Morgan Stanley, Gwyneth Paltrow, Vanity Fair: Broadsheet March 29
Good morning, Broadsheet readers! A top Morgan Stanley financial adviser is accused of a pattern of domestic abuse, the VC world gets just a little less male, and we meet the female founders of color who are defying the stats. Have a fantastic Thursday.
• Beyond the (white) boys' club. Believe it or not, women of color get approximately 0.2% of venture capital funding, according to research by digitalundivided. Yep, less than 1%. Keep that in mind as you consider the accomplishments of the 26 female founders in this remarkable Vanity Fair photo spread—all of whom are WOC and all of whom raised $1 million or more before November of last year.
Clearly, 26 is not enough. The fact that black women are the fastest-growing demographic of entrepreneurs, owning nearly 60% of all black businesses, provides a sense of just how much potential is out there, and how many talented entrepreneurs are still going unfunded.
But let's take a moment to cheer on these 26 women—and the investors who chose to back them. As writer Margot Lee Shetterly (whose name you may recognize from her book, Hidden Figures: The American Dream and the Untold Story of the Black Women Mathematicians Who Helped Win the Space Race) notes, these founders are "the most visible faces of a revolution." Vanity Fair
ALSO IN THE HEADLINES
• Bad advice. Douglas E. Greenberg, a top financial adviser at Morgan Stanley, has been accused of numerous instances of violence against ex-wives and girlfriends. And according to seven former employees, Morgan Stanley executives have known about his alleged conduct for years. (The company even reportedly received a federal subpoena related to one abuse allegation). Yet he remained not just employed, but also celebrated by Morgan Stanley—until the bank received a call from The New York Times' Emily Flitter about this story, at which point Greenberg was placed on “administrative leave pending further review of this situation." New York Times
• Keeping up with Kaden. Fortune's Polina Marinova talks to Rebecca Kaden, Union Square Ventures' first—and only—female general partner. In this Q+A, Kaden discusses her investment strategy, the intersection of blockchain and consumer, and the top mistakes founders make early in the venture process. Fortune
• Getting Goopier. Goop, Gwyneth Paltrow's lifestyle empire, has raised $50 million in series C funding, bringing the company's outside fundraising total to $82 million. Investors in the round include NEA, Lightspeed, and Felix Capital, and Goop says it will use the infusion of cash to expand internationally. Forbes
• Hacking Haun. HackerOne, which has made a name for itself running programs that pay friendly hackers to report software vulnerabilities, has added Kathryn Haun, a former Justice Department prosecutor, to its board. The appointment is significant in part because of Haun’s prominence in the cryptocurrency world (she also sits on the board of Coinbase), reflecting how the worlds of cybersecurity and digital currency are growing closer together. Fortune
MOVERS AND SHAKERS: Former U.S. Ambassador to the United Nations and national security adviser Susan Rice is joining Netflix's board of directors.
IN CASE YOU MISSED IT
• Nordic perspective. I was fascinated by this account of gender dynamics in Norway, a nation where women hold the office of the prime minister, the finance minister, the foreign minister, and the speaker of parliament (though men continue to hold most of the highest posts in the Norwegian business world). Among the top concerns of the women in government: the high rate of unemployment of young men and the anger it can breed. Bloomberg
• Sexism via Slack? Slack CEO Stewart Butterfield says the company is working on products that will provide individual Slack users with data on whether their digital communication changes when they speak with people of different demographics. In other words: It will let users know if they are mansplaining or otherwise communicating in a biased way. Quartz
• Bailey stays in the picture. After an internal review, the Academy of Motion Picture Arts and Sciences has dismissed the allegations of sexual harassment against its president, John Bailey, and announced that he will remain in this post. Variety
• The best medicine. Between her new Netflix special, her regular gig on Comedy Central's Corporate, and appearances on shows like High Maintenance and Master of None, comedian Aparna Nancherla is having a moment. In this story, she talks about dealing with anxiety and depression—taboo topics in many Indian and other Asian American families—and how she's embraced her mental health struggles in her comedy. Time
ON MY RADAR
She went to the ER for a rape exam. Her nurse didn't know how to do one Chicago Tribune
The last taboo: "I regret having children" Maclean's
All 22 female senators wrote a letter pushing for action on sexual harassment laws Buzzfeed
Women experience more incivility at work—especially from other women Harvard Business Review