Dear friends of CoMotion,

In 1854, Arthur Denny, a representative of the Washington Territorial Legislature, proposed that a pending voting bill be amended to allow “all white females over the age of 18 years” to vote. A single nay defeated his proposal, and it took 56 years for the State Constitution to be amended to grant all women the right to vote. It would take another decade for every woman in the United States to be granted this right.

Fast forward to the present day. The U.S. Vice President is a Black American and Asian American woman, and Washington State’s two women U.S Senators chair some of the most powerful Committees in the nation. In the entrepreneurial world, however, both power and opportunities remain appallingly lopsided. Consider these numbers: in 2020, women-led startup companies received a minuscule 2.3% of available venture capital, down from an all-time high of 2.8% in 2019; just 42% of tech startups include a woman in their C-suite or on their Board of Directors, and women only make up 14.2% of the decision-makers in venture capital firms across the country.

In what we typically consider a progressive corner of the nation, we do not fare much better. Among Pacific Northwest startups that raised money in 2019, only 18.7% were run by women and a mere 9.6% were led by minority CEOs! Compounding the problem, 72% of the decision-makers in Seattle area VC firms are male, perpetuating a lack of interest or enthusiasm for technologies that serve segments of the population they do not relate to or adequately represent.

For years, the University of Washington has been on a quest to better serve all learners in our state by building diversity within student, staff, and professorial ranks. Equity has long been a focus of President Ana Mari Cauce, who recently stated that “fostering diversity, inclusion, equity and representation is not an act of charity—it is a strategy for survival.” At CoMotion, where three-quarters of our team is female, we are proud to have helped extraordinary women launch extraordinary ventures (some recent examples are listed below). And yet, too few women and too few members of the BIPOC community follow this path for reasons that range from lack of awareness and socio-cultural restrictions to lack of training and financial or fundraising challenges.

From the long arc of women’s voting rights, we have learned that gains are fragile and that meaningful progress requires sustained attention. In a month of celebrating women and their history, and with financial support from the Washington Research Foundation and the Economic Development Administration’s University Center program, CoMotion will soon launch a new initiative to help women researchers at the University of Washington bring their ideas to life more quickly. Called RAISE (Researchers & Academic Innovators Success in Entrepreneurship), the program will elevate entrepreneurs in the Pacific Northwest region with tailored training and mentorship. By bringing together female mentors, highlighting women-led startups, and creating a cohesive network of innovators, CoMotion will continue to help ensure that the innovation journey can be traveled by everyone. We also look forward to partnering with our economic development community and supporters to address the challenges that women and minority entrepreneurs face when launching new startups because one thing is clear: innovation driven by diverse minds delivers more inclusive benefits to all.

Be well,

François Baneyx
UW Vice Provost for Innovation and Director of CoMotion