an individual develops a reputation for delivering on their promises, gender differences no longer exist.
Maxine L. Savitz discussed her diverse experiences as an entrepreneur, both in the industry and the government. She specifically elaborated on the entrepreneurial opportunities offered by government agencies at all organizational levels. To help identify the possibilities for creativity and innovation in the government, Savitz drew parallels between industry and the government, highlighting the following features:
• Funding: Congress, like venture capitalists, expects justification of allocated funds. Thus, as in the corporate sector, government workers need to build sound business plans and carry out extensive expenditure analysis before committing their limited resources in a new venture.
• Personality: Both sectors require entrepreneurs to be on the lookout for possible opportunities, be willing to take risks, and be flexible in making the most of an opportunity.
• Collaboration: Linking research, development, and policy-making helps create more efficient products for both private and public sectors. Creative and technical analysis is important for building innovative and efficient public policies that can be readily implemented in conjunction with the needs of industry.
• Trend Identification: As in commercial markets, Savitz suggested that opportunities for government agencies can also be very dynamic. For example, the energy sector has moved from being a mainly private sector commodity in the 1960s, to a majority public sector today. In recent years, the share of industry in utilities is again increasing, necessitating a further shift in government policies.
Finally, Savitz emphasized the importance of passion in identifying those areas of entrepreneurship and intrapreneurship that will lead to one’s success.
Judith Giordan began by emphasizing the important differences women can make in business. She noted that Fortune 500 companies with the best records of promoting women to senior leadership were 18 to 69 percent more profitable than median companies in their industries; high gender diversity in the management of European companies led to more profitable stock performance; and companies with three or more women on their board outperformed the competition on all measures by at least 40 percent. These statistics have begun to shape global perceptions of the important role of women in business, where countries such as Norway have instituted mandatory quotas for gender diversity.
Explicitly looking at entrepreneurship, Giordan commented that half of all U.S. investment capital comes from women, but only 10 percent of traditional mutual fund managers and only 3 percent of hedge fund managers are women. She emphasized that even the venture