New Venture Milestones and the First Female Board Member

Alicia  DeSantola; Lakshmi  Ramarajan; Julie  Battilana

Article | Academy of Management Best Paper Proceedings | 2017

New Venture Milestones and the First Female Board Member

by Alicia DeSantola, Lakshmi Ramarajan and Julie Battilana

Abstract

We explore the antecedents of the addition of the first woman to the boards of directors of entrepreneurial ventures. Building on research on resource dependency, we propose that new ventures are most likely to add the first woman to their boards at three developmental moments– board founding, fundraising, and the IPO– as a consequence of shifting alignments of resource control. A critical contingency to changes at the time of these milestones is the presence of resource holders who value the inclusion of women. We draw on an extensive handcrafted dataset on the boards of 2,425 U.S.-based new ventures to test these predictions. Our findings reveal that the first woman is likely to be added at the time of board formation if the founder-CEO is a woman and at the time of fundraising if the venture capital investment firm has a senior female partner. They also show that ventures are likely to add a woman to their board at the time of the IPO if they have not yet done so, but are unlikely to add a second. Our findings have implications for research on gender and entrepreneurship, women on boards, and the sociology of markets.

Keywords: boards of directors; entrepreneurship; diversity; Governing and Advisory Boards; Entrepreneurship; Gender; Diversity; Technology Industry; United States;

Format: Electronic

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DeSantola, Alicia, Lakshmi Ramarajan, and Julie Battilana. "New Venture Milestones and the First Female Board Member." Academy of Management Best Paper Proceedings (2017).

Chapter | Handbook of Inclusive Innovation | 2019

Problem, Person, and Pathway: A Framework for Social Innovators

Julie Battilana, Brittany Butler, Marissa Kimsey, Johanna Mair, Christopher Marquis and Christian Seelos

As the appetite for learning about social innovation intensifies, how can we better prepare practitioners for the work of addressing the world’s pressing social problems at the relevant scale? This chapter presents the “3P” framework that we developed to help address this challenge, grounded in our experience researching, teaching, and advising social innovators around the world. In this framework, we propose three key lenses to help social innovators contribute to social change, unpacking the nature of: the problem at hand, the person pursuing change, and the pathway to change. Considering the alignment of these 3Ps provides an organizing template for social innovators to think about how they can effectively contribute to solving social problems. We illustrate how we engage new and experienced social innovators in this learning journey by discussing our pedagogical approach as educators. In conclusion, we discuss future research directions to help address unanswered questions.

Keywords: social innovation; Social Entrepreneurship; Social Issues; Change; Problems and Challenges;

Citation:

Battilana, Julie, Brittany Butler, Marissa Kimsey, Johanna Mair, Christopher Marquis, and Christian Seelos. "Problem, Person, and Pathway: A Framework for Social Innovators." In Handbook of Inclusive Innovation: The Role of Organizations, Markets and Communities in Social Innovation, edited by Gerard George, Ted Baker, Paul Tracey, and Havovi Joshi, 61–74. Cheltenham, UK: Edward Elgar Publishing, 2019. View Details

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Vox Capital was the first certified impact investing fund in Brazil. Founded in 2009, it provides early-stage capital for companies offering innovative and scalable solutions to enhance the lives of low-income Brazilians, while aiming to simultaneously generate attractive market-rate financial returns for investors. This case examines the evolution of Vox Capital, across understanding the landscape, launching, raising funds, selecting investees, structuring deals, building investee capacities, tracking performance, developing internal systems, and advancing the field of impact investing.

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New Venture Milestones and the First Female Board Member

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