Email
Password
Remember meForgot password?
    Log in with Twitter

article image#BoardForward campaign aims to boost female board leadership

By Jack Derricourt     Jan 22, 2019 in Business
Diverse board leadership is becoming a priority for public and private companies, and discussion around the topic continues to grow. The lack of diverse leadership is increasingly seen as a detriment to company performance.
Only 9 percent of unicorn companies — companies with a valuation of $1 billion and up — have board seats filled by women despite evidence showing diverse boards lead to better business outcomes.
While governments are starting to take note — California recently passed legislation to ensure that at least one member of a public company’s board is a woman — private and public companies are still being urged to build more inclusion into their company boards.
Curated talent marketplace theBoardList is one such organization looking to drive change and empower female business leaders across industries and build a new kind of diverse boardroom. The organization already has more than 5,000 members, and is looking to increase its community through a new #BoardForward crowdfunding campaign.
The campaign seeks to raise $200,000 to help the organization find more female board candidates, prepare them for board service and help them find a board placement.
Shannon Gordon, CEO of theBoardList, spoke to DX Journal about the priorities of the crowdfunding project.
DX Journal: The launch video for the crowdfunding project states that “Boards lack diversity because networks lack diversity” — can you unpack that?
Shannon Gordon: The vast majority of board searches, in fact 96 percent of them, are filled via referral. So inherently, they’re dependent on networks. The only way you’re going to get diversity in the boardroom is if the networks are diverse, and today the vast majority of CEOs and boards are made up of men.
Of course it’s not true that men don’t know great women. But we do know that it’s a human tendency to find people who look like you, act like you, and think like you when looking for new colleagues. It’s that homogeneity in those networks, in part, that drives the lack of diversity in the boardroom in particular because it’s such a network-based form of search.
DX Journal: Now you’re launching the #BoardForward crowdfunding campaign. Why go the crowdfunding route?
Gordon: We have a really engaged community of people who are very excited and anxious to support an increase in diversity in the workplace generally, and are looking for the right tools and systems to help make that happen.
Because theBoardList offers a solution, there are so many different ways which we can advocate for diversity. Advocacy is a very important part of driving change, but we’re really passionate about providing a solution and a tool for people to use for when they come to realize that diversity is something that will help their company reach its peak performance. We’re there with a solution.
For us, the crowdfunding campaign is about harnessing that engagement and enthusiasm and desire to make change from both the community and the public. So much of the context in the last year plus has shifted, and I think people are looking to make their own personal impact.
DX Journal: You want to scale your platform — what does that mean?
Gordon: It’s a couple of things. The first is reach. We started initially focused on the tech community, but very rapidly moved beyond that, and now we cover virtually all industries.
We want to make sure we continue to drive depth into each of those industries. Every time someone comes to theBoardList, we want them to find the perfect board candidate. That’s our aspiration. So we want to make sure we are talking to, and reaching, all of those qualified women who have the potential to be that candidate.
The second thing is that we want to continue to make investments in our platform technology. As we scale the community, we need to be able to effectively match candidates with the right opportunity. So we’ll continue to make investments in our ability to do that matchmaking effectively in our search algorithm.
Lastly, we want to make sure that we’re driving demand. There are many companies that already see the value in diversity and are actively looking for female candidates. But there are also many that haven’t realized this yet. We want to be talking to those companies, so we’ll need to scale the team and scale the reach to be as effective as we want to be.
DX Journal: What kind of success has theBoardList seen so far?
Shannon Gordon: We’ve grown our community to more than 5,000 people so far, 80 percent of whom are CEO or C-suite or board of directors already, so it’s a very premium talent marketplace.
We’ve also had more than 550 searches on the platform since it launched in 2016. It typically takes about nine months for somebody to find a board director, and we’re exposing additional candidates who might not have been found before.
Finally, almost half of our placements have been women who are serving on their first board. Which means that through theBoardList, they found their first board seat. That’s really exciting for us because what we want to make sure we promote mobility for women who are perhaps just below board service, but haven’t gotten a chance to serve yet.
DX Journal: How have you been growing your network up to this point?
Gordon: It has been almost entirely word of mouth which is why we’re so excited about the impact we’ve had. But we’re also excited to use the crowdfunding campaign to help us get some of the capital we need to extend that impact.
In order to identify talent that is truly ready for board service, we leverage a network of board directors — people already sitting on corporate boards. They are some really impressive individuals that we know have impressive networks of people around them. We’re aggregating those networks. So inherent in our business is a word-of-mouth phenomenon, as we ask people to nominate women from their network for board service.
We want to extend that impact, which is why we’re launching the #BoardForward campaign.
More about theBoardList, Women, Leadership, women in leadership, Boards
 
Latest News
Top News