An Entrepreneurship Spotlight on Lisa Tortolani: ​20Fund

Lisa Tortolani is the co-founder of 20Fund, a venture capital firm in Turin, Italy. Before beginning her business, Lisa graduated from Villanova University in 2001 with a dual degree in Italian Studies and Political Science. After graduating, Lisa became CEO at ABCya where she raised profits and oversaw a merger with YXL Experiential Learning. She realized the experiences she gathered during her time at ABCya were valuable and that people were curious to learn more about them. This set her up for success to launch her own company and bridge a gap in the business world for female entrepreneurs. Lisa recently spoke to Villanova students during an event titled “The Secret of Women Entrepreneurs: An Italian Perspective.” Her background and insights that she shared during the event are paraphrased in this spotlight.

Q: What was your inspiration to start the business?

A: Lisa grew up in an Italian immigrant household. Her parents came from Italy and worked at a pizza place their first few years in America, saving every penny. One day, they were offered to buy the pizza place in exchange for all their life savings. They said yes, took the risk, and soon owned eight pizza shops.

As a daughter of entrepreneurs and a graduate of Italian studies, Lisa realized that the United States is built upon risk taking whereas the Italian culture is generally built on stability and tradition. She saw this gap in entrepreneurship and wanted to help understand and fill the gap. Furthermore, Lisa’s work as a CEO taught her how fun it is to be an entrepreneur and that being the only woman in the room is empowering. She started her fund to help female entrepreneurs in Italy by providing time and money to those with great ideas that may be too risk adverse culturally to take the leap.

Q: How do cultural differences play a part in your business?

A: There are many cultural differences between the United States and Italy that are especially present in the business world. Culture impacts entrepreneurial perspective and funding. Americans are quick to invest and take the risk, whereas Italians have a slower approach to business and a lower risk tolerance. Italian culture prioritizes tradition and stability, looking to form a foundation of trust before engaging in the risks of business. Additionally, American investments typically are completed through a Simple Agreement for Future Equity (SAFE) vehicle, which are high-growth investment contracts. These SAFE vehicles allow investors to fund startups in exchange for future equity. This allows American companies and many venture capitalist firms to invest together. Italy, on the contrary, does not have these vehicles, so there are less investment opportunities available for startup companies.

Q: Can you discuss the "gap" for female entrepreneurs?

A: Being risk adverse generally hinders entrepreneurial pursuits. Women are even more inclined not to take risks. However, there is a value add to being a female entrepreneur. In starting her business, Lisa found that only 2% of investment funding goes towards women, yet companies with female leadership earn 35% more than companies with all male leaders. Lisa saw this overlooked female talent pool and knew that she could support and uplift those women who are just getting started. However, she also noticed that women are a lot less likely to ask for money when starting a new business and instead focus on the purpose of the business they are promoting. Women care more about the human problem they are solving and the communities they are serving rather than the impact of profits on a spreadsheet. The quote, “Money is oxygen” by the Nike co-founder Phil Knight, encompasses the gap Lisa is filling. Even with tremendous potential for impact, businesses need money to survive. Lisa’s company’s mission is to invest in women who can make an impact but need the advice and money to build their businesses.

Q: What is the "value-add" for female entrepreneurs?

A: Femininity is not a soft skill; it is a quiet advantage. It is a way of seeing, leading, and building lasting impact that creates not only strong companies but strong ecosystems. Lisa does not just look to finance businesses, but to find a more modern, collaborative, and resilient form of leadership. She supports female entrepreneurs in a culture founded on relationships. Women bring unique strengths to entrepreneurship and the business world, including deep empathy, true curiosity, humility, and the ability to intellectually multitask. Women bring a collaborative leadership style, focusing on truly seeing their business partners and understanding the business’ mission. They have high emotional intelligence under pressure. Start-ups are chaos, and women have the qualities capable of this challenge.

Q: What is your advice for aspiring entrepreneurs?

A: Entrepreneurship is about looking to fill a gap. Aspiring entrepreneurs should be able to explain the gap they are filling and the value they are adding in one sentence. Additionally, it is important to observe the difference we see in culture, language, and gender with curiosity. It is also important to understand the why. Although we may be speaking the same language, there can still be miscommunication. With curiosity and humility, these gaps can be bridged, adding value to the whole community.