Vol. 8 Issue 3

Vol. 8/Issue 3

sheCENTER(FOLD) Life of a Female Veteran: U.S. Army Combat Veteran Erica Courtney (Part 6 of 6) Page 17

Why Women are Starting Businesses Out of Necessity

Dr. Alexis Crow Page 38

MBA’s mPowering You Summit 2019: MBA COO, Founder of mPower Marcia Davies Shares Four Lessons for Women Leaders Page 34

Page 51

Globetrotting NAWRB & DC Finance Family Office Impact Page 10

Interview with Nicole Cober, Esquire

Principal Managing Partner of CJR, Board Member, NWBC

Page 24

$20 USD

Publisher’s Letter Success of Women-Owned Businesses Volume 8, Issue 3

NAWRB Magazine Volume 8, Issue 3, Success of Women-Owned Businesses, introduces a newly revised Table of Content categories, including: Access to Capital; Real Estate; Profile; Diversity & Inclusion; sheCENTER(FOLD); Technology; Government; Business Ownership; Media; Aging Population; and Quality of Living! Inside you will find important resources to scale your business and inspiring interviews with successful women business owners Nicole Cober, Esquire, Principal Managing Partner of Cober Johnson and Romney (CJR), Board Member, NWBC, and Meg Epstein, Founder & CEO of CA South.

Our last sheCENTER(FOLD) of the year is Dr. Alexis Crow, Lead of Geopolitical Investing Practice at PwC, Senior Fellow of Columbia Business School and Senior Fellow of Global Business and Economics at the Atlantic Council. Dr. Alexis Crow’s profession has taken her all over the world and has introduced her to a plethora of cultures and ideas. In a candid interview, she shares influential figures that inspire her and the importance of spirituality in her life, as well as trends in investment strategies across the world and the way women are changing the global economy.

The end of 2019 marks the end of a defining decade for NAWRB, which I started in 2009. In the past ten years, NAWRB has become a National U.S. Small Business Administration (SBA) Resource Partner on Women-Owned Businesses, and established the NAWRB Diversity and Inclusion Leadership Council (NDILC), comprised of senior executive women dedicated to raising the number of women leaders and growing women’s employment and empowerment at all levels in the housing ecosystem.

Above all, we have contributed to the narrative shaping diversity and inclusion, as well as economic and women’s issues, and collaborated with like-minded organizations and individuals to create greater opportunities for the underrepresented. Thank you to our Consortium and Strategic Partners for being on this journey with us. Here’s to making even greater strides for social impact in 2020!

Desirée Patno, CEO & President NAWRB

Must-Know Resources

to Scale Your Business Capital is pivotal for the success of any entrepreneur to launch a sustainable and lucrative business. Traditional routes of access to capital are changing as technological development creates new avenues, and the distance between entrepreneur and investor decreases due to an increase in fast and efficient communication.

The 2019 NAWRB Women Housing Ecosystem Report (WHER), the third installment of the most diverse coverage of the housing ecosystem with over sixty resources in six volumes, explains in detail how the advent of gender lens investment and diversity certification has made it easier for entrepreneurs to access modest amounts of capital and opportunities for government contracting. NAWRB is proud to be one of 11 U.S. Small Business Administration (SBA)’s women-owned small business resource partners.

Women entrepreneurs have notoriously faced hardships in gaining access to capital, from lack of information and resources and local and state government assistance, to facing cultural biases from investors. Without adequate capital,

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women cannot make their creative ideas a reality, nor can they afford to maintain the businesses that provide jobs for a significant portion of the population.

According to U.S. Census Bureau data, women own 36 percent of privately-held businesses and contribute $3 trillion to the economy due to job creation—creating 16 percent of jobs in the nation.

The desire to accumulate money is a reason why some women are driven to start their own business, but a lack of it can drive them out of a traditional way of making a living in America. Entrepreneurship is a tried and true way of generating wealth and women are driven to self-employment for its other benefits as well, including the ability to be their own boss, work flexible hours and do something that they are passionate about and enjoy.

As more women become their own bosses, they compose a larger share of small businesses, of which 80 percent have no employees other than the owner, in the United States.

Access to Capital

"$22.9 billion in federal small business contracts to women-owned small businesses."

In 2013, there were 28.8 million small businesses in the United States.

Government Contracting

In March 2019, the U.S. Small Business Administration (SBA) announced that the federal government presently awards $22.9 billion in federal small business contracts to women-owned small businesses. It achieved its small business procurement goal for the sixth year in a row, awarding 25.05 percent ($120 billion) of federal contracts to small businesses.

Service-Disabled Veteran-Owned Small Businesses (SDVOSBs) received 4.27 percent ($20.6 billion) of federal small business eligible contracts. Small Disadvantaged Businesses (SDB) were awarded 9.65 percent ($46.5 billion) of small business eligible contracts.

$212.9 million in contracts in 2018, of which $38.4 million went to women-owned businesses (WOB) and $56.7 million to minority women-owned businesses (MWOB). In FY 2017, the Consumer Financial Protection Bureau’s (CFPB) total spend was $169,441,229, of which $51,995,823 (30.7 percent) was spent with minority-owned and women-owned businesses.

From public utility companies and those companies working with government agencies direct or indirect, the entities searching for diverse firms is increasing, and business certification can help bring you to the forefront. Here’s the most important part: agencies and entities cannot help source more diversity if they do not know you exist.

The importance and value of certifying your business cannot be overstated.

A pivotal benefit of leveraging your business’s diversity classification is the network you will create. As you solidify yourself in a community of diverse entrepreneurs, you can benefit from referring and being referred for business opportunities and government contracting. With their potential to fuel business sustainability, the prospects that come from diversity classification cannot be ignored.

Knowing that you’re a women-owned business can represent significant appeal to buyers wanting to work with women. According to Bloomberg, women make 85 percent of all purchasing decisions—and 91 percent of new home purchasing decisions—in the U.S. If you leverage your women-owned business certification, you are giving yourself a leg up on the competition before even shaking hands with your client.

Diversity Classification

"Women own 36% of privately-held businesses & contribute $3 trillion to the economy due to job creation—creating 16% of jobs in the nation."

As with the SBA, there are government contracting opportunities for women entrepreneurs with diverse agencies: In FY 2018, the Federal Housing Finance Agency (FHFA) "obligated" about $44.9 million of its total contracting dollars to minority- and women-owned businesses, an approximate $1.2 million increase from FY 2017.

The Federal Deposit Insurance Corporation (FDIC) awarded

In addition to government contracting, diversity classification can open your business to newfound streams of funding, from banks to venture capital dollars. A diversity certification is a denotation awarded to businesses that are at least 51 percent owned by a disadvantaged member of the population. For instance, a women-owned business must be 51 percent owned, managed and operated by women.

NAWRB is one of the few third-party women-owned business certifiers.

Resources for Women-Owned Businesses • Union Bank Diversity Lending Program for women, minorities and veteran entrepreneurs • Women’s Business Centers • Women’s Venture Fund • Women’s Capital Connection • InnovateHER Women Business Challenge • The Amber Grant NAWRB MAGAZINE |

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Resources for Minority-Owned Businesses • Minority Business Development Agency • National Minority Supplier Development Council • JPMorgan Chase Small Business Forward Program for women, minorities and veteran entrepreneurs • SBA 7(a) Loans & 8(a) Business Development Program • Accion U.S. Network • The National African American Small Business Loan Fund

One up-and-coming trend in impact investing is gender lens investment. According to Veris Wealth Partners, investment of this type has risen 41 percent in the past year, up to $910 million. In addition, the number of mandated publicly traded gender lens investment strategies has reached a total of 22, after 5 years of steady growth. This is a wonderful increase from the years 1993 to 2012, when there were only 5 strategies for gender lens investing.

Resources for Veteran-Owned Businesses • SBA Veterans Advantage • Loans from financial institutions in the SBA Preferred Lender Program • Leveraging Information and Networks to Access Capital (LINC): This online matchmaking service, connects small business owners with nonprofit lenders that offer free financial advice and specialize in microlending, smaller loans (SBA Community Advantage program), and real estate financing (SBA 504 loan program).

• SBA Veterans Advantage: Guarantees loans approved to businesses owned by veterans or military spouses • SBA Veteran’s Entrepreneurship Act of 2015: Reduces the upfront borrower fee to zero dollars for eligible veterans and military spouses for SBA Express loans up to $350,000.

This type of investment focuses on women by evaluating opportunities based on how a certain investment will facilitate the following concerns: • Women’s leadership • Women’s access to capital • Products and services that help women and girls • Equality in the workplace • Shareholder engagement and policy work • Women investing their own resources

Gender Lens Investment

Women entrepreneurs have trouble raising capital, especially through business angel and venture sources, but there are ways to combat this problem. One important way is to demonstrate to venture capital firms the benefit of having more diverse management teams, including higher performance and greater investment opportunities available for women entrepreneurs.

If an investment satisfies at least one of these criteria, some wealth management companies believe it will have a positive impact on the economic opportunities and growth for women and girls.

Crowdfunding

Crowdfunding is an efficient way to gain capital from many individuals through small donations, and is low risk compared to venture angels and banks. A 2019 Statista report estimates that $17.2 billion is invested annually in North America through crowdfunding websites, a number that is increasing with each subsequent year. Statista projects a compound annual growth rate of 14.7 percent for the next four years. Top crowdfunding platforms include Kickstarter, Indiegogo, GoFundMe, CircleUp, Patreon, Crowdrise, Razoo, AngelList and many more.

A report from the National Women’s Business Council (NWBC), Crowdfunding as a Capital Source for Women Entrepreneurs, explores the relationship between crowdfunding and women entrepreneurs, aiming to garner a deeper understanding of crowdfunding as a source of business capital.

As the report articulates, crowdfunding is an “alternative finance solution that attempts to fill the gap left by traditional financing sources, especially as it relates to small and medium enterprises (SME) financing needs.” Usually taking place on websites, crowdfunding is fueled by social media exposure making it easier to reach larger networks of would-be investors with an entrepreneur’s business venture.

According to crowdfunding platform Kickstarter, female participation has remained constant between 29 and 31

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Vol 8 / Issue 3:

Success of Women-Owned Businesses

TABLE

of

CONTENTS

38

sheCenterfold

sheCENTER(FOLD) Dr. Alexis Crow

Access to Capital Technology 4 44 Real Estate Government 49 10 14 Business Ownership 51 Profile 55 17 21 Media 24 60 61 Must-Know Resources to Scale

Globetrotting NAWRB and DC Finance’s 2019 Family Office Impact

Infographic - Renters Rent Out of Reach for Many Lowand Middle-Income Workers

Supporting Girls’ Interests in STEM

Q&A on Probate in California by Theodore M. Hankin

Why Women are Starting Businesses Out of Necessity

Life of a Female Veteran: U.S. Army Combat Veteran Erica Courtney (Part 6 of 6) Interview with Meg Epstein Founder & CEO of CA South Interview with Nicole Cober, Esquire Principal Managing Partner of CJR, Board Member, NWBC

Characteristics of Women-Owned Businesses & Women Entrepreneurs Across the Globe

Upcoming Events

Watch it and Read it

Diversity & Inclusion Aging Population

28 31 34 8

sheShowcase - Women on the Move Three Sources of True Empowerment by Joan Docktor MBA’s mPowering You Summit 2019: MBA COO, Founder of mPower Marcia Davies Shares Four Lessons for Women Leaders

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62 Quality ofLiving 64 65 Cognitive Decline & Elder Abuse

Fashion

5 Simple Stretches To Do While Traveling

"Women, on average, are 9% more successful than their male counterparts." percent. Women, on average, are 9 percent more successful than their male counterparts. The average funding goal set by men is consistently higher than that set by women; however, Kickstarter notes that the average amount pledged was the same for goals set by either men or women. Lower funding goals correlate to higher funding success rates, but evidence also supports that women’s stronger social networks contribute to their higher success rate.

Crowdfunding has the potential to fill a significant role in the future of business capital, growing formidably in the past 15 years alone. Although the report acknowledges that further research is needed to fully determine the role and effect of crowdfunding in women’s entrepreneurship, it holds a reasonable capacity to support women entrepreneurs and investors in the business ecosystem.

What are some innovative ways that women entrepreneurs can leverage crowdfunding to their advantage? Here are a few suggestions for making the most of this unique capital resource: • Women entrepreneurs can test product market fit, build their network, test product lines and have friends they support return the favor.

• Utilize your social media presence in getting your business’s name out there and building a community who support and promote your product.

• Supportive networks, effective communication and social media presence will bring greater success.

Online Lending Tools

An emerging means for access to capital for small businesses in particular are online lending tools. The 2017 Kauffman Foundation report states that many businesses are in need of funds to manage cash flow and to access shortterm financing, and the most commonly used tools—as estimated by a study by a 2015 Federal Reserve Bank of New York study—are loans and lines of credit.

Small businesses are becoming attracted to merchant cash advances, with 7 percent using merchant cash advances in 2014. As women owned 12.3 million out of a total 28.8 million U.S. small businesses in 2013, according to the U.S. Small Business Administration Office of Advocacy, women entrepreneurs are most likely to be those that are leveraging this option.

Fintech companies like OnDeck and Kabbage are facilitating small businesses’ access to credit in online lending by providing fast online vetting for small business loans, utilizing personal data as well as credit scores. Their services have made it easier for financial institutions to make quicker decisions regarding lending, saving both time and money for small investment amounts.

Traditional means of gaining access to capital, which typically involved a long and cost-intensive process, are being expanded with online options, which provide smaller loan amounts faster and at lower costs. Whether they decide to leverage crowdfunding, merchant cash advances or sector-focused angel syndicates like gender-lens investment, women entrepreneurs in need of funds for their startup or capital for their business have new tools at their disposal.

In time, these online platforms may become the new norm for individuals budding into entrepreneurship.

Even in this new technologically-advanced age, relationships are everything. For the last 30 years, NAWRB’s executive management has been building deep financial resources. One type of financing does not meet every need in the industry. Let us help you find out which one is right for your business!

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& DC Finance’s 2019 Family Office Impact

Globetrotting NAWRB

For the past four years, Desirée Patno, CEO & President of NAWRB, has had the honor of representing a voice for the gender lens perspective in the real estate and housing ecosystem at several of the largest events for ultra high net worth individuals, family offices and investors across the globe with one of the world’s leading conference organizers, DC Finance (“DC” the initials of Founder Denny Chared). DC Finance was established over 15 years ago and today reaches over 2,000 families around the world who represent over $500 Billion USD of assets. In Israel, DC Finance produces the largest institutional investment conference with an industry that manages over $1 Trillion worth of assets.

DC Finance is well known to partner investors with industry thought-leaders by having discerning requirements, unique standards and integrating important work. Desirée is proud and honored to bring passion, clarity, impact and connectivity globally with world-class leaders through multiple lenses and industries.

Sept 26th -Toronto,Canada Toronto Real Estate Family Office High Net Worth Conference

&

The Toronto Real Estate Family Office Meetings are a series of select

Canadian coastline, Desirée spoke on the “Success Stories of Real

new intimate meetings for up to 120 Ultra & High Net Worth Individ-

Estate” Panel, alongside Qi Tang, Senior Vice President and Chief

uals and family offices representatives focused on investment in real

Financial Officer, RioCan Real Estate Investment Trust; Shenoor Ja-

estate. Held at different select venues each time, DC Finance brings

davji, President & CEO, Lotus Capital Corp; and Diana Potapenko,

cutting-edge investment ideas, analysis of the markets by its market

Founder & CEO, Montgale Ventures Ltd,1 notably all women. Other

leaders and a meeting place for select families and family office repre-

interesting discussions on constructing one’s real estate portfolio, resi-

sentatives sharing the same investment interest.

dential versus commercial investments, and U.S. market opportunities took center stage throughout the day.

Overlooking the breathtaking views of the Toronto Islands and the 1

Success Stories of Real Estate

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Residential (Condo & Rental) vs Commercial Investments

Real Estate

Oct 29 - 30th - New York, NY

&

The East Coast Family Office High Net Worth Conference; Family Office High Net Worth Individuals Investment Day

&

The East Coast Family Office & High Net Worth Conference in New

described on their website, Silvertech Ventures is an "accelerator and

York City is DC Finance’s U.S.-based flagship conference. Attend-

venture capital firm focused on helping entrepreneurs grow their com-

ees came from all over the globe, with most coming from the United

panies by respecting the role of the CEO, helping with our network and

States, United Kingdom, Israel and Switzerland. The flagship con-

experience, and most importantly, by being there when needed." Silver-

ference, moderated by Dale Jackson, Financial Markets Research,

stein Properties, Inc. is well-known as the developer of the World Trade

WABC Radio NYC, featured numerous interesting, high-calibre dis-

Center. In early 2019, Desirée had the pleasure of receiving a person-

cussions about women disrupting the technology industry; the future

al tour of the buildings and learned the series of obstacles Silverstein

of family office technology; preserving wealth with energy; how tech

Properties faced.

is revolutionizing the beauty industry; and much more. A notable keynote speaker, among many, was Daniel Saul Goldin, the 9th and lon-

The next day, on Oct. 30th, Desirée participated in Family Office &

gest-tenured Administrator of NASA, Founder, Cold Canyon AI, who

High Net Worth Individuals Investment Day. Discussion topics includ-

was introduced by Mr. Jonathan Conrad, Chairman, CEO, Founder,

ed global macro economy; traditional and alternative investing such as

AdmieMobile LLC.

investments in oil and gas, high tech, real estate and arts; legal and tax issues; personal and financial security; international trends and de-

Desirée hosted a Fireside Chat with Tal Kerret, President of Silverstein

velopments; family office governance; successfully managing family

Properties Inc., about SilverTech Ventures, which is working to foster a

dynamics; accounting and tax strategies; and philanthropy.

community of successful technology entrepreneurs in New York City. As

Kamal l. Latham, and the USVIEDA team

Denny Chared

Denny Chared, Jelani Remyfamous, Wendy Federman

Tal Kerret

Denny Chared, Tal Kerret, Wendy Federman, Kevin McGovern

Union League Club - New York

Daniel Saul Goldin

SilverTech Ventures - Israeli Startups in NYC Panel

Family Office Principles on Investing in Venture Capital Funds vs. Direct Investments

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Oct 31 st -Dallas, TX &

The Dallas Family Office High Net Worth Conference

After two days in NYC, Desiree jetted off to Texas to join the Real

tive Vice President, Acquisitions and Dispositions; Nick Cassavechia,

Estate Panel with other industry experts at The Dallas Family Office

Founder, Old House Capital; and Jeffory Blackard, CEO & President,

& High Net Worth Conference at City Club Dallas. This was a formal

Blackard Global Chairman, Global Council, NeoRetroism.2

discussion of the capital market trends and pricing for the Logistics industry across the United States. The Dallas event, attended by over

The panel discussed the flow of foreign capital to U.S. commercial real

100 qualified families and family offices executives, brought together

estate debt and equity as a big supplier of capital to the family office

families seeking cutting edge education and enabled an exchange of

space, and how that has been slowing due to currency swap costs to

knowledge and experience.

the U.S. Dollar. In terms of domestic capital flow, Desirée shared her knowledge of domestic pension funds in terms of their interest in equi-

Desirée participated in the “Real Estate Panel – Logistics Capital Mar-

ty and debt, as well as que levels. The panelists also shared their own

kets Trends and Investment,” a formal discussion of the capital market

personal preferences, such as what appears cheap or expensive to

trends and the logistics industry across the U.S. She was joined by

them, what areas they are avoiding, what areas or property types are

Moderator Josh McArtor, Managing Director, Eastdil Secured; Edward

attracting them at the moment and expected material improvements

Griffin, President & CEO, Griffin Partners Inc; Joe B. (Jody) Thornton,

in the next year. This was an unusually large panel that was predomi-

Jr. President, JLL Capital Markets, Americas; Sean Dalfen, President

nantly male, so Desirée wanted to make sure that at least one woman

& Chief Investment Officer, Dalfen Industrial; Tom Fishman, Execu-

was at the helm.

2

Real Estate Panel – Logistics Capital Markets Trends and Investment

Ms. Mitzi Perdue

Ms. Amy Korenvaes & Mr. Bradley Laye

Nov 5 th -Toronto, Canada Toronto Real Estate Family Office High Net Worth Conference

&

This conference covered a plethora of topics such as next generation

es prime U.S. real estate opportunities.

issues, estate planning, family business, philanthropy, leadership, innovation, investments, arts and many additional topics at another high

Denny Chared, Founder & CEO of DC Finance, hosted a Fireside

tier event with the DC Finance high standards signature.

chat with Tal Kerret. Denny started his career as a financial journalist and Wall Street Editor for Globes Business Magazine. “Tal and I

Key speakers included Philippe de Gaspe Beaubien III, a serial en-

had a heart-to-heart fireside chat discussion where I had the pleasure

trepreneur who has established numerous start-ups over the last two

of interviewing my friend, supporteer, a leading business man and

decades and is currently helping 14 companies scale their business;

President of Silverstein Properties,” stated Denny Chared about their

Mitchell Goldhar, Founder & Executive Chairman of SmartCentres

conversation. “We both learned new things about each other in an ex-

REIT; and Tal Kerret, President of Silverstein Properties, who discuss-

citing, open conversation. It went thirty minutes longer than planned!”

Tal Kerret & Denny Chared

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Denny Chared

Maureen Berry

Dec 3 rd -South Beach, Fl &

Florida Family Office Wealth Management Conference

In the heart of one of the world's most important art happenings, South Beach, Florida, DC Finance hosted its sixth highly praised US wealth management conference, alongside Art Basel with a week of luxury events dedicated to their guests, on December 3rd, 2019. While half of attendees are from Florida, a good portion come from New York, Israel and several other regions across the globe. Desirée, the Master of Ceremonies, brought excitement and impact to the event with storytelling, vision and passion, which helped create deeper relationships among the participants.

All in all, these multiple events within the Family Office and Real Estate community demonstrate how vast and varied the economic ecosystem is, and how it touches many industries and countries around the world.

World financial leaders came together to discuss pressing issues and recommend innovative solutions for intergenerational wealth transfer, navigating new tax laws, opportunity zones, human trafficking, real estate investments, philanthropy and so much more. Moreover, NAWRB was at the heart of these game changing discussions, contributing a gender lens so that those in power can create even greater social impact by leveraging resources.

Notable speakers included Francis Suarez, Mayor of the City of Miami a presenter since day one; Deborah L. Wince-Smith, President & CEO, Council on Competitiveness; and Tim Gannon, Co-Founder, Outback Steakhouse. With Desirée as Moderator for the “Opportunity Zone & Real Estate Developments,” panelists included Spencer Gray, President, Gray Capital; Blake S. Fogel, 2nd Generation Family Mem-

“Thank you Denny and to the DC Finance Team for having NAWRB partner at these influential events for family offices and ultra high net worth individuals for nearly four years to share and leverage resources especially with a gender lens within the economic ecosystem,” states Desirée Patno. “I am proud to be part of DC Finance’s Steering Com-

ber and President, Fogel Real Estate.

mittee and look forward to the great expansion in 2020.”

A fireside chat titled "Art & Culture and the Detroit Renaissance!" fea-

“I am excited to have one of the most energetic women in the real

tured special guests Barry Johnson, Executive Advisor to the Gilbert Family Office; Jennifer Gilbert, Founder & Chairwoman, POPHOUSE; and her son, Grant Gilbert, Student & Special Projects Director, The Cleveland Cavaliers. Jennifer's husband, Dan Gilbert, is a wellknown American businessman, investor, and philanthropist who is the Co-Founder of Quicken Loans, Founder of Rock Ventures and Owner of the National Basketball Association's Cleveland Cavaliers.

Mr. Blake S. Fogel

Jennifer Gilbert& Sons

estate space I have met on our stages,” stated Denny Chared about Desirée Patno. “I appreciate the collaboration, support and help bringing exciting panels that were presented to hundreds of family offices and high net worth family members all across the United States and Canada. I hope that in 2020 we will continue to do this across the globe including Israel and London, and our new destinations of Chicago, Montreal and Vancouver.”

Sophia The Robot

Deborah L. Wince-Smith

POPHOUSE

Desirée Patno

Prince Lorenzo de Medici

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NAWRB MAGAZINE |

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Premier

PUBLISHER/ EDITOR-IN-CHIEF

DesirĂŠe Patno

Executive

SENIOR GRAPHIC DESIGNER

Kendall Roderick CONTENT WRITER

Burgandy Basulto PRODUCTION ASSISTANTS

Jay Jones Lucille Chaney Ari Jones

Contributors Dr. Alexis Crow Erica Courtney Joan Docktor Marcia Davies Meg Epstein Nicole Cober Theodore M. Hankin

/NAWRB /NAWRB NAWRB Magazine is a quarterly publication with gender lens perspective, featuring unique content, articles on diversity, inclusion and engagement in the housing ecosystem, exclusive interviews with industry professionals, business development tools, book reviews, feature stories and more. All materials submitted to NAWRB Magazine are subject to editing if utilized.

The articles, content, and other information in this publication are for information purposes only. Articles, content, and other information in this publication without named authors are contributed by the publication’s staff, but do not necessarily reflect the views or opinions of NAWRB. NAWRB assumes no liability or responsibility for any inaccurate, delayed or incomplete information, nor for any actions taken in reliance thereon.

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Profile

If you serve, you understand more than most how life can be taken from you in an instant, so I chose to appreciate living and what lies ahead. This is the last segment in the series but there are still many chapters to write. To recap the first five parts, I joined the Army at 19-the day the Gulf War started-as a military policeman stationed in Germany and New Jersey. Decided to finish college and won a scholarship where I was a cadet learning to be an officer. I graduated number one in my class and was assigned to aviation where I became the first group of women to become aero scout mission flying technically advanced, armed helicopters. It was not easy to integrate into a very male organization but with time, I had earned respect and learned to hone in my leadership style. After 11 years decided to leave the service after multiple tours at home and abroad. Mostly because I felt my mortality as I was now a mother of two young boys and deployments were not slowing. I went through a transition period which was like going into a completely different culture. It took me a long time to navigate the military-civilian cultural divide

but managed to earn an MBA, work as a corporate executive and own two small businesses that placed me in the top 10% of veteran earning firms. Throughout this period, I began advocating for veterans and women through policy, programs and individual connections. So, after 11 major moves and years of personal and professional growth, it leads me here.

Another move ahead. California to Washington, D.C. where Chris-my husband- was assigned to Coast Guard Headquarters managing resources for all air stations across the world. It was yet another uprooting of the kids and established friendships. I tried to remain optimistic as Virginia has great schools and an international community which is appealing. Now I had to manage my business from afar, travel more frequently and slow down my veteran advocacy. I did decide to focus specifically on women veterans, however, because I noticed they faced obstacles our male veteran counterparts did not-higher rates of homelessness, suicide, poverty, divorce, unemployment etc. I began this chapter helping women veterans’ transition. In addition, I was a Board member of Women Impacting Public Policy (WIPP)

Erica with her Mother, holding a sign that reads: I am the less than1% women in the Military!

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and a few other organizations. This allowed me to connect with the women veterans in attendance and use what I had learned to get them through the difficult transition process in a way they understood-because I had to go through it myself. It wasn’t until many years later that I realized we women veterans face a major obstacle our male counterparts did not-learning how to be ‘feminine’ and ‘warm’ as bias exists on the outside-people don’t like strong assertive women. This goes for the inability to fit in with both women and men. We were used to be direct and mission focused. I got through it and learned to tone things down a bit and empathize with those still struggling.

If you recall, after a seven-year break in service I decided to come back in as a Reservist to teach the next generation of leaders at Stanford, Santa Clara and San Jose. I decided to dawn a uniform again because they had officially changed the law to integrate women into most branches and since I had been there done that in the Cavalry, I knew I could provide great first-hand accounts on what integration looks like. I did this for two years then managed placement teams for half the country where we recruited and placed highly qualified SROTC instructors at universities.

A mentor of mine said I belonged on the Joint Staff at the Pentagon and it became a reality. What an honor and a privilege to be working at that level-be in a position to make positive long-lasting change. There is a lot going on in there and I chose to become what is known as a Gender Advisor and went to Sweden to be NATO trained. When I came back, I was able to better advise leadership on how implementing a gender perspective into all policy, strategy, operations and plans makes us a better Force. Essentially while everyone else briefs the boss about the guys with guns, we look at the pop-

ulation often ignored in the conversation-women and girls.

Since they have the most stake in peace as conflict and crises disproportionately affects them more, women, children and disenfranchised men want to be in positions of authority across the conflict spectrum. By adding women to the process, peace treaties last three times longer and conflict and crisis time is significantly reduced. If we do not pay attention to this population, the Violent Extremist Organizations (VEO) use them as human capital to fuel their war efforts through atrocities such as child soldiers, recruiting by turning young girls into prostitutes, human trafficking, ethnic cleansing and more. Involving the whole population means we can stifle VEO efforts. After two years of this duty, I am now in the process of going into another Reserve position in Silicon Valley where I will be part of working with innovative companies working to solve real-world DoD problems in the areas of AI, space, cyber, human systems and more. The intent is to keep us relevant and competitive with the end user in mind-the individual soldier, sailor, airman, Coast Guardsman or Marine in mind. That is motivating.

...I was able to better advise leadership on how implementing a gender perspective into all policy, strategy, operations and plans makes us a better Force.

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In addition to advocacy, Reserve time and still running 2020vet, Inc. focused on supply chain management, my boys are now teenagers.

That is a whole other world and even though I am a master at navigation, I try my hardest to navigate this new phase of motherhood. They are good kids and I am working hard to raise two boys that will be good men. It helps that I have a good husband and mother always willing to help when necessary.

It takes a village.

After three years in D.C. my husband retired from the Coast Guard and we moved back to California last year. I learned a

lot about big picture legislation, policy and politics out east, but my heart belongs west. Moving, we are old hat at this.

This made move number 12 for me since I was 19-and those are just the major moves not counting schools and deployments. Most people never leave the place they grew up so I am grateful for all the parts of the world I have been able to go-opens your eyes to different ways of being. Speaking of being, I continue to be heavily involved in veteran, entrepreneurship and women and girl’s advocacy. Most recently, I was appointed by the Governor of California to be a Commissioner on the Commission of the Status of Women and Girls representing a whopping 20 million people. No pressure. In my short time I have been able to work with the staff and other Commissioners of the strategic direction and we as the fifth largest economy, having more female veterans than any other state and leadership open to really representing the blue, purple and red schools of thought, we have an excellent opportunity to be positive changemakers other states can look to.

In addition, I am on NAWRB's Diversity and Inclusion Leadership Council also in the company of amazing women working hard towards positive change. The woman who heads it, Desirée Patno, and I became great friends over the years, and we decided to really address issues veterans are facing at a grassroots level. She had asked me for some information about veterans and when I relooked into the data, I learned that since I began writing and speaking about it over 5 years ago, the numbers where actually worse yet the country continues to throw billions of dollars toward the wrong things? There are 43,000 organizations in the U.S. desiccated to veterans and their families-it is overwhelming for not only veterans but people who want to give in a meaningful way. I remember being frustrated myself. Trying to sift through all the ‘help’ and most of the time this help sent you to an organization not in your own backyard.

Desirée asked what will work and why aren’t others doing it?

My answer, we need a modern, coffee house feel, technologically equipped, non-threatening, non-sterile environment veterans can go to and escape, learn about local community resources they can benefit from and most importantly, obtain peer-peer council and relationships they so badly need. Over 50% of veterans do not move back to the place they grew up and they want meaningful relationships, but they must first hear first-hand how to overcome the military-civilian cultural divide that is very real. They respect other veterans and we can talk to each other in a way that is harsh, sprinkled with tough love with an aim at fast-tracking them into society. We are missing peer-peer support. We are missing resources that have been vetted and are not wasting veterans time. We are missing a meeting space that is comfortable made for the modern veteran-not our grandfathers lodge.

“Recently, I was appointed by the Governor of California to be a Commissioner on the Commission of the Status of Women and Girls representing 20 million people.”

So, we started Zulu Time. It is a veteran transition center that allows veterans to engage, be connected and get past the, what I call, the ‘statistical cliff ’. If we do not ‘catch’ our veterans within three years of transition, this is where they suffer all the things we see broadcast: PTSD, depression, obesity, addiction and most importantly, suicide. If we get them past this three year-hump, let them know life will be rocky but this is what it can look like on the other side, then we have added to the system instead of drawing from it. Veterans do not want handouts; they want hand ups. Veterans are national treasures and these statistics are what I call the resilience. Veterans are much more likely to volunteer in their communities making the neighborhoods safer and more enriching, veterans are twice as likely to hire other veterans if they own their own business, they are 60 percent more likely to out earn and stay in business three times a long as non-veteran entrepreneurs, in positions of authority can increase ROI and shareholder value thanks to the perspectives they bring, they are much more likely to run and win office and generally, want to give back.

They need purpose.

This is my purpose. Over the years through my own journey I am really uniquely positioned to help bridge cultural divides between nonprofits, government, industry and individuals. I have had so many mentors, friends and family over the years that have supported these efforts. An effort to give back. A sense of responsibility. In my twenties, I was untouchable and breaking barriers down blazing trails, in my NAWRB MAGAZINE |

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“I have so many mentors, friends & family over the years that have supported these efforts. An effort to give back.” thirties I was really figuring out who I was and, in my forties, I am giving back. There are many people before me whose shoulders I am standing on. I am now trying to pass the torch to the next generation. However, there is not enough stepping up-especially in the women veteran space. Where are the women behind me? I know they are there. Tell your stories ladies. Be the invisible veteran no more. To my male veteran colleagues, keep up the fight. We are here for you. To women and girls, we have made great strides but as a nation, we have a lot of work still to do-just look at our NATO partners and where they are in terms of ratifying laws, their judicial system, healthcare options, workplace equities, diversity inclusion and more.

I was recently told by a woman in her twenties, “I don’t need you marching for me, I don’t need you advocating for me, I (we) are fine”. I gracefully responded, “Yes, I used to be you.

I used to want to be one of the guys. I did not want to be seen as different. I thought the same opportunities would be afforded to me as everyone else. Then I lived. Then I saw.

Then I digested and became part of the solution. Never compromise your femininity-you will be seen as disingenuous.

Own your femininity as it is a strength. Live your life, try new things. Experience. Then when you are in your forties, I want you to remember this conversation and contribute.”

This is my passing the torch.

I will continue to lead from the front. I am forever a Scout after all, and the job is to go where others have not. Forging a path is never easy, but it is necessary. I do not do things in life to break glass ceilings or obtain ‘first’ titles. It just kind of happened that way. If you do things for the right reason you can get through anything. If you do them for personal gain, it will catch up to you in the form of karma. Thank you for reading my story. It was not easy for me to put down on paper but people must tell their stories so others can learn from them and be inspired. Scouts out!

Erica and Desiree during NAWRB's 2019 annual gala on August 5, 2019 in Pasadena, CA

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Erica G. Courtney President of 2020vet and Zulu Time U.S. Army Aviation, Major NATO Gender Advisor

Real estate developer Meg Epstein, Founder & CEO of ME: Hustle and perseverance. The real beginning of my CA South, who was born in California, but calls Nashville, Tennessee home, has over a decade of experience creating efficient, modern lifestyles for people in their homes and neighborhoods. Epstein founded CA South in 2015 with the idea of bringing to Nashville her sense of design and style of building honed from her days in construction in the state of California.

NAWRB:

What inspired your move from California to Nashville?

Meg Epstein (ME):

Love actually! My husband had moved from Nashville in 2012 from San Francisco after visiting for one weekend, and when I met him he lived here.

I was of course equally entranced with Music City after having visiting him and seeing all the opportunity here so followed him.

NAWRB: What do you attri-

bute to your business’s continued growth and success in the past six years?

business started by me cold-calling for months until I got my first $35M commercial deal funded by a contact I got online. It has scaled-up quickly from there by finding the right people to work with, getting rid of the wrong ones, being organized, creating an in demand product, and being aggressive about every detail of the development process.

NAWRB: Have you faced any bias or obstacles in commercial real estate development or as a real estate equity fund manager?

ME: I work in the South. As soon

as I say I am a developer or manage a fund, people quickly think I work with my Dad or my husband and ask me about the interior design, or assume I am a sales agent.

It doesn't bother me; I just know to expect it. And my investors and backers clearly believe in me, so it’s easier to care less when you are successful. I support several groups that foster women in business, including an Entrepreneurs' Organization I

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co-founded with a female thought leader in Nashville called Braintrust (ourbraintrust.org).

NAWRB: What are some of the most memorable projects you have worked on?

ME: A waterfront condo project in Nashville that is the

first of its kind. It has been an uphill battle, but is unlike anything in Nashville as the waterfront has gone completely underutilized. After several years, it is scheduled to break ground Q1 2020. Also memorable is my first project to complete that is 95 percent sold as it received the Certificate of Occupancy this last week. It got press because we figured out how to allow short-term rental to home owners, which took a lot of coordination, but it is creating an emerging asset class: (https://www. wsj.com/articles/landlords-often-oppose-short-term-rentals-these-developers-court-them-11569317400?mod=searchresults&page=1&pos=1). This project is returning over 175 percent IRR on equity investment, so highly exceeded our expectations.

NAWRB: What goals do you have for CA South in the future?

ME: Close my first fund in 2020 Q2, and open a sec-

ond fund. Have $500M AUM in OZ funds and another $500 AUM in commercial opportunistic development by year end 2021; this is in line with our current growth rate. Scale to other South Eastern markets with similar demographic trends as Nashville. Eventually, create a cryptocurrency platform that optimizes blockchain technology and crypto investment in real estate.

Meg Epstein Founder & CEO of CA South

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Interview with

Nicole Cober, Esquire

Principal Managing Partner of Cober Johnson and Romney (CJR), Legal Analyst, DC Fox News, Board Member, National Women's Business Council (NWBC)

Nicole Cober is Principal Managing Partner of Cober Johnson and Romney (CJR), Legal Analyst of DC Fox News, and Board Member of the National Women's Business Council (NWBC). With 15 years of experience and a sharp entrepreneurial acumen, Nicole has turned her attention to helping other women grow their businesses, become leaders in the industry, and maintain a healthy balance in their personal and professional lives.

NAWRB: What inspired you to start your business? How has the company changed from how you initially envisioned it?

Nicole Cober (NC): What inspired me to start my business was really my first business failing. I had a day spa and hair salon chain for about ten years. When the economy tanked and I was forced to close, it left me very reflective and insightful. I learned a lot of good things that I wish I could have changed, so I thought opening a business consulting practice that emphasized my strengths of legal and communications would really be an asset to people who had their businesses coming along, like startups and those that wanted to scale. I really wanted to take my blessings learned and help other people in an effective way.

Within a relatively small amount of time, the relationships that I’ve developed with different entities like the Small Business Administration through serving as a mentor in their core program, as well as having five years in their Emerging Leaders program, has enabled our company to have a very public space and reach a lot of different people. I’m very happy that that relationship has helped bring awareness to my company so I could council businesses

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effectively, particularly women-owned businesses and minority-owned businesses. Being a woman of color, people that are similarly situated will gravitate toward me because they assume I’ve shared some of their experiences. I like that a lot.

Agencies and organizations sometimes don’t realize that when you have different organizations, you can put out really great content, but people make relationships with people. So, being a brand ambassador, being a relatable and vulnerable empowering person helps businesses connect with their customers far more than a mutual association of “blah, blah, blah” will ever do.

When joining an organization or a council corporation, don’t be afraid to get out in front of the owner as the ambassador of your firm. If people connect with you and your story in a meaningful way, they are going to trust you and trust the product or services that you are providing more.

NAWRB: What obstacles have you faced as Principal Managing Partner at Cober Johnson and Romney (CJR), and how did you overcome them?

NC: The biggest challenge is how to market myself clearly and effectively because we are a consulting firm specializing in pretty divergent ways with diferent divisions, one of which is Development, which my partner Harold Johnson spearheads. The others are Legal and Communications, and Business Management.

When you’re a Fortune 500 company, if you say you are a consulting firm, people are comfortable with that. When you’re a smaller entity and you have this level of twenty to thirty-five years of experience in these sectors, people want you to be one thing. I am constantly asked, “What do you do?” They want to pigeonhole you as an attorney or as a PR firm or as a developer. That made me reflect on segmenting our company more effectively, so that, depending on the audience (and you’re asking good questions to potential clients), you can talk specifically about what that potential client might need.

So if I’m asking questions, I’ll ask, “So, what are your needs?”

“Oh, we’re having HR issues and a lot of turnover.”

“Well, my division at CJR specializes in human resources consultation.”

Stay focused on that. “Oh, what are your problems?”

“We can’t get our messages out to the larger product.”

“Well, this division of CJR does business consulting. We can help you with that.”

That has been the biggest challenge: how to be a mogul in training, or a Fortune 500 in a small company package. I took my own advice and became my own client, and we’ve been able to message more clearly based on the potential clientele that we are talking to. That has gone very well.

NAWRB: What are some of your proudest successes as a business owner?

NC: My proudest successes are that I have allied myself with strong partners, both within my company and with ally brands, such as the National Women’s Business Council. With my first business, I was a solo entrepreneur and there were strengths and weaknesses to that arrangement. When I started my current company six years ago, I started with one really smart guy, and then two really smart guys.

"My proudest successes are that I have allied myself with strong partners, both within my company & with ally brands..."

I’m most proud of it because you can’t be all ego when you have partners. You have to be open, you have to be humble and you have to be willing to grow in the areas that you don’t know. Some of the most brilliant company CEOs have learned the critical lesson that it’s not all about you; it’s about surrounding yourself with those who make you stronger. You don’t have to know everything. I grew in that, and it’s been so empowering to be able to learn and grow in NAWRB MAGAZINE |

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"We don't always get to choose everyday responsibilites, but we can choose how to show up." my business because of the level of trust I have in my partners.

Outside my company, being able to ally myself not only with women organizations, such as the National Women’s Business Council (NWBC), which is a business advocacy council for women in business which helps with policy, but also in the media, or the relationships with local and national media outlets. I’ve been able to grow as a human being with all of these great relationships.

I’m very proud of those because it’s a clutch-and-grab kind of thing: I get to grow, learn and tell what I know, but the clutch is that I’m stepping back, observing, and learning in that way. It is very empowering as a person and business owner to be associated with such strong partnerships, so it’s inside my company and outside in the community.

NAWRB: How do you achieve a work/life balance with all of your roles and responsibilities?

NC: I was mentoring- I’m a mentor within my organization- and my mentee is a leader within her organization and a new mom of a now four-month-old baby. You can imagine that that is forefront on her mind, this work/life balance. I told her let’s not even start on the performance of being perfect at work and perfect at home. The key is trying to be intentional about how you feel internally and doing things that fill you with self-love and make you feel whole.

With everyday responsibilities, we don’t always get to choose but we can choose how to show up. If you focus on filling yourself first and making intentional decisions and having a frame of reference, then that is positive. Then you show up at work a more complete individual, and you show up at home and at your children’s games as a more whole individual. But it also means setting boundaries.

I don’t like just saying no because it’s not from a selfish

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place: “No, I don’t want to be there.” It’s a moment to do this extra thing. So, when you show up at that thing unpleasant, snarky and unhappy, stay home so you can be restorative because in that moment what you need is sleep, rest or meditation. That moment is more important than showing up miserable at an activity.

Most of the time, we do things out of guilt and obligation for the feeling that other people will say, “Oh, I’m so glad that you’re here.” Instead, say, “I want to go because I really want to be there and I want to give you my positive energy and my authentic energy.” When I show up, I am in the right energy that I can produce a good interaction wherever I am. I think that’s what being almost-50 does for me.

I feel more comfortable not showing up someplace than showing up unhappy and miserable. That’s self-love, and that’s the internal balance that I strive for.

NAWRB: What advice do you have for women small business owners seeking sustainable success and access to capital?

NC: The advice I would have is to really be proprietary and place a high value on your personal credit score. I don’t know people’s varying levels of financial literacy, but I do know that banks, from the time you are a start up to when you scale, look at your credit score and that you have surplus. You have to make sure that at the end of paying all your business’s bills that you have something left over before they will extend you a line. It’s as simple and complex as that.

You focus on keeping your personal credit score together.

You can always repair it through credit agencies and things like that. You can’t pass go; you can’t scale if you can’t pass revenue. The fact that so few women actually get approved for lines and loans suggests to me that two things are consistently absent in your portfolio: they do not have good credit scores and they are not managing their expenses

properly so they are in the red. The old adage is true that the banks lend to you when you don’t need it and on paper when you need it. So, you must manage your expectations and prepare yourself to be financed at the right time.

Another thing is banking relationships. I want people to reframe the narrative as to whom is the most important person in their business. The most important person in your business is who has your deposits. Don’t just deposit money. Ask for Bill, the Commercial Loan Officer, do your elevator pitch to them, invite them to your office holiday party, and call them and say, “Hey, I want you to see that we did this this month.”

Make a real relationship so they know your story because they are pitching to the underwriter. If they don’t know your story, then they are just going to pass it on without a narrative being shaped in your favor. Once you get your credit together and once you have your positive cash flow, all along the while you need an advocate in the bank. With that person, especially because you have your deposits there and you’re already doing business, you’re already winning in that respect. You need to make a friend of that person so they can advocate for you to get your line of credit and grow your business.

Desirée Patno, CEO & President, Women in the Housing & Real Estate Ecosystem (NAWRB) with Nicole Cober during NAWRB's 2019 annual gala on August 5, 2019 in Pasadena, CA

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Spotlights

Women On the Move

Rachel Beam-Jares has been promoted to Director of Loss Mitigation, Single-Family Collateral Valuation, at Fannie Mae. “In my career, I have been fortunate to have leaders who both challenge and champion me,” stated Rachel Beam-Jares. “It is refreshing to work for a company like Fannie Mae, which values a diverse workforce.” Rachel is a valued asset to the NDILC Council, and we are inspired by her achievements as a diversity leader in the appraisal industry.

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Do Valérie Hermann, who was formerly President of Global Brands at Ralph Lauren Corp. has been personally selected to private investment firm EPI as Managing Director of its Fashion and Luxury Division, which includes Bonpoint and J.M. Weston.

She will begin this new role in January, when she will also become a member of EPI’s executive committee.

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Kindra S. Walker is now the Founder or Tremont Financial Coaching, which specializes in individual, household and small-business budgeting assistance and in divorce financial support services.

Through her business, Walker helps individuals, couples and small-business owners plan strategies to achieve their unique financial goals.

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The USDA has promoted Michelle Corridon to Acting Director of Originations from her previous position as Deputy Director of USDA Rural Housing Service’s Single Family Housing Guaranteed Loan Division based in Washington, DC. She leads high impact policy and procedure implementation along with process improvement, stakeholder engagement, budgeting, and human resources for the $24 billion dollar loan guarantee program.

Dominique Bazay, who formerly served as Director of Content Acquisitions for Kids at Netflix,one of the largest streaming services in the world, has been promoted to Director of Original Animation, International. This new role will require her to relocate from LA to Amsterdam to head up the team starting in January.

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Tracey Moon has been named became Chief Marketing Officer (CMO) of Verodin, a Virginia-based business platform recently acquired by FireEye that provides organizations with the evidence needed to measure, manage and improve their cybersecurity.

Moon will oversee Verodin’s branding and go-to-market strategy.

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Marianne Bear has joined Easterseals Eastern Pennsylvania as Vice President of Community Programs. Bear will oversee Easterseals’ programs, which include early intervention, outpatient therapy and medical clinics; employment preparation services; and recreation and respite. Bear previously served as VP of Quality Improvement at VIA VIA of the Lehigh Valley.

Spectra, a hospitality and entertainment company based in Philadelphia, has named Amy Minniti their Vice President of Deputy General Counsel. Minniti joined Spectra in early 2018 and has been tasked with responsibility for reviewing, drafting, and negotiating contracts and license agreements, regulatory compliance, and providing legal support and counsel.

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Shana Glenzer has been appointed to the role of Vice President of Marketing and Communications at Diligent Corporation, a SaaS company providing online platforms to C-suite executives to assist with communication protection. Glenzer previously held leadership roles at Aquicore, SocialRadar, Blackboard and MakeOffices

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Arcadia Power, a D.C.-based renewable energy tech company, has promoted Kate Henningsen as their first Chief Operating Officer (COO), who so far has served as their SVP of Operations and General Counsel. In this role, Henningsen now oversees Arcadia’s member experience, analytics and data science, finance, policy and legal teams.

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Stitch Fix, an online personal styling service in the U.S., has named Elizabeth Spaulding‘s as President of their company, who will report to CEO Katrina Lake starting next year.

Spaulding previously served as the Global Head and Founder of Bain & Company’s digital practice, a partner at the global consulting firm and on its board of directors.

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Joining the International team of Netflix’s Original Animation department is Janine Weigold, who has been promoted to Manager of Original Animation for the company. Weigold moved from Germany, where she was the Head of Children’s Content for RTL Disney, to Netflix in November 2019. She also served as VP of Acquisitions for Viacom.

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Diversity & Inclusion

The Maine Children’s Alliance has hired Stephanie Eglinton as its new Executive Director, who brings extensive experience with Maine’s philanthropic and nonprofit communities. She previously served as a Senior Program Officer at the Maine Community Foundation, where she led the foundation’s statewide initiative to improve outcomes for young children in Maine.

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Fifield has recently promoted Senior Vice President Lindsey Senn to Executive Vice President, who is now responsible for the firm’s finance and development team. Since her start at Fifield, Senn has played a key role in evaluating investment opportunities and overseeing $600 million of multifamily development in the Chicago market.

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http://bit.ly/NDILC

Member Rachel Beam-Jares has been promoted to Director of Loss Mitigation, Single-Family Collateral Valuation, at Fannie Mae. “In my career, I have been fortunate to have leaders who both challenge and champion me,” stated Rachel Beam-Jares. “It is refreshing to work for a company like Fannie Mae, which values a diverse workforce.” Rachel is a valued asset to the NDILC Council, and we are inspired by her achievements as a diversity leader in the appraisal industry. ● NDILC

Member Tami Bonnell, CEO of EXIT Realty, has released her About Your True North Podcast on iTunes. This is the only podcast that “focuses on finding your light to follow in the darkness. Learn from human stories about individuals leading by action to connect you with the guidance & beliefs.” In each episode, Tami interviews the greatest impactors to explore how their journey led them to find their true north in life. ● NDILC

Members Desirée Patno, CEO & President of NAWRB, and Dr. Chitra Dorai, AI Scientist, Founder & CEO of Amicus Brain, were distinguished speakers at the Blockland Solutions conference on Dec. 9-11, 2019 in Cleveland, Ohio. Desirée Patno moderated the "Inclusion in the Face of Emerging Technology" panel on Dec. 9th, 2019, and Dr. Chitra Dorai participated in the "Lessons Learned: Transforming Healthcare with Emerging Tech" panel on Dec. 10th, 2019. ● NDILC

● Mika

Brzezinski, Know Your Value Founder and "Morning Joe" Co-Host, had NDILC Member Marcia Davies, MBA COO and Founder of mPower, on her show to discuss exciting details of the third annual mPowering You, MBA's Summit for Women in Real Estate Finance. This year's event was held on October 26, 2019 at the Austin Convention Center in Austin, Texas. mPowering You is an all-day event purposefully dedicated to just that by creating opportunities to expand your network, celebrate your wins and reach your potential.

Who do you know that is a perfect NDILC fit?

Mission:

Dedicated to raising the number of women leaders and growing women’s employment and empowerment at all levels in the housing ecosystem. Our Council, comprised of senior executive women, works diligently toward gender equality and obtaining equal opportunity for women across America.

www.NAWRB.com/NDILC/

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by Joan Docktor

Earlier this year, I was asked to deliver a keynote speech about women’s empower-

ment for an esteemed group of women Realtors. It was a unique opportunity for me to sit down and collect my thoughts on such an important topic. The autonomy of women and the improvement of their political, social, economic, and health status is a highly important end in itself. So, where to begin?

I had to start by answering one question: What is empowerment? Essentially, empowerment is the process of becoming stronger and more confident, especially in controlling your life and claiming your rights.

When we talk about empowerment, our motivation to move forward can come from many different sources. As I collected my thoughts on the topic, three sources emerged as particularly important when it comes to true empowerment. First, empowerment comes, in part, from our influences and life experiences. Second, it comes from our opportunities and how we take advantage of them. Lastly, empowerment comes from ourselves.

Your Influences and Life Experiences

Think about your parents or early caregivers, your teachers, or even your childhood friends. Whether consciously or unconsciously, these early influences greatly affected who you have become. For example, as a young girl, I used to help my father deliver newspapers at night after he came home from his day job. I didn’t know it then, but he was influencing my future work ethic and the lesson that you should always work hard to support your loved ones.

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Now think about your relationships beyond your early stages, maybe even a marriage or a partnership that didn’t work out. Think about a person who did not lift you up emotionally; perhaps this person even made you feel belittled.

Think about a situation that you wish you would have handled differently or a decision you made that had a negative outcome.

The good news is that, even through your seemingly bad experiences, you were learning.

You were becoming braver and better.

You were taking the first steps toward becoming empowered.

Your Opportunities

For many of us, the beginning stages of our lives and careers are marked by our time in “survival mode.” We are working to pay our bills, stay fed, and stay safe. We are not yet self-actualized. We have not yet reached our full potential. Once our needs are met, then we can begin searching for our passion.

After a bad experience selling my first home, I discovered my passion: real estate. I thought of all the ways I wished the agent would have handled the process better. A fire ignited inside of me: I was going to learn all I could to make it better for someone else! Once I earned my license, I was happier and more fulfilled than I had been in any previous job. I found that, since I was happy, I took joy in seeing other people happy too. After selling for several years and thinking of nothing else, I was presented with the opportunity to manage my own office. I was able to take the management position while continuing to sell. It would be a lot more work, but I welcomed the chance to lead. By that time, I believed I had a responsibility to try to be a positive role model and mentor to others.

If you are lucky enough to find your passion, work hard and stay alert for opportunities. Even a small opportunity could help you prove your worth and put you on the path to achieving another goal.

Your Self

Finally, empowerment comes from inside yourself. I’m referring to your self-confidence, your self-determination, your self-esteem, your self-worth. You have the power. You have the control. You can make choices — and transform those choices into desired actions and outcomes.

Let’s be honest: We all have insecure moments. Am I good enough or strong enough? Should I worry about other people judging my choices? Have I done enough to become self-actualized?

I think that these are normal thoughts. Self-confidence isn’t just something we “have.” We need to work on it constantly. Make clear goals and action plans to achieve them.

Stretch your limits. With each milestone, you’ll realize, “I can do this! I am capable! I am stronger than I thought.”

Did you know that the most exciting, challenging, and significant relationship of all is the one you have with yourself ? It is not a selfish act to love and believe in yourself. You have the right to exercise the power within you.

In summary, empowerment can come from many sources.

Three that I have found to be especially important are our influences, our opportunities (and how we take advantage of them), and ourselves.

I finished writing my keynote speech and delivered in front of the group of women Realtors. Yes, I was a little nervous when all of the eyes in the room turned to me.

Then I reminded myself that, even if it didn’t go as planned, I was taking advantage of an opportunity. I was going to learn something about myself, to become stronger and more confident. And isn’t that empowering?

Joan Dock tor is the President of

Berkshire Hathaway HomeServices Fox & Roach, REALTORS® and The Trident Group.

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By Desirée Patno

MBA’s mPowering You Summit 2019: MBA COO, Founder of mPower Marcia Davies Shares

Four Lessons for Women Leaders On October 26, 2019, I had the fantastic opportunity to attend the 3rd Annual Mortgage Bankers Association (MBA)’s mPowering You Summit in Dallas, Texas. This year, I wasn’t focused on presenting or moderating, already blessed to have “been there, done that.” I was committed to taking action on all the things I had learned and leverage deeper relationships.

With my 2019 NAWRB WHER’s in tow, I set out to be one of Marcia’s success stories. As a “Wouldn’t Miss It for the World” attendee, I intently listened to an invigorating introductory speech by Marcia Davies, COO of MBA, Founder of mPower, and a Council Member of NAWRB’s Diversity & Inclusion Leadership Council (NDILC). This year, Marcia changed up the format and gave attendees “Marcia’s Four Lessons” she learned about what it means to take a stand as women leaders in the real estate finance industry. She also gave special acknowledgment to two individuals who stood up for her during her career. mPower was created not only to inspire, inform, connect and empower women but also to encourage more women to take a stand in the industry. It can be difficult to stand up for what is right, but the following tools Marcia mentions will inspire women to take action and become leaders for future generations of women to follow.

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Lesson One: Stand Out

According to Marcia, in order to achieve extraordinary things, “you have to challenge and extend yourself,” which requires standing out. How does one stand out? Marcia explains that standing out the right way means showing up every day to deliver results and earning your seat at the table where decisions are made.

Standing out also means bringing your unique talents to the forefront, and being the sole judge of your success. No one knows what you know, and no one can do what you do. You might even be surprised of what you can accomplish. Marcia shared that mPower started with just a lunch with over 150 women a couple years ago,

Making the choice to stand out might come with the risk of facing opposition, but with this inconvenience comes the opportunity to do more than you have ever dreamed if you merely push forward.

Photo of Nicole Smith, VP of National Sales; Home Lending, Flagstar Bank; Marcia Davies, Founder of mPower, and COO of Mortgage Bankers Association; Desirée Patno, CEO & President, NAWRB

and now it has reached over 16,000 people and comprises a comprehensive program of events, webinars and a video series that averages over 50,000 views per video.

Making the choice to stand out might come with the risk of facing opposition, but with this inconvenience comes the opportunity to do more than you have ever dreamed if you merely push forward. Marcia gave an example of when her high heel got stuck in the seam of the dais when she was giving a speech. Instead of stopping in her tracks, she took off the shoe that was stuck and continued her presentation with a high heel on one foot and on her tiptoes on her other foot.

MSNBC's Morning Cup of Joe host Mika Brzezinsk with mPower Founder, Marcia Davies

Lesson Two: Stand Up

Marcia encourages mPower members to be authentic leaders, which means being grounded in who you are, not who you want to be or who you think you should be. Authentic leadership empowers leaders to draw from their strengths and, in doing so, bringing the best out in others.

Leaders who are true to themselves are fully present and purposeful in each of their actions, which helps them make an impact. “We don’t need anyone to tell us how or when or where to lead,” she stated. “We can stand up on our own”.

Another important part of authentic leadership is having respect.

To gain respect, a leader respects other people in return, no matter their position in the corporate ladder, and they respect themselves.Having self-respect gives you the courage to do what needs to be done.

Lesson Three: Stand Strong

Standing strong can be done in two ways, but both are necessary.

The first, more straightforward way is to be strong enough to take risks and venture outside one’s comfort zone into the unknown.

This can be a frightening prospect at first, but doing so will build one’s confidence in being able to accomplish anything. Confidence does not mean being arrogant or boastful. Rather, “it’s about making sure our good work gets the attention it deserves” and letting others know what you bring to the table.

The second part of standing strong is being brave to call out bias when you see it occur in the workforce. Gender and racial biases are a common obstacle that women and minorities face in the corporate sphere, and we need “courageous, uncompromising women” who are willing to address them. As Marcia states, “It’s up to us to speak out when others stay silent. When others sit back, it’s our duty to stand strong.” Speaking out might make you unpopular, but, more importantly, it’s the right thing to do.

Desirée Patno, CEO & President, NAWRB

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Marcia shared the time she had to stand strong when she led an effort to find out how many women in the real estate finance community have experienced sexual harassment by conducting a survey among mPower members only. The results of the mPower report were heavily supported until one person complained about the report due to misinterpretation of the data. In her own words, “What followed was one of the roughest experiences of my career. I had to stick to my guns and remind people what we were doing.”

I happened to be in the right place at the right time to help, and it was the right thing to do! After hearing the story, I asked my team to drop everything to gather the facts and print our own article to share to our extended outreach in support of mPower’s efforts by explaining the scope and intention of the findings. What Marcia did next was extraordinarily special and moving to me. Marcia asked me to stand to acknowledge what we had done by “[dropping] everything to support [her] by publishing an article setting the record straight.” She also thanked Nicole Smile for standing up for her when a social media troll made a negative post about her and Mika Brzezinski. As Nicole and I stood among the massive sea of senior executive women, applauds kept on coming and it was truly my most memorable mPower moment.

Lesson Four: Stand Together

Women often feel like they are alone in the industry, but developing a network can help push us forward instead of holding us back. It’s more difficult for women to form connections with other women due to their countless responsibilities, but it’s definitely worth it to make time for a coffee or lunch with someone who can add value to your professional and personal life.

The Federal Deposit Insurance Corporation is all in for diversity.

mPower gives women a place to connect by sharing their stories and supporting each other in their endeavors. It is also where women can find their courage to take a stand and “make the ask,” whether for a raise, a sale, or a business deal. Marcia noted that many women who met each other through the mPower network ended up working together or becoming close friends. “When you make connections, or when you help others connect, you’re building this network and making all of us stronger.”

Last year, NAWRB and mPower®, MBA Promoting Opportunities for Women to Extend their Reach, joined forces in a memorandum of understanding (MOU). Together, the organizations help each other achieve the individual missions and shared goals of realizing women’s economic growth and increasing diversity and inclusion (D&I) in the housing ecosystem. mPower has hosted leadership panels at NAWRB’s last two annual conferences, and NAWRB continually supports and participates in many of mPower’s events.

Marcia is also a valued member of the NDILC, which is dedicated to raising the number of women leaders and growing women’s employment and empowerment at all levels in the housing ecosystem.

Our Council, comprised of senior executive women, works diligently toward gender equality and obtaining equal opportunity for women across America. Learn more at https://www.nawrb.com/ndilc/.

Thank you, Marcia, for your inspiring words and

your invaluable friendship, from the entire mPower and NAWRB community.

The FDIC recognizes the importance of contributions made by diverse communities in its workforce and business activities.

As a leader among government agencies, we are committed to diversity and inclusion and providing opportunities for employment, contracting, investments, and sharing our expertise in financial education.

We continue to strengthen stability and public confidence in the nation’s financial system, leveraging the talents of our workforce and small-, minority-, women-, LGBT-, and veteran-owned businesses to create business value and achieve a work environment of involvement, respect, and connection.

Contact us: Office of Minority and Women Inclusion (OMWI) MWOBOutreach@fdic.gov 1-877-ASK-FDIC (1-877-275-3342)

www.fdic.gov Each depositor insured to at least $250,000

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sheCENTER ( FOLD )

sheCenterfold Lead of Geopolitical Investing Practice at PwC; Senior Fellow of Columbia Business School and Senior Fellow of Global Business and Economics at the Atlantic Council

Dr. Alexis Crow Dr. Alexis Crow is an accomplished academic and business professional who helps leading corporations and asset managers capitalize on dislocations for increased profit and expansion. Her profession has taken her all over the world and has introduced her to a plethora of cultures and ideas. In a candid interview, she shares influential figures that inspire her and the importance of spirituality in her life, as well as trends in investment strategies across the world and the way women are changing the global economy. The views expressed here are purely her own.

Interview by Desirée Patno

NAWRB: What influenced your interest to work in economics, finance and geopolitics?

economic growth - and internal rate of return from public markets to private investing. We have witnessed an enormous shift in the growth of family offices, institutional investors and sovereign wealth funds, the increase in private equity, the burgeoning allocation to and desirability for real estate and infrastructure assets, and the competition for assets, with LPs becoming GPs.

Dr. Crow: In the last nine years, I really identified the connections between economics and geopolitics in so far as I sincerely believe that one of the key factors to bring peace in the world is the dignity of work.

That first came about spending some time in the Middle East. However, it doesn’t take too long in the United 2.The second, nestled within that, States to see when people have been is the explosion of infrastructure as a left behind in being afforded the digwhole. Typically, you have two types nity of work, they can soon drop into of infrastructure assets: (1) one that addiction of many kinds. That takes generates yields for predictable inme back to my passion in economics, vestments, which in terms of return With my grandparents and business and job creation, and being profile, behaves somewhat predictbrother as a child. able to identify patterns of sustainably like a bond, and (2) investments able job creation and sustainable that generate serious rate of return wage growth as a whole, which then comes back to geo- on more of a private equity model, or a J curve, which is typpolitics. ically associated with greenfield development projects.

I was very activated by the age of 12, particularly by the Israeli-Palestinian issue. I’ve always been drawn to the Middle East but in particular that issue. When I began traveling to the Middle East, I started to identify this connection between job creation, innovation, and the ability to bring peace and harmony to the region. Given my ardent passion for what I do, I have worked six days a week since I was 16.

NAWRB: What are some current trends in global investment strategies?

Dr. Crow:

This is happening anywhere up and down the infrastructure spectrum, be it airports, trains, toll roads, upstream and downstream renewable energy, electricity generation, waste management, water management, hospitals.

3. The third would be logistics, and obviously this is well

trodden ground by now. Given the explosion of e-commerce across global markets, patient investors flock to markets where there is fragmentation and scope for resolution – for example, China.

In a place like the U.S., we only have 10 percent of retail

1. The first one is the shift of power - and by that I mean sales as e-commerce. There are obviously huge amounts of NAWRB MAGAZINE |

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“There is a key change we are amidst in the moment where people are waking up to fantastic movements....” growth potential. However, I would say we are seeing some bottlenecks being resolved in recent months, so it is probably a crowded trade at the moment.

Looking beyond the US and China, Brazil also presents another attractive market – consumer spending has held steady throughout the worst recession in the country’s history, and the market remains heavily fragmented. VC nestled within logistics – particularly companies that demonstrate efficiencies across the spectrum – also presents hot opportunities.

4.The fourth would be anything to do with ESG (environmental, social and governance): environment, climate investing, sustainability, social governance, and the governance component specifically for women.

NAWRB: The internet and social media have given people access to global information at their fingertips. Has this changed the way information is collected, analyzed and disseminated in your line of work?

Dr. Crow: Yes, it has absolutely, and it has its upsides and its downsides. The positive is that it’s very powerful and easy for researchers to instantly gain access to volumes of research, the collection of which would have been very cumbersome and has been so in my lifetime. So, it acts as an augmentation of productivity when you’re able to gain access In dialogue on the future of a consumer: providing a macroeconomic overview, the geopolitical landscape, and the sector-specific outlook for the US and global consumer companies.

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to journal articles in a very short amount of time. Another positive is that it can be shared very quickly across teams if they are collaborating, and it can be shared with colleagues in different parts of the world.

The downside is that it puts an emphasis on instantaneousness, ‘right here, right now,’ forces responses to things that might not be underpinned by data and/or careful consideration. So, in the world of experts, some people may or may not be putting things forward that are not underpinned by data and it becomes an opinion—some might say it’s “fake news”—and that becomes problematic. So the abundance of readily available information has its upsides and its downsides.

NAWRB: How are women impacting the global economy today? Is there a noticeable shift happening now compared to previous years?

Dr. Crow: Having women in a senior management team of a company and investment firms positively impacts performance, so that’s been a significant shift, especially in the ability to collect data. In a recent publication that I authored, we looked at data from China, across the Eurozone, the U.K. and the U.S. S&P 1500. The evidence is very clear that adding women to a management team significantly increases the underlying value of a firm, sales per employee and productivity per worker. That’s something significant that’s changed.

There is a key change we are amidst in the moment where people are waking up to fantastic movements such as this one, some that we have seen in Montreal, about gaining awareness about this and provoking publication about it.

That would be at the corporate and financial level. As we meet with economists around the world, people are looking at the economic empowerment of women and really tying

“The evidence is very clear that adding women to a management team significantly increases the underlying value of a firm, sales per employee & productivity per worker.”

them in as an untapped resource. These two shift changes— one is on the corporate and financial side, and the other on the government side—are really looking at how we can include women in the formal economy.

NAWRB: While at the Chatham House in London, you led a project on managing risk across cultural boundaries.

What are some methods you found to facilitate communication between governments, business executives and thought leaders from different countries?

Dr. Crow: The first would be to identify the issue at hand.

For example, that might be managing risk at the South China sea, engaging with Russia on the global stage or engaging with different countries on managing issues across the Middle East. The first thing to do is say “What is the issue that we want to solve?” This involves purity, stripping away the niceties or the non-essential, and honest confrontation. The second thing would be to bring the right people to the table.

Third, is to listen.

I always like to point out an opportunity and what the opportunities are for individuals, companies and governments around the world, and not end in a dark, dark place. That is to say, not to be ‘Pollyanna’ but to be realistic; in assumption, pragmatic but also opportunistic. Let’s focus on the solutions, not just the risks.

If someone wants to take something in a different direction, I’m always fairly careful to stay centered and I think that’s fruitful.

NAWRB: You are a frequent speaker at conferences in Europe, Asia, the United States, and the Middle East. Do you face any obstacles or biases as a woman? Do these depend on the region?

Dr. Crow: Many people have biases about how women are treated in the Middle East and are shocked to hear when I speak about my experiences doing business there that I’m treated better than a princess. Asia is obviously a vast region and I feel very at home in China, Hong Kong, Singapore, Vietnam, where a lot of these countries are very forward-thinking in regard to women.

Once we have done all of these aspects, one thing I’ve always done in a room like that is to draw people With my dear friends in Oman, my Omani family. back to the original issue that we PwC has more female partners in would like to be able to solve and Vietnam and Malaysia than they how might we do that. It’s somehave male partners. So I feel very at thing I have carried through with home there. In Europe, where I have me throughout my career. It pays a spent most of my life, I feel very at lot to sit back and listen, and then ease. The hardest challenge has been lead back to it because personal the United States, and it may be agendas get in the way, people might getting better, but it’s definitely the not be biochemically the same one hardest challenge I’ve faced, for sure. day as they are the next, so I think that’s an essential premise and it’s yielded fruit over the years.

NAWRB: What are some practices or habits you have to help you maintain a work-life balance?

NAWRB: Do you face any pressure or scrutiny when reporting on public platforms such as TV networks and publica- Dr. Crow: A life of prayer and meditation is the foundations? Does it affect the way you present information? tion, and it’s a foundation for everything for me. Many meditators will say when you live a life of meditation, everything Dr. Crow: I always come prepared, and that was a great becomes a meditation. You become much more focused so piece of advice given to me when I started my career in the that practice allows me to be more attentive and focused in business world. No matter what, I always try to come pre- my professional life, as well as to treat other things as a medpared. There are new changes at the last minute, so be nimble itation and to be fully present. and prepared to respond and have the core things that are important to the program and the viewers. That helps a lot When I’m in a meeting, when I’m having dinner with someto maintain my center. one, when I’m on a run, when I’m listening to music, or when

“Let's focus on the solutions, not just the risks.”

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so much of my life there and with so many loved ones. I know the pavement like the back of my hand, and it is still just a wonderful place to be. London is also home to rich relationships for fostering business and creativity, and I’m passionate about the art scene there. Also for business, I love Hong Kong, San Francisco, Tokyo and Paris, which I still believe is the intellectual capital of Europe.

In Taormina Sicily, in an old monastery where I dreamt of writing one day.

“A life of prayer & meditation is the foundation, & it's a foundation of everything for me.”

NAWRB: What is something people would be surprised to know about you?

Dr. Crow: Something many people don’t know about me is that I considered a vocation to the religious life for many years. In fact, it was my love of the global economy that kept me out. The discernment period lasted for three-and-a-half years, and I formally I realized at the end of June 2015, that was not the direction my life was to take.

I’m cooking—the ability to be in the present is something that helps me a lot.

NAWRB: What has been your proudest achievement, both professionally and personally?

I definitely prioritize exercise daily and nutrition wherever I am on the planet. The ability to get the right hours of sleep and manage the hours of the day so that I have my hours for work and the hours to wind down and get a good night of sleep, which then empowers the next day. I take Sundays off as part of my practice.

Dr. Crow: The most formative thing I have done professionally and personally would be twofold: obtaining my PhD. and developing an active spiritual and physical life.

NAWRB: What is something you would add to your bucket list?

Dr. Crow: Places: Morocco, Seychelles, Bora Bora, Martinique, and the Maldives. Also, author a book – hopefully several.

NAWRB: Your work has taken you across the globe. What are some of your favorite cities and cuisines?

Dr. Crow: New York is home, and that encompasses, you know, the world. I love coming home more and more. Every city I go to, I always try to find several things: Italian, vegan, Middle Eastern, and a Japanese with vegetarian options. So, those are the kind restaurants that I always look for and I do my research to find them. Those are definitely my ideal cuisines. London is still my second home, having

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For Holiday, Rome beats it every time. It’s a craving I have that cannot be satisfied by anything else. I usually go for Thanksgiving or Fourth of July. I also love Rio and Montreal.

I love art in Madrid; I could spend days in two or three of the museums there. I have a good time in Beijing when I go there. Looking beyond cities, as a country, I love Oman.

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NAWRB: Who is your greatest influence?

Dr. Crow: I have a very strong, long relationship with my spiritual director, and he has been a very positive influence on my life. I take inspiration from people like Mother Theresa, Mahatma Gandhi, Saint Teresa of Ávila, for their courage in the face of opposition, and also from women in our world like Angela Merkel and Christine Lagarde. And Elinor Ostrom, the late female Nobel laureate in economics.

On the creative side, I draw inspiration from people who are extraordinarily prolific like Picasso and Michelangelo.

The prolific side of that is something really to admire. Also Yves Saint Laurent, for his dedication. As a woman who has longevity, I think of someone like Catherine Deneuve, who has had an extraordinary career her entire life. She continues to offer us gifts, and this is a real testament to her passion and talent.

At my friend’s wedding in Austria.

With Jose Mana Calem, a very important influence in my life.

In my grandparents’ garden.

With my father.

My first day of school - so keen!

At my godbrother’s wedding in England.

The National Girls Collaborative Project presents statistics on their website on the state of girls’ involvement in STEM through primary education – from kindergarten through high school, from an analysis of data from 2016 National Science Foundation reports.Students regardless of sex, race or ethnicity, enrolled in lower level science courses in 2012 at similar rates. However, students with less-educated parents or with lower socioeconomic status were less likely to take these courses.

Female and male students enrolled in advanced science courses at comparable rates, but female students were more likely to do so than male students—22 percent compared to 18 percent, respectively. In comparison, only 15 percent of

take advanced level AP exams in calculus BC, physics B and physics C. Moreover, male students were more likely than female students to take engineering at 3 percent compared to 1 percent, and computer science courses, at 7 percent compared to 4 percent. Male students also enrolled in AP computer science A at significantly higher rates than their female counterparts at 81 percent

Enrollment in high level compared to 19 percent. mathematics courses varies significantly by race and Higher Education ethnicity, parent education Using data from the National Center for level and socioeconomic Education Studies, Catalyst compares the representation of women and girls status but not by sex.

black students and 17 percent of Hispanic students took advanced sci-

in STEM from postsecondary institutions

and onward for different countries in the “Quick Take: Women in Sci-

ence courses.

ence, Technology, Engineering, and Mathematics (STEM)” report. In

Enrollment in high level mathematics courses varies significantly by

cent of Master’s degrees and 33.7 percent of PhD’s in all STEM fields.

race and ethnicity, parent education level and socioeconomic status but not by sex. For instance, 64 percent of Asian or Pacific Islander students enrolled in these courses compared to 30 percent of black students and

44

chemistry at about the same rate, but male students were more likely to

the U.S., women earned 35.5 percent of Bachelor’s degrees, 32.6 perWomen graduates had the greatest representation in biological and biomedical sciences with 59.9 percent earning Bachelor’s, 57.3 percent earning Master’s and 53 percent earning PhD’s among graduates in

28 percent of Hispanic students.

this discipline.

Male and female students took AP exams in calculus AB, statistics and

The lowest representation can be found in the engineering and en-

| NAWRB MAGAZINE

Technology gineering technologies, and computer and information sciences and support services disciplines. Women comprised 19.7 percent of bachelor’s degrees in the former and 18.7 percent in the latter. Representation of women increased slightly in these disciplines for higher degrees as women earned 25.2 percent of Master’s degrees in engineering and 30.8 percent of Master’s degrees in computer and information sciences.

The share of STEM degrees is smaller for women of color. In the school year 2015-2016, Asian women earned 5 percent, black women earned 2.9 percent and Latinas earned 3.8 percent of bachelor’s degrees across all STEM fields.

One well-supported reason for why there is a lower representation of women in this sector is that not many girls are encouraged to pursue STEM. Therefore, their interest in science and technology fields will quickly fade if that passion is not nourished with opportunity. According to a Microsoft survey, young women in Europe report that their interest in STEM began around age 11 or 12, but faltered when they reached the ages of 15 and 16.

In the U.S., a greater proportion of girls are likely to have an interest in a coding career compared to young women. For instance, one third of middle school girls believed they would pursue this career compared to just 27 percent of women between the ages of 18 and 30.

Girls are likely to be encouraged to pursue a STEM career if they know a female role model working in the tech field or participate in STEM clubs and activities.

Middle and high school girls are 17 percent more likely to feel empowered working on STEM activities if they know a woman in STEM. This same group of girls are 26 percent more likely to feel powerful when doing STEM activities if they

Although people might claim that they do not believe that girls and women are not as good at math or science as boys and men are, they might still hold this bias at the unconscious level.

are in a STEM club or participate in related activities. over 70 percent were more likely to associate “male” with sci-

Stereotype Threat & Unconscious Bias

ence and “female” with arts than the reverse. This indicates that the implicit association of men with math and science

According to the American Association of University Women (AAUW), stereo-

and women with arts takes place at the unconscious level for

type threat and implicit or unconscious bias are one of the most predominant

people regardless of gender, race and ethnicity.

barriers to women in STEM. Stereotype threat arises whenever a negative stecan occur when a female student is taking a math test and experiences “an

Fixed Mindset vs. Growth Mindset

extra cognitive and emotional burden of worry related to the stereotype that

The AAUW suggests that encouraging a growth mindset

women are not good at math.” This stereotype threat can arise even when the

rather than a fixed mindset regarding intelligence will bene-

student is simply taking the test in a room of mostly men, and it can negatively

fit female students in STEM. Those who adhere to a “fixed

affect her performance.

mindset” believe that intelligence is static and that each per-

reotype is relevant to performance evaluation. For instance, stereotype threat

son has a fixed amount of it. In contrast, those with a “growth Although people might claim that they do not believe that girls and women are

mindset” believe that intelligence can be developed.

not as good at math or science as boys and men are, they might still hold this bias at the unconscious level. These types of unconscious biases, or implicit

Those with a growth mindset are eager to learn and embrace

biases, can sometimes be more powerful in influencing our thinking than ex-

challenges and criticism because they know that overcoming

plicit beliefs. For instance, research shows that unconscious beliefs related to

these obstacles will increase their intelligence and skill level.

negative stereotypes can still affect our assumptions about groups of people

These types of individuals are also encouraged, rather than

and their behavior.

discouraged, by the success of others. People with a growth mindset will even gain confidence when they face challenges

For example, Implicit Association Tests were conducted between 1998-2010

because they believe it is only helping them learn and en-

and were taken by a half million people across the world. Of these test takers,

hance their intelligence.

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Colleges and universities can support women’s pursuit in attaining careers in science and engineering by

• Actively recruiting women into STEM majors; • Sending an inclusive message about what makes a good science or engineering student;

•

Emphasize the practical application in early

STEM courses;

• Teach professors and educators about implicit biases and the benefits of a growth mindset;

•

Make performance standards and expecta-

•

Be proactive by supporting women majoring

tions clear in STEM courses; and in STEM by sponsoring social events that help women integrate into the department, provide a communal area that encourages student interaction outside the classroom, and sponsor a Individuals with a fixed mindset, however, are more likely to lose con-

group for women in each STEM major.

fidence and be discouraged when they face challenges because they see this as a fault in their intelligence. In other words, they believe that

While encouraging girls to pursue STEM is important in giving more

if they were “smart enough,” they would not encounter these obstacles

women an opportunity to transcend the pipeline into the AI sector, it is

at all or should be able to find a solution with ease.

not enough to address gender and racial bias and discrimination that persists in this field. This requires a multi-faceted approach from actors

A growth mindset is beneficial for girls and women in STEM because

in a variety of disciplines to study the use and impact of AI systems.

they are likely to encounter obstacles and challenges in scientific work, and it is better that they see these moments as opportunities for growth

AI companies also need to be involved in making sure that their power

rather than a sign of their inadequacy. The AAUW notes girls and wom-

structures, hiring practices and executive incentive structures are re-

en who believe their intelligence is fixed are more likely to lose confi-

evaluated to accommodate underrepresented groups who are inhibited

dence and be discouraged from continuing work in science and engi-

from excelling in the AI sector by unconscious bias. Diversity needs to

neering when they inevitably encounter difficulties that result from the

be promoted among the creators of new technological developments

nature of the work.

as well as in the sector that evaluates these influential projects. Preventing further gender and racial discrimination in this field requires the

The AAUW suggests various ways by which we can nurture girls’ in-

collective effort of individuals with a diverse set of backgrounds and

terest in science and engineering, and how we can create college en-

perspectives.

vironments that support women studying for STEM degrees. First, to increase young girls’ interest in STEM fields such as science and engineering, individuals and organizations should

•

At time of writing, S. 737, the Building Blocks of STEM Act, was signed into law by the Trump Administration on December 24, 2019. The bill

Share girls’ and women’s achievements in math and science

instructs the National Science Foundation (NSF) "to more equitably

on their platforms;

allocate funding for research with a focus on early childhood education."

• Teach girls intellectual and spatial skills as needed; • Teach students about stereotype threat and promote

It also requires NSF to support research on potential factors that disa

growth-mindset environment

• Value growth and learning in gifted programs • Encourage students to develop their spatial

courage or encourage girls to engage in STEM activities and education.

This is an encouraging step in the right direction for promoting young girls' interest in STEM and furthering diversity in the field as a whole.

and career-rel-

evant skills

• Encourage high school girls to take STEM classes when available, including, calculus, physics, chemistry, computer science, and engineering; and

• Make performance standards and expectations clear in classes.

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Government

By Theodore M. Hankin

Probate is a legal process in which a will is reviewed to determine whether it is authentic and valid. If your family is going through this process after the loss of a loved one, Theodore M. Hankin, licensed Attorney and CPA by the State of California, provides answers to your most pressing questions about probate in California.

NAWRB: Is Probate in California Always Required When Someone Dies?

Theodore M. Hankin (TMH): No, not always.

Probate is the court supervision of the distribution of assets of a deceased person after payment of taxes and creditors.

Probate can be in accordance with a will, whereby the deceased person leaves written and witnessed instructions as to the disposition of his or her estate (this person is said to have died “testate”). Or Probate can be in accordance with the laws of the State of California, if the deceased person died without a will (this person is said to have died “intestate”).

In either event, the process of probating the estate of the deceased person is the same. More on that later in this article after I answer the question as to whether a probate is always required when someone dies.

If the deceased person has a trust, and the trust has been “funded” with the assets of the deceased person prior to death, those assets transfer in accordance with the terms of

the trust, no probate required in that circumstance. However, even if a deceased person has a trust, if the trust is not funded with the assets of the deceased person prior to death, a probate will be required as to those assets that should have been in the trust but were not transferred to the trust, in order to ultimately have those assets transferred to the trust for distribution in accordance with the terms of the trust.

“Funding” a trust means transferring title of assets to the trust. For example, if the deceased person owned Blackacre, there was a deed by which the deceased person initially acquired Blackacre. After the trust is created, the deceased person should have recorded a new deed, transferring ownership from the individual, to the individual as trustee of the trust. In that event, the trust has been funded with Blackacre. Similarly, financial institution accounts can be re-titled, to show that the owner of the account is the trustee of the trust; in that event, those financial institution assets are funding the trust.

Another way of holding title is “joint tenancy” which, in California, includes the right of survivorship. This means that when one of the joint tenants dies, the survivor takes over ownership of the deceased joint tenant’s share in the property; no probate required in this situation. A similar situation exists with respect to married couples who hold title to real property as husband and wife, as community property, with right of survivorship. All that is required is recording an Affidavit – Death of Joint Tenant to transfer ownership of the joint tenancy interest.

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Financial institutions offer “Payable on Death” or “POD” accounts. This is a designation that requires the financial institution to pay over the proceeds of the account to the identified individual(s) who is to receive it, as directed by the deceased person.

from appointment of the personal representative), the personal representative has paid the claims and final tax returns for the deceased person have been prepared and filed, the personal representative can begin the process of closing the estate and distributing the assets.

Life insurance also does not require probate, assuming that there is a named beneficiary for the proceeds. If there is no named beneficiary, there may be a required probate. This is also true for retirement benefits; typically, if married, the spouse is named as the primary beneficiary. Probate should generally not be required in this event.

NAWRB: Can I leave my Property to Anyone?

There is law in California that if the personal property assets of a deceased person, exclusive of those in trust or which pass by operation of law (e.g. joint tenancy property, POD accounts, life insurance, retirement benefits) do not exceed $150,000.00 in value, a beneficiary may execute an affidavit requiring a financial institution to deliver those assets to the beneficiary, no probate required in that circumstance. This procedure does not apply to real property; for real property the limit is $20,000.00 in value.

NAWRB: Someone has died; the relatives have gone over all of the assets and it is determined that there has be a probate as to some of those assets. What then?

TMH: The process is started by filing a petition for probate with the Superior Court for the County in which the deceased person had their residence at the time of death (if they lived out of State but there is property in California, the petition is one for an ancillary probate).

Notice is given to all those concerned as well as being published in the newspaper. Assuming no one has filed objections, all the paperwork has been properly submitted, published and served, the court will order the commencement of a probate with a person appointed as executor (testate) or administrator (intestate).

The duty of that person (also referred to as the personal representative of the estate) is to ascertain who the creditors of the deceased person are (by giving Notice to Creditors) and to inventory the assets of the deceased person. The personal representative can value cash assets for purposes of the inventory and appraisal but any other type of asset (e.g. real property, securities, art collection) requires valuation by a probate referee. Probate referees are assigned to value an estate by the court.

Once the inventory and appraisal has been filed, the time for filing creditor’s claims has run (typically four months

TMH: In California, if property of a decedent is left to a “Care Custodian”, it is presumed that the gift was a product of fraud or undue influence and is otherwise invalid (California Probate Code §21380). “Care Custodian” includes, among others, some who takes care of a dependent adult (someone over 65 years of age who cannot provide for themselves or has mental deficits) but only if the instrument making the transfer was executed during the period in which the Care Custodian provided services to the deceased, or was executed within 90 days before or after that period.

There are exceptions, for example, if the instrument making the gift is reviewed by an independent attorney, who issues a certificate of independent review, the presumption does not apply to the transfer. Another exception is when the beneficiary is related by blood to the deceased.

There are other particulars pertaining to this presumption, which could justify a separate article in itself, however, in there interests of brevity, I will not go into them here.

Theodore M. Hankin is licensed by the State of California as both an attorney and as a CPA. Mr. Hankin is a partner in Messina & Hankin, LLP.

Why Women Are Starting Businesses

Out of Necessity The 2018 State of Women-Owned Businesses Report, commissioned

by American Express provides detailed information and statistics regarding women business owners in the United States, including minority women’s gains in entrepreneurship and challenges they continue to face. Here are some of the highlights in national trends we are seeing for women-owned businesses across the country.

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Currently, 4 out of every 10 businesses in the United States are now women-owned.

While they comprise 40 percent of all private businesses, they employ just 8 percent of the total private sector and contribute 4.3 percent of total revenues. Women-owned businesses combined with firms equally owned by men and women account for 48 percent of all businesses, employ 14 percent of the workforce and generate $3.1 trillion in revenue.

Between the years 2007 and 2018, the growth of women-owned businesses has continued at a faster rate than the growth of all businesses. According to the report, the number of women-owned businesses increased 58 percent while all businesses only increased by 12 percent during this time. Each year, the number of all firms grew 1 percent, while the number of women-owned businesses grew 4.2 percent annually.

Within the same time frame, total employment of women-owned businesses rose 21 percent, while employment for all businesses declined 0.8 percent, and total revenue for women-owned businesses grew 46 percent while revenue for all businesses increased 36 percent.

According to the American Express report, the growth in women-owned businesses has been bolstered by both necessity entrepreneurship and opportunity entrepreneurship. Necessity entrepreneurs are those who look to start their own businesses when they cannot find quality employment in the workforce and return when the economy improves, while opportunity entrepreneurs start businesses to take advantage of a niche they see in the market.

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According to the report, while the number of women-owned businesses grew 58 percent from 2007 to 2018, firms owned by women of color grew almost three times that rate at 163 percent. As of 2018, women of color comprised 47 percent of all women-owned businesses. An estimated 5,824,300 women-of color-owned businesses employ 2,230,600 people and generate $386.6 billion in revenues.

Businesses Owned by Women of Color

Businesses owned by Latina women and African American women grew even faster than the national number at 172 percent and 164 percent, respectively. Native Hawaiian/Pacific Islander businesses owned by women grew by 146 percent, Asian American women-owned businesses increased by 105 percent, and Native American/Alaskan businesses grew at 76 percent. These rates are slower than those of women of color in general, but faster than overall women-owned businesses.

African American women-owned business:

• 2,402,600 in number, comprising 20 percent of all women-owned businesses • Have grown at an annual rate for the past year of 9 percent, the same annual growth rate as the period between 2007 and 2018.

• Produced average revenue of $24,700 per firm vs. $143,100 among all women-owned businesses. The gap between African American women-owned businesses’ average revenue and all women owned businesses is the greatest.

• Make up the largest segment of women-owned businesses after non-minority women • Represent the highest rate of growth in the number of firms between 2017 and 2018 of any group

Latina-owned businesses:

• 2,142,800 in number or 17 percent of all women-owned businesses • These businesses have grown at an annual rate for the past year of 7 percent compared to 10 percent annual growth between 2007 and 2018 • Average revenue per firm is $51,400 compared to $143,100 among all women-owned businesses

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Asian American women-owned businesses:

• 1,072,600 in number or 9 percent of all women-owned businesses • Have grown at an annual rate for the past year, at 7 percent, as it has for the past 11 years • Produced average revenues per firm of $189,200 vs. $143,100 among all women-owned businesses, representing the highest number for any racial/ethnic group

Native American/ Alaska Native women-owned businesses: • 169,500 in number or 1.4 percent of all women-owned businesses • Have grown at an annual rate for the past year of 5 percent, the same rate as that between 2007 and 2018 • Produced average revenue per firm of $68,600 vs. $143,100 among all women-owned businesses

Native Hawaiian/ Pacific Islander women-owned businesses: • 36,800 in number or 0.3 percent of all women-owned businesses.

• Have grown at an annual rate for the past year of 8 percent compared to 9 percent annual growth between 2007 and 2018 • Produced average revenue per firm of $70,600 vs. $143,100 among all women-owned businesses

Increase in Business Ownership Driven

by Necessity Entrepreneurship Between 2007 and 2018, the number of women-owned businesses grew 4.2 percent annually, while the number of businesses owned by women of color grew by 9 percent. Between 2017 and 2018, The number of businesses grew 6 percent for all women-owned business and 8 percent for businesses owned by women of color.

Why are we seeing a higher rate of businesses created by women of color than women in general? Women of color were impacted by the Great Recession disproportionately to other groups. Even if employed, these women often turned to en-

plement their financing with credit cards while men are more likely to utilize equity investors.

In terms of revenue, 88 percent of women-owned businesses generate less than $100,000 in revenue, and this group is growing at a faster rate than larger women-owned companies generating more revenue. Just 1.7 percent of women-owned businesses generated more than $1 million in revenue in 2018, an increase of 46 percent in the past 11 years compared to the growth rate of 12 percent for all businesses.

Women-owned businesses with more than $1 million in revenue represent 68 percent of total employment for all women-owned businesses and 69 percent in revenues. Considering the outsized contribution this group of businesses make to the economy, it is important to help smaller women-owned businesses reach this threshold of $1 million or more in revenue. As of now, 88 percent of all women-owned businesses remain in the $100,000 or less revenue bracket.

"Women-owned businesses with more than $1 million in revenue represent 68% Revenue Gap Despite the growth in the number of minority women entreof total employment for all women-owned preneurs, the revenue gap is widening between the average businesses and 69% in revenues." revenue for businesses owned by women of color and those trepreneurship in order to make ends meet. According to the report, this might account for the increase in the rate of businesses started by women of color, as well as the overall decline in average revenue for women-owned businesses. This is compatible with the rise in average revenue for all businesses during this same time.

Financing & Revenue

According to SCORE’s The Megaphone of Main Street: Women’s Entrepreneurship report released in Spring 2018, 62 percent of women entrepreneurs depend on their businesses as a primary source of income. In addition, 25 percent of women were likely to seek financing for their business compared to 34 percent of male entrepreneurs. Women are more likely to sup-

owned by non-minority women. For instance, in 2007, the average revenue for businesses owned by minority women was $84,100; this dropped to $66,400 the following year. In 2007, the average revenue for a non-minority owned business was $181,000; by 2018, this number increased to $212,300.

Helping minority women succeed as business owners, such as gaining access to capital, will only benefit the national economy. The report predicts that if revenues generated by minority women-owned firms matched those currently generated by all women-owned businesses, they would add four million new jobs and $1.2 trillion in revenues to the U.S. economy. Providing women-owned businesses with the tools to scale their business would not only benefit struggling women business owners, but improve the nation’s economy overall.

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NAWRB Consortium Latest Engagement Leveraging Expertise & Relationships

Gloria Baker Veterans Preference

Laura Harbison

gloria@veteranspreference.org

Realty Executives Southern Nevada Properties

619-770-7753

firstladyofrealestatelaura@gmail.com

702-777-1234

Angie Weeks Vow2Save

successinweeks@gmail.com

949-338-7408

Brandy Nelson Windermere Homes & Estates brandy@brandynelson.com

(760) 238-0552

Joyce Essex Harvey Essex Harvey & Freeman joyce@essexharvey.com 310-922-7476

Corey Trujillo Synergy Maven

corey@synergymaven.com

704-778-1522

Mickey Vandenberg mvandenberg@willistonfinancial.com

Lori Muller

714-878-5181

lori.muller@exitelitewi.com

Williston Financial Group

EXIT Realty

920-410-8805

Laura Dietz Summit Realty

lauradietz@earthlink.net

818-987-7422

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Nelly Mitford Mitford Properties

nelly@mitfordproperties.com

713-206-8351

Characteristics of Women-Owned Businesses & Women Entrepreneurs

Across the Globe

The Global Entrepreneurship Monitor (GEM) Women’s Entrepreneurship 2016/2017 report provides a thorough review of women’s entrepreneurship in four main geographic regions of the world, including East and South Asia, Europe and North America, Latin America and the Caribbean, and the Middle East and North Africa.

The main indicator of entrepreneurship the report uses is called Total Early-Stage Entrepreneurial Activity (TEA), which measures the percentage of the working population (between the ages of 18 and 64) that is either about to start their own business has been running their own business for a maximum of three-and-a-half years.

Key Findings

Sixty-three of the 74 economies featured in the report, female TEA rates increased by 10 percent, and the gender gap in TEA rates between men and women narrowed by 5 percent. This continues a positive trend in the previous report, which showed an increase in female TEA rates of 7 percent and a narrowed gender gap of 6 percent.

There were substantial differences in TEA rates between the 74 economies analyzed, from 3 percent in Germany,

Jordan, Italy and France, to 37 percent in Senegal. Women participated at equal or higher levels than men in five economies from Asia and Latin America, including Indonesia, the Philippines, Vietnam, Mexico and Brazil. Compare this to more developed economies, such as United States, Canada, Australia, Hong Kong, where women start business at 60 percent the rate of their male counterparts.

Women-owned businesses are lowest in number in the Middle East and North Africa region as women run established businesses at one-third the rate of men. Interestingly, there is a wide gender gap of business activity in Latin America even though there is a relatively narrow gender gap in entrepreneurial activity. We see an opposite effect in North America, where there is a narrow gender gap in business activity and a wide gender gap in women’s TEA rates compared to men.

The lower rates of business activity despite higher TEA rates is likely due to business continuances. In other words, women have more difficulty establishing sustainable businesses even though they try to start businesses at the same rate as men. Business discontinuance is highest in sub-Saharan Africa, followed by Latin America. According to the

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report, this is related to the fact that more women start businesses in these areas. However, once they start a business, these women often struggle with unprofitability a little more often than men. Sub-Saharan Africa has the highest level of finance issues related to closing a business compared to other regions.

Similar to findings among American women entrepreneurs, women across all economies are 20 percent or more likely to cite necessity motives for pursuing entrepreneurship. However, a majority of entrepreneurs were motivated by opportunity factors, such as wanting to take advantage of a market trend, whether they are in factor-driven economies or innovation-driven ones.

For reference, factor-driven economies are “recognized as early stages of economic development, usually marked by

a largely rural population working primarily in sectors of agriculture and the extraction of natural resources.” Innovation-driven economies are defined by a “distinct shift to more service-based business as well as industrial sectors based on knowledge intensity and innovation.” There is usually less demand for entrepreneurship compared to developing in innovation-driven economies than in factor-driven economies; however, entrepreneurs who start businesses in the former category are more likely to launch sustainable businesses because of the environment and available resources.

In Thailand, Vietnam and Indonesia—Southeast Asian countries—the established business ownership rates among women are equal to or higher than their TEA rates.

Also, the number of women business owners is equal to or greater than that of men business owners.

Key Characteristics of Global Entrepreneurs Age: Across development levels and regional groups, the highest participation in entrepreneurship among women is in the 25-34 and 35-44 age groups. The same is seen for male entrepreneurs.

Education: Fourteen percent of female entrepreneurs in the factor-driven stage

have at least a college degree, compared to 61 percent of women in the innovation driven stage. North America has the highest education rates among women entrepreneurs as 84 percent have earned a high school education or more. In Europe, there is an average of 22 percent more highly educated women than their male counterparts.

Self-Employment: Of the 74 economies analyzed in the report, 10 percent of

women operated businesses alone and had no intention to hire employees in the next five years. Women entrepreneurs were as likely, or more likely than men to have self-employment businesses in 75 percent of the sample.

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Fewer than 2% of Women entrepreneurs are starting businesses in the Information & Communications Technology (ICT) sector Europe has the highest frequencies of women running businesses with no other employees, while North America has the lowest frequency. Half of women entrepreneurs operated their businesses alone in the Netherlands—two-and-a-half times the rate of male entrepreneurs in the country.

Growth Expectations:

Women entrepreneurs had the lowest expectations of future business growth in Latin America, even those there are many entrepreneurs in this region. Even though average growth expectations in Sub-Saharan Africa are higher than in Latin America, the former has a wider gender gap in growth expectations between women and men business owners. Women entrepreneurs in this region only reaching 55 percent of the male level.

The Middle East and North Africa region reports the highest average growth expectations among women at 37 percent, and the highest gender parity as female growth expectations are just under 80 percent of the male level.

Over half of women entrepreneurs in the UAE, Qatar, and Tunisia expect to hire six or more employees in the next five years. Women in Saudi Arabia and Morocco are more likely than their male counterparts to have ambitions of hiring more employees.

Innovation: Innovation levels often increase par-

allel to a region’s economic development, so innovation-driven economies are more likely to have more innovation than lower levels of development. The innovation indicator has the greatest female-to-male gender ratio, with women entrepreneurs exhibiting a 5 percent greater likelihood of innovativeness than their male counterparts in all 74 economies.

Thirty-eight percent of women in North America— where there is the highest level of

innovation—report having innovative products and services.

In sub-Saharan Africa, only 18 percent of women state their products and services are innovative. However, there is gender parity in entrepreneurship in both of these regions, including Europe.

Among entrepreneurs in the Middle East and North Africa, women report high innovation levels and are 60 percent more likely than men to claim their products or services are innovative. Seven of the 10 countries in this region report higher innovation levels among women entrepreneurs than men entrepreneurs.

Across all 74 economies, women entrepreneurs are 16% more likely to start wholesale or retail businesses Industry: About 60 percent of women entrepreneurs in

the first three levels of economic development (factor-driven to efficient-driven) are in the wholesale and trade industry. In contrast, in innovation-driven economy, only one-third of women entrepreneurs compete in this sector.

These findings are consistent with men entrepreneurs as well. Across all 74 economies, women entrepreneurs are 16 percent more likely to start wholesale or retail businesses.

Over half of women entrepreneurs in innovation-driven economies have businesses in government, health, education, or social services. Women’s participation exceeds men’s participation in this business category at all development levels. On average, women are more than twice as likely as men to start businesses in this sector.

Women entrepreneurs are not very active in the Information and Communications Technology (ICT) sector, with fewer than 2 percent starting business here. This is slightly more than one-fourth the proportion of men on average starting businesses in this sector.

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Opportunity Perceptions: Oppor-

tunity perceptions range from 57 percent of women in factor-driven economies seeing good opportunities around them, down to 39 percent in the innovation-driven group. The gender gap on this indicator is relatively narrow with opportunity perceptions among women at 90 percent of male perceptions.

Women Investors: In the 74 economies in-

cluded, 4.6 percent of women provided finance to entrepreneurs in the past three years, ranging from 1 percent in Morocco to 16 percent in Cameroon. Entrepreneurial investment in the innovation-driven economies is a little more than one-third the level reported in the factor-driven group.

Male investment rates also decline with economic development level, but not as much as for female investors, causing a wider gender gap with higher levels of development. Women on average invest in entrepreneurs at less than two-thirds the rate of men.

To help women overcome these challenges, there needs to be more support for new and established businesses, such as mentoring and coaching; access to capital; education and training; and other resources to help women-owned businesses become sustainable.

The report also unveils interesting paradoxes that are difficult to explain. First, as the level of economic development increases, we see a lower rate of women wanting to become entrepreneurs. Second, we see an inverse trend of women’s perceptions of their entrepreneurial capabilities being lower in innovation economies and higher in less developed economies.

This same trend is observed with education: those with lower levels of education display higher confidence in their ability to become successful business owners than those with higher education levels. This suggests that education level might not be that relevant for building competencies and confidence in entrepreneurial activities. Rather, having entrepreneurship skills might play a larger role in inspiring confidence.

Those with lower levels of education display higher confidence in their ability to become succesful business owners

About 5 percent of women in North America, Latin America, Middle East and North Africa, and Asia have given funds to entrepreneurs. Women in sub-Saharan Africa provided the most funds at 9 percent, while only 3.5 percent of women in Europe have funded entrepreneurs.

Problems & Paradoxes

Women entrepreneurs exhibit 5% greater likelihood of innovativeness than men.

Some of the main problems that women entrepreneurs around the world face include a greater likelihood of starting businesses out of necessity, having lower growth expectations, and higher rates of business discontinuance compared to men.

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IMN's Winter Forum on Real Estate Opportunity Jan 22-24 | Laguna Beach, CA What are the latest factors impacting deal flow, valuations, fundraising, the availability and cost of capital? What are the latest real estate opportunities? With over a thousand attendees, this three-day event is renowned for its history of delivering critical market information, strategic insights and unmatched networking opportunities. Join this event for industry insights and connections that could make or break your year.

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MBA Independent Mortgage Bankers Conference Feb 3-6 | New Orleans, LA As an IMB, you are constantly looking for market opportunity - to expand your network, grow your business. Get the latest insights and updates on industry trends impacting the IMBs. It couldn't be any easier than at this gathering of IMB leaders in the Big Easy. This year’s event features over more than 350 companies, over 50 expert speakers, and highly-targeted content that delivers actionable business intelligence.

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IMN NPL Notes & Default Servicing Forum Feb 10-11 | Fort Lauderdale, FL Now in its fourth year on the East coast, IMN welcomes back large institutional buyers, mid-sized funds, smaller private note buyers to discuss market trends, as well as a new wave of servicers and default professionals, to discuss trending topics in foreclosures and default services. In addition to forming new business relationships, attendees can look forward to new sessions addressing RPL securitization and REO to rental property strategy.

MBA CREF/ Multifamily Housing Convention & Expo Feb 23-26 | San Diego, CA Join more than 3,000 commercial and multifamily real estate finance professionals at the must-attend industry event of the year!

This year’s event features over 70 phenomenal speakers, over 500 of the industry’s top companies, and more than 7,000 of the industry’s key players. This is a perfect opportunity for industry professionals to familiarize themselves with the latest trends and products and gain strategies for sustainable success.

MBA Mid-Winter Housing Finance Conference Mar 8-11 | Avon, CO Mortgage Bankers Association (MBA) proudly hosts their Mid-Winter Housing Finance Conference at the Ritz Carlton, located in Beaver Creek Mountain, which joins the nation’s top senior executives. This event hosts a select group of CEOs, presidents, chairmen and executives representing business models of all sizes to come together for critical conversations alongside industry innovators, government leaders and policy experts.

2020 National Interagency Community Reinvestment Conference Mar 9-12 | Denver, CO The 2020 National Interagency Community Reinvestment Conference connects attendees with leaders and peers from across the country to work together to foster equitable community investments. Join this event to explore new partnerships and strategies to advance equitable growth, as well as CRA modernization updates, compliance training for banks of all sizes, and emerging community development trends.

2020 Enterprising Women of the Year Awards Mar 31 | Clearwater Beach, FL The 2020 Enterprising Women of the Year Award is acclaimed as “the most prestigious global award recognition for accomplished women entrepreneurs,” which will be presented at this event. The conference brings together women leaders and thought leaders from the United States and from around the world to form meaningful connections and discuss key topics surrounding women’s business growth, as well as personal health and wellness.

Media

Marriage Story

Starring Scarlett Johansson, Adam Driver, Laura Dern Director Noah Baumbach reimagines the story of his own divorce in this honest portrayal of the withering relationship between a stage director, Charlie, and his actor wife, Nicole, as they struggle through a harrowing divorce. The divorce becomes a bicoastal battle as they fight for custody of their 8-year-old son, Henry, and fight for their own personal and creative freedom.

Little Women

Starring Saoirse Ronan, Emma Watson, Florence Pugh This cinematic remake of Louisa May Alcott’s beloved novel follows the lives of the four March sisters—Amy, Jo, Beth and Meg—as they come of age after the Civil War. Though they are different from each other, they are united in their determination to pursue their respective dreams regardless of gender norms, and they support each other through their triumphs and tribulations.

Bombshell

Starring Charlize Theron, Nicole Kidman, Margot Robbie Based on a true story, Bombshell provides an inside look into one of the most powerful and controversial media empires, and the riveting story of the fearless group of women who expose the infamous man who created it. This star-studded cast reenact a real-life scandall that shattered the world of news media and set a precedent for intolerance of harassment in the workplace.

The Oz Principle

by Roger Connors, Tom Smith, and Craig Hickman Standing the test of time, authors Connors, Smith and Hickman provide a roadmap for building invaluable personal characteristics that will not only make you a successful business owner but also an effective leader. This book teaches you the importance of accountability, and how taking responsibility for your work and the productivity of your company leads to greater investment and involvement in its future prosperity.

Real Estate Titans

by Erez Cohen

Drawing research experience at the Wharton Business School, as well as intimate discussions with major real estate players in the industry—Ronald Terwilliger, Sam Zell, Joseph Sitt and more— Cohen teaches shares a comprehensive guide on how to navigate the real estate industry. Real estate leaders share how they became so successful and what traits have helped propel them to success of such grand proportions.

Deep Medicine

by Eric Topol

The doctor-patient relationship is suffering as doctors are becoming too distracted and overwhelmed to form meaningful connections with their patients, which can negatively affect treatment.

The advent of artificial intelligence (AI) in medicine can help fix this barrier.

Leading physician Eric Topol reveals how AI will be able to cover remedial tasks so that doctors can have time to truly communicate and connect with their patients.

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How Cognitive Decline Makes the Aging Population Vulnerable to Elder Abuse Elder financial abuse is a growing problem, leaving de- Perpetrators of elder financial abuse typically include family stroyed relationships and economic destruction in its wake.

From straightforward theft to slow development through complex relationships, the tremendous loss of wealth incurred by senior citizens results in premature deaths and intergenerational loss of wealth. It ultimately rips at the fabric of society as a whole as trust among family members and faith in financial institutions are destroyed.

The aging population at all levels of socioeconomic status are vulnerable to elder financial abuse, from those under the poverty level to those who hold significant private wealth. This is an important issue that family offices and other industries should be aware of and defend against.

Elder Financial Abuse: General Characteristics

Most victims of elder financial abuse are between the ages of 80 and 89, and they require support for day-to-day activities. Women are almost twice as likely to be victims of financial abuse compared to older men. This might be because older women are more likely to live alone and require more assistance in daily living for a longer term.

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members; paid home care workers; financial advisors; legal guardians; or strangers who defraud older adults via mail, telephone or internet scams. Examples of elder financial exploitation, as outlined by the U.S. Securities and Exchange Commission’s Office of the Investor Advocate, include • Stealing an older adult’s cash; • Withdrawing money from a victim’s account; • Cashing a victim’s checks or using his or her credit card without authorization; • Transferring property deeds; misusing power of attorney; and identity theft.

Global Stats

• According to the World Health Organization (WHO), 15.7 percent of people 60 years & older experience abuse • Only 4 percent of instances of elder financial abuse are reported.

• Over $36.5 billion a year is estimated to be lost annually in the U.S. due to elder financial abuse, fraud or scams.

• Ninety percent of abusers are family members.

• The aging population is increasing rapidly in countries across the globe, and only 40 percent of countries have a national plan in place to address elder abuse.

Aging Population of 80 and 89, and they require support for day-to-day activities. Women are almost twice as likely to be victims of financial abuse compared to older men. This might be because older women are more likely to live alone and require more assistance in daily living for a longer term.

Only 4% of instances of elder financial abuse are reported.

According to a 2011 Government Accountability Office (GAO) study, approximately 14.1 percent of adults age 60 and older in the United States have experienced some kind of physical, psychological or sexual abuse; potential neglect; or financial exploitation in the past year. Cognitive decline is a key factor that makes the aging population susceptible to elder financial exploitation, according to the Elder Financial Exploitation 2018 report by the U.S. Securities and Exchange Commission’s Office of the Investor Advocate.

The aging brain is marked by a decline in fluid intelligence, while crystalline intelligence usually remains intact or increases. Fluid intelligence in financial terms, the report explains, “refers to the ability to manipulate and transform financial data,” and it is generally associated with the capacity to hold multiple distinct pieces of information in one’s mind.

Crystallized intelligence, in contrast, refers to a person’s store of knowledge and “involves knowledge and experience with financial products.”

With a decline in fluid intelligence, older adults are likely to experience a decreased ability to manage money and make financial decisions. However, this decline might be offset by greater financial knowledge and experience from increased crystallized intelligence. However, their store of financial knowledge still leaves them vulnerable to deception and scams as their ability to judge riskiness or trustworthiness is diminished. This type of cognitive impairment might be caused by different brain diseases, including Alzheimer’s disease, other types of dementia and mild cognitive impairment (MCI).

Perpetrators of elder financial abuse typically include family members; paid home care workers; financial advisors; legal guardians; or strangers who defraud older adults via mail, telephone or internet scams. Examples of elder financial exploitation, as outlined by the U.S. Securities and Exchange Commission’s Office of the Investor Advocate, include stealing an older adult’s cash; withdrawing money from a victim’s account; cashing a victim’s checks or using his or her credit card without authorization; transferring property deeds; misusing power of attorney; and identity theft.

There are few options for protecting older Americans from financial abuse. As family members are often the perpetrators, victims who have had their assets stolen are less inclined to want their relatives or loved ones to be criminally prosecuted. In addition, many times they feel alone or don’t have anyone else to help them. They would rather have the comfort of someone being there despite the associated costs rather than suffer loneliness. In these cases, civil actions are a common route for recovering stolen assets.

Unfortunately, few civil attorneys are trained in issues re-

14.1% of adults age 60 & older in the U.S.A. have eperienced some kind of physical, psycological or sexual abuse; potential neglect; or financial exploitation in the past year. lated to older victims of financial abuse. Stolen assets from older victims are rarely recovered, which affects their ability to support and care for themselves. Therefore, the burden often falls on different state and federal programs to care for older adults who are exploited.

Learn more about elder financial abuse and preventative measures in Volume V: Aging Population of the 2019 NAWRB Women Housing Ecosystem Report (WHER).

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Quality of Living

5 Simple Stretches to do while Traveling

No Equipment Needed Created for Business Professionals

Traveling is inevitable in a successful business womanís career. When youíre driving in a car or sitting in a plane for hours just to sit in an hour-long meeting, this repetitive sitting or standing for a long time can wreak havoc on your body if you donít take the time to stretch. Stretching is also important to prevent injuries when you work out, dance, or go about your usual routine.

According to ACE Fitness, stretching has many benefits, including decreasing muscle stiffness and increasing range of motion, reducing the risk of injury, improving posture, reducing or managing stress, promoting circulation, and decreasing the risk of lower back pain. Below are five simple stretches you can do on the road!

1. Quad Stretch: Using your suitcase handle, wall or the back of a chair for balance, shift your weight over to the right foot. Keeping the legs together, bend your left knee so that you can reach behind you with your left hand to grab your left ankle or top of foot. Hold for 10 seconds, then switch.

2. Doorway Stretch: Stand with your hand flat on the wall. Pretend your body is a door and ëopení it away from the hand. Hold for 10-20 ten seconds and switch sides.

3. Seated Twist: Sitting tall with your feet flat on the ground, turn your upper body to the right, holding the right armrest or side edge of the seat. Pull your navel into your spine and use your hands to gently deepen your twist.

4. Forward Fold: Keep your knees slightly bent to support the lower back. Lean forward and let the head relax. This stretch can be done standing or seated.

5. Legs Up the Wall: Either on the floor or on your bed, move your lower body so itís

flush with the wall. Roll onto your back and extend your legs your legs up the wall. Bend your knees slightly to support the lower back.

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