Mawson served as vice-president of US-based venture capital advocacy group the National Venture Capital Association (NVCA) for more than 14 years. In this role, she oversaw membership, business development, meetings, benefits and services. In 2003, she launched the NVCA’s CVC subgroup to address the growing needs of the corporate venturing community.
After spending more than 30 years in the Washington DC area, she is now based in Michigan, fulfilling her dream of lakefront living. She talked about the transformation of the corporate venturing sector since the early 2000s, her plans for the Leadership Society, and her passion for music and greyhounds.
Tell us more about setting up the NVCA’s CVC subgroup in 2003 – how did that project come about?
It all started with a member request from Mark Klopp who, at the time, was a CVC for Eastman Chemical. Although NVCA’s lobbying efforts were at the core of the association’s charter, Mark felt that an opportunity was being missed to address the specific needs of CVCs. He – along with Heidi Mason and Linda Yates – put together an outline of perceived needs and challenges and how the NVCA could respond though various components of education, events and collaboration with institutional VCs. We launched our first meeting of the corporate venture group in January 2003, with about 45 attendees. Their additional feedback got the ball rolling.
What are the biggest changes you have seen in the industry since then?
First of all, corporate venture capital used to be viewed as more of a pet project rather than a staple for the parent company. The mantra used to be if you had a boon year, you would do some investing. If you did not see immediate returns, you would stop. Today, CVC is part of the DNA of every major corporation – that is a huge difference within the last 10 years. And, if you do not have a CVC unit established you have someone charged with how to start one.
You also have many savvy investors who have earned their stripes from both the corporate sector, as well as the institutional side. Greater camaraderie has resulted in an increase in early-stage co-investments and follow-on rounds from CVCs, not to mention CVCs becoming lead investors. Also, the types of investments being made are different.
We are seeing a rise in non-strategic or investigative investing. Although strategic investing is still necessary for corporate innovation, many CVCs are moving the needle philanthropically. They are also looking at co-investments with other CVCs as an entrée to learn more about a particular technology that is not core to their business development, per se.
I could go on and on about industry changes. However, these are some of the most major developments in my mind.
When did GCV cross your radar, and what drew you to the Leadership Society?
NVCA formed a partnership with GCV to offer a member discount on its products some years ago, when GCV founder James Mawson first came on the scene. We are not related, by the way, but you would be surprised how many people think so. I have always admired his entrepreneurial spirit. Not only did James listen to the concerns of CVCs, but he has responded by building a platform of benefits and services that no one else is offering. He is always thinking ahead – what’s the next thing we should be doing, where should we go from here? When the opportunity presented itself for us to work together, I was in.
Why do you think the society is needed?
There has been much discussion and controversy for many years over the need to “legitimise” the CVC industry. Let me be clear. I do not see the need to do that. Nor do I see the Leadership Society as a means to do so. I mention this only because I do think that CVCs need a place where their interests are represented and communicated in such a way that there is no question at all about what they are and how they move innovation and the economy forward. That is why I think the society is crucial. CVCs need to come together under their own banner to tell their story, without the need to justify their existence. As you can tell, I am just a little passionate about this.
What will you be doing for the society?
Many of the typical things you do when launching a new organisation – business development, outreach, community building and so on. We want to get as many CVCs involved as possible. That will continue to shape our focus, as well as future initiatives.
You will also be heading the International Corporate Venture Capital Association (ICVCA). Tell me more about this.
If I can take a slight spin from an old Visa commercial – we want to be everything and everywhere you need us to be. That is a pretty ambitious line. However, the ICVCA is designed to be the mechanism for more meaningful communication and connection with entrepreneurs and VCs. Creating white papers, hosting joint events with other associations, showcasing international investment opportunities are just a few of the things on the drawing board for increased outreach.
Before joining the NVCA, you provided consulting services for non-profit organisations such as the Greater Washington Society of Association Executives. What was it like moving from the non-profit world to the venture capital industry? What kind of overlap did you find?
The NVCA was a non-profit organisation so it was somewhat similar in its makeup. What I immediately noticed was how quickly decisions were made at the NVCA. That does not typically happen within most associations. However, when your board of directors is made up of VCs who sit on many portfolio boards, they know how to get things done and do not waste time hashing and rehashing issues that stymie the progress of many non-profits. The NVCA ran pretty much like a startup company – nimble and lean.
What would you like the Leadership Society to achieve this year?
This is the year that the CVC community needs to come together – not just for an event or networking. We need more leaders involved in shaping the future for new CVCs, as well as addressing the challenges that come with success and longevity in this industry. My goal is to increase knowledge of the Society and to get as many leaders involved as possible. GCV cannot respond if your voice is not heard. Every active CVC should have a seat at the table, rather than stand on the sidelines.
You are also a recording artist and a lover of greyhounds.
I was part of a band – Mystic Harmony – that performed Celtic-influenced music. The band released two CDs – Kindle a Flame and Mystic Christmas. Several of our songs continue to be played on the radio. I had some friends who had rescued a greyhound and was very impressed with the breed – gentle, loving, good with other animals. They are pretty much couch potatoes if they can get a good run in about once a week.