Sarah and Jasmine reject the framing that directing investment toward women-founded companies is philanthropy. Sarah argues that investors neglect their fiduciary responsibility when they exclude half the population from the opportunity set they evaluate.

Female founders want access to opportunity rather than charity
Investment standards and return mandates still apply
A wider candidate pool supports better investment selection
Excluding women can undermine return maximization

“we all believe this is not charity, but this is an investment strategy with good returns?”
Sarah Chen-Spellings · 20:53

“as a fiduciary, it is your job to ensure you're maximizing your return and having a big enough sample set to review.”
Sarah Chen-Spellings · 24:29

#female-founders#fiduciary-duty#investing#equality

Hot Take· 1

Hot Take39:03

Women Should Aim Beyond Incremental Problems

Sarah closes by challenging capable women to direct their skills toward difficult, generational problems in areas such as climate, health, and education. She acknowledges mental-health needs and systemic barriers but argues that women’s demonstrated execution ability should be applied to larger ambitions.

Systemic bias does not reflect a lack of female capability
Founders can pursue hard problems while still protecting mental health
Climate, health, and education offer consequential opportunities
The goal is impact that changes the lives of later generations

“We can do hard things. We must challenge ourselves.”
Sarah Chen-Spellings · 39:13

“challenge yourself to also create an impact that will change generations after you, because that is the kind of innovation that we need right now…”
Sarah Chen-Spellings · 39:13

#ambition#innovation#impact#women

Story· 5

Story04:24

How Sarah’s Mother Rose From Secretary Aspirations to CEO

Sarah traces her understanding of leadership to her mother, the youngest of nine children, whose initial ambition was to become a secretary. Supported by Sarah’s father and repeatedly asking what came next, she ultimately led a holding company associated with major automotive brands while resisting gendered expectations.

Sarah frames both hidden dreams and trauma as generational inheritances
Her mother advanced through repeated promotions and challenges
Her father encouraged her to pursue each next leadership level
Sarah observed strong female leadership before realizing it was unusual

“I've started to realize so much of our lives don't begin the moment we're born. It's actually generational.”
Sarah Chen-Spellings · 04:29

“She was asked to make coffee and she said, well, you're meeting me. You can make your own coffee. Thank you very much.”
Sarah Chen-Spellings · 07:21

#leadership#family#women#malaysia

Story08:10

The Ping-Pong-Ball Question That Launched Sarah’s Investing Career

Seeking inspiration from a younger senior executive, Sarah requested an internal coffee meeting that unexpectedly became an interview. Her structured response to an estimation question helped secure a role among the earliest hires in a new corporate venture-capital unit.

Sarah proactively contacted a leader whose career she wanted to understand
The interviewer cared about her reasoning rather than the exact answer
She modeled the ball and aircraft using simplified geometric volumes
Her legal degree also made her useful to the new venture team

“He asked me this question, hey, if you don't mind, tell me, how many ping pong balls can you fit in a Boeing 747?”
Sarah Chen-Spellings · 09:14

“it's a typical MBA question where they're looking not for the answer, but how you get to that answer.”
Sarah Chen-Spellings · 09:14

#career#venture-capital#problem-solving#networking

Story11:20

The $30 Million Deals That Turned Sarah Into an Activist

While reviewing and negotiating major investments, Sarah repeatedly encountered management teams without a single woman. The pattern led her to investigate women’s representation in Malaysian leadership and eventually help establish what became Lean In Malaysia.

The absence of women appeared throughout a large investment funnel
Women were present in supporting roles but rarely leading funded innovation
Only 5% of Malaysian CEOs were women at the time
Sarah combined her investing career with policy, community, and leadership advocacy

“we were cutting, like $30 million checks, and all the deals that I was looking at in diligence did not have a single woman on…”
Sarah Chen-Spellings · 11:45

“And we asked the bigger question where are the women?”
Sarah Chen-Spellings · 12:38

#gender-gap#investing#leadership#malaysia

Story18:39

The Overnight Execution That Turned a Volunteer Into a Co-Founder

Unable to work while awaiting her green card, Sarah offered to volunteer on Shelly’s Billion Dollar Fund for Women concept. She quickly translated the idea into a website, framing, pledge design, and investor outreach, prompting Shelly to invite her to become a co-founder.

Sarah treated unpaid contribution as a chance to demonstrate value
She combined venture experience with women’s leadership advocacy
She produced concrete campaign assets by the following day
Existing investor relationships helped her bring major Asian funds into the conversation

“Let me volunteer my time. Let me be free labor for you, show you my value. Let's see where this goes.”
Sarah Chen-Spellings · 18:42

“I think my superpower is I can bring a big vision to life with military precision and execution.”
Sarah Chen-Spellings · 20:11

#entrepreneurship#execution#cofounders#career

Story22:36

How a Ten-Year Billion-Dollar Goal Was Reached in Nine Months

The Billion Dollar Fund for Women began as a pledge campaign asking venture firms to designate capital for women-founded companies. A World Bank meeting created an early deadline, and the campaign arrived with hundreds of millions already committed before reaching its billion-dollar target within nine months.

The initial billion-dollar target was expected to take ten years
The campaign sought commitments rather than directly managing the pledged money
A high-profile institutional event created momentum and urgency
The pledge forced investment firms to examine pipelines and capital allocation

“Within nine months, we got to the billion dollar goal.”
Sarah Chen-Spellings · 22:38

“what we proved was that designed correctly. VCs definitely wanted to do the right thing.”
Sarah Chen-Spellings · 23:29

#venture-capital#women-founders#campaigns#investment

Takeaway· 2

Takeaway16:34

How Sarah Rebuilt Her Career After Moving to America

Arriving in the United States without an established local network, Sarah started with former portfolio companies and the trust created by her earlier work. She asked directly for introductions, attended events, accepted help, and relied on demonstrated authenticity rather than her former title or corporate checkbook.

Prior work quality created relationship capital that survived a career move
Sarah openly asked contacts whom she should meet
She showed up across different communities and networked intensively
Women in her emerging network opened important doors

“Even without my title and the checkbook of the public listed company, just as Sarah, people just wanted to help me.”
Sarah Chen-Spellings · 17:24

“And so I, you know, sucked my ego up. Asked for help. Who do you know? Who can I speak to?”
Sarah Chen-Spellings · 17:24

#networking#trust#career-change#relationships

Takeaway25:53

What the First Billion-Dollar Pledge Produced

Sarah reports that 86 funds joined the first billion-dollar pledge round. Of that pledged capital, $638 million was deployed across 795 companies, with 14 emerging as unicorns, although she notes that market valuations fluctuate.

Eighty-six funds took the pledge
Partner funds deployed $638 million
The capital reached 795 companies
Fourteen companies emerged as unicorns

“And from the first billion 638 million of that was deployed into 795 companies, Means of which 14 emerged as unicorns.”
Sarah Chen-Spellings · 25:53

#portfolio#unicorns#women-founders#returns

Frameworks in this episode

Capital Fit Decision Framework

Venture Dream Pitch

Insights & moments

⚡Myth Buster· 1

Investing in Women Is a Return Strategy, Not Charity

◆Hot Take· 1