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What the Data Says About Venture Capital Culture in L.A.
What the Data Says About Venture Capital Culture in L.A.
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"For men, making money together has always been part of the culture of male friendship...For women, making money together has never really been on the agenda. I want to change that."
Senior reporter Tami Abdollah looks into the dismal data on funding for women-founded companies in Los Angeles (and across the U.S.). Female founders received fewer than 10% of venture capital deals in Los Angeles last year. That's higher than much of the rest of the nation, but it's still low given all the effort put into changing things. We'll be following up on this story. If you've experienced or witnessed bias in L.A.'s tech or startup scene, let us know.
Meanwhile, Ben Bergman reports from the influential Montgomery Summit, where elbow-touching has replaced handshake deals amid growing concerns about the spread of the novel coronavirus. On that front, Rachel Urunga reports on L.A's warnings that businesses and venues may need to close if the number of local cases continues to rise.
Only 2% of the venture capital that poured into Los Angeles companies last year went to female-founded companies. The numbers have moved only a fraction of a percent over the years. That's despite steady efforts by the city and nonprofits to turn the tide. There is a silver lining: Los Angeles is still friendlier to women founders than San Francisco or the U.S. in general. So what could change things? We talked to experts about programs that are seeing success, as well as ideas that have yet to be tried. Read more and see the data >>
Los Angeles County officials declared a health emergency Wednesday, confirming six new cases of novel coronavirus, and warning that schools and business may need to be closed if COV1D-19 continues to spread.
"We have asked (venues) to make sure that they too are well prepared, and that they're making it easy for people to practice our public health hygiene," one health official said. The news came on the first day of Santa Monica's influential Montgomery Summit. The annual event brings together top-flight investors and entrepreneurs. Read more >>
At the Montgomery Summit on Wednesday, the former junk bond king said he's considering whether to offer a prize to help accelerate the production of a test kit that could slow COV1D-19. He said he hopes a prototype could be ready by the time he holds the Milken Institute's annual conference in May and if not, he has slotted a time in July. Read more >>
George Kurtz, co-founder and CEO of CrowdStrike, joined former Cisco CEO John Chambers for a discussion on how to create a great corporate culture. "Not one time have I regretted firing someone too fast," he told a lunchtime crowd at the Montgomery Summit. "It's that I waited too long." Read more >>