00:12 Scott Gerber: I know you and Alexandra are very big proponents of female entrepreneurship. In the age of talks about glass ceilings and corporate culture not being fair to women, and all these things that frankly I would think, outsider looking in, would be drivers of female entrepreneurship, they're still from a pure percentage perspective; it's a man's game theoretically from the numbers. Why do you think that is? Why are more women not entrepreneurs and what can we do to solve that from the early stages of education forward?
00:39 Alexis Maybank: I have seen really encouraging trends and I wanna see them continue. I've seen more female entrepreneurship over the past five years than I have ever seen, period. And a few things that I personally try to focus on that I think will really help shift that is getting more women into venture capital and positions of being able to dole out financial resources to new women creating businesses, driving ideas forward. There has been less of a representation of women in positions where the investments are getting made. And if that can start to adjust a bit maybe we'll see adjustments too in terms of who's getting funded. While women run maybe 40% of the small businesses, I believe, this is a fact in the US, I believe they receive roughly 8-10% of the investment.
01:26 Gerber: Why do you think that is? Do you think that's just because more man are in VC or more man are in that position? Do you really think that it's specifically if more women were in VC there would be more push towards women?
01:37 Maybank: There's so many factors that go into it, but I think it would help. So, when we were raising capital, one of the most common things I heard was, "Oh, I think it sounds like a great idea. Let me ask my wife about it." What if his wife was actually in the room? Would it been any different for others who might be going down a similar path? Another is, raising money is often a relationship-based initiative. Some people think of it as a fraternity-like environment. If we have the sorority-like environment maybe the personal network, the relationships that go hand in hand with raising capital, we might see those number creep up a little more past 8-10%.
02:12 Maybank: Lastly, I think a big problem, and this is just purely in my industry looking at technology, you look at the number of girls that go into high school interested in science and math, and you look at how many come out the other side interested. And it is a huge fall-off. I believe the graduation rate in high school and college, people who are graduating a degree in at least engineering sciences, it's 10 to 15% of the overall class, and those numbers are very different as you go in. So, I personally, through initiatives like Girls Who Code, am trying to see in what ways, in whatever small way I can help women remain interested in sciences, in engineering sciences in particular, because I think that is a huge driver of innovation. If we see more women coming out of those programs, maybe we'll see more Mark Zuckerbergs who are women coming out with their own idea and building something really big.