Allyson Felix and Montse Suarez Discuss the Future of Women Investors and Entrepreneurship
- Oops!Something went wrong.Please try again later.
Olympic track star Allyson Felix and Iris Ventures’ founder and managing partner Montse Suarez have history.
Earlier this year, Felix’s community-centered footwear brand Saysh locked up an $8 million in Series A financing led by the specialist consumer fund Iris and Gap Inc.’s Athleta.
More from WWD
The financial boost is going toward scaling up e-commerce, wholesale distribution, Saysh’s product range and retail prospects, among other initiatives. Iris Ventures is the adviser to Iris Fund I FCRE, a growth equity fund geared for European and American purpose-led consumer brands and tech-enabled solutions that strive for healthier, happier and more convenient lives.
Felix, an 11-time Olympic medalist, started Saysh with her brother and business partner, Wes, after a lack of maternal health support from her former sponsor, Nike, several years ago.
At the time, when renegotiating her contract with Nike, she asked for a clause in the contract that the company wouldn’t reduce her pay within 12 months of giving birth, but at that time the company was not ready to offer that same protection to other female athletes. In 2019, Felix wrote an op-ed for The New York Times calling out Nike for its maternity policy.
Felix wound down competing in July, as the most decorated female track and field Olympian.
She and Suarez talked about female entrepreneurship and building brands during a conversation on “Building a new Paradigm: Female Women Investors and Entrepreneurship” with WWD London bureau chief Samantha Conti at the WWD Apparel and Retail CEO Summit in October.
Felix said she created Saysh out of necessity after going through “a very difficult time period, when she was not supported by her sponsor as she had hoped that she would have been after becoming pregnant. Felix recalled how on the heels of a 14-year running career and competing in four Olympics, she found herself fighting for maternity protection for female athletes. While still intent on competing, she parted ways with her then-sponsor, Nike, “which later changed its policy,” and started her own company.
However big that endeavor may have seemed initially, Felix said “the more that she sat with it,” she realized that it was an opportunity to create change instead asking that of someone else. The original plan was to create shoes for Felix to wear in the Olympics. After learning that men’s lasts are often used to make women’s shoes, the focus widened to create footwear that is made for women and a company that “makes them realize they are seen and valued,” Felix said.
Suarez, whose company has invested in nutraceuticals Olistic Science, Italian craftsmanship luxury platform Artemest, virtual fertility Apricity among other businesses, said an authentic connection and a valid purpose are always needed when she’s going to make an investment. Felix’s commitment to using the Saysh platform to elevate her voice and be part of the fight for women’s rights was evident, according to the Iris Ventures founder.
Familiar with the challenges women face in some male-dominated sectors, Suarez noted that women comprise only 10 percent of the venture capital field and only about 2 percent of venture capital funding goes toward female-owned businesses. She said started Iris to try to change that by focusing on female-founded businesses — something that she did not think would happen in her previous jobs, where men dominated decision-making. Felix’s personal story resonated with Suarez, who said that she had been the first female executive to become pregnant at a prior company.
Both women discussed the struggles of entrepreneurship and those that other women-led businesses face when trying to gain access to financial capital. The former Olympian noted how female entrepreneurs of color are even more challenged to access what minimal VC funding is earmarked for women-led businesses.
Mentoring other women is another priority. “It’s so important for us all to have those relationships that help the next person. When you have a seat at the table, you don’t want to close that door behind you. You really want to help the next person. I feel so grateful that I have a lot of women have done that for me and have given me the opportunity to be better, by learning from their own experiences,” Felix said.
Suarez said she too has benefited from having mentors who provided guidance about getting started, fundraising, and continual motivation to carry on to reach the objective.
Suarez also spoke of the value of knowing what not to do, and how her job as an investor includes sharing such insights, when needed. From her point of view, Felix said having an investor that understands the purpose and meaning of a company is key. “If you’re aligned with core values, that’s what it’s all about,” Felix said.
With Saysh’s own fund, the focus is on underserved female founders of consumer businesses. All in all, “it comes down to investing in people, their mission and what they’re trying to do and if we believe in that and if we believe in them,” Felix said.
As an investor, Suarez said that she too feels a social responsibility to support founders with a social-driven mission, such as a female executive who has launched a Farfetch-like platform to give people access to artisans in Italy whose work was ebbing and to protect their heritage and skills.
Suarez and Felix agreed on the importance of having role models and being one to others, including to their children. Enthusiastic about how her young daughter sees her go to work and work hard, Felix said, “I hope to raise her to be confident, to be able to do whatever she wants to and to [understand] there are no limits. There is a long way for us to go and a lot of work to be done, but she definitely keeps me motivated to keep working hard.”
Suarez explained that she encourages her three children to follow their passions and their dreams. As for how the pandemic has altered the work-life balance, Felix noted how Saysh was built during the pandemic, “which was extremely difficult.” Nevertheless, the company’s team has been built by offering employees flexibility to work remotely and to doing things differently. Saysh instituted a Maternity Returns Policy last spring so that consumers who purchased a pair of Saysh sneakers can exchange them for a new pair, should their foot sizes have changed during pregnancy. Ensuring that women don’t have to choose between the careers that they love and their families is one of Felix’s passions. “Seeing how we can do things differently and build from the ground up has really been a great opportunity,” she said.
Suarez also touched upon some of the burdens brought on by the pandemic, and noted that she surrounded herself with a good team that became more resourceful and closer as they experienced the various changes underway. While professional skills are without question important, “the attitude of your team is even more important,” she said, adding that is how she has managed to breed a culture for more of a collective good and to create more opportunities for all.
