Venture capitalist attorney Lindsay Karas Stencel adds her own style to male-dominated field
Lindsay Karas Stencel is a rarity: a woman in the male-dominated world of venture capital.
Karas Stencel recently took a big step forward in her career when she joined Thompson Hine LLP as a partner and manager of the large law firm's Columbus office of Early Stage & Emerging Companies practice. Karas Stencel previously was chief legal counsel and a managing partner at NVT Ventures, a Columbus-based venture capital firm.
She also started and still operates her own law firm, LKS Law, is an adjunct professor at Ohio State University Moritz College of Law (her law school alma mater), and is a founder of Launch New York, a nonprofit venture capital firm based in Buffalo, her hometown. Karas Stencel and her husband, Chris Stencel, own CrossFit Westerville.
Karas Stencel is known for her energy and outgoing personality, and for her propensity to wear colorful attire, which sets her apart from her more conservative colleagues.
Q: What attracted you to the world of venture capital?
A: I've always liked the idea of taking a concept and applying capital and talent and to turn that into what ultimately, in the best-case scenario, becomes a successful, high-growth company. Venture capital is a beautiful economic vehicle, and a lot of new industries are created by venture capital.
Q: Who are these people who invest millions into venture capital funds?
A: The general or managing partners of these funds could be banks, insurance companies, large corporations, high-worth individuals, trust funds or pension plans. Venture capital is classified as an alternative investor vehicle … and the upside is far greater than you see in stocks and bonds, so people have it as a portion of their investment portfolio. There aren't thousands and thousands of venture capital funds, maybe 500 countrywide. And a huge portion are the mega-funds in New York and (Silicon Valley) and are not flying into Ohio to invest (only) a million dollars. But there's an immense opportunity to provide that early-stage capital here in Ohio and the Midwest.
Q: What qualities should the managing partners of a good venture capital fund possess?
A: Seasoned professionals with a clearly defined thesis and who know their areas of expertise. If we know a lot about logistics and the supply chain, invest in companies that do that and not in some random new drug idea. They add tremendous value to the companies they invest in. It's all about planning, fundraising, connectivity, connecting to customers. More than money, what else can you bring to the table to make their dreams a reality and a return of capital to you and your investors.
Q: What do you look for in a startup?
A: It's a little bit of an art form. We're looking for ideas that will shape the next 10 years of industry and culture … a developing industry that hasn't peaked, something that's newer and growing as opposed to something that's been around for 10 years and people are just tweaking it. The world is a different place than it was a year ago. We're learning we need to get things differently; we're moving manufacturing back to the United States.
Q: What's an example of something new?
A: EduTech (educational technology) is not something I would have thought about even a few months ago. Now, because of COVID-19, all these teachers are having to teach from home, including me for my law classes.
Q: Venture capital is a male-dominated world; why aren't there more women in the field?
A: When I started 13 years ago, I was one of the only women general partners of a venture capital fund in the Midwest. That's how bad it was. And really, until only a couple of years ago, I was the only woman in the room. Some forces have collided to move it forward a little, but not enough. Women need to say, "I need to be represented,'' and deserve a position as a general partner (at venture capital funds), and men need to say we have to have other people at the table who don't look exactly like us. Consistent pressure over time changes all things; that's how diamonds are made.
Q: You're known for your colorful wardrobe and outgoing personality.
A: I've always been a bright soul and, I think, in recent years I've embraced my light and fierceness and decided I'll be me and I don't have to dress like everyone else. It's important in venture capital to be authentic and true to yourself, in order to build a level of trust with the people you work with every day. If that means huge, feather earrings or bright-purple clothes, so be it. I'm going to be me.
Steve Wartenberg is a freelance writer for Columbus CEO, a sister publication to The Dispatch. For more on Lindsay Karas Stencel, visit columbusceo.com.
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