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Women drive 70%-80% of consumer purchasing, and companies with at least one woman on their board have a higher return on equity than those that do not, the Women on Boards Project states on its website — yet women occupy just 20% of board seats globally and aren't expected to reach gender parity for decades, according to a Deloitte report.
Cassie Burr, co-founder and executive director of the Women on Boards Project, is on a mission to change that. In February 2020, she and co-founders Sheryl O'Loughlin, Melissa Facchina and Kara Cissell-Roell launched the project to increase the number of women on the boards of private consumer companies.
Image Credit: Courtesy of the Women on Boards Project. Cassie Burr, co-founder and executive director.
A series of "interconnected" experiences helped set Burr on the path to co-founder and cultivate her commitment to uplifting women leaders.
A math major in college, Burr was recruited by Goldman Sachs and moved from Arizona to Utah to join the firm. "I was pulled into STEM-focused recruiting, women-focused recruiting," she recalls. "I eventually helped build a training initiative globally [and joined] the leadership team of their women's network. That helped me realize that capital markets are interesting, but what drove my passion was these human elements of an organization."
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From there, Burr joined an executive search firm in San Francisco, then became vice president of talent at consumer-focused private equity firm VMG Partners. The "concept of a talent partner was still quite novel" at VMG, and Burr had the chance to define what it meant in the context of the firm's commitment to building organizations as diverse as its consumer base.
"[But] we don't have a supply problem. There's no dearth."
Burr's early professional experiences came to the fore when O'Loughlin, co-founder of organic food company Plum Organics and former CEO of Clif Bar, brought together Burr and several other women, including Cissell-Roell, Burr's former boss at VMG, and Facchina, co-founder and general partner at Siddhi Capital.
They were all frustrated by the lack of representation of women in the boardroom, Burr recalls — and by the misguided focus on a "supply problem" with women leaders.
"We saw a lot of groups focused on what we would describe as the supply side," Burr says. "[But] we don't have a supply problem. There's no dearth. There's an incredible ecosystem of talented founders, CEOs and operators who would be amazing board directors if given the opportunity."
Part of the issue has roots in the problematic phrase "board-ready," according to Burr.
"There's not a mystical threshold you reach that makes you ready," she explains. "Every boardroom is completely different. What makes you an amazing candidate is going to vary depending on the investor, the stage of the company and what they're trying to accomplish."
"With private companies, you actually have more room for creativity."
The Women on Boards Project launched with a consortium of investors dedicated to increasing the number of women in the boardroom: VMG Partners, City Capital, L Catterton, Swander Pace and more. During its first year, 20 companies committed to adding a woman or additional women to their boards.
Those initial days taught a couple of important lessons, Burr says: It's challenging to conduct numerous board searches simultaneously, and broadening the definition of "board member" can help.
"It's really hard to do 20 board searches at once," Burr says. "It's [also] hard to pick a moment in time and say, 'We're going to do it at that point.' It's driven by demand; it's driven by open board seats, folks retiring or moving on. So the way we've evolved is more of an on-demand approach."
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When the demand for a new board member isn't there — Burr admits a lot of conversations stalled when there wasn't an open board seat and creating one would be difficult — reenvisioning what it means to sit on a private company's board is paramount.
"With private companies, you have more room for creativity," Burr says. "If we define that board member as someone who's in the room, has a voice and is paid, then the piece of that equation that's missing is voting rights, and that's actually what matters least in private boardrooms. Very infrequently does anything ever come to a vote."
"You want a board that represents the consumers that you're serving."
To date, the Women on Boards Project has helped connect 60 women with board roles, with 10 matches this year alone. The organization continues to recruit consumer investors as its sponsors. Strong word-of-mouth referrals across those investors' portfolio companies and external entities help the project grow and hone its offering.
Needless to say, Burr knows what it takes to create a well-balanced board — and she suggests organizations keep two things in mind to do it effectively.
Related: 7 Habits of Highly Effective Boards
First, be critical of "onlyness" in the boardroom. You don't necessarily want any one member to feel singled out, Burr says.
"In this context, I certainly mean the only woman, especially if your consumer is largely women — that's problematic," she explains. "You want a board that represents the consumers that you're serving. You can also think about onlyness in other contexts, the only person of color. Again, especially if that's a big target consumer, it's hard to represent [those consumers] if you're the only voice expected to speak on their behalf."
Related: Board Diversity: Why It's More Important Than Ever
And, once again, don't let the reductive idea of "board-readiness" deter you from choosing a candidate who's well-prepared in their own way.
"Don't underestimate the grit, passion, energy and relevance of first-time board members," Burr says. "These folks are often part of a leadership team of some of the fastest growing or newly acquired, most successful companies that will bring that incredibly relevant expertise to your boardroom."
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