Guest blog post by Annie Lamont, Managing Partner at Oak HC/FT

When I was initially asked to join a panel focused on women’s entrepreneurial leadership at the seventh Global Entrepreneurial Summit last month, I thought long and hard about what it has meant to be a woman in business for over thirty years. I was happy to arrive at the conclusion that finally, significant progress is being made to develop and nurture an entrepreneurial ecosystem for women worldwide. Women entrepreneurs and leaders – supported by people like Commerce Secretary Penny Pritzker, an extraordinary entrepreneur herself – are spearheading the effort and making great strides in changing the status quo.

I represented the venture capital industry, which I have participated in since 1982 – currently as managing partner of the $500 million venture fund Oak HC/FT that centers on healthcare and financial services technology companies.

I wholeheartedly believe that opportunities for women in venture capital have improved this decade. It’s actually a fabulous time to enter the VC ranks, even though women partners are still rare at many VC firms. It’s all about joining that “club,” which is not without its challenges but is more possible than most women realize.

Why is the time ripe now? The ecosystem for women-led startups and partners and other women at VC firms have strengthened as accelerators, angel investors, leadership and networking programs grew in number for women, and as Silicon Valley startup successes grabbed investors’ attention. The upshot: The number of women-led, venture-backed companies climbed to 18 percent in 2015 from 5 percent in 1999. And while women business owners continue to face greater funding challenges than men, the growth rate of women entrepreneurs is five times that of male entrepreneurs.

Honestly, I never felt that, for me, a glass ceiling existed in venture capital. I was fortunate to gain entry early. Once in, you quickly grasp it’s an industry where your advancement rests more on results and performance, which are easier to measure than in most other industries. As Hamilton composer Lin-Manuel Miranda says, it’s all about “being in the room where it happens” and “making the most of my shot.”

As I mentor more women in the industry, I increasingly emphasize the importance of carving out a specialty niche and using that expertise to seek out attractive startups in which to invest and, obviously, not just those led by women. Women tend to be better listeners – some say, psychiatrists – and that’s critical in VC, and, yes, they’re legendary multitaskers.

Here are my tips for women seeking a VC career:

• Don’t pass up opportunities to get a foothold and prove your mettle. Once you are able to get your foot in the door, make the absolute most of it through demonstrating your passion and genuine interest in learning about the business.
• Network, network, network. This industry is 100 percent about relationships. So reach out to VC partners and their portfolio companies. Find a mentor. Persevere and show initiative, ask questions, do your research, speak up.
• Differentiate yourself. Find an investment specialty and stick with it. For me, it was healthcare and fintech. Demonstrate your knowledge and build on that expertise, exercise judgement and treat people fairly. (Because it’s the right thing to do and they don’t forget and will work with you time and again).

As for women entrepreneurs, be a pied piper, look for and identify a big idea and a big need, master the art of communicating to VC angels and firms, and attract a team of Aplus players compelled to join you in your mission.

Annie Lamont, as managing partner at Oak HC/FT, where she focuses on growth equity and early-stage venture opportunities in healthcare information services and financial services technology. She has been ranked as the top healthcare and fintech investor on the Forbes Midas List.