Blazing a trail for female leadership in African venture capital

While female representation in leadership roles is rising, some industries remain particularly difficult for women to break into.

Diverse leadership teams are not just about representation – they lead to better decision-making and innovation and reflect the real world in a way that enhances organizational success. However, achieving true diversity requires commitment, intentional decision-making and taking action.

While I have been fortunate enough to work with great people at HAVAÍC, who have played strong mentorship roles in my journey as well as opened doors and propelled me forward, I realize this is not the case for everyone, which was something that really stood out during a recent webinar I hosted with four female leaders in African venture capital (VC).

Here is what I’ve learned.

Be bold, don’t settle

I grew up in a family of entrepreneurs, so I saw firsthand how difficult it can be for small businesses to access capital in South Africa. The experience sparked my passion for finance and focus on private markets, which inevitably led me to VC.

At the time, VC was still an emerging industry, and with my background in private equity consulting, it was widely regarded as the riskier ‘option’. But rather than staying in a more established sector, which didn’t quite align with my passion, I took a bet on a young industry where I felt I really could make a difference.

Luckily, the odds were in my favor and it paid off. I walked into an industry where the impact was as tangible and measurable as you can get, and the people I work with genuinely cared and, like me, wanted to use their networks, experience and expertise to effect positive change.

So, I chose the path less traveled, didn’t accept the status quo, worked hard and felt myself, the business and the industry grow in leaps and bounds.

Six years later, as I enter the next phase of my journey as a Partner at HAVAÍC, I feel extremely grateful to be in this space where I work with inspiring entrepreneurs who believe they can change the world – and they do. It’s an industry that will always keep you humble and leave you hungry to learn and grow at the same rate as the disruptions taking place in African VC, making it even more rewarding.

If you do not feel invested in what you do, it’s hard to advocate for change. When you find a profession or a cause that feels right for you, go for it; you’ll find the fire to face any obstacles that come your way.

Be intentional

Companies and their people need to be intentional about creating an environment where diversity thrives. Change must come from the top, and leadership needs to want it.

During my webinar, the feedback on creating a productive working environment for women was unanimous. Leadership needs to be clear with their intentions and set measurable targets across every aspect of the business. In our case, this includes both the fund manager and portfolio company level. If you don’t set goals, you cannot expect to achieve them.

For startups and fund managers, this means intentionally building a culture of inclusivity from the ground up. Progress is two-fold – making sure the right people are coming through the door and then ensuring those people can earn a seat at the table. This requires hard work and daily effort from both sides.

Maintaining a diverse team is especially pertinent for startups to ensure innovation happens under the scrutiny of multiple viewpoints and varying opinions to achieve high growth as required by investors and is needed to service the market.

Affinity bias is the tendency to favor people with similar interests, backgrounds and experiences. By the same token, people may also tend to unconsciously reject those who act or look different from us. And given that decision-making in VC is largely male-dominated, it’s unsurprising that recent studies indicate venture capitalists favor masculine characteristics when assessing entrepreneurs.

Change starts with being acutely aware of how innate biases influence decisions and perpetuate the situation. That being said, having worked with mostly men my entire career, it’s fair to say you simply cannot paint two people with the same brush, regardless of gender or background.

Working and partnering with people who recognize this, consciously work to minimize bias and are intentional about creating a diverse work environment is key.

Be authentic

There is a growing body of research that explores why women make great leaders, highlighting various traits and outcomes associated with female leadership. However, stepping into leadership can be complicated for women, especially in an industry with fewer role models.

While women may feel they need to fit a mold or model male or ‘traditional’ leadership styles, we have much to gain from finding our own way. Personally, I have had the privilege of learning from female role models outside of work. A highly smart and capable woman, my mom raised me to understand that I could accomplish anything I set my mind to.

Far from chasing preconceived notions of what leadership is supposed to look like, female leaders come into their own when they prioritize authenticity. However, this requires a supportive organizational culture and buy-in from the leadership team. Great leaders embrace change. This includes giving new leaders the space and tools to make the role their own.

While not always easy, the onus falls on us to point out and challenge any biased behavior and be true to ourselves, our values and what makes us who we are.

Opinions expressed by The CEO Magazine contributors are their own.