Rising Tide -> Next Impact Fund Wave+ Rising Tide 2 Europe + Portfolia Sector Funds + Rising Tide Africa = Holistic Approaches to Create More Female Angel Investors
In 2015-2016, Alicia Robb was a senior fellow at the Kauffman Foundation and c0-author of A Rising Tide and The Next Wave, two books published by Stanford University Press about financing strategies for women-led firms. From her research with co-author Susan Coleman, Alicia designed a learning by doing fund as an approach to narrow the gender gap in angel investing by providing women with a unique learning opportunity to build a diversified portfolio of investments (with a relatively low initial investment), receive mentoring by experienced female angel investors, and have access to comprehensive education & training program around angel investing. This design was implemented in two Rising Tide Pilot Funds: a US program in partnership with Portfolia (Trish Costello) and a Europe program in partnership with Go Beyond Investing (Brigitte Baumann) and the European Business Angel Network (Candace Johnson). The Angel Capital Association also partnered on the education and training piece, which was supported by the Kauffman Foundation (training materials are available via ACA). Overall, the two pilot funds brought together nearly 200 women from 25 countries and 24 US states and made 18 investments.
Following these successful pilots, several additional efforts have been formed:
- Next Wave US Impact Fund (Alicia Robb) – Expands on the success of the RT pilot design with additional Impact Investing lens to focus on companies with triple bottom line benefits for people, planet and prosperity. Companies must demonstrate positive social and/or environmental impact. Investment Committee and LP’s work together on screening, reviewing pitches and due diligence. Fund minimum of $10,000 per year over 3 years. nextwaveimpact.com Barriers addressed: Awareness, Education, Risk Tolerance, & Respect; Plus, focus on creation of positive impact provides additional attraction for female investors
- Rising Tide 2 Europe with Go Beyond Investing (Brigitte Baumann) – Additional cohort of female investors following the Rising Tide Model and expanding reach.
- Portfolia Sector Funds (Trish Costello) – Creation of sector funds with focus on female investors: Portfolia Consumer Fund and/or Porfolia Enterprise Fund with models similar to Rising Tide.
- Rising Tide Africa Fund (Ndidi Nnoli-Edozien) – Creation of a Pan African fund focusing on female investors. Nine leads from Africa and three leads from previous Rising Tide Pilots from US and Europe. Up to 1000 investors from throughout Africa and US/European investors interested in investing in Africa.