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Women on the Move is JPMorgan Chase’s commitment to fuel female ambition and advance financial equality.
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Li Haslett Chen is the founder and CEO of Howl, a technology platform that democratizes access to retail's next frontier, social commerce. Under Li's leadership, Howl has been named one of Fast Company's Most Innovative Companies, and one of the Most Promising AI Companies by Forbes. Li has been recognized as a retail disruptor by the Financial Times, a World Economic Forum Technology Pioneer, and included on Ad Age's 40-Under-40. In this episode of the Women on the Move Podcast, Li sits down with host Sam Saperstein to discuss her career journey.
Three passions
Li says she has three passions that drove her early career (and later inspired her to start Howl): content, retail, and data science. She also loves systems-based thinking, she says, and throughout her career she’s focused on helping creatives who are passionate about retail to build their businesses. Growing up in Beijing in the early 1990s was instrumental. “That's when China really opened to the world,” she says. “I remember being five years old, and us getting our first refrigerator. I think all of that made me feel so in awe of products, and services, and how it really changes our lives. So I always knew I wanted to be in this industry, and at the same time, I never imagined I would be an entrepreneur.”
It was a combination of math, science, and creative industries that allowed Li to approach problems in a different way, she says. “I studied biochemical engineering, but I also grew up in a family of creatives,” she tells Sam. “And while I was [attending] Columbia University, I also did a lot of internships in [New York City] that was very grounded in the creative industries.”
Li was running the marketing at an e-commerce startup when one of the VC investors asked her if there was something that she wanted to build. “I think the reality is he saw some of those tendencies, in terms of the way that I would attack problems, or think about building technology within this company,” she tells Sam. “And within a year of him asking me that question, we had our first check, started building our first company, and that was really the pathway that made all of this possible.”
Entrepreneurial bug
The first company that Li founded was Narrativ, a business that connected large publications with other businesses that could help them better monetize their shopping recommendations. “It was my first foray as a startup,” she says. “It was really exciting, in terms of really the initial success that we had right out the gate.”
In fact, she almost didn’t launch Howl, due to the big success of Narrativ. “But, at the back of my head, there was always this thought of, what if we could give more people access?” she recalls. “What if it wasn't just the largest publications and companies in the world? What about other content creators and creatives who also have a perspective on what people should buy, and what they love, and they want to share it, and make money from it? Could we bring a lot of the technology, and the insight that we've developed at Narrativ, to a much larger ecosystem?”
Howl
Li describes Howl as a marketplace that connects people with something that they want to talk about, promote, and share with their community and with the brands that make those products and services. “So it could be that I'm obsessed with my three-pound laptop, because I am walking around all over the city taking meetings and I need something light,” she explains. “It could be a creator that loves this sunscreen that doesn't leave a cast, because she has darker skin. It could be sneakerhead discords, or folks on YouTube talking about the latest Samsung Galaxy launch.”
In general, she says, it’s about the products you want to “howl” about to your friends and family. The platform gives people the chance to make promoting those goods and services. Li says most creators on Howl are able to make a real living, earning tens or even hundreds of thousands of dollars a year from promoting and working with brands they already love to talk about.
As a leader, Li is committed to helping other women. “I am a big believer that what you send out into the universe is received,” she says. She notes that 75 percent of Howl’s leadership team are women, as is more than 50 percent of the company as a whole. “I think it's very rare in the technology industry,” she says.
Disclaimer: The speakers’ opinions belong to them and may differ from opinions of JPMorgan Chase & Co. and its affiliates. Views presented on this podcast are those of the speakers; they are as of October 29th, 2024 and they may not materialize.
Tuesday Oct 22, 2024
Tuesday Oct 22, 2024
In this episode of the Women on the Move Podcast, host Sam Saperstein sits down with Laura Modi, CEO and co-founder of the organic infant formula brand, Bobbie. From her early days as a first-time mom navigating formula options in a drugstore to founding Bobbie, Laura's journey reflects her commitment to revolutionizing the infant formula industry.
Born from motherhood
Laura says her journey to founding Bobbie began in trauma: as a new mother excited to do everything possible for her baby, she suffered from mastitis and found herself unable to breastfeed. “Here I am doing something I wished and I hoped and I wanted to do so badly and I wasn't anatomically able to feed my child,” she tells Sam.
When she went to shop for formula, things got worse: “I'm in the middle aisle of a pharmacy, a place that you go for a medical solution, not food,” she says. “It didn't feel natural. Even worse, I had to ring a button to get someone to open up. So now you almost feel like you're asking for permission in a way that you felt shamed.“
She also remembers seeing ingredients she wouldn’t feed herself: corn syrup, palm oil, and “ingredients or words that I'd never even heard of.” She felt shame and guilt, but also she knew there should be a better option. She and her husband were astounded that the baby formula industry seemed to be stuck at least 40 years in the past. That’s when she started dreaming of disrupting the industry, and creating the formula she wanted.
An ounce of naivety
Before founding Bobbie, Laura was the director of host operations at Airbnb, and she drew on her experiences there when she created her own business. And when it came time to select a partner and co-founder, Laura turned not to a food scientist or a technologist, but someone who she had worked with at Airbnb, someone who she knew she wanted as her “work wife.”
As for actually formulating the baby formula they wanted to make, Laura says that she was nearly clueless. “An ounce of naivety is probably the secret sauce to succeeding,” she tells Sam. “You learn on the go and then you go, ‘Oh God, if I knew that I probably wouldn't have gotten this far.’"
With her partner Sarah, Laura started with a global standard review, looking for the best infant formulas in the world and researching breast milk and how they could get as close as possible to breast milk in the most natural way possible. “And by no means was I trying to find a world where I was replacing breast milk or creating something ‘better’ than breast milk,” she says. “I wanted to create something that I felt could get as close as possible in the most natural way, so that in absence of not being able to breastfeed, you don't feel guilty.”
Managing growth
In 2020, just as the pandemic unfolded, Bobbie got FDA approval, the green light to launch. At the time, two baby formula companies were producing 80 percent of the nation’s formula—and not long into the pandemic, there was a nationwide shortage of available formula. Bobbie’s customer count doubled overnight. As a start-up founder, Laura had to make the difficult decision to uphold their commitment to their existing subscribers and not take new orders. The company took some flak for the decision, but as a result, Laura says, Bobbie was the only baby formula company at the end of the shortage that was able to continue to feed its customers.
For the next two years, Bobbie had to manage a growing waitlist, balancing what they knew they could deliver with the fast-growing demand from new parents. Today, the formula is available in major retailers but still focuses on its subscription service. Laura says it’s a model that makes sense, since formula is an ongoing, measurable need. And it’s important to her that customers have an option to avoid the drug-store trips. She wants people to be “able to wear Bobbie loud and proud on a sweater, even if they've never been a parent, they've never used the product, but they are so connected to our mission and what we stand for that they're willing to wear it on their chest.”
Disclaimer: The speakers’ opinions belong to them and may differ from opinions of JPMorgan Chase & Co. and its affiliates. Views presented on this podcast are those of the speakers; they are as of October 22nd, 2024 and they may not materialize.
Tuesday Oct 15, 2024
Tuesday Oct 15, 2024
In this episode of the Women on the Move Podcast, Dr. Topeka K. Sam sits down with host Sam Saperstein to discuss her journey from incarceration to nonprofit founder. Topeka is the founder and executive director for The Ladies of Hope Ministries and the co-founder of Hope House NYC, a safe housing space for women and girls. She's a pioneer in the fight for the decriminalization and decarceration of women and girls and works relentlessly to provide resources and support for those transitioning back to society.
A new start
After spending three and a half years in federal prison and seeing all of the disparities and harms that women and girls had faced, Topeka came home determined to be a voice for those still incarcerated. “I knew when I came home because of the support services, the family, community that I had, that I could do anything, but the sisters that I left behind would not,” she tells Sam. “And so as God would have it, I was really just moved to start my organization, The Ladies of Hope Ministries, while I was incarcerated. And when I was released in 2015, I hit the ground running.”
Topeka says two things drove her mission: to provide safe housing for women after incarcerations, and to create platforms for women to be able to use their voices. “I felt that if we saw the faces of women who were incarcerated and heard their voices, that there would be no woman or girl in prison or jail,” she says. “I'm a firm believer that you can hold people accountable by healing them, and prisons and jails don't do that.”
Expanding and looking to the future
85 percent of incarcerated women are mothers of dependent children and heads of households, and 95 percent have experienced some type of sexual trauma or violence. In addition, 90 percent have mental health challenges. “There are drivers that lead to incarceration,” she explains, citing some alarming statistics for incarcerated women who have experienced some form of abuse, violence, trauma or mental health challenges. “As we know, women often are the most marginalized, the most vulnerable population and have the least support and services, no matter what industry you're in. And so going into prison, it's the same harms and the same drivers, but yet we come home and there's not enough organizations [to support] or opportunities when we come home.”
Since starting her nonprofit in New York, Topeka has expanded to several additional states. Together with United States Department of Housing and Urban Development Rapid Re-housing program, they are now helping families get their own apartments in New York, in Prince George's County, Maryland, and in New Orleans, and helping them pay rent for a year. They also have a workforce development initiative, which includes certification programs in digital marketing, project management, IT, and AI.
Topeka is also a co-founder of a FinTech company, EPIC Financial that focuses on making sure that justice-impacted people have financial education on savings and banking. “It’s about building the community,” she stresses. “Because if our families are strong, then it also helps that person who is reentering to become strong.”
Being a role model in the community, and in particular demonstrating that a criminal record doesn’t have to define you, is extremely important to Topeka. “When you come from a limited resource community, you can't see that you can have more unless you see someone who's lived that experience,” she says. “So that for me is the greatest gift, to be able to show women that it doesn't matter where we come from or what we've experienced that we can be and do it whatever it is that we want.”
As far as inspiring other women, Topeka offers some simple advice. You have to believe in yourself and give yourself permission to follow your dreams and your ambition. “Know that many of us are incarcerated before we even go to a prison,” she says. “You can be living in a prison in your mind, in your community, before you've even gotten through what I've been through. You can change that today. Each day, God gives us grace. We can get up every morning and we can decide.”
Disclaimer: The speakers’ opinions belong to them and may differ from opinions of JPMorgan Chase & Co. and its affiliates. Views presented on this podcast are those of the speakers; they are as of October 15th, 2024 and they may not materialize.
Tuesday Oct 08, 2024
Tuesday Oct 08, 2024
Nicole Emanuel says it isn’t fear of failure that drives her—it’s fear of not doing what you're passionate about. Here the co-founder of 21 Seeds Tequila talks about her journey with her co-founders—her sister Kat and their friend Sarika—to create a liquor brand that embodies empowerment, innovation, and inclusivity. Through their brand, they've crafted more than just a spirit. They've created a movement that celebrates friendship, authenticity, and the bold pursuit of dreams.
It's the inaugural episode of the Women on the Move podcast in its new format, featuring video as well as audio recordings of women leaders discussing their careers and personal journeys. They’ll dive into topics such as ambition, leadership, driving change, and building networks. In this episode, host Sam Saperstein sits down with Nicole to discuss the inspiring story behind 21 Seeds Tequila.
Starting with a dream team
Nicole tells Sam that it was her sister Kat who first came up with the idea of making infused tequila. As wine lover who didn’t tolerate wine well, Kat set out to create a relaxing spritz-like drink. “Her new goal in life was to figure out how to make this tequila as easy to drink as a glass of wine,” Nicole says. “She's an amazing cook, and she started infusing her own tequila in a filter.”
Kat’s first homemade infused tequila was cucumber jalapeno. “She did that happily, just to drink it for herself, for her friends, for about eight years, and everybody was asking her, Can I have more of your tequila?” Nicole remembers. “At some point, I couldn't even get to parties without bringing my sister's tequila.”
Soon Kat asked Nicole and their friend Sarika about starting a tequila company together. The three each brought unique skills and experience: Nicole had been a CFO and COO, Kat was a film producer, and Sarika had worked in organic foods. Together in 2019, they launched 21 Seeds with three infusions—grapefruit hibiscus, Valencia orange, and cucumber jalapeno—all at a lower alcohol content (35%) than most spirits.
“We all really had our lanes, and I think that's what allowed us to run faster,” Nicole says. “Because, we really stayed in our lanes in order to run, and we trusted each other, because it does go back to trust, of knowing that you trust their judgment, you trust how they're going to do it.”
A different approach
As women launching a product in an industry dominated by men, Nicole and her partners were bound to forge their own path. One early difference was their market strategy: Rather than focusing on getting into bars to begin with, they were focused on becoming the beverage of choice of women drinking at home or at friends’ homes.
“We were set up pretty nicely, because our go-to-market strategy was completely different than the spirits industry,” she tells Sam. “In the spirits industry, you went to on-premise, which are bars, restaurants, had the consumer taste it, and then moved to off-premise. That's typically the go-to-market strategy for spirits. That was not our strategy. We knew who our consumer was.”
An early break came when some of the early adapters “happened to be celebrities.” Katie Couric featured 21 Seeds in her Holiday Gift Guide, and through that, they landed on the Today Show. Soon they also made Oprah's Favorites, and Jessica Alba and Naomi Watts were fans. With help like that, they kept their first year’s marketing budget to just $4,000.
Looking ahead
By 2022, the three founders sold 21 Seeds to Diageo. Nicole says that once they started looking around for the right owner, it was an easy decision. “They have a lot of women leadership,” she says of Diageo. “They understood our position in the market. We felt like we had great representation because of that women leadership.”
As for the future, Nicole says she’s excited to continue mentoring talented and passionate women. “I've been lucky enough to be able to do that throughout my career,” she says. “I put my money where my mouth is. I invest in women, and I invest in their products.”
Most of all, she wants other women to feel empowered to achieve their dreams. “If you want to build a company, you can,” she says. “You have to not be so risk-adverse that you can't jump and chase your dreams. That's the kind of environment I want to create for my family, for my friends, for my children. Anything is possible, and I really believe that.”
Disclaimer: The speakers’ opinions belong to them and may differ from opinions of JPMorgan Chase & Co. and its affiliates. Views presented on this podcast are those of the speakers; they are as of Oct 8th, 2024 and they may not materialize.
Transcript here
Thursday Dec 21, 2023
Thursday Dec 21, 2023
At JPMorgan Chase’s eighth annual Women's Leadership Day, Byna Elliott, the firm’s Global Head of Advancing Black Pathways, sits down with Alicia Boler Davis, CEO of Alto Pharmacy and JPMorgan Chase Board Director. They discuss Alicia's extraordinary career, from her engineering roots at GM to her pivotal decision to join Amazon, and eventually, lead Alto Pharmacy.
It's all about people
That’s a lesson that Alicia learned early in her career: “No matter what you're doing, no matter what you're leading, it's all about people.” She tells Byna the story of how she started as an engineer at GM, but after just a few years, she asked to work in an actual plant to learn more about “what it really means” to build cars. She says most of the leadership discouraged her from making that move, but in the end, she ended up in a plant where she led a team of 60. She recalls feeling both nervous and excited, and a bit overwhelmed at first—before she realized she had made exactly the right decision. “And so I think it started for me being curious and not being afraid to go into areas and do things that people may not think are easy.”
After nearly two decades and a number of promotions, Alicia’s next big move was to Amazon—a whole new industry, in a different part of the country. She says it was one of the hardest decisions she ever made. She says she loved her time at GM, had great mentors and colleagues, and advanced in her career—but she was ready for a new challenge. “I felt like even though I had an opportunity and there were more opportunities to come, there was a level of comfort being there that actually made me uncomfortable being that comfortable,” she tells Byna.
She made the move to Amazon just a year before the pandemic shut down businesses worldwide—and changed Amazon’s trajectory immeasurably. She says it was one of the best decisions she ever made. “Joining Amazon was really about joining a company that I thought was very innovative,” she says. “A very customer-obsessed company, a technology-based company. I thought I could have an impact.”
She did have an impact, taking on more and more responsibilities until by 2021 she was Senior Vice President for Global Customer Fulfillment. She recalls that she started getting recruiting calls for CEO positions but she barely had time to breathe. One of the calls was about a startup pharmaceutical company called Alto. At first Alicia wasn’t even intrigued, but, she says: “The more time I spent with the founders at Alto, the more I felt like this was the right thing for me to do. And it was a leap of faith, but I finally told myself: Alto is about challenging the status quo. That's who you've been. That's what you've always done. It's about fixing something that's broken, and it can have an impact on so many people's lives, and if it doesn't work out, you can always go run something big.”
On women and mentoring
Alicia tells Byna that she’s always had great mentors—and nearly 80 percent of them have been men. She says she’s very grateful for those invaluable relationships, but she now focuses on mentoring women—75 percent of the people she mentors are female. “And so I like to give examples and I like to be very vulnerable around, This is what happened to me, this is how I felt. I'm not saying this is what happened to you, but I'm saying that it's okay. Let me tell you how I work through it."
In the end, Alicia says, she likes to listen and learn. “I have a responsibility to help create opportunities for other people and also to encourage people to see beyond what they think is possible. For me, I think that's important, because sometimes, we think about what we can see, but there's so much opportunity if you can see beyond that. What's your wildest dream? What's the thing that you can just say this will never happen? Then that's the thing that you should be going for. And for me, that's how I think about it, and not to run away from those things, but to run towards them.”
Disclaimer: The speakers’ opinions belong to them and may differ from opinions of JPMorgan Chase & Co. and its affiliates. Views presented on this podcast are those of the speakers; they are as of December 21st, 2023 and they may not materialize.
Full transcript here
Thursday Dec 14, 2023
Thursday Dec 14, 2023
As head of community and business development at Chase, Diedra Porché has a deep passion for understanding the needs of the people the bank is seeking to serve. In this week’s episode of Women on the Move, she joins host Sam Saperstein to discuss her role and how she empowers local communities and helps individuals build financial security and wealth.
Growing along with JPMorgan Chase
Diedra began her career with JPMorgan Chase nearly 30 years ago. She likes to tell people that she’s had about 10 jobs and worked in three different business lines. She started her career in an officer development program in Texas, moved on to Commercial Banking, worked with the Government Banking team, and then physically moved across the country to California and helped build out the bank in Los Angeles.
“It’s been a wonderful journey,” she says. “I’ve always enjoyed staying close to customers, and working with our field teams, and representing the bank in our communities. I had no idea how much the work would evolve into an opportunity that allows us to work hand with community stakeholders to effect impact for people beyond banking. At the time when I started in banking . . . things were pretty straightforward. You went to your local branch, you worked with your local team. Fast-forward to today, and there’s just a myriad of complexities that customers are dealing with.”
She says that one of the most important things she learned along the way is how to work together with all stakeholders. “That means each of us has a role to play in serving communities in the best way,” she tells Sam. “And it takes private sector, it takes our public sector, and it takes our not-for-profits and our local stakeholders to really be that three-legged stool to make communities really thrive.”
“We do this work together”
In her current role as head of community and business development in Consumer Banking, Diedra says she’s “delighted and privileged” to serve her team. “We are a collective team of leaders that have the opportunity to go into communities, build trust, to work to boost financial health so that we can put people on a path to building legacy wealth for their families,” she explains. Her team accomplishes that by providing information in the form of free financial health workshops and programming, as well as building hyper-local relationships with stakeholders.
For context: Chase opened its first Community Center branch in Harlem in 2019 as part of its $30 billion racial equity commitment to build stronger ties to the community and provide banking services and financial education in underserved areas. Since then, Chase has opened 15 additional Community Centers across the country, primarily in low-to-moderate income communities.. Each Community Center features a team of local financial health experts focused on community engagement, mentorship and advice. Each Center also features a large multipurpose room which can be used to host free financial health workshops, community gathering or pop-up shops for small business customers.
When asked what she’s most proud of about the work her team does, Diedra has an easy answer: “First, let me just say I am delighted that in two and a half years, we really have become a part of the framework of the franchise. I tell my team all the time, we’re knitted and weaved into a full tapestry of who we are as a firm.”
In terms of metrics, Diedra has plenty to be proud of too. One of the most important metrics she looks at is trust metrics—how communities and consumers feel about the bank’s brand. And while noting that JPMorgan Chase already enjoys a very strong brand, she says that seeing those trust metrics in the communities where her team has invested in represents a meaningful shift – it’s the kind of change the bank is committed to building upon.
One of the keys to success, she says, has been welcoming non-customers into community center branches to get access to education and financial health workshops at no cost to them, and not requiring them to be a customer. “Additionally, we collaborate with local nonprofits that are already working with residents and [Chase] customers in these neighborhoods,” she notes. “So in partnership with them, we're able to create programming that our communities can access either at their nonprofit location or inside our branches.”
It's never too late to start…on your financial health journey
Diedra offers a simple idea for anyone wanting to improve their financial health. “The one tip that I would give is to create a plan. It's never too late to start and ensure that you have a plan. Start small. Any amount that you're putting away will make a difference, and to just stay focused on those habits and stay disciplined.”
Disclaimer: The speakers’ opinions belong to them and may differ from opinions of JPMorgan Chase & Co. and its affiliates. Views presented on this podcast are those of the speakers; they are as of December 14th, 2023 and they may not materialize.
Full transcript here
Thursday Dec 07, 2023
Thursday Dec 07, 2023
In Today’s Founder’s Feature of the Women on the Move podcast, we’re speaking with Erin Croom, co-founder of Small Bites Adventure Club. Sam and Erin talk about Erin's mission to revolutionize food education for children and instill a love for fruits and vegetables.
Erin shares her vision for the Small Bites Adventure Club, aiming to empower teachers across America to lead engaging food education programs. The goal is ambitious yet crucial: she envisions every child naming five vegetables and confidently making their own snacks before reaching first grade.
As Erin unfolds the story behind Small Bites Adventure Club, listeners gain insights into the program's hands-on approach. Teachers receive monthly kits containing everything needed to lead food education, from Super Power Kale Pesto to Summer Salsa. Erin also emphasizes the importance of partnerships and scaling nationally, highlighting recent expansions to California and North Carolina.
The conversation delves into the challenges of picky eaters, and Erin shares a transformative moment when a child, initially hesitant about trying zucchini, ended up describing it with enthusiasm—a testament to the power of curiosity and exposure.
Tune in to this episode for an insightful and uplifting conversation that explores how Small Bites Adventure Club is sowing the seeds for a healthier, more food-literate generation.
Disclaimer: The speakers’ opinions belong to them and may differ from opinions of JP Morgan Chase & Co and its affiliates. Views presented on this podcast are those of the speakers; they are as of December 7th, 2023 and they may not materialize.
Transcript here
Thursday Nov 30, 2023
Thursday Nov 30, 2023
In this inspiring Founder’s Feature of the Women on the Move podcast, Kate Verlaan, the founder of Oz's Front Door, a business dedicated to reducing plastic waste and promoting sustainability.
During the interview, Kate shares how she started her journey as an entrepreneur, inspired by her background in addressing large, complex global challenges, particularly in the area of sustainability and climate change. She explains how her experience living in China and working on issues like the HIV/AIDS epidemic prepared her for taking on the plastic waste problem.
Emphasizing that her business is not just about profit but about making a significant impact on the plastic crisis, Kate explains that she encourages a slow and deliberate approach to reducing plastic waste, helping people make small, sustainable changes in their lives over time.
Kate also delves into the challenges of entrepreneurship, such as the scarcity mindset and the need to secure funding. She also highlights the importance of staying ambitious and maintaining a positive outlook, especially as a woman entrepreneur facing disparities in venture capital funding.
Disclaimer: The speakers’ opinions belong to them and may differ from opinions of JP Morgan Chase & Co. and its affiliates. Views presented on this podcast are those of the speakers; they are as of November 30th, 2023 and they may not materialize.
Transcript here
Thursday Nov 16, 2023
Thursday Nov 16, 2023
The world’s first Chief Futurist wants us all to embrace the metaverse—even if we don’t call it that. Cathy Hackl, founder and Chief Futurist of Journey, a global design and innovation studio, sits down with Women on the Move Podcast Host Sam Saperstein to talk about how she helps companies and individuals envision and build their virtual brands, and what excites her about merging the physical and virtual worlds.
One thing Cathy advises clients is to “take a step back” from the word metaverse. “I think that word makes some people nervous now,” she tells Sam. “[But] it’s the successor state to today's mobile internet. So if you think about that, what does this mean for you as a company? How are people going to [do business] in the future? How are people going to work in the future? How are people going to socialize in the future?”
Metaverse pioneer
Cathy has a communications and broadcast background, but she started working in virtual technology a decade ago, before people were even talking about the metaverse. She’s worked across a spectrum of metaverse-related industries, from VR to spatial computing and gaming. She’s worked at companies including HTC Vibe, Amazon Web Services, and Walmart. She says one of her favorite experiences came while building Walmart Land inside the social gaming platform Roblox, when she produced a virtual concert called Electric Fest. “I actually got to go to LA work with the artists,” she says. “I helped choreograph a little bit on the motion capture side, worked with them also to select their virtual couture looks. What are they going to wear as avatars? I love the fact that I actually get to get in the trenches.”
At Journey, Cathy and her team work with top brands on their metaverse and Web 3 strategies. “We say that we create real experiences for real people in whichever reality they choose,” she explains. “We do a lot of work in the physical world with physical builds, but we also do a lot of work in the virtual space, and that's my purview, whether it is gaming Roblox or Fortnite or whether it's augmented reality or artificial intelligence.”
Paradigm shift
Acknowledging that exploring Web 3 and the metaverse can feel overwhelming to most of us, Cathy emphasizes that understanding the reality of virtual reality is going to be critical for the business world. “When you go into these virtual spaces and you create these worlds, you have to understand that you can't be brand-led,” she says. “You have to be player-focused. At the end of the day, anyone that’s going into a Roblox, a Fortnite, a rec room, whichever game it is that they're playing, they're going there to have fun . . . and socialize. This is their new social network.” For brands, the key is to make it fun and authentic to the platform: “How do you respect the player? How do you respect the community that’s already built in there?”
For many brands right now, Cathy says, there’s a paradigm shift happening. She compares it to the early 2000s. Back then, she says, “Brands were like, oh, we'll never need a social media presence. And I think that that's kind of where we are right now with some of these virtual spaces and the gaming side of the house.”
One of the biggest differences is the way users interact with virtual spaces versus social media. On social platforms, Cathy notes, customers are able to make comments but not fully engage. “With [virtual] worlds, you're engaging in a totally different game,” she says. “For brands, it's been a bit of a wake-up call. I'm thrilled to have a front-row seat to helping them understand these gaming spaces and the culture, the economies of scale that are happening in these virtual spaces.”
The future for a futurist
One of Cathy’s latest adventures has been launching her own luxury tech label, First Luxe. She describes it as part label, part lab, and focused on disrupting both luxury and fashion. The first collection included 18-carat gold- and silver-and-gold–plated jewelry that has a chip in it that then becomes a digital collectible (think Non-fungible token (NFTs). “I've had a lot of women reach out and say, oh my gosh, I love this because I can express that I'm part of this Web 3 world in a fashionable way,” she says.
Overall, Cathy says, the world is headed for big change and she’s thrilled to be in the mix. “There's this whole economy happening in these virtual spaces that is bigger than Hollywood and music put together,” she says. “I don't think people realize how big the gaming economy is, and I see a lot of opportunity.”
Disclaimer: The speakers’ opinions belong to them and may differ from opinions of JPMorgan Chase & Co. and its affiliates. Views presented on this podcast are those of the speakers; they are as of November 16th, 2023 and they may not materialize.
Full transcript here
Thursday Nov 09, 2023
Thursday Nov 09, 2023
In honor of Veterans Day, in this special episode of Women on the Move Podcast Host Sam Saperstein talks with Lenore Karafa, Marine Corps veteran, venture capitalist, and chair of Bunker Labs. Lenore discusses her military career and her transition into the finance industry, and describes why a military background provides an excellent mix of skills and experiences for success in the corporate world.
Minority female
Lenore started at the Naval Academy in 1996, when it was less than 12 percent women. And in 2000, she was commissioned as an officer in the Marine Corps, part of just 5 percent of the officer corps that was female. “In those very early years, you first learn followership and then you learn how to lead,” she tells Sam. “So I really had the opportunity to fail early, fail often, and truly learn from those mistakes.” Another thing she learned was being comfortable as a minority female: “When I step into a classroom in front of a bunch of hedge fund managers and I'm the only woman, it's not a new experience for me. So it's made everything else a lot easier.”
Lenore says she’s intensely grateful for everything she learned in the military, and especially for the men and women she served with. Although she joined during peacetime and expected to serve during peacetime, 9/11 occurred just a year after her commission. She says that shaped the trajectory of her time in the military. She ended up in deployment in Iraq, including time as a military police officer in Fallujah. She tells the story of two women she admired who lost their lives: one, Captain Jennifer Harris, in the course of duty in Iraq, and another, Dr. Kate Hendricks Thomas, of metastatic breast cancer likely caused by exposure to chemicals during her service. “I’m grateful to both of them,” she tells Sam. “Grateful for their sacrifice and truly thankful that I get to be here and be called a veteran.”
Transition to finance
Lenore emphasizes that it was other veterans who helped smooth her transition out of the military and into the corporate sector. Through Merrill Lynch, she applied for a full tuition fellowship at the business school of her choice in 2007. She tells the story of how a veteran helped her in that process: “I literally go from running around the woods of Quantico in a green tree suit . . . to the next day in the most expensive outfit I've ever worn, interviewing on Wall Street. I get brought into the wrong interview room and in that room is a man by the name of Art Gorman. He looks at me and he says, ‘So you're the other Marine.’ He's like, ‘Give me your resume so I can vote for you later.’ Thirty-second interaction, totally serendipitous, doing what Marines do, he absolutely supported me.”
Today, Lenore is the chair and president of the board of Bunker Labs, a firm that provides community programs and courses to help military veterans and military spouses start and grow successful businesses. “We've got stages for early-stage entrepreneurs like our Breaking Barriers workshop and our veterans and residence program,” she tells Sam. “And we also have programs for more senior experienced business leaders who also happen to be military connected. And that's the J.P. Morgan CEO Circle—truly grateful for J.P. Morgan for supporting that particular program.”
She’s also a partner at First In, whose vision is to empower entrepreneurs who secure our freedom and provide opportunity for those who have served. They have a core team of military veterans who invest in early-stage security technology companies. “We all have had unique experiences,” she says. “We have complimentary overlapping skill sets to bring to bear when we think about our investments. Our goal is to ensure that the companies that we invest in are truly positioned for long-term success.”
As Lenore describes, veterans love hiring other veterans, and so there’s what she calls a magnifying effect each time one veteran supports another. She explains that the faith in other veterans is well-placed: “Veterans are used to functioning in high-performing teams in high-stakes environments. Without a doubt, they know how to lead, that's table stakes. But when you're coming into a junior role in an organization, you're not going to get the chance to lead right off the bat. So you're going to have to rely on some other skills, and that is being part of high-performing teams, knowing how to contribute. You do fall back a little bit on that followership initially, and you just perform.”
Disclaimer: The speakers’ opinions belong to them and may differ from opinions of JPMorgan Chase & Co. and its affiliates. Views presented on this podcast are those of the speakers; they are as of November 9th, 2023 and they may not materialize.
Full transcript here