Women drive 70%-80% of consumer purchases, and companies with at least one woman on their board have a higher return on equity than those without, the Women on Boards Project says on its website – yet women only account for 20%. board seats around the world and are not expected to reach gender parity for decades, according to a Deloitte report.
Cassie Burr, founder and executive director of the Women on Boards Project, is on a mission to change that. In February 2020, she and co-founders Sheryl O’Loughlin, Melissa Facchina and Kara Cissell-Roell launched a project to increase the number of women on the boards of private consumer companies.
Photo Credit: Courtesy of the Women on Boards Project. Cassie Burr, founder and executive director.
A series of “connected” experiences helped set Burr on the path to becoming a co-founder and cultivated her commitment to uplifting women leaders.
A mathematician in college, Burr was hired by Goldman Sachs and moved from Arizona to Utah to join the firm. “I was drawn to STEM-focused recruiting, women-focused recruiting,” she recalls. “I ended up helping to build a training program around the world [and joined] the leadership team of their women’s network. That helped me realize that the financial markets are interesting, but what drove my passion was the human elements of the organization. “
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From there, Burr joined a top search firm in San Francisco, then vice president of talent at private equity firm VMG Partners. “The concept of a talented partner was still quite novel” at VMG, and Burr had the opportunity to explain what he meant in the context of the company’s commitment to building diverse organizations as its client base.
“[But] we have no supply problem. There is no hunger.”
Burr’s experience first came to light when O’Loughlin, founder of organic food company Plum Organics and former CEO of Clif Bar, brought Burr together with several other women, including Cissell-Roell, Burr’s former boss at VMG, and Facchina. , founder and general partner at Siddhi Capital.
All were frustrated by the underrepresentation of women on boards, Burr recalls — and the misplaced focus on the “supply problem” of female leaders.
“We’ve seen a lot of groups focus on what we would describe as the supply side,” said Burr. “[But] we have no supply problem. There is no hunger. There is an amazing ecosystem of talented founders, CEOs and operators who would make amazing board directors if given the chance. “
Part of the problem is rooted in the problematic phrase “board-ready,” according to Burr.
“There’s no mysterious limit you reach that makes you fit,” he explains. “Every boardroom is completely different. What makes you a great candidate will vary depending on the investor, the stage of the company and what they’re trying to achieve.”
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“With private companies, you actually have more room for innovation.”
The Women on Boards Project was launched by a combination of investors committed to increasing the number of women on boards: VMG Partners, City Capital, L Catterton, Swander Pace and more. In its first year, 20 companies committed to adding a woman or more women to their boards.
Those early days taught a few important lessons, Burr says: It’s challenging to conduct multiple board searches at once, and expanding the definition of the term “board member” can help.
“It’s really hard to search 20 boards at once,” Burr said. “That’s right [also] it’s hard to pick a moment in time and say, ‘We’ll do it then.’ Driven by necessity; driven by open seats, people retiring or moving on. So the way we’ve developed is the most sought-after way.”
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If the need for a new board member isn’t there — Burr admits that many conversations stall when there’s no open board seat and creating one can be difficult — reexamining what it means to sit on a private company board is critical.
“With private companies, you have more room for innovation,” Burr said. “If we define that board member as someone who’s in the room, who has a voice and who gets paid, then part of that equation isn’t about voting rights, and that’s actually not very important in private households. There’s rarely anything that comes to a vote.”
“You want a board that represents the consumers you serve.”
To date, the Women on Boards Project has connected 60 women to board roles, and 10 games this year alone. The organization continues to solicit consumer investors as its sponsors. Strong word-of-mouth referrals to all investor portfolio companies and external organizations help the project grow and sharpen its offering.
Needless to say, Burr knows what it takes to build a well-balanced board — and he suggests organizations keep two things in mind to do it successfully.
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First, criticize the “end” on the board. You don’t really want any one member to feel special, Burr said.
“In this context, I mean being the only woman, especially if your consumer is mainly women – that’s a problem,” he explains. “You want a board that represents the consumers you’re serving. You can also think about being the only person in some cases, the only person of color. And, especially if that’s a big consumer, it’s hard to represent. [those consumers] if it is the only word you are expected to speak for them.”
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And, again, don’t let the limiting concept of “board readiness” prevent you from choosing a candidate who is well-prepared in their own way.
“Don’t underestimate the tenacity, passion, energy and competence of the board members who are starting out,” Burr said. “These people are often part of the leadership team of the fastest growing companies or newly acquired, highly successful companies that will bring that incredibly relevant technology to your boardroom.”
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