How to Increase Gender Diversity on Private Company Boards

There are more women than ever on public company boards, but private companies have not kept pace. Legal scholarship has tended to focus on women on public company boards perhaps in part due to the relative absence of information about private companies. Even though private companies, particularly high tech companies, have transformed people’s daily lives, they operate in relative secrecy. They are also able to remain private for longer compared with their earlier counterparts due to the unprecedented availability of capital from venture capital firms, corporate venture capital,[1] mutual funds,[2] sovereign wealth funds, and other sources. By operating … Read more

Regulating Unicorns: Disclosure and the New Private Economy

Headlines about unicorns—private companies with valuations of a billion dollars or more—have dominated newspapers such as The New York Times, The Wall Street Journal, and the like. It has become part of the fabric of the venture capital landscape and many startups strive to achieve unicorn status. In fact, unicorns are no longer rare and almost mythical, but are now ubiquitous. In 2013 when the term unicorn was first used by Aileen Lee of Cowboy Ventures and later popularized by others in the venture capital community and media, there were 39 unicorns. At last count, there were a … Read more