face that most
Series C round, Ualá's latest round that people in the market for longer than
had Tencent and SoftBank, in late 2019. her matched older men’s stereotype.
Now, as head of merchant acquiring, "That really made me wonder how I was
Eliscovich summarizes her biggest going to stay in that place long term and
challenge as "balancing the best deliveries, whether there was room for someone like
ensuring that you have a great product me in the long term in that company."
for your users while keeping employees An experience that made her realize the
inspired with their daily work." importance of showing – via examples –
As a Latin American woman that women can do senior roles. "Women
in a tech leadership role, she is can navigate between being mothers
optimistic. "I think it is a really nice or aunts or cousins and be part of their
"What is most time for women to work in general family life while also working. When we
important and that I and also in tech. More and more, put that out, we show that we talk a lot
focus a lot on is not specifically in the US, and now more about being who we are and what we do
really about me, or it's in Argentina as well, people talk with other people in the company."
about the need to have women in But for her, it is not just a matter
not really about other these types of companies, to have of role models. "Role models help,
women in the senior diversity, and other minorities that open conversations help. But I think I
team. It's about the are not properly represented." would have never been in my position
women that will come While the tech ecosystem slowly if it wasn't because our CEO decided
opens up to bring more women that it was important to have more
after us" in leadership roles, she believes women leaders in the company."
MAIA ELISCOVICH, that female leadership positions’ In her view, diversity is not going to
HEAD OF MERCHANT significant impact on a company's happen by accident. "It is not like we are
ACQUIRING AT UALÁ culture lay on legacy. "What is going to wake up one day and suddenly
most important and that I focus 'oh, is 50/50 [women and men]'. You have
a lot on is not really about me, or to have support from the management
it's not really about other women team and the investors and the CEO, so
in the senior team. It's about the I think it is a combination of both."
16 LABS COLLECTIONS FEMALE ENTREPRENEURSTo navigate the challenges of While the remote work triggered sev-
balancing personal and professional eral discussions on more flexibilization
life as a leader, the exec mentions the at work and different work organization
importance of not relinquishing to forms, it has also put issues in the spotlight.
someone else the ownership of your "There's a statistic posted by the Lean In
time. "That has been how I operate Organization: if you look at what people
with my teams, and every time I say lost their jobs during the pandemic, it is all
that, I care a lot more about the work women, because men have been rehired
getting done than about you being but the women that have lost their jobs,
at a particular time connected." have not got back into the workforce."
"It has become especially harder For Eliscovich, the widening of such a
during the pandemic; everybody asks gap is boosted by the working from home
you for weird things at weird hours measures. "They [women] realize there are a
because we are all online watching lot of things that they could do at home; they
Netflix probably. For example, I avoid have the added responsibility of homeschool-
texting someone on the weekend ing their kids. I think that employers should
because if someone wants to do their think really carefully about how they're going
work on the weekend, it won't be me to enable women in their teams with chil-
making them do it. Setting boundaries, dren or that have responsibilities at home,
remembering that it is about results, to make sure that they have the flexibility
not about facetime, and letting people and the understanding from the company to
choose how they want to get their work make it work. I think it's going to put a lot of
done, I think is really important." pressure on employers to make it work."
Photo: Courtesy
Superwoman? No, it's about being
able (and allowed) to seek balance
Stella Brant, Before becoming the chief marketing officer an act of boldness and
CMO at Liv Up and partner of Brazilian food tech Liv Up, courage,” as described
executive Stella Brant started her career at by the executive.
an in-house agency, a marketing depart- "Nobody did that at the
ment, where she became fond of strategy time. So the question I
and brand creation to change the company's heard the most was, 'Are
culture. Soon after, she started working at you sure it's worth it?'"
Ambev, when it was still called Brahma. "It was about courage
She spent 21 years in the firm, including and resilience. I believe
regional, local, and global roles, with stints that every woman has
in several brewing company brands. this adaptability in
"I started my career in the field and then life. Not only because
went to the central administration, and of the ability to think on your feet, but
then the global headquarter, where is more women needed this to be able to break
about strategy and brand building. It was in barriers," she says. Brant believes that
Sao Paulo, after four years at the company startups and the world of technology are
that I started to take over the management a favorable environment for innovation
of brands and then innovation. I built this and breaking structural barriers.
leadership over several positions in these "When I made this move for 99, there
21 years in Ambev and mainly with a very were 12 people in the leadership: all men
strategic look, building these brands linked but me. I remember the first meeting we
to innovation and disruption," she says. had; it was a Monday night in my first
The transition of two decades of a stable week. I looked at the room and thought,
career in the traditional industry to the 'Seriously, am I the first woman here?'
world of startups, in 2017, with 99, "was because I didn't know that until I got in."
LABS COLLECTIONS FEMALE ENTREPRENEURS 17Last year, she went through a new Maternity and leadership
transition: for Liv Up, in the middle of When Brant was on maternity leave, she
the pandemic. "On the first day of the attended an internal Ambev campaign
official quarantine, I announced that I giving an interview. The conversation’s
was changing companies," she says. summary became the ad’s title: professional,
For Brant, the concern that Liv Up has with mother, and woman, not necessarily
diversity and inclusion was "fundamental to in that order. "That for me was a spark,
be able to see how promising this company that as much as it was removed from
could be and how they were not looking the interview, knowing that I could not
for just a female marketing professional, always put a priority, but having three
but rather a complementarity in the team, priorities that alternate in order, was "It is not just about
bringing new skills, new visions, and this very comforting. I realized that this having a woman [in
is very important for innovation because was the key, to seek balance and not to the leadership of the
without diversity there is no innovation." be a superwoman, because nobody is.
Support groups for women entrepreneurs Being able to balance things by placing
company] to talk
are, in her view, "an extra force." "There are something, at each time, as a priority.” about diversity, but
times when you really want to give up; the Remote work allowed her to get more about having
market is so backward in terms of recognition closer to her children, who are a way to impact the
and opportunities for women. So we have eight and ten years old. Before the
been helping each other a lot, not only in pandemic, Brant could only have
company structure,
terms of support and opportunities but breakfast with them and sometimes sales, in building the
in being able to disseminate knowledge, managed to put them to sleep during business itself"
exchange information, and promote the week, "which gave me the anguish
STELLA BRANT,
meetings (now virtual gatherings)." of 'I am not seeing my children
CMO AT LIV UP
Today, Brant has a 100% female team under growing up during the week.’” After
her direct leadership. And yet, she recalls the ten months in home office, Brant
countless times in her career; she literally heard says that remote work ended the guilt
that she couldn't take on some job because she she felt because of her children.
was a woman. "I had to go through such a huge "Although I’m not with them all day,
endeavor to prove that I could sit on that chair the fact that, between one meeting and the
and spent lots of energy. To have an example of next, I can go there, kiss and stay with them
incredible women who are doing and winning a little, help them with their homework.
and this daily support through meetings brings That changed my life completely, brought
a great value because you can't think of being a sense of balance and a real possibility
in a position where you don't see yourself in." of being more present in other things."
Brant commits to participate in forums, For her, the key is to juggle family and
classes, lectures, and interviews, even work responsibilities, balancing acts so
with a busy schedule. She believes this is that these priorities are interspersed in
necessary to give visibility to what women in a way that she feels present in each role.
leadership can do in terms of innovation. "It's "If I am with my children, I am with my
an agenda that I make a point of keeping." children. If I am working, I am working.
Since leaving Ambev for 99, and now, for From time to time, they come here, and
Liv Up, Brant has seen a rise in the number I say 'mom can't now, she is working,'
of women who ask her to talk and have coffee and they understand," she says.
together. "I get a lot of messages saying, But, according to the exec, that only
'wow, you inspire me. How good it is to have a happens because she chose people around
woman leader. I see some changes happening.'" her who share the same thought and
"It is not just about having a woman [in who want to see her success. "I have an
the leadership of the company] to talk about extremely participative, involved husband
diversity, but more about having a way to who shares all the roles very well. (...) If I
impact the company structure, sales, in didn't have my husband's support, I would
building the business itself. I see that this hardly be able to dedicate myself as much as
triggered a feeling of pride for women at Liv Up I do to work. This all together makes us able
to gain strength that the things they believe can to have more balance, and we take turns
also be said, regardless of whether it's about in these roles so that children do not suffer
diversity, but about anything in the company." and we can have a life outside of work."
18 LABS COLLECTIONS FEMALE ENTREPRENEURSYou can also read
