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Clelia Warburg Peters wants women to know that in their careers, what they want is there for the taking.
Peters is managing partner of Era Ventures, a New York City-based investment firm focused on proptech and contech startups. The company announced its $88 million inaugural fund on September 18.
Here, Peters talks to Construction Dive about the current state of venture capital, how contech fits into this larger landscape, and the best approach to increasing diversity in tech and construction.
This interview has been edited for brevity and clarity.
CONSTRUCTION DIVER: What is the global venture capital space like right now?
CLELIA WARBURG PETERS: I think we’re probably at the end of a pretty significant correction coming out of the 2022 period.
Clelia Warburg Peters
Authorization granted by Era Ventures
I’ve been investing in this broader category for over 10 years, and I think for a lot of the first seven or eight years, we were in a real bull market in the venture space. That meant it was almost like a company with dust, you could probably raise money. And this was not only true for proptech. This was true across the board of risk.
Then we had this really significant market correction in 2022, starting with the public markets and going back a little bit. This has had many impacts.
Where does this environment leave construction technology now?
I still believe that building technology is an area of great interest to many, not just specialist venture capitalists, but also generalist VCs.
What I hope is that the correction in the broader risk market will mean that many of the companies that are being built now are built with more thought and discipline, and that a little more rigor is applied to investment decisions on a part-by-side basis. from investors, but also, frankly, growth decisions by founders and CEOs, which is not a growth-at-all-costs environment.
That said, I think there is a lot that general investors in particular don’t understand about the sometimes complex dynamics of the construction industry.
If you’re a general investor, read how construction, which is a big driver of the economy, is also “less efficient” than it was 30 years ago. And you say, “Wow, there’s going to be a lot of opportunity to inadvertently apply technology to this whole industry.”
You do this at your own risk, without understanding some of the very complex layers, relationships and systems that exist in the industry today, which I believe will continue to take a fair amount of time to change.
Construction and technology are both industries that are populated mostly by men. In your experience, how has your career progression been in these fields?
My experience has been overwhelmingly positive. Personally, I feel that I have been supported by many people, including many mentors and friends who, in most cases, were men. But I think it’s very important to recognize that this is not everyone’s experience.
This is an industry that I think historically has been, maybe it’s wrong to say that it’s not as welcoming, because I think a lot of people in this industry welcome more diversity in the industry, but it’s not very well structured to support this diversity. .
I think there’s a distinction between being open to diversity and being welcoming of diversity when it shows up at the door, which I think is a lot of what happened to me.
I was often able to walk into the room, and then once in the room, I felt people helping and supporting me in the room. But I think what we need to continue to think about is what are the ways to structure this industry in a way that doesn’t encourage people to even get into the room in the first place. Who are we trying to get into the room?
I think this goes far beyond thinking about things like maternity leave or work paths.
Also, what are the attributes we assign to people we think are successful, especially in these industries, which have both been male-dominated industries for a long time?
What I will say is that real estate and construction are really relationship-driven industries, and I think women often excel in relationship-driven industries.
How can people improve diversity in the industry and in their workplaces?
I’m very supportive of the different programs that exist to bring different voices into the room and some of the more structured actions that are taking place. But I think that happens in the most subtle interactions.
If you have a junior engineer on your project who is a woman and maybe her style is not to speak up so aggressively, taking the time to really see what that person thinks, rather than assuming they don’t have an opinion, that makes a big difference.
Also, thinking about the ways in which people appear, how their work is valued or measured.
Maybe, if you’re someone with younger kids, you really want to be home in the early evening, but maybe you’re willing to work later. Being open to very small things can make a big difference.
What advice would you give to women going into tech or construction?
Basically everything is here for the taking.
The counterpoint to what I’m saying, on the part of people in positions of authority, is actually having the confidence to feel like, “No, I belong in this room. I have something to offer, even if my style is a little different, or if I look different.” Show yourself with confidence, positivity, excitement about what’s going on and be clear about your needs and your style.
This also makes a huge difference in terms of moving things along.
I feel like I haven’t asked for as much permission in my career. I just move forward doing things to the beat of my own drum.
