Growing up in a coastal village in East Kalimantan, Utari Octavianty had seen firsthand the challenges faced by small fisheries in Indonesia. She and her co-founders, Farid Naufal Aslam and Indraka Fadhlillah, launched the fishery platform Aruna in 2016 to bridge the gap between fishermen and their customers and promote sustainable fishing practices.
Today, the company claims to be the largest integrated fisheries commerce firm in Indonesia, working with more than 40,000 fishermen across the archipelago. Along the way, it has also secured the backing of venture capital firms such as East Ventures, SMDV, AC Ventures and Prosus Ventures.
In an interview with DealStreetAsia, Octavianty shares her experience as a female founder, including the biases displayed by some of the VCs she encountered during her entrepreneurship journey.
“I once had a VC ask my co-founder in my presence why I was doing the talking instead of him,” she said. “That being said, VCs tend to have a man on the founding team of their portfolio companies, and they often, whether subconsciously or consciously, value men’s input over that of women on the leadership team.”
Her advice to other entrepreneurs looking to shatter the proverbial glass ceiling? “Go get it started. Be humble and learn. Find a mentor and understand that that doesn’t make you any “junior”. Plan along the way. Grow your network and accept feedback to make things better.”
Excerpts of an interview:
What led you to become an entrepreneur? How would you describe your entrepreneurship journey so far?
I grew up in a coastal village inhabited by small fishermen in Balikpapan, Kalimantan Timur [East Borneo]. My uncle was a fisherman, and my parents sold fishing tools. Born into a family whose work revolved around fishing, I saw how underdeveloped the field was as the fishermen had been using inefficient practices for years. It was my dream to create a positive impact on others, and that is how Aruna was born. My two co-founders and I are on a mission to combat the lack of transparency in the traditional fishing industry by constructing a digital platform that directly connects fishermen and their catch with customers to improve their livelihoods.
My entrepreneurship journey so far has been unpredictable, challenging and complex, but every phase has shown me new things to learn.
What are some of the biggest challenges you’ve faced as a female founder? How did you overcome them?
It has been a challenge to balance business and personal life. I try to find the best way to make time for both. Another challenge has been coping with the fear and failure that are part and parcel of the entrepreneurship journey. At those times, I remind myself to remember my ultimate destination. I think what would also help female entrepreneurs in this journey is making authoritative first impressions so people know who we are, what our role is, and take us seriously.
What challenges did you encounter while fundraising? Did you face any implicit or explicit gender bias while raising capital?
I once had a VC ask my co-founder in my presence why I was doing the talking instead of him. That being said, VCs tend to have a man on the founding team of their portfolio companies, and they often, whether subconsciously or consciously, value men’s input over that of women on the leadership team.
Do you think that investors tend to have different expectations or standards for female founders versus male founders?
Frankly speaking, investors tend to have different expectations and standards for women and men. In most cases, women are expected to be more focused on marketing and less on the technical stuff. However, it’s well-understood that marketing plays a very important role in every industry, and it can’t be taken for granted. Female founders often have a unique perspective that can be leveraged to create successful businesses.
What are some of the potential reasons for the gender gap in venture funding, and how do you think these can be addressed?
Aspiring women inventors and founders likely need successful role models to aspire to. They also need peers on the other side of the table when they are pitching to investors.
To address the gap, fund managers and investors can create more events that are open to both men and women. They can also change their existing events so that they are more inclusive of women.
In the current environment, when funding will be more difficult to secure for most startups, could female founders find it tougher to raise capital?
I haven’t experienced that so far, but I believe that raising venture capital can be difficult for all startup founders, not just female ones.
What advice would you give other female entrepreneurs?
Go get it started. Be humble and learn. Find a mentor and understand that that doesn’t make you any “junior”. Plan along the way. Grow your network and accept feedback to make things better.
How can we work to change the culture and mindset within the venture capital industry to be more inclusive and supportive of female founders?
As female entrepreneurs access more diverse sources of funding, they can start to diversify decision-making in the sector and support other women and minorities, creating an equal and unified entrepreneurial environment. We must transform the systems that have acted as barriers to fair and equal funding.
In your opinion, what are some of the most important factors that investors should consider when evaluating a startup, regardless of the founder’s gender?
Passion and commitment, a sound business plan, market opportunity and team and scalability.
How has being a female entrepreneur influenced your leadership style and approach to running a business?
Perceptions regarding personal skills and competencies, rather than gender, have a significant impact on leadership styles. Hence, we need to focus and work on enhancing the competencies linked to transformational leadership, such as communication, employee empowerment and responsibility delegation.