Nicole Toomey Davis
Co-Founder, CEO & President | Enclavix LLC - VentureWrench Startup Tools
As one of Utah’s early VC-funded women entrepreneurs in 1999, you’ve witnessed significant evolution in the state’s startup ecosystem. What are the most meaningful changes you’ve observed for women entrepreneurs in Utah over the past 25 years?
First of all, there are simply many more women entrepreneurs and women leaders in Utah’s entrepreneurial ecosystem. … Women are also more respected and welcome than we were “back in the day.” When we were raising money for our first startup, DoBox Inc., … we met with a partner at one of the local Utah VC firms. This partner was so hostile to me that my co-founders and our CFO literally asked me what I had done to this VC to make him hate me so much. … I asked one of the investors in his venture firm for any insights, and the only suggestion they had was that “he hates powerful women.”
Of course, the improvements in the VC and investor ecosystem due to the Utah Fund of Funds help all of Utah’s entrepreneurs, including women, because of the dramatic increase in available capital in Utah today. That said, it is dismaying to acknowledge that women-led ventures still receive a tiny fraction of venture capital funding. There is still work to do!
You played a leadership role in establishing the Utah Venture Capital Enhancement Act (Utah Fund of Funds). How would you assess its long-term impact on Utah’s venture capital landscape?
The Utah Fund of Funds was designed to bring a wider array of VCs to Utah, offering diverse investment themes. … By 2014, 28 venture capital firms had received investment from the Utah Fund of Funds, many from outside Utah. … By 2023, $1,124.2 million had been invested in Utah-based companies. … The fund also supported the creation of the Utah Innovation Fund, which aims to focus on early-stage funding.
During your tenure directing Utah’s Centers of Excellence Program, you invested millions in Utah’s tech startups. What criteria guided those investment decisions, and which investments do you feel had the most significant impact on Utah’s innovation economy?
The Centers of Excellence aimed to guide investment decisions with a focus on transitioning university technologies into Utah-based companies. … Priority was given to projects with strong potential for commercialization and job creation in Utah. After a 2007 statutory change, funding could go directly to startups licensing university technologies, facilitating their transition from research to market. … Myriad Genetics, receiving funding early on, became a standout success, employing over 500 people by 2006 and serving as a key example of the program’s impact.
Through your work with Enclavix and VentureWrench, you’ve developed AI-powered tools for startup coaching. How does this technology approach to entrepreneurship mentoring differ from traditional methods, and what specific advantages does it provide?
VentureWrench’s approach differs from traditional mentoring by using AI to curate high-quality, actionable resources tailored for entrepreneurs. … Traditional mentoring often involves direct interaction and guidance, whereas VentureWrench utilizes AI to streamline access to essential knowledge, creating a scalable support system. … This tech-driven method mitigates information asymmetry between entrepreneurs and investors by ensuring access to valuable resources. Additionally, the AI-powered platform identifies and categorizes resources effectively, helping entrepreneurs make informed decisions quickly and efficiently, thus leveling the playing field.
