Rebecca Minkoff & Ali Wyatt, Co-Founders Of The Female Founder Collective, On How To Break Through Barriers As A Female Entrepreneur

No one's going to be more passionate about your business than you. And so if you don't have it in, you don't expect to rally a team or investors or people that are going to care more. So, you know, have that moment where you decide, is this worth giving it all? And the sacrifices that you have to make and the late nights and burning the midnight oil and all the things it takes to start a business.

Hey, everyone. Welcome back to the show. It's time for another quickie, because there's always time to fit in inspiration. And today I have a very special quickie for you guys with two of the most incredible guests.

Let me just tell you who they are.

You guys were doing it a little bit different this week because I wanted to get this out and in your ears as fast as I possibly could because I want you guys to be able to have the opportunity to attend this event if you want to go. And today I have Rebecca Minkoff. Yes, the Rebecca Minkoff, the iconic fashion designer and bestselling author on the podcast, along with Alison Wyat. She's a startup advisor, angel investor, and former executive at Refinery 29 Goop and Girl Boss. Okay. We have a big show for you today, and they are talking all about their event that they are putting on called Female Founders day. It is March 23, 2023, at Rolling Greens in downtown Los Angeles. You do not want to miss it. If you want to start or grow your business, and you are a woman, you're a female founder. You guys listen to this podcast. It is absolutely incredible what they are doing for women. I know that I'm going to go and take part in some of their offerings because I need this in my life right now. So let's get started. Rebecca and Ally, I'm so excited to have you on the show. Thank you so much for coming on.

Thank you for having us.

You have both done so much work in the area that I am absolutely obsessed with, and that is really helping women start their businesses, grow their businesses. And this is such a passion of mine because it's changed my life so much. It wasn't modeled to me. Growing up, I didn't have people to look to. I was from a really small town. So when I decided that I wanted to be able to make my own money and experience what that freedom of just choice in the direction of my life, I really didn't have a lot of places to look. So the fact that you are both so passionate about bringing all of these different tools through the Female Founder collective and all of the things that you're doing. I'm just. I'm so grateful for you guys. And we're going to dig into that. So I would love to hear about the Female Founder collective and what you guys have coming up, and we'll talk about how that all got started.

So it was 2018, and I was on the female panel circuit, and we were all complaining about wage gap inequality, just the lack of it being messed up for women, frankly. And I thought, you know what? I think there's power in community. There's power in us sharing our tips or tricks or roadblocks. Why don't I start a community and just see what happens? And just seeing what happened was this overwhelm of, you know, within the first week, 3,000 applicants. I kind of launched it like a fashion campaign, because that's all I knew. So I had like eight, ten beautiful female founders. We shot it, we launched it during Fashion Week, and it took off. And then I was fortunate enough to reconnect with Allie about a month or two later. And she says, you know, she said, I see what you're building and I think I can add to it and be a great partner for you. And I was like, well, we talk about you all the time, so I didn't know you were available. I thought you were committed to someone else. And so we really started building it together. And Allie can share her side and what she's really helped bring and usher in and really take things forward.

Thanks.

Yeah.

So I. I had been at Girl Boss, and prior to that, I had been at Refinery 29 and Goop. And so a lot of these companies that were founded and run by women. And also in the process of being a girlboss, I was advising a number of companies because the biggest, really, audience and the most engaged consumer within the Girl Boss universe was really the founder. Right. So many women were saying, I'm reaching a glass ceiling. I know that I'm so much bigger than this and I have much more earning potential than I'm actually tapping into. And then they were becoming mothers, and they were saying, I can't actually keep up with this schedule. I need flexibility. I want to be able to pick up my kids from school. I want to be able to drop off my kids and be able to go to their soccer games. And it was something that was really difficult to do when you have to be at your desk at 8am and have to be in your desk until at least five o' clock at night. So they were going off and knowing their Talent, knowing their expertise, they were starting their own businesses. The challenge was they didn't necessarily have the networks or the knowledge that would enable them to thrive in that sort of environment. They had succeeded, maybe in the corporate work world. They had a tremendous amount of expertise. But running a business, as I think we all know here, is just. It's an entirely different beast. And so what I had seen, sort of in advising people, but also at Girlboss, was that they were craving education on certain key topics from, you know, how do you integrate your personal finances with your business finances? How do you set your business up for success from a legal perspective? And it was this really exciting time where we could, and with Rebecca's incredible community, connect them in a way where they could help each other see around corners. It was sort of the ways of entrepreneurship for women and also help each other find partners and sponsors as well as investors. So I reached out to Rebecca. I was so excited about what she had started, and I was like, let's work together on this, because I think it is a platform that is so, so incredibly needed, especially with the pace at which women were starting businesses, which was almost 2000 women starting a business every single day.

Wow.

Okay. So, yeah, that's. Back then.

It's.

And it's so crazy what's happened even after the pandemic. And so, you know, you guys put some statistics, and I couldn't actually believe that our fundraising is down compared to what it was. And it was. What was it? 2.4%. And now it's back down to 1.9%. Why? What do you guys think that is?

I think year over year, from an investment perspective, you're finally seeing the macro economy sort of trickle down to the startup space. Right? Like, the. The market has been incredibly volatile, and so people are going back to. And investors are going back to what is safe for them. And safe for them looks like what they've been doing and investing in for years and years and years. And when you have predominantly men in the position of choosing what investments to make, it's also hard for them to sort of put themselves in the shoes of a woman and the problems that they're facing, to see the economic opportunity on the other side of sort of these business ideas they're bringing to the table. So I think it's. It's definitely a myriad of factors, but I think the biggest factor is probably the market and that your these funds are having to really just do what they've always done and double down also on their existing investments.

So For a woman right now who's listening, who's like, oh my God, I need all the help that I can get. What does it look like for me to kind of come into the Female Founders Collective? Like, what sort of tools and things like that are. Am I going to get helped with.

When you come in? We really want women who, who need extra support to join us at the 10th house. It's our private membership community. And from there we called it the 10th House because it's the astrological sign for entrepreneurship. The house that was Ali. That was all Ali's finding. We for weeks debated this name and then she. She had that aha moment. And so from there you get, you know, access to community, access to weekly zooms. We're constantly serving our community. What do they need? What roadblocks do they encounter? Is it help with pr? Is it help marketing? Is it CRM? You know, we're never going to have a course on how to take a selfie. It's all the unsexy stuff of business and really getting down to those brass tacks. So you'll have access to tons of great content that we've had in the past as well, and then early access to events like Female Founders Day to be able to get tickets. And really just every woman has a different pain point. Most women start their businesses with a passion and not necessarily, you know, the Wharton School of Business degree. And so we to aim to bridge that gap and really get women connected with other women who have done it, you know, and anyone you're going to be hearing from is an expert in their field, whether they're a founder or, you know, a C suite executive. So it's about making sure that the advice you're getting is not to disregard teachers, but it's someone who's lived and breathed and failed and gotten up again.

What for both of you? I would love to hear the answer from both of you about what has been different for you in business that has stood out as a woman in compared to what you've experienced, maybe that men are challenged with that you really believe women need a little more either support with or more focus on. For both of you, what has that kind of been?

We had a situation with our bank many times, I'll say, before we sold the company. And my role was always go in and charm them. And I fully embraced it. I was not. I didn't feel like. I was like, if that's what needs to get done, I'll be the fucking charmer.

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But I knew that my brother didn't have to go in and be the charmer, you know, and my investor didn't have to go and charm. And I was like, this is messed up, but I'm going to do it because it's going to get me the money I need, so whatever. And it's not like I had, you know, it's not like inappropriate, charming, but it was just like, oh, I have to be the charismatic girl. And I thought to myself every time I had to play that role, like, wow, it would be so different if that's not what helped it get this over the line. And believe me, there were times where I was yelling and screaming too. So it's not just that, but I thought, wow, this is much different for men.

So like a confidence, potentially. When you, when women first come in, do you find that maybe they have to work more on their confidence of kind of pitching themselves and getting out there?

Definitely. I think if that's not your normal state, if you're not the performer, right. Or you're not easy to turn that on, I think you have to get to that point or find someone who you work with who can. Because I think people are about to give you a lot of money and they want to see that you're confident in your pitching and your product and what you believe in. No one wants to invest in someone that's not certain.

Yes. Ellie, how about you?

So it was interesting. I saw this meme on social media, of course, of this peacock. I've never, I don't know if you all have ever seen a peacock trying to like, mate and impress.

I just watched one last week, so that's so weird.

Probably got the same like explore video that I got.

Probably too.

I got started with it and I was like, this is hysterical. No wonder they call it peacocking. And no wonder it's a male thing. Like the male was just like, you know, kept getting in front of the woman and like spreading his feathers and she was like, not having it. And he kept trying and trying again. And I think that's the difference between men and women. And one of the reasons why women struggle to raise capital or go in and to get that loan is because women are very realistic with the expectations in front of them and they always want to over deliver. Right. Like, I think it's more important for women to meet expectations or exceed expectations than it is for them to sort of, like, win in that moment. Whereas for men, they will go into a pitch with investors or with, you know, to a bank and be like, oh, yeah, I'm gonna. I'm gonna do, like, 50 million in three years, you know, and I'm at 1 million right now. Women are much more sort of authentic, perhaps, about what those expectations look like. And I think that in business, you know, there has to be some peacocking. And so I think we could take a little bit of. Of what men have. And to your point about confidence, it's interesting, too, because you will have the most extraordinary, really experienced founder who's sitting there talking about their business. And when they talk about themselves, they're like. They quickly gloss over, like, these extraordinary achievements, and then they chalk that up a lot of times to, like, luck. So it's interesting that we. We're not as good about bragging about what we've done and what that means and the impact of that as. As men are. So I would say that those are the major things that I've noticed.

I can't stress enough to everyone listening the importance of needing to be around people who've done it before. I recently. Well, in the last couple of years, I raised money. I raised $2 million for a company that I'm still about to launch. Thank you, Covid. But it definitely. I. I really needed someone to just guide me and kind of hold my hand. And on days where I was like, to your point, like, the peacocking, I had to learn that. Like, I had to learn to go in and really what that looked like, to tell a story and to be confident. And let me tell you, just to, like, drill home what you are saying. The importance of being able to walk in and be certain. Like, you also said, Rebecca, is. I learned that it was 99% of what we were doing, and I couldn't have done that without kind of the modeling of watching someone and also having them breathe life into me and kind of teach me what that looks like. So I think it's so important for women to go and be around that, because I believe that we get that confidence, you know, from being around other confidence. So what are some of the things that you've seen in your groups happen that was maybe even. Or in the collective happen or in the 10th house, that that was even unexpected? That's been, like, a really cool kind of result or ripple effect from it?

You know, I think, to be honest, I think it's hard to say what's unexpected? Because the intention. Right. Is there that you put is, like you said, these women together that have been through it. I mean, I think I've been surprised at, like, some people have, like dropped the business that they were doing and then end up partnering with somebody else in the 10th house and being co founders together, which is like, just super exciting. You know, people are sharing investor information, the good and the bad, right? When they're like, you should not go to this investor, they're piranhas. You don't want to go down that route. You're going to be miserable for your entire journey. Or, you know, from a bank standpoint, like, what are the terms that you're getting and what are sort of the numbers that you've seen in the past? I think when we're seeing women have had a tendency to sort of hold things close to their vest, and we're seeing people be a lot more willing to open up about it. And it's really fun to see women not talking about. And Rebecca talks about this a lot. Like, we as women come into meetings, we talk about our kids or our date or, you know, things that don't necessarily have an ROI for us. And we're learning to sort of talk about things that are a little bit more transactional and be okay with it.

It's so much permission, especially when that is the intention in the group. I love that so much, like setting that intention, that this is the place where we do share numbers, we do share contacts, we do share the good and the bad. I mean, that shaves off years. And let me tell you, I've wasted the money, spent the money in bad places. This would have been so huge for me, even in the last couple years, you guys. So I, again, just, just can't stress enough. I feel the importance of this. I don't think any founder or business person should be doing business without being in something where they're going and learning from other people. So tell me about female Founders Day, because I'm so excited about it.

Thank you. We're very excited as well. Rebecca, do you want me to kick off or you wanna.

Oh, my gosh. I think once we had this groundswell of community and I'm not just rocking because I'm calling myself, I have a baby in my arms.

I was like, she's just really excited. I love this.

No proof that there's a baby. He was supposed to be asleep, but apparently it just needs to be in my arms.

I love it.

So it was, I think, one of once we saw that there was this huge community and sharing all of their problems. You know, I was talking with a friend and we were complaining about panel culture again, and that it's great, but do you learn anything or do you just have a good time enjoying someone's story? Like, I have yet to feel like I took something truly transformative from what someone said and it changed the trajectory of my business. I can't say that. And so we said, you know, it should really be workshop based. And yes, you can have the hero panels and keynotes, but like, let's get 90 minutes on the, on the calendar of like learning something you didn't know and have that intimate session. So Ali had just joined and so we began to sort of ideate, you know, how do we really dig into that? And we had our first event and we had, I don't know, 25 workshops, I think it was. We maybe bit off more than we could chew and women could choose it because again, sometimes you're put on a track and you're like, I didn't need to know this. So like, let, let you choose what you don't know. And we're going to find the best woman that exists to offer you that expertise and then the ability to ask questions and really differentiate ourselves from incredible organizations that have awesome people speak. But again, you come away, you know, maybe not having learned what you needed to solve a problem.

I have never heard it said like that. It's so funny. I went, I went to an event with a friend recently and we sat at some panels and I go, I, I feel worse. I didn't learn anything. And I actually now feel bad about myself because I don't, I feel like I'm inadequate. Like I don't know how you didn't figure it out.

And they did. Yeah.

Yes. And it felt like a big secret that I wasn't being let in on. And so I love workshop style. It's always been the best way that I've learned, like very hands on and being able to sit at tables with people and ask questions and. Because sometimes, and I know that you guys know this, but like, people explain things with words people don't understand and it's like a whole secret language. Sometimes when we go to these events and it's like they Forget that they're 10 years ahead of all the people who are there and learning. So the whole thing just feels so foreign and can actually feel defeating if you don't kind of get that more intimate setting that you guys are talking about, which I Absolutely. Love so Female Founders Day, March 23rd at Rolling Greens in downtown Los Angeles. What are you most looking forward to about this event?

It almost feels like a reunion. Every year a lot of the same people come, which it's so fun to see them year over year and see how their businesses have grown and changed and morphed or what new businesses they've started. But I think the other piece of it that is just, it's really heartwarming is we have a digital platform, right? So we don't get to. We also do a ton of smaller events in different markets, but this is like our big moment where we have so many founders coming together in one place. And I think what's really exciting about it is you realize very quickly sort of why we're doing it. And you get to witness people forming these lifelong relationships with one another. More than anything that I think is what's fun is it's, it's fun to come and learn and be able to implement these things into your business right away. But I think the more exciting thing is that you're ultimately doing it alongside people that are in the same part of their journey. And so now they're on it together. So I think for me, that's what I love seeing.

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How about you, Rebecca?

I will not be there, sadly.

Okay.

Because of this little. This little newborn. But I'll be. I'll be cheering them on. And again, what? Echoing Allie like, it's so exciting to meet women and have them be so excited about what they're learning and the information sharing that goes on and the connections that are made. And just hearing the feedback is so rewarding. It's like, oh, that's why we do this. You know, when it's a digital community, you'll get feedback, but you can't replace in person. Live feedback of this was transformative. This changed my life. And so to see that is really exciting and I'll be watching from afar.

I love that. What would you both say to kind of either the beginning? Maybe you guys want to split this one up to the beginning female founder entrepreneur. And then I'd love to hear the woman who's kind of at a spot where she feels a little bit stuck and wants to scale but doesn't know if she has it in her.

I think to the beginning female founder. This is not instant gratification. We have that in our culture, kids. We can get so much of what we want by the click of a button. But this is going to be a long, hard road and you better be prepared to work your butt off. Does not come easy. And to the woman that doesn't think she has it in her, like, you need to have your come to Jesus moment, lady, because no one's going to be more passionate about your business than you. And so if you don't have it in you, don't expect to rally a team or investors or people that are going to care more. So, you know, have that moment where you decide, is this worth giving it all? And the sacrifices that you have to make and the late nights and burning the midnight oil and all the things it takes to start a business. And whatever you decide, do it with integrity. But it's not easy. And there are some shortcuts, but not a ton. It just is hard work your network, you know, knowing what you do, finding your white space. All these things that sound so trite, but a lot of them are true.

Love that, Allie. How about for the woman who feels like she's kind of stuck in her business and really wants to scale and go to the Next level, I find.

A lot of women and a lot of founders that actually come to our community, They've been doing it themselves the whole time, right? Like, they. They haven't hired anybody. They haven't sort of thought about what their business could look like because they feel almost guilty doing that, because they're afraid that it's spending too much money. It's a needless expense that they don't want to take on as a business. But what ends up happening when you hire people and you start sort of outsourcing the things that you're maybe not great at is that's when your business, you know, you end up, instead of looking at it as an expense, it's an investment, and you end up almost tripling, quadrupling your business. Like, I've never hired somebody and not had that be a repercussion of hiring them. So I think it's seeking out help, knowing what you're good at and really being honest with yourself about what you're not good at, and then going and finding the people, the team around you to help you get the business to the next level. And it might be that you have hired people already, right? You're a few years in, maybe a couple million dollars of revenue, and you're like, I know I can get to the next level. I think I can. But I feel stuck right now. I think it's assessing how you're spending your time and where are those potential holes in the business where you can bring somebody in to help you just amplify your own impact on the business?

So good. What permission have you guys had to give yourself in order to show up as the women who I'm looking at right now who are so confident and I feel like have all of the things put together, even though we know that's, you know, not true. But what permission have you both had to give yourselves to, like, show up really big in business?

I think I fully embraced what it means to be a woman in business. And when I say that, mostly being a mother, I think that when I had my first kid, I went from working, you know, till midnight every night to like, I'm leaving the office at 6, you know, or many years later, you know, I'm not checking email on weekends, or I'm in a board meeting, I'm like, I got a pump, guys, and I'm gonna do it in front of you with a. With a cloth cover. And the only people that didn't like that were the Japanese. I cleared out a room pretty quickly, but Other than that, if I have to work and be a mom and have. There's no balance but have boundaries and be able to do what I do, then this is what it looks like. It's having my baby rocking here on this podcast because I'm still on mat leave and I choose not to have help right now. So I think that it's all those things that you just have to say if we want things to change, this is what the package looks like.

Oh, that's powerful. I love that. Allie.

Yeah, I would say that I never felt like what it meant to be a woman in business until I became a mom. I felt the same, you know, like, I don't know what it was in me, but, you know, I was the first at the door with my boss to ask for a raise before that or to tell him that, like, I wasn't making market, like, I think I can make this much more or I think that I deserve, like, I just, you know, I never sort of had that part of me that. And I think it's because I had a dad growing up who was like, you're going to be in business, you can do anything. And was very much, you know, encouraged me. And I actually, frankly, always had great male bosses, you know, where we do great relationship. And again, I think that comes from having a great male role model. But it was when I had kids that I was like, oh, whoa, this thing is like, not fair because I'm like, I. I physically cannot do the things that I used to do, which, like Rebecca said, working until midnight. But I think being a mom really taught me how powerful you can be as a woman in business. And that all of a sudden you have boundaries that you're going to have to withhold, otherwise a person doesn't survive. And so it's these forced boundaries which then makes you a better communicator about your needs and what you can get done in a given time frame. Instead, I would just. Before I would just say yes to everything and then I would be up all night and my health sort of was all the worse for it. But I think that as women, if we are more like Rebecca and we are more communicative about what our boundari are, what our needs are, what we are going to get done, and if we're just more goal oriented rather than task oriented, I think that we can all succeed. And I think there's no one better at doing that than women, frankly. You know, it's just. It's incredible that we're able to do all the things that we do and that we can raise kids and be such leaders in that environment. And then you take those skills and you apply it to your business and you really learn time management and you really learn how to be efficient.

All right, so whether this is having to do with the Female Founder Collective or whatever you guys are working on right now, I would love to know for each of you, what's the most exciting thing in your life right now? Whether it is, you know, something that you're loving talking about, like what's lighting you up when you talk with your closest friends?

This guy.

So cute.

That's all I'm thinking about right now. I gotta be honest. Everything else is mush.

I love that. I love that so much. And that you're able to just like take that time right now and be so in that space. I love it. Allie, how about you?

It's funny because as we discussed earlier, it's so important to surround yourself with people that think and do and desire the same things that you do, like the best version of yourself. And I have this group of women that was formed by a friend of mine. That's all. It's an investment group where it's all about how do we get rich? How do we, like if our husbands die on average 10 years before us or your partner, whomever, how do I know that I've got this, I'm in control and how do I start making fun investment decisions? And I've actually started to working with my girlfriends who some are in this group, but some just are like minded where we're looking at different investments that we can make that are sort of passive income. We're like, do we buy multifamily and clean them up and flip em and you know, have this nice passive income coming in. But it's really been fun to explore different ways of making money and being unapologetic about the fact that we do want that money. Right? And it's not just for the purpose of, you know, buying the handbag or buying the house, by all means. It's really about having a comfort level and a life that you want while also giving back to your community. So that's been really fun to talk to women about investment ideas.

Oh, love. I love, love, love those topics as well. Like I'm like, okay, how can I get in there? All right, so how do we get tickets for Female Founders Day? And then also how do we join the membership?

So tickets are on. I actually should have the link to the. We'll send it afterwards. We have.

I'll put that in show notes as well, you guys. So we'll put it down below.

I'm not exactly sure of the. Of the URL, but yes, we have a landing page. You can come. You can see there are different ticket types. We are sold out of our VIP tickets, but we have general admission. A few general admission left. They're going very quickly and so you can join us there. And by the way, you're going to get more than your value's worth just in terms of product afterwards too, because our gift bags are insane. You'll barely be able to put it on your shoulder. And then we. For signing up for the cohort, you can also go to our website, click on membership, and once you're there, we do have an application process where we just ensure that you are qualified. Which to be qualified, you basically have to be either the biggest stakeholder in your business, have majority, majority control as. As sort of the other option, and then actually have a business. So those are sort of the qualifiers. And we're launching our cohort on the 14th. So the last day to sign up is April 13th.

So amazing.

And check us out.

I'm so excited. I'm so grateful to have had this conversation. And for all of the people listening, all of the women listening, that there is is such a great spot where you guys can go and get access. Like, it's all about the access. I really believe it's who you're around, it's the access, it's proximity to people who have done it before. So the fact that you're even doing this is just huge. Do not miss out on it. Go check it out, guys. Go click the link in show notes and I am a huge believer in events. It's always been the places where I have grown my business the most by finding mentors or partners or even just walking out of the room with that one bit of information for your next step on what to do next. Like, that is everything. If you just leave with one thing, it's going to change your business. So thank you guys so much again. I'm so grateful for you. Definitely. If you guys are listening and you have a friend who needs this, text it to them, Tag Allie and Rebecca and let them know what your biggest takeaway was. And until next time, earn your happy. Bye, everyone.

It.