The One Mission initiative was launched in December 2019. Less than a year later, the founders have built a large network and connected many contacts within it. In addition, there are various formats for implementing the planned measures. One Mission sees itself as a link between the various initiatives in Munich, Bavaria, and Germany.
To facilitate access to investment for female founders, One Mission has partnered with the venture capital firm Primecrowd. Svenja Lassen, Managing Director at Primecrowd, has created a 'Female Investors Network' dedicated to precisely this topic.
We spoke with one of the initiators of One Mission, Maike Wursthorn, startup manager at Werk1, and with Svenja Lassen.
Startups: Less than 16 % are female founders
Munich Startup: Please introduce yourselves briefly! What does One Mission do and who are you?
Maike Wursthorn: One Mission is fighting for more gender diversity in the German startup ecosystem. According to the German Startup Monitor 2020 The proportion of female startup founders is only 15.9%. We want to change that!
One Mission was initiated by my two Werk1 colleagues, Vanessa Provenzano and Marlene Eder, and me, Maike Wursthorn. By embedding it in the Plant1 We rely on first-class startup know-how, excellent contacts and an existing infrastructure.
Munich Startup: Why do you think it is important that more women start businesses in Germany?
Maike Wursthorn: Because so much potential is lost! Women and men are roughly equally represented in the German population, but the proportion of female founders in the startup ecosystem is only 15.9%? That doesn't add up.
More innovative through different perspectives and opinions
Munich Startup: Does your initiative also have a concrete impact on Werk1 as a business incubator?
Maike Wursthorn: Our goal is to increase the gender diversity of the startup teams at Werk1 to 35. With Werk1 as a pioneer, we want to advance gender diversity in startup teams regionally and nationwide.
Munich Startup: How do startups benefit from diverse teams?
Maike Wursthorn: Diverse teams are more innovative and efficient thanks to different experiences, perspectives, and opinions. By adopting a diverse approach from the outset and, for example, developing a product with a diverse team, you automatically appeal to a larger customer base—which increases your chances of success. At the same time, your company's image is positively strengthened and tolerance is promoted in society.
The One Mission Challenges
Munich Startup: You've identified five challenges and derived several measures from them. Please briefly outline them.
Maike Wursthorn: In our kick-off workshop in December 2019, we and our 30 participants identified five key challenges for female entrepreneurs: network, mindset, family and career, gender stereotypes, and financing.
However, it was particularly important to us to focus on concrete measures. For each challenge, we formulated measures that we are implementing as part of One Mission. A strong community, excellent infrastructure, and appropriate visibility play a key role in this. We implemented these measures in various formats with various partners.
Access to financing options is particularly important
Munich Startup: And which of these is the most urgent, Maike?
Maike Wursthorn: Every challenge brings with it pressure and relevance, but access to financing is especially important in the startup ecosystem. There is a significant gap between male and female founders. We are therefore all the more pleased about the fantastic collaboration with Primecrowd's Female Investor Network.
Munich Startup: Svenja, as an investor and initiator of the Female Investor Network, are you focusing on financing?
Svenja Lassen: Yes, we finance startups through the investors in our network. But my particular focus is on promoting diversity in financing and within our network, meaning attracting more women as investors and raising their awareness of the exciting topic of startup financing. At the same time, we want to encourage more female founders to apply for financing. Because we also offer them special services and support through the female investor network.
The investor network
Munich Startup: How long has the investor network existed?
Svenja Lassen: At the beginning of 2020, we conducted a research project together with IUBH on the topic of "Female Business Angels in Germany" – and based on the results and wishes of the women surveyed, we launched the Female Investors Network in May. Currently, 50 women are already registered. But I'm in contact with many more, and we're growing every month.
Munich Startup: How do the investments work?
Svenja Lassen: Anyone who visits our Website Registered as an investor, you will regularly be introduced to vetted startups that we support in the investment campaign. Initial information about the company is available in the investor cockpit. If you are interested, you can sign up for a meetup with the founders to get to know them. Those interested in investing sign an LOI. (Letter of Intent, editor's note.) on the amount – with us this is possible from 10,000 euros – and we pool all investors in a trust company so that the startup only has one legal entity.
Munich Startup: Is it really harder for female founders to obtain financing? Is there any truth to this statement?
Svenja Lassen: At least, that's what the figures from the 2019 BCG study show: While a founder-led startup in Germany can raise an average of €10.6 million, female founders receive just under a third, with an average of €3.5 million. Across all phases of startup financing, all-female startups have a 40 percent lower chance than men of securing growth capital in the crucial second round. In the third round, the probability for women is even 90 percent lower. Furthermore, the proportion of female partners in German venture capital firms (VC) is only four percent.
Tips for female startup founders
Munich Startup: What tips do you have for women looking for funding for their startup?
Svenja Lassen: To come to us, of course! But seriously: I mean that special contact points like our female investor network are needed to specifically support female founders. They have specific challenges that we want to support. And that includes introducing them to investors, because women communicate differently than men or in mixed teams. We saw this at our Female Founders and Investors Meetup with One Mission at Werk1 – there, female founders pitched only to women. That's not something you'd find anywhere else in the scene.
Munich Startup: Who do startups approach when they want to talk to you?
Maike Wursthorn: Please write us a short Email and follow us on LinkedIn and Instagram. We look forward to an exchange with various points of contact!
Svenja Lassen: We ask every startup to submit the documents for review on our Website so that our analysts can prepare it and we can discuss it as a team. After that, we will definitely get in touch. But I am also happy for female founders to contact me directly via Email contact us if you have any specific questions.
