U.S. GOVERNMENT PUBLISHING OFFICE

28–248 PDF WASHINGTON : 2018

S. HRG. 115–265 

STRENGTHENING THE ENTREPRENEURIAL 

ECOSYSTEM FOR WOMEN 

HEARING 

BEFORE THE

COMMITTEE ON SMALL BUSINESS 

AND ENTREPRENEURSHIP 

UNITED STATES SENATE 

ONE HUNDRED FIFTEENTH CONGRESS 

FIRST SESSION 

OCTOBER 26, 2017 

Printed for the Committee on Small Business and Entrepreneurship 

( 

Available via the World Wide Web: http://www.govinfo.gov 

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COMMITTEE ON SMALL BUSINESS AND ENTREPRENEURSHIP 

ONE HUNDRED FIFTEENTH CONGRESS 

JAMES E. RISCH, Idaho, Chairman 

JEANNE SHAHEEN, New Hampshire, Ranking Member 

MARCO RUBIO, Florida 

RAND PAUL, Kentucky 

TIM SCOTT, South Carolina 

JONI ERNST, Iowa 

JAMES M. INHOFE, Oklahoma 

TODD YOUNG, Indiana 

MICHAEL B. ENZI, Wyoming 

MIKE ROUNDS, South Dakota 

JOHN KENNEDY, Louisiana 

MARIA CANTWELL, Washington 

BENJAMIN L. CARDIN, Maryland 

HEIDI HEITKAMP, North Dakota 

EDWARD J. MARKEY, Massachusetts 

CORY A. BOOKER, New Jersey 

CHRISTOPHER A. COONS, Delaware 

MAZIE K. HIRONO, Hawaii 

TAMMY DUCKWORTH, Illinois 

SKIFFINGTON E. HOLDERNESS, Republican Staff Director 

SEAN MOORE, Democratic Staff Director 

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C O N T E N T S 

OPENING STATEMENTS

Page 

Risch, Hon. James E., Chairman, and a U.S. Senator from Idaho ..................... 1 

Shaheen, Hon. Jeanne, Ranking Member, and a U.S. Senator from New 

Hampshire ............................................................................................................ 2 

WITNESSES

Gore, Elizabeth, Entrepreneur-in-Residence, Dell, Sonoma, CA ......................... 3 

Chadwell, Tracy, Founding Partner, 1843 Capital, Greenwich, CT .................... 8 

Richards, Michelle, Executive Director, Great Lakes Women’s Business Council, Livonia, MI ..................................................................................................... 12 

ALPHABETICAL LISTING

Chadwell, Tracy 

Testimony .......................................................................................................... 8 

Prepared statement .......................................................................................... 10 

Reponses to questions submitted by Senator Inhofe and Senator 

Duckworth ..................................................................................................... 44 

Gore, Elizabeth 

Testimony .......................................................................................................... 3 

Prepared statement .......................................................................................... 5 

Responses to questions submitted by Senators Inhofe, Young and 

Duckworth ..................................................................................................... 40 

National Women’s Business Council 

Statement .......................................................................................................... 32 

Richards, Michelle 

Testimony .......................................................................................................... 12 

Prepared statement .......................................................................................... 14 

Reponses to questions submitted by Senator Duckworth ............................. 44 

Risch, Hon. James E. 

Opening statement ........................................................................................... 1 

Saujani, Reshma, Girls Who Code 

Statement dated October 26, 2017 .................................................................. 34 

Shaheen, Hon. Jeanne 

Opening statement ........................................................................................... 2 

Chart titled ‘‘Status of Women-Owned Businesses’’ ...................................... 29 

Women Impacting Public Policy 

Statement dated October 25, 2017 .................................................................. 36 

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STRENGTHENING THE ENTREPRENEURIAL 

ECOSYSTEM FOR WOMEN 

THURSDAY, OCTOBER 26, 2017 

UNITED STATES SENATE, COMMITTEE ON SMALL BUSINESS

AND ENTREPRENEURSHIP, Washington, DC. 

The Committee met, pursuant to notice, at 10:30 a.m., in Room 

428A, Russell Senate Office Building, Hon. James Risch, Chairman 

of the Committee, presiding. 

Present: Senators Risch, Ernst, Young, Kennedy, Shaheen, Cantwell, Heitkamp, Coons, Hirono, and Duckworth. 

OPENING STATEMENT OF HON. JAMES E. RISCH, CHAIRMAN, 

AND A U.S. SENATOR FROM IDAHO 

Chairman RISCH. I know everybody is having a good time and 

networking and moving the enterprise forward but we really 

should get started. 

We have a vote starting at noon so we are going to be on a bit 

of a short string here. That should not, in any way, denigrate the 

importance of this hearing of the Small Business Committee. And 

what we are going to do today is we are going to explore ways to 

help women-owned businesses reach their full potential and grow 

the American economy. 

And I certainly want to thank my colleague, Senator Shaheen, 

for working together on this. This is a matter of great importance 

to all of us and to all of America, even though all of America sometimes does not know it. Would that be a fair statement, Senator 

Shaheen? 

Senator SHAHEEN. Right, that is fair. 

Chairman RISCH. As you know, October is National Women’s 

Small Business Month, which serves as a great reminder that female entrepreneurs own more than 11 million businesses in our 

country and employ more than 9 million workers. They contribute 

$1.6 trillion in sales to our national economy and are capable of 

even more as the fastest-growing sector. 

Just a few weeks ago, SBA Administrator, Linda McMahon, 

joined me in my home state of Idaho, where we visited a number 

of small businesses in the Treasure Valley. My wife and I and she 

traveled to a number of businesses and had the opportunity to listen to women-owned businesses there. 

I often say that entrepreneurs and small business owners want 

more than anything just to have time to devote to growing their 

businesses. Women entrepreneurs, as many of you can attest to, ofLAP51NQ082 with DISTILLER

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tentimes are working to juggle even more priorities than their male 

counterparts, for obvious reasons, and they are negatively impacted 

by the expense of time and resources that it takes to comply with 

our complicated and burdensome tax code, along with a lot of the 

other arcane regulatory systems. 

It is for this reason that tax reform can and should be part of 

today’s discussion. In fact, the National Association of Women 

Business Owners asked this Committee to present on tax reform at 

their annual conference just last week, because that is the most important issue to the hundreds of women business owners who belong to that organization. 

Additionally, the president and board of directors of Women Impacting Public Policy were at this desk, in this very room, just a 

few weeks ago, for a bipartisan discussion centered on the need for 

tax reform, with staff from both my office and my colleague, Senator Shaheen’s office, to participate. 

Our hearing today will touch on many issues affecting women entrepreneurs, but I want you to know, this is a—that tax reform is 

a top-rung issue I believe on all of our parts. 

Again, thanks for being here today and I look forward to a robust 

discussion. I ask you, each of the panel members—first of all, 

thank you for bringing—for coming to the hearing today and presenting for us. I would ask you to try to stay within five minutes 

and I will ask that you submit anything that you want in writing 

and we will certainly include it in the record. 

So with that, I yield to Senator Shaheen. 

OPENING STATEMENT OF HON. JEANNE SHAHEEN, RANKING 

MEMBER, AND A U.S. SENATOR FROM NEW HAMPSHIRE 

Senator SHAHEEN. Well, thank you very much, Mr. Chairman. I 

am delighted that we are holding this hearing this morning, because, as you point out, women-owned firms are significant as we 

look at the future of employment in this country. They are growing 

five times faster than the national average. But women-owned 

businesses still face headwinds. On average, they earn less than 

male-owned firms. They employ only eight percent of the nation’s 

private workforce and they produce 4 percent of business revenues, 

a share that has remained the same for the past 20 years. 

So the question really is: Why? Why are the other statistics 

around women-owned businesses not changing? That is one of the 

things we are going to explore this morning. 

I look forward to hearing the testimony of our outstanding witnesses and I will submit my full statement for the record, Mr. 

Chairman. 

Chairman RISCH. Thank you very much, Senator. I would like to 

introduce our three witnesses here today and I would first like to 

welcome Ms. Elizabeth Gore, who is an Entrepreneur-in-Residence—I have never heard that title before. I am sure you will enlighten us on that—who drives initiative in support of Dell’s goals 

around helping small and medium businesses scale and prosper. I 

am also pleased to welcome Tracy Chadwell, Founding Partner of 

1843 Capital, an early stage venture capital fund. And I would also 

like to recognize Michelle Richards, who has served as the Executive Director of the Great Lakes Women’s Business Council. We all 

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know the council does great work and she has been there since its 

inception in 1984. 

So I thank all of you for coming and, Ms. Gore, we will start with 

you. 

TESTIMONY OF ELIZABETH GORE, ENTREPRENEUR-IN 

RESIDENCE, DELL, SONOMA, CA 

Ms. GORE. Great. Well, thank you, Chairman. Thank you, Senators, for being here. Senator Shaheen, Senator Risch, and all of 

you, it is a real honor to testify about what I think can be the 

greatest bipartisan opportunity that this country has seen, and it 

is women entrepreneurs. 

Just this week I have been in San Francisco; Sioux Falls, South 

Dakota; New York City; and now, D.C., and I am proud that Northern California—and I can tell you that women, in all of those 

areas, have the most potential to succeed, but they are facing numerous barriers. 

While we are starting businesses twice as fast as our male counterparts, as you said—I am very proud of that—we do have considerably higher fail rates. And only 2 percent of us are making over 

$1 million with our businesses in this country, and I think that is 

a 98 percent opportunity that we all have to improve. 

I hope none of you have the number seven as your favorite number, because for some reason we are stuck on seven. Women founders only get 7 percent of venture capital in this country, only 7 percent of venture capitalists are women, and something that is increasingly important, only 7 percent of stories in business media 

are about women founders. So we have to see it to be it, and we 

have to change that. 

Over the last two and a half years, I have had the great pleasure 

to serve in my home State of Texas as the entrepreneur-in-residence at Dell, and I am also an entrepreneur myself and a cofounder of Alice, which is the first-ever machine-learning and AI 

tool that helps any women, minority, or veteran founder find these 

resources they need to scale. And I will tell you that through both 

those works I have found that the barriers really fit in four pillars: 

access to capital, networks, technology, and talent. Those really are 

our barriers. 

So I will just start with access to capital. This is the number one 

issue facing women, in my opinion. Whether I am in Sioux Falls 

and I am applying for an SBA loan or I am sitting in Silicon Valley, going after my Series A funding, this is a major problem. I 

think we need, as a recommendation, to incentivize our venture 

capital friends to increase that 7 percent number. It is going down, 

in fact. It has gone down substantially and I think the 2017 numbers are going to show a significant drop in venture capital. I think 

my colleague here will talk a lot more about that. 

Bias and unconscious bias does exist in venture capital. The 

MeToo movement is not just about Hollywood. 

I would also like to encourage our SBA to continue to strengthen. 

The SBA is a critical part of our country. While women are five 

times likely to get SBA loans that shows how important it is, they 

are actually—the amounts they get are two and a half times lower 

than their male counterparts, so something I hope we look into. 

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Another thing is certifications. I am really proud to see continuing biodiversity programs, women-owned business certifications, but there is one thing that we need to change—the 8(a) 

certification program with the U.S. SBA is an excellent program. 

However, if you get venture funding and those venture capitalists 

are male, you are not considered women-owned anymore, so you 

cannot get the 8(a) certification and be venture-backed. I think this 

is something that we can simply change through legislation and 

that is my top recommendation for this year. 

The second is, let us continue to work with innovators and understand new sources of funding. Supplier diversity—Dell spends 

$4 billion a year in women- and minority-owned businesses, just 

through our supply chain. Crowdfunding that did not even exist 

seven years ago is now actually supporting women more than men. 

So what other innovative sources can we do? 

Most women actually depend on banks for access to capital. We 

talk about venture but 90-plus percent of women are counting on 

bank loans, and just this year we came out to see that only 30 percent of companies owned by women were able to get bank loans in 

the first part of 2016. 

The next is access to networks. You know, we do not golf as 

much as our gentleman counterparts do, so what are those facilitated networks that we need to find, whether those are digital, 

whether accelerators are really critical. I love the grants that have 

been going to accelerators from the U.S. government. They are very 

important. 

Access to technology. Every single company is now a technology 

company. Women are less likely to access technology and we have 

to continue to move that forward. 

So on behalf of my fellow amazing women entrepreneurs, this is 

a time of opportunity, it is a time that, yes, we are challenged, but 

we are the best economic bet. If we get the access to capital that 

we need, we will bring $30 billion in GDP to this country in one 

year. 

Thank you. Thank you, Mr. Chairman. 

[The prepared statement of Ms. Gore follows:] 

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Chairman RISCH. Ms. Chadwell. 

TESTIMONY OF TRACY CHADWELL, FOUNDING PARTNER, 1843 

CAPITAL, GREENWICH, CT 

Ms. CHADWELL. Thank you, Elizabeth. That was terrific. 

Good morning, ladies and gentlemen of the Senate Committee on 

Small Business and Entrepreneurship. Thank you, Chairman Risch 

and Ranking Member Shaheen, for the opportunity to testify today 

before your Committee. It is a pleasure and an honor to introduce 

myself and to give my perspective on how to strengthen the entrepreneurial ecosystem for women. 

By way of background, I am an attorney who had my first exposure to private equity when I worked for Senator Adlai Stevenson’s 

SCM international and helped him set up a fund to invest in 

China. I eventually became a partner of a billion-dollar growth capital fund, Baker Capital, but much more relevant, for the last five 

years I have been investing exclusively in women founders in the 

technology area, and I have founded a venture capital fund called 

1843 Capital. 

1843 Capital is the year that Ada Lovelace wrote the first computer program. My partners in 1843 are incredible women. Alison 

Andrews Reyes is an operator and engineer who successfully built 

and sold her own cybersecurity company called Vigilant. Vanessa 

Dawson is the CEO of the Vinetta Project, a women’s entrepreneurial platform that operates in seven cities in North America, delivering educational programming and premium networking for 

women founders, funders, and community partners. 1843 and 

Vinetta Project are strategic partners in the effort to scale women 

businesses and fund them. 

The good news—the really good news—is that things are working. The accelerator programs, mentorship, and seed investors in 

the ecosystem are allowing women-owned businesses to thrive. The 

Vinetta Project alone sees over 2,000 female-founded companies per 

year. Through their events, they have been able to channel $50 

million in seed-stage capital to early stage companies. As you said 

earlier, nationwide, women-owned businesses are growing in number, at five times the national average, and statistically, women 

outperform as well. Women-operated, venture-backed tech companies achieve 12 percent higher revenues. 

This is in no doubt due to public-private partnerships. Organizations like the women’s business development councils around the 

country have been a true catalyst. The SBA has been a strong partner has well. By guaranteeing loans, they are giving women the 

fuel they need to scale their businesses, and they are doing this 

without taxpayer subsidies. 

As a venture capitalist, I have had the opportunity to invest in 

world-class companies founded by women, that are both successful, 

and great things do great things for the world. Beautycounter is a 

woman-founded company which produces personal products for 

care that are free of toxic chemicals. This company has revenues 

that are much stronger than most of the unicorns out there and 

they employ 35,000 consultants. 

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Silvernest is a company in Colorado that uses technology to 

match people over 50 with roommates. This helps them solve the 

problem of financial insecurity and loneliness. 

Marstone—really interesting—is an algorithm-based wealth 

management platform. This helps banks and registered investment 

advisors democratize wealth management, so that everyone can 

save and invest, regardless of the size of their accounts. 

Something truly unique about Marstone is what we call user experience. Most people are intimidated by math and finance and the 

thought of diversified portfolio, but Margaret Hartigan knew this 

and she developed an interface that was visual, intuitive, and accessible to everyone, a great example of why women founders are 

successful. She knew that to have this biggest impact, the company 

had to have a foundation in design. As we move into our next chapter in technology dominated by artificial intelligence, the skills of 

coding or writing algorithms are going to become commodities. 

What is going to win is creativity, design, and sales and marketing. 

But by far the most serious barrier to the entrepreneurial ecosystem for women is the lack of funding, as Elizabeth said. Women 

are able to create businesses now because the cost of starting a 

business has come down exponentially and they do not need outside investment to get started. However, the capital to scale is inaccessible. 

Beautycounter is one of the largest and fastest-growing companies, period. They had difficulty raising institutional capital until 

they reached $20 million in revenues. Women founders, as a group, 

received 2.19 percent of venture capital dollars. A lot of reasons for 

this exist, including some unconscious bias and lack of women as 

venture partners. Women venture partners comprise 3 percent and 

women-founded venture capital firms are 28 out of 800 firms. 

One of the most impactful things that you, as Senators, could do 

would be to encourage your State pension funds to just take a 

harder look at women managers and a harder look at the diversity 

of their underlying portfolios. It is impossible to legislate against 

unconscious bias. However, it is possible to support and to fund 

positive role models. 

Thank you very much. 

[The prepared statement of Ms. Chadwell follows:] 

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Chairman RISCH. Thank you very much. 

Ms. Richards. 

TESTIMONY OF MICHELLE RICHARDS, EXECUTIVE DIRECTOR, 

GREAT LAKES WOMEN’S BUSINESS COUNCIL, LIVONIA, MI 

Ms. RICHARDS. Thank you, Chairman Risch, Ranking Member 

Shaheen, and distinguished Senators. 

Senator KENNEDY. I do not think your mic is on. 

Ms. RICHARDS. Oh, I am sorry. I am really bad at the technology, 

the audio part. I am right on point. 

My name is Michelle Richards and I am the Executive Director 

for Great Lakes Women’s Business Council. 

Now before I discuss the current ecosystem for women entrepreneurs I want to share our experience as an organization dedicated to supporting women business owners for the past 33 years. 

I had a chance to start this organization, and as an SBA micro- lender since 1993, we have made over $6.5 million in loans, with 

the average size of $20,000. These loans have created 1,700 jobs. 

In the early 1990s, we became an SBA Women’s Business Center. This was important because it created a stable funding for us 

to build a platform for our training and counseling program. And 

we have been able to serve more than 10,000 women business owners and entrepreneurs with it. 

For the past 20 years, we have also been a certifying partner for 

the Women’s Business Enterprise National Council, also known as 

WBENC. We currently have 1,120 certified women business owners 

that generate $12.3 billion in revenue annual and employ 48,500 

U.S. workers. Amazing. 

I am proud of our efforts to revitalize Detroit. To date, our De- troit loan program has provided $1.3 million in loans, creating 72 

jobs and retaining 100 more. 

For small businesses to succeed, they need what I call the Three 

C’s—capacity, capital, and customers or contracts. In my view, 

women entrepreneurs lack access to all three. Capital access is a 

chronic barrier for women business owners. Our team has heard 

countless stories of the bias against women when they attempt to 

obtain business finance. 

I recently was told by an established woman business owner that 

a bank lender came out to her business and asked if her husband 

would be joining them. When she indicated that he would not be 

attending because he is not part of the business, the lender immediately left, closed his padfolio. 

These anecdotes are backed by statistics compiled by this Committee and the SBA. If women are not able to obtain equal access 

to capital, they cannot grow their business to full potential. 

Similarly, women are highly underrepresented in Federal contracting. Now although the Federal Government met its goal of 

awarding 5 percent of eligible Federal contracts to women-owned 

businesses in 2015, it failed to reach the mark in 2016. The market 

share needs to grow because Federal contracting has a tremendous 

impact on many women-owned businesses. 

For example, Katie Bigelow, just one of the many examples we 

have, President of Mettle Ops, received her first contract with the 

Air Force for $80,000 in 2015, after two years of trying. That conLAP51NQ082 with DISTILLER

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tract created the past performance needed to win her most recent 

contract award for $9.1 million. 

Finally, women are not able to access basic tools that we need 

that we know work for them. They need training and coaching to 

grow their businesses and become job creators, and it is important 

to modernize and grow a nationwide network of counselors and 

mentors for women entrepreneurs. As an SBA women’s business 

center microlender and WBENC certifying partner, Great Lakes 

WBC has experience to offer the Committee these recommendations. 

First and foremost, we need to modernize the Women’s Business 

Center program. The House of Representatives included the Women’s Business Center legislation as part of the fiscal year 2018 National Defense Authorization Act, which would increase the 30- 

year-old cap on grant levels—30 years. We strongly urge the Senate to keep this provision in the NDAA. 

Second, I encourage this Committee to push SBA on its implementation of women-owned, small business, third-party certification rules. We have over 500 WOSB-certified women in our center. 

Finally, there should be a dedicated commitment to programs 

that are proven to provide capital to women business owners. Congress should continue to support programs like the Small Business 

Microloan program and the Community Development Financial Institution Fund. 

Chairman Risch, Ranking Member Shaheen, and distinguished 

Senators, thank you for this opportunity to present this testimony. 

[The prepared statement of Ms. Richards follows:] 

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Chairman RISCH. Well, thank you so much to all three of you. 

I noted that all three of you made reference to the capital situation 

and the access to it, and those figures certainly are not pretty, as 

far as the capital that is received by women entrepreneurs. We 

all—anybody who has even a passing knowledge of economics 

knows that access to capital and free flow of capital is absolutely 

critical to the success of a family, of a business, and, indeed, of a 

nation, and that is why America stands out so much from others 

in our economies, because of the free flow of capital. Barriers in 

that regard really need to be knocked down. 

I note, Ms. Gore, you are finding a flaw in the Federal system 

where women-owned, AA certification is lost when they get funds 

from a male entrepreneurial—excuse me, male venture capital 

fund. It would be interesting to see what would happen if they 

found out that the banks that the women-owned businesses were 

getting money from was run by an all-male board of directors, 

which is exactly the same situation. Senator Shaheen and I have 

already agreed that we are going to take a run at this. Federal 

Government does not always—and that is a result of your testimony, by the way—the Federal Government does not always do 

things exactly the way they should. But that is why we are here 

so we will take a run at that for you. 

Ms. GORE. Thank you. 

Chairman RISCH. So with that, Senator Shaheen. 

Senator SHAHEEN. Thank you, Mr. Chairman, and I hope all of 

the Members of the Committee will join us in that effort, because 

it seems like that is a no-brainer that would make a big difference 

in access to capital. 

I want to go back to an issue that Ms. Richards referenced, and 

I think you did as well, Ms. Chadwell, in your discussion about 

venture capital. Right now the country is having what I think is 

a very important conversation about sexual harassment in the 

workplace, and fortunately a lot of people are coming forward and 

saying this is not right. 

Unfortunately, we have seen that in terms of access to venture 

capital as well. Earlier this year, several female entrepreneurs told 

The New York Times about unwanted sexual advances made by influential venture capitalists. Last week, the founder of Rent the 

Runway, Jennifer Hyman, discussed the harassment she experienced while raising $190 million from venture capitalists. 

So, clearly, this is something that exists in the venture capital 

industry as well, and I wonder, Ms. Chadwell, if you could talk 

about this a little bit. Are experiences like Ms. Hyman’s commonplace, and how do you see trying to address this issue? 

Ms. CHADWELL. I think experiences like this are commonplace in 

every industry. I think we have been seeing it in the entertainment 

and the venture capital industry specifically as of late, but I think 

it is systemic, and I think that a lot of issues like this will go away 

as we get closer to parity, where we have more women CEOs, and 

where we have more women venture managers. And not just the 

sexual harassment issue, but we have other issues that we are 

working on as well, like equal pay, and also maternity and family 

leave issues. A lot of those may not have to be legislated if you 

have women CEOs. 

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Senator SHAHEEN. Thank you. Do either of you want to add anything to that? 

Ms. GORE. The only thing I will add is—thank you—is, unconscious bias is so strong, and there are a lot of formulas that have 

worked over time. And when your formula is working and you are 

making money it really takes leadership from folks like you all to 

push those industries to think outside. 

I hear—when I was raising money the last few years I heard 

over and over that anything that is women-focused is not a large 

enough market. It is a niche market, even though we are 51 percent of the population and had 85 percent of consumer spending. 

So I think that bias is pretty rampant. 

Senator SHAHEEN. Well, thank you, and I want to go back to access to capital as well. We have a chart here that shows what all 

of you pointed out, in terms of the situation with women-owned 

businesses and their access to capital. So you can see, the blue columns are majority women owned, and all other firms are the orange columns. 

So we can see the difference in terms of venture capital funding, 

the total amount of conventional business loans, and in the prime 

contract awards. This is exactly what all of you had to say, but 

when you see it on that chart it really brings it home, just the disadvantages that women-owned businesses face. 

So, Ms. Richards, you told a story that actually reminded me a 

little bit of my own experience, about the entrepreneur who was 

turned away because her husband was not there. I remember when 

I first was applying for credit my husband had to sign the bank 

forms in order to do that, because we had not yet changed the laws. 

So how do we continue to address these issues, and what steps— 

what other steps can we take to prevent instances of bias by bank 

lenders against women business owners? 

Ms. RICHARDS. Disclosure is critical. So 1071 of the Dodd-Frank 

Act requires data to be collected on women- and minority-owned 

businesses and the loans made to them. Until we can start quantifying, really, the discrepancy, instead of just using anecdotal information, we are not really going to be able to get to some of the 

roots of it. 

Small business lending is, in so many ways, different than all of 

the other bank lending because it is not solely numbers-driven. 

There are so many elements of it, and lenders decide if they want 

this business and this loan in their portfolio. So it is very different. 

So we need to start creating some parameters and implement 1071 

of the Dodd-Frank Act. Thank you. 

Senator SHAHEEN. Thank you. Thank you, Mr. Chairman. 

Chairman RISCH. Thank you, Senator Shaheen. 

Senator Ernst. 

Senator ERNST. Thank you very much, Mr. Chair, and thank you, 

Ranking Member Shaheen. I appreciate it. 

The conversation has been striking this morning, and even as a 

woman I just—I shake my head when I hear about the lack of access that is available out there. 

I do want to go back to something that Senator Risch had mentioned earlier in our conversation as we were focused on tax reform. So earlier this week, a woman from Hamilton County, Iowa, 

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who owns a small business, reached out to me about the importance of tax reform, and like many of the small business owners 

that I have had the opportunity to interact with and speak with 

as I am out doing my 99-county tour, she said the biggest two obstacles that she has, for her small business, are the high taxes and 

the regulations. So, really, two burdensome areas for her. And 

today her marginal tax rate and for other small business owners 

they can get as high as 45 percent on the small businesses, and the 

average small business owner spent over $12,000 annually just in 

dealing with regulations. 

So just for all of you, are current tax policies hindering entrepreneurship, and what impact would lower tax rates for small businesses have on strengthening the entrepreneurial ecosystem for 

women? If any of you, if you could—— 

Chairman RISCH. Jump ball. 

Senator ERNST. Yes. 

Ms. GORE. Thanks for the question, Senator. I will just say there 

is no entrepreneur who would say no to lower taxes, so I think that 

is men and women, no matter where we are. 

One thing I will flag that I do not think we have brought up 

today, and I know there is a lot of discussion around child tax credits and so on, that something very specific, when you put a gender 

lens on entrepreneurship, is child care. And I have a three-year-old 

and a six-year-old and I have to make very hard and strong decisions about—as an entrepreneur, that is my number one cost. And 

so I think anything we can do to release that burden for mothers. 

The majority of women entrepreneurs do have children, and they 

are either doing children’s care or elder care or caring for their 

community. It is just a disproportionate thing about women. 

So that is one area I wanted to bring up in response, is we need 

to be thoughtful and creative about how do we let women be great 

moms but also be killer entrepreneurs. 

Senator ERNST. I love that, and that is something that we are 

having discussions about as well, because it is truly important, especially as we want to get more women involved in small businesses and other activities as well. So thank you. Anyone else? 

Ms. CHADWELL. I think in terms of regulation, the really tough 

thing that I see is in the commerce space. So when tech companies 

are setting up and they are trying to set up across the country they 

have to register in each State separately, which is a big hindrance 

for both male and female companies. 

Senator ERNST. Very good. Thank you. 

Ms. RICHARDS. Of course, we want to relieve any pressure on our 

small businesses, and since women cash is a real consideration. It 

is a real consideration with the taxes, too. 

Senator ERNST. Okay. Thank you. And today my colleague, Senator Heidi Heitkamp and I will be introducing the Prove It Act, 

which seeks to strengthen the voice of small businesses in the rulemaking process, and improve the quality of agency certifications 

and analysis of a rule’s impact on small business. Do you think 

providing greater accountability for agency certifications would improve the rulemaking process and provide some regulatory relief 

for small businesses? Any thoughts on that? 

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Ms. GORE. Well, thank you, Senator. One thing I will say is we 

are in a digital era, and one of the things that we can do is digital 

transformation around all of how do we regulate, how do we apply 

for everything from loans for certification, even to our local permitting. So one of the things I would really encourage is how do we 

look at using digital for all these processes to speed things up, because entrepreneurs are more time-poor, even, than money-poor, 

most of the time, and then also to lower those regulation barriers. 

I love the idea of having one registration instead of all 50 states. 

Senator ERNST. Yeah, very important. Use technology. 

Ms. GORE. Yes. 

Senator ERNST. Anything else? 

[No audible response.] 

Okay. Well, with that I will yield back my time. Thank you. 

Chairman RISCH. Thank you so much. Before I turn to Senator 

Coons let me tell you, Ms. Gore, that your—the issue you raised, 

that we had not touched on, I can assure you that that matter is 

under serious consideration. As you know, over the last, what, few 

weeks, we have been focused on tax reform, and I, like my colleagues, have been to lots and lots of meetings, and I cannot think 

of one where that issue was not seriously put on the table and discussed as to how that piece of the puzzle would fit in. It is going 

to be a very complicated puzzle to put together but it is seriously 

being discussed here. So thank you so much. 

Senator Coons. 

Senator COONS. Thank you, Chairman Risch, Ranking Member 

Shaheen, and thank you to all of our witnesses today who have testified about the range of ways in which we can and should be more 

strongly supporting women entrepreneurs. It is striking, as graphically represented by Senator Shaheen in a chart, of the disconnect 

between the very strong performance of women entrepreneurs and 

women-owned businesses and yet the significant structural challenges in accessing capital, in building out networks of mentors 

and advocates, and, in particular, in accessing Federal contracting. 

As a Senator now for seven years and a local elected for a decade 

before that in the local business community, I have been struck at 

how capable and strong women entrepreneurs are in my home 

State. Fulcrum Pharmacy, for example, Christy Crkvenac founded 

in Wilmington, Delaware. It is a specialty pharmacy. 7(a) financing, and SCORE mentoring played a key part in her taking the 

leap and being successful as a pharmacist. 

Mountain Consulting is in our State capital in Dover. Very successful, minority- and women-owned business that does land survey 

engineering, technical services. Kim Adams is the founder, first 

HUBZone certified small business in Delaware and also benefited 

from SBA loan products. 

Twist Juice, one of my favorites, is a premium juice bar in downtown Rehoboth Beach, probably frequented by some of the many 

folks here who like to go to Delaware’s beaches, or if they do not, 

they should, and they tell me that SCORE consulting helped develop the business plan and do market research. 

I am the Ranking Member of the Appropriations Subcommittee 

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toring through SCORE and through SBA offices and other programs. So let me just touch on those if I could. 

I have worked to increase SBA’s WBC funding by about 20 percent since 2015—I knew I would get a smile for that—and I think 

they are a very important network across the country that helps 

address access to capital and mentoring and business planning. So 

I would be interested in hearing from all of you about what your 

views are about WBCs, whether they are genuinely accessible, 

whether they are relevant, and whether they are important in 

terms of a network. 

And then, second, the networking that you spoke to, the need for 

mentorship, SCORE, I think, does a great job in Delaware but I am 

not sure if that is the case nationally. In Delaware, there is an innovative program called WeTHINK, a partnership between SCORE 

and the Delaware SBA office that provides year-long mentoring for 

women entrepreneurs, to tackle some of the challenges that may be 

specific to trying to balance family commitments and obligations 

and new markets and being a successful entrepreneur. 

I would be interested in comments from all three of you, if I 

could, on those two core questions. 

Michelle. 

Ms. RICHARDS. Yes. So two key pieces. One is that the mentoring 

is really critical. One of the things many of the Women’s Business 

Centers do is use other women business owners, because there is 

a real clear connect between them. That is a unique element of 

why you have a Women’s Business Center, too. 

Secondarily, the Women’s Business Centers, with—because we 

have had a 30-year cap, it is not that it is the same money because 

30 years ago it was different money. It was a different amount. 

And so we are basically being squeezed to provide as many services 

in higher levels for the same dollars that were 30 years ago. And 

for the centers who are really excelling, this is an opportunity for 

us to push forth the same kind of programming to more women. 

It is an opportunity of growth for this country. 

Ms. CHADWELL. I know the Women’s Business Development Corporation in Connecticut has been extremely successful in building 

community and mentorship and providing education for women. 

Where, again, I see the real lack is in capital, and I know the SBA 

has been very successful in providing debt funding for women, and 

for some small businesses that is appropriate and for some core 

businesses, like consumer products that have capital and balance 

sheets that they can leverage against, that is appropriate. 

But for the fastest-growing companies and the ones that are creating the most jobs in this country, really the only viable form of 

financing is equity. So I do not know if there is some sort of equity 

financing that is part of the SBA or is being contemplated, but I 

would highly recommend it because that is where all the growth 

is. 

Senator COONS. Thank you. 

Ms. GORE. Four thoughts on the SBA. Thank you, Senator, for 

the question because I am an ardent believer in the SBA. The first 

is where there are local SBA offices women seem to really have a 

connection and understand the SBA more. So in Sioux Falls, where 

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erator, and people just understood it more, had better relationships. So I really think those local offices are quite powerful. 

The second is, if I could improve the SBA, is we have got to 

streamline the process of application, make it easier, make it faster, and make it just like any other Silicon Valley startup—how do 

you use digital to make it more efficient? And that would actually 

probably save the SBA money in the long term with efficiencies. 

The last is, as I said at the beginning of my testimony, most SBA 

loans are 2 percent lower for women than men, and I would love 

to dig into that and just see why, because it is a critical source of 

capital for women. 

And the last is the SBA’s reputation. I really think the country 

can get a better understanding of the SBA and its value. Sometimes, in New York and San Fran, an SBA loan is seen as your 

company is not going to thrive, sometimes, and I do not think that 

is the case. So as we can educate the masses more on the power 

of the SBA and how to use it, I think it will become even more 

powerful. 

Senator COONS. Well, thank you all. I realize I am out of time 

but I am particularly passionate also about trying to make sure 

that we are transparently reporting on what is happening, that we 

are hitting the contracting cap and exceeding it, and that we continue to engage Community Development Financial Institutions, or 

CDFIs. One of the most effective WBC affiliates is a CDFI in Delaware. They make great loans and they are very engaged and they 

are very well known. 

So thank you for the testimony. I look forward to following up 

with you. 

Ms. GORE. Thank you. 

Chairman RISCH. Thank you, Senator Coons. 

Senator Kennedy. 

Senator KENNEDY. Thank you, Mr. Chairman. Good morning. I 

appreciate your testimony, from all three of you. 

In terms of the gender bias and access to capital, you mentioned 

conscious and unconscious. I would like to ask each of you, what 

percentage, roughly, do you think is conscious and what percentage 

is unconscious? 

Ms. GORE. Since the Astros won last night, sir, I will be a little 

bit more bullish. Thank you, Senator, for the question. I actually 

think the majority—this is a personal opinion—is unconscious. I 

am optimist in this world and I also have really spent time in the 

venture community, and I think they are mostly good people. However, the formulas to make money have worked in an old system, 

and the systems just have not caught up to the amount of women 

who are now pitching. 

So I would say the majority is unconscious, and there are ways 

of training around that. There is a marked training that is incredible that Catalyst does, that I think if everyone sat through it we 

would see change. 

Thank you, Senator. 

Senator KENNEDY. Ms. Chadwell. 

Ms. CHADWELL. I think that is impossible to quantify, but I know 

that it exists. I think probably the biggest issue is networks and 

having access, because people are comfortable doing business with 

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people that they know, and some people say we will not even invest 

in someone that we do not already know. 

But I do know that there was a study done by Harvard and MIT 

together that had both a man and a woman present identical business plans, and the woman was 40 percent less likely to get funded. That is with an identical business plan. So it does exist. 

Senator KENNEDY. Okay. Ms. Richards. 

Ms. RICHARDS. I concur with your comments on there. I think 

that, again, we cannot quantify. There is not a way for us to quantify which is conscious and unconscious, but what I think is critical 

is that if we have mechanisms to count the behaviors in the lending community it gives us an opportunity to create some policies 

around goals and performance that helps to change behaviors, and 

that is the best that we can hope to have happen. 

Senator KENNEDY. Can you explain what you mean by that? 

Ms. RICHARDS. Certainly. So if we had implemented 1071 DoddFrank Act and we had collected and knew definitively where only 

4 percent of the loans were being given to women—here, here, and 

here—we said that this is not representative of the business community of the population-at-large and it theoretically should be 

higher, as we have with Federal Government contracts that at 

least 5 percent go to women. And then programs are in place to ensure—policies come about to ensure that you at least meet these 

numbers. So what it does is it takes it away from the individual’s 

personal conscience. 

Senator KENNEDY. I get it. Yeah. I appreciate it. 

I want to follow up on Senator Shaheen’s excellent questions. 

The three of you are obviously—I mean, I have looked at your resumes—you are obviously experienced, successful, accomplished, a 

lot of success in life. Have you ever witnessed sexual harassment 

in the workplace? 

Ms. CHADWELL. I not only have witnessed it, I have been a victim several times, and have made the decision to go forward in my 

work and to become a role model, rather than stop and take a sidetrack. But in some cases, I regret that, because maybe perhaps if 

I had spoken up at the time, change could have happened more 

quickly. 

Senator KENNEDY. Do either of you care to add to that? 

Ms. RICHARDS. I would say the same. I have seen it with other 

women and I have had experiences myself. 

Ms. GORE. I have seen it and not experienced it, but being there 

everyone experiences it. 

Senator KENNEDY. Yeah. Well, Ms. Chadwell, I mentioned that 

it is not limited to the entertainment industry. I mean, we just saw 

today that apparently a well-known journalist, Mr. Mark Halpern, 

apparently is a pig as well. You know, five allegations that he has 

admitted to. Do you think that is related to the access to capital 

at all? 

Ms. CHADWELL. I think that whenever you mix power with 

women and men, you have issues, and I think the most effective 

way to do this is to have both women and men sitting at the table 

when making decisions about access to capital. 

Senator KENNEDY. All right. Thank you very much for your testimony. I learned a lot. I appreciate it. Thank you, Mr. Chairman. 

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Chairman RISCH. Thank you. 

Senator Hirono. 

Senator HIRONO. Thank you, Mr. Chairman. Senator Kennedy, I 

can tell you, without any reservation, that sexual harassment and 

more is not limited to just the entertainment industry. Most 

women who have been doing anything in the workplace or otherwise, or in school, et cetera, have faced these kinds of issues. 

I have been particularly interested in STEM for women. This is 

a question for you, Ms. Chadwell. Last fall I spoke at the Innovation Alliance’s event on ‘‘Closing the Patent Gender Gap,’’ where 

findings from the Institute for Women’s Policy Research revealed 

the alarmingly low number of women patent holders in the U.S. In 

2010, women held only 18.8 percent of all patents, and while the 

number of women with patents has steadily grown since 2000, at 

the current rate of progress the IWPR, that’s the research entity, 

projects that the gender equality among patent holders would not 

occur until 75 years from now, in the year 2092. Most of us will 

probably not be around then. 

So in your testimony you mentioned that entrepreneurs with a 

background in artificial intelligence, coding, algorithms, and analysis will have a competitive advantage in the coming years. So how 

can we expand the opportunities for women and minorities—and I 

include minorities because they are also vastly underrepresented— 

in these and other science, technology, engineering, and STEM 

fields, and assist them in obtaining patents? And the more particular you are, specific you are as to what we can do, the better. 

Ms. CHADWELL. First of all, I think there is some good news and 

bad news. The bad news is that the numbers are going down, in 

terms of—— 

Senator HIRONO. And they drop out from the STEM arena in all 

levels, including really early on—intermediate, you know, and beyond. 

Ms. CHADWELL. Absolutely. I think this is back to messaging, 

which we talked about earlier. I think it also—another thing I did 

mention is that with coding and algorithms becoming more 

commoditizing—commodities, that we are going to be reaching into 

things that women are traditionally, just have been in the past not 

as a total group but some members are very effective at innovation 

and very effective at design and very effective at sales and marketing. So I think that those could be places where women will 

have advantages. 

Also, too, in terms of patents, I would like to say I do not back 

patentable technology anymore. What I like to back is innovation 

and the ability to iterate over and over and over again. Because by 

the time you get a patent, with a lot of this software, it is already 

irrelevant. So, really, what we need to continue to do is to teach 

our children to be creative and innovate. 

Senator HIRONO. Well, what are some very specific ways, though, 

that we can teach children to be creative and innovative? Are there 

any models out there of where there has been success in encouraging more women and minorities to go into these fields and to 

stay in these fields? You are nodding your head. Would you like to 

respond? 

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Ms. GORE. Yes. Thanks, Senator. One of the things that I am 

very optimistic about is what are already very established girls’ organizations. I am a 4–H kid. Girl Scouts are actually putting 

STEM into their programs. I think it is hard these days and age 

to create a whole new organization, so those that are already out 

there, including public education, having STEM programs very 

early—third, fourth, fifth, sixth, seventh grade, before that seventh-grade drop happens, is what I love. 

So you see there is now a STEM badge for the Girl Scouts, which 

I love, and I think those are critically important. So let us get them 

into institutions that are already thriving and large, and ensure 

that this is part of the vernacular. 

Senator HIRONO. Well, okay, that is great. Not everybody gets to 

be a Girl Scout. I certainly was not. But I am looking at where arenas where the kids are there, i.e., in our schools, what are we doing 

in our schools in terms of curriculum that supports minorities and 

women, girls, going into these areas? 

Ms. GORE. Thank you. We have to have—first of all, we have to 

have Wi-Fi in all our schools. We have to have access, broadband 

access particularly in rural communities in smaller states. There is 

no good program that is out there if we do not have kids have access to what they need to see. Second is the technology in those 

arenas. Is there something that children are touching, working on 

early on to learn to code, to learn to do these things? 

So I think that is the baseline, frankly, before we then can start 

looking into the best curriculums. 

Senator HIRONO. Would the two of you agree that technology in 

our schools—because there are a lot of elementary schools all 

across our country, public schools that do not have access to this 

kind of technology. Would you agree that that is a really important 

foundation? 

Ms. RICHARDS. Technology is critical. Mentors are also critical. 

We need to see women and minorities in those fields and as role 

models, so that they can desire to achieve those goals. 

Senator HIRONO. I did introduce legislation that would encourage, through grants, et cetera, mentorships and other programmatic ways, institutionalized ways of focusing on women and 

minorities in the technology area and I hope that leader folks will 

take a look at that. 

And the whole question of, particularly, you know, women can be 

considered a minority, but within that category there are minority 

women who face even more challenges in terms of access to capital 

and all the other challenges that women generally face, and multiplied probably several times over for minority women. So I would 

be appreciative of any information that you have that relates to 

support for minorities. 

Ms. CHADWELL. That is no question, and, in fact, women’s access 

to capital at the minority level is 0.02 percent of total venture capital dollars, so it is even more severe. 

Senator HIRONO. Yes. Thank you, Mr. Chairman. 

Chairman RISCH. Thank you, Senator. 

Senator Shaheen. 

Senator SHAHEEN. Well, thank you, Mr. Chairman. I wanted to 

add that, as we are talking about how to get young women excited 

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about STEM subjects, robotics competitions and out-of-school competitions that focus on STEM are really great ways to do that. 

They reach not only young women but also often minorities in a 

way that they may not be reached in school. 

But I want to follow up on both the mentor piece and the comment that you made, Ms. Chadwell, about the media not covering 

women success stories. And what can we do to elevate those success stories for women, and how do we get reporters, actually, the 

media and—the news media is another place where women are 

underrepresented. So how do we get attention to those female success stories of women-owned businesses, for any of you? 

Ms. CHADWELL. Well, I think one of the biggest success stories 

that we are seeing right now is the story on the IPO of the company Stitch Fix, which has a female founder. And, ironically, for a 

technology company, this company actually has profits, which is 

wonderful. So the more we can elevate women into these positions 

where they can be role models, and obviously representing really 

terrific companies, I think the more attention we will get from the 

media. 

Senator SHAHEEN. Do either of you, the other panelists, have any 

ideas for—— 

Ms. GORE. I have a very specific idea, and I think that, you 

know, the 12 major business publications that range from Inc. and 

Fast Company to Fortune and Forbes, they could collectively make 

a commitment, publicly, and I encourage them, on the record, to do 

so, that at least 40 percent of their stories have some type of 

women founder in them. And that is up from 7 percent. 

Senator SHAHEEN. That is a great idea. 

Ms. GORE. And they are great stories. They are good content. 

And then we, as women, have to do better at raising our hands and 

really boasting about those successes. But there is no longer the 

lack of great companies, which is really exciting, but I would encourage that level of commitment. 

Senator SHAHEEN. Ms. Richards. 

Ms. RICHARDS. I would agree with that, and I would say that we 

have to remember that we are the consumers, and so part of it is 

that we need to send a message of what we want to consume from 

our media, and stop using it as being the one token female who has 

done this, because there are many, many great stories. 

Senator SHAHEEN. Well, thank you. That might be a place where 

the Committee could weigh in. What do you think, Senator Risch, 

where we could send this suggestion, on behalf of the hearing 

today, to a number of those publications? 

Chairman RISCH. Yeah. I think that is something to talk about. 

Senator SHAHEEN. Good. 

Chairman RISCH. Thank you. 

Senator SHAHEEN. Thank you all very much. 

Chairman RISCH. Thank you. This is—you know, we sit through 

lots and lots of hearings and lots and lots of panels, but I can tell 

you that this was an impressive panel, and we sincerely appreciate 

you taking the time that you have taken to come and talk with us. 

We are—every one of us runs for public office because we want to 

make life better for our constituents and Americans, and these are 

the kinds of things that actually help us move forward in that goal. 

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And, actually, we have come away with some really good, pragmatic suggestions that we can move forward. Notwithstanding 

what you hear about what Congress does not do, we do occasionally 

do something. 

Senator SHAHEEN. And we do it together. 

Chairman RISCH. And we do it together, particularly on this 

Committee. 

So with that—first of all, Madam Chair—or, formerly Madam 

Chair—the chart. I think we ought to have that put in the record. 

Would you agree with that? 

Senator SHAHEEN. I agree. That is a great idea. 

Chairman RISCH. All right. 

[The chart follows:] 

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And, secondly, I am going to declare the record will be open for 

two weeks, until 5:00 p.m. on Thursday, November 9th, for anyone 

to submit any relevant information for the hearing. 

And, again, thank you, and with that the Committee is adjourned. 

[Whereupon, at 11:59 a.m., the Committee was adjourned.] 

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