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Sherry Shannon-Vanstone is a cryptographer, mathematician, philanthropist and serial entrepreneur, having had successful exits with start-ups in both Silicon Valley and the Toronto-Waterloo tech corridor. With a security and tech background, she is not only a female reference for business but also for science. As a tribute to her late husband, Sherry founded Profound Impact in 2018 to connect great people to do great things. Profound Impact's data, AI and analytics-driven solutions help education, research and social impact organizations automate their processes, measure program impact, tell their story and inform strategy. Sherry brings a wealth of experience in business startups, technology, systems security, philanthropy and leadership. She has made a major contribution to the advancement of all women, in particular young women, in the science, research and technology areas. With her impressive track record and passion for creating opportunities for women in STEM, Sherry is a true inspiration for aspiring founders.

 

In this episode, Steve and Sherry discuss:

  • Transitioning from Mathematician to Entrepreneur
  • Sherry's Background and Previous Ventures
  • Profound Impact's Mission
  • Mathematical Skills in Entrepreneurship
  • Women Funding Women

Key Takeaways:

  • Advocate for women in STEM to drive change and progress in the industry
  • Maximize your research funding impact for greater scientific and societal contributions
  • Overcome and conquer challenges faced by women entrepreneurs in STEM fields
  • Support women funding women startups for a stronger, more inclusive entrepreneurial ecosystem
  • Find the importance of mentorship and support for thriving in STEM entrepreneurship

 

“I wanted to build teams that had respect for each other, had inclusivity, and diversity. I wanted to make a profound impact on the world.”

-Sherry Shannon-Vanstone

Connect with Sherry Shannon-Vanstone

 

Connect with Steve and Jason:

 

Listen to the podcast here:

 

Sherry Shannon-Vanstone - Making a Profound Impact


            

Hello, everybody, and welcome to this episode of The Insight Interviews- Powered by REWIRE. It's a special day. I always feel like these are special days because I get to interview some pretty cool people, and today shall not disappoint. Actually, there are some interviews where I'm so excited to hear about the topics, and based on this person's background, it's going to be a lot of fun. So, I hope you listen, I hope you have some really cool insights because that's what we're about. So, without further ado, I'd like to welcome my guest today, Sherry Shannon-Vanstone. Sherry, say hi to the inside interview world.

Well, hi. And this is a great privilege for me to have this conversation with you, Steve.

Yeah, it is exciting. You're in Canada, right? I get to talk to you in Canada today. Do I have that right?        

Yes, I am in Canada. I am both an American and Canadian. I was born in the US. Been in Canada for 29 years. My family still is in the US, but yes, I am just west of Toronto.

That's beautiful. I hear just west of Toronto. And I think one, it's really beautiful up there, but two, cold. Does it get cold up there?        

Yes, it does. And I'm up on the Niagara Scarlet, so we get a little colder than other people around here. So, we have a beautiful, sunny, but cold day today.

Nice. Well, certainly with your background, our interview is not going to be about the weather up there. I just thought that'd be kind of a fun way to kick off. So, Sherry, I've got some questions for you. We like to do this, especially around, I know we share different, you get to share both because of your citizenship. We have Thanksgiving not too far away. You know what I'd really like to know before we dive into your work and what you're passionate about, what are you grateful for today?

I am grateful for my family, for my health, for my two dogs, and for the opportunity to have lived the life I've lived and the life I'm going to continue to live. So very just very grateful for many things.

That's awesome, the life you've lived. Yeah, I really got into your bio and reading different things. I was like, I can't wait to hear about some of this stuff that you've done. Well, let's do that. Let's dive in. I have a partner that he does these interviews as well. My business partner Jason, and his M O Sherry, is that he likes to read people's bios and get people excited. I actually prefer that, not that I'm going to have you read your bio, I would just love it, is it possible for just two or three minutes to get a thumbnail sketch from you about why are we here? Not that you're going to lift yourself up like that but tell us about you. Tell us about what you're passionate about. You mentioned the work that you did and that you're grateful for. Give us a little bit of a background and a backdrop of Sherry Shannon-Vanstone.

I am a serial tech entrepreneur, having had successes in both Canada and the US, but most importantly, I am a female founder and also a trailblazer for other women, especially in the area of science, technology, engineering, and math. I was a mathematician with the US. Government, then I became an entrepreneur. So, I have been able to be that trailblazer in many, many ways, and I want to continue to do that. I'm passionate today about women funding women, women funding other women startups and become an investor, maybe angel investor, maybe a late seed investor. So that's one of things that I've been on a soapbox for about over a year, but I continue by doing something, by taking some action. And I'd like to share some more about that if we have time.

Oh, yeah, I can't wait to hear more about that before we get into that, and of course we have time because, again, I only want to talk about the stuff that you're passionate about. I am interested in this. You were a mathematician for the US. Government, and now you're an entrepreneur to me. It's not that I can't necessarily see how those things work, but it sounds like there were some transitions in there. What was it like to move from mathematics, working in the public sector of government, to becoming a serial entrepreneur? What were those transitions like and why?

I was a cryptologic mathematician with the US. Government, and during that time, I became an expert in the information security, which has extended to cybersecurity today. It gave me an opportunity to really utilize my education in mathematics, as I have a degree in mathematics, but it also gave me an opportunity in the last job I held in this organization with US Government, I was able to work with not only being on the technical side, but I was able to liaison with several other organizations and public companies. And during that time, I realized that I really like that other side. I like the business side and the challenges there. So, when I was told one day when I was traveling with my boss's boss that for me to move on up, and I'd already been quite successful with two promotions in two years if I wanted to move up, I had to move on and from that office. And I said, you know if I want to move on, I'm going to move on. And I felt at that time I can put my own destiny in my own hands, and I felt that I could do that and I wanted to try it. So, I said, I'm going to do it. So, I left the Washington DC area and I moved to Silicon Valley with a startup in Information Security and they asked me what I wanted to do and I said, I want to head up Asia Pacific and Latin America business development. And they said, OK. That's the one thing you get with a startup. You often get opportunities that you wouldn't have in a larger organization. And so, they gave me that opportunity and I became a successful biz dev person throughout Asia, and I dropped to Latin America after a while because I was doing so much with Asia Pacific and being quite successful there. So yes, it was a transition and it was based on I go back to my why, and my why at that time was I really wanted to control my own destiny and cells could do that.

I love it when people synthesize their stories. I'm the kind of person, Sherry, I'm like first of all, I love this thought process that you went through of if you're going to grow, you need to move on. And you were like, well, wait a minute, if I'm going to move on, I'm going to go take this risk. You and I before our call were talking about risk taking and the way that you described it that you took this risk. One, I'd still like to know, was there any part of you that you had trepidation? How did you work through that to actually go and do that? And then after you answer that, I think it's just super interesting that you would go, I'm going to run South America and Asian biz dev. Like, just curious why? What was that about?        
            

Okay, so I would tell that there's always trepidation, and anyone who says that they're not afraid is not being truthful, because I think we all are afraid. We just have to be bold enough to say you know, I am afraid, but in spite of my trepidation, I'm still going to take this step. And it was to me, I guess, I don't know, somehow, I was instilled with something that I can do anything I want and if I want to go out and become the best at flipping hamburgers, I'll do that. And if I want to do this, I'll make it. I just must say, though, and I mentioned this the other day, just to a young lady, I said, I believe everything that I've done. I look back, it has always been harder than I thought it was going to be. But that's okay, right? Because as human beings, we have the ability to step up and face challenges. So, with this, I do think, yes, I've had trepidations, and I still do, I just overcome them. I just say, I'm going to take the risk anyway. Latin America, I spent a year in Costa Rica. I have a degree not only in mathematics, but also in Spanish, and I thought, you know, why not? Why not go back into that area. Asia Pacific, I was very familiar with what was going on in Asia Pacific as far as information security with large multinational companies and governments, so that's one of the reasons I chose Asia Pacific. I ended up, as I told you, that I dropped Latin America because I was dealing in Asia Pacific with 13 different countries and cultures, and that was enough on my plate. And I was gone a lot and I traveled a lot, so that was the best choice for me. And I felt also culturally, and I know that, as they say, it's strange, I went into Japan and worked in Japan, I worked only with men and they didn't know how to treat me. They said, you're not a man and you're not a woman. So, Sherry, we're just going to try to deal with you. And the important part was that my credibility and background in information security opened these doors for me in these countries. So, I had that, and although each culture was different about how they treat women, how they accept women, the one thing I loved about it is that they looked at me not as a female or male, but as an expert in the area.

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So, did that work in Japan? Was that part of the catalyst that had you come back and be in, you know, because it sounds like you made yet another transition to your own company away from that. Do I have that right?

Yes. So, I was in Silicon Valley. I loved what I did there. As I said, I spent six years in Asia Pacific and it was the Silicon Valley Company, and the issue I had was I was in a startup, I was one of the first, I was one of the leaders, but I wasn't able to influence the culture as much as I wished I could. I could fight for myself, a strong woman who knows who she is, and I could fight for my team, but I could not influence the toxicity of this organization, and it was toxic. So, I decided to leave. I decided that I'm going to go to a company, either start my own or go to a company where I will be influential. I'll be one of the shareholders, one of the main of the C suite, at least the VP, and be able to influence the culture, and that became my why. I wanted to build teams that had respect for each other, had inclusivity and diversity, and so that was one of the reasons I left Silicon Valley and I ended up moving to Canada.

I'm sure that's a story in and of itself. So, you've been there, and certainly I want to dive into now this passion that you have. Now, when you moved there, did you move right into this entrepreneurial part? Did you start your own company? Tell us a little bit about that transition and maybe even where you are today.

Well, I joined a company. I didn't start my own company, but I was the fifth person there, so I was able to influence a company. I ended up marrying the founder who is Canadian, Dr. Scott Vanstone. And that was what kept me here longer, almost about 29 years now, and we built the company together. I did leave after before we got married because as we were growing and building the company, there was a view of nepotism, even though we tried not to really actualize that, but it was a perception, and so I ended up stepping away from the company. My late husband was the founder, and he was also the chief scientist and strategic officer. He was never the CEO, but he was on the board of directors. So, even though I had all these years of experience in information security, and this is what we did, in fact, we did all the security for BlackBerry and REM, if you know anything about them, they were known for their security. And that's what my company did. I stepped away, although I was there always because I was involved with Dr. Scott Vanstone, and I was there too. We went public while I was still there, and then I came back as a consultant, and we were acquired by BlackBerry in 2009. So yes, so I was around it and I enjoyed it. I didn't get to do everything I wanted there as far as the culture goes, because I was only there for three years. So then in 2012, when both Scott and I left BlackBerry, we started our own company, and then it was just the two of us, and that way we were able to then actualize and carry out the execution of what I really wanted to do, which was build up a team, a core team based on culture and make it based on core values, and it was awesome. So, Scott passed away in 2014, but I continued to lead the company, and it was acquired in 2017. We did security for the driverless, a connected vehicle, so we took that same method. It's all based on cryptography and mathematics. Great to see it be utilized and implemented and solving world problems. And so, yes, so I sold my company in 2017 to Robert Bosch, which is a private German company who was the number one, tier one for the automotive industry and in particular in cybersecurity and information security for that industry. So, yes, that was two acquisitions and two IPOs that I was able to go through, and then I had a non-compete, so I couldn't stay in the information security business anymore. So, I started a data analytics and AI based company called Profound Impact.

Tell us about that. I’m hearing all these really cool things. You're buying and selling and acquiring and just love the heart that you have because in the midst of it, you're mentioning core values and core purpose and building something from that. That's maybe why you probably refer to yourself as this serial entrepreneur because it's just beautiful. Well, bring us current. So, you sold these things, you had these non-competes, you started this other company. And so, what are you excited about today? Where are you? And I'd love to just dive into that.

Well, where I'm at and where we started are two different places, but the build on the genesis of Profound Impact was to try to measure an impact of an individual and an organization on the world, and that's why it's called Profound Impact. We were trying to measure it and not only measure it but utilize tools such as visualization to encourage future impact. So, I worked with the University of Waterloo, which is Waterloo, Ontario. It is known for entrepreneurialism, and that's where my late husband Scott taught for 35 years as a mathematician, but also very spun his company and that math faculty that has a faculty of math, which is unusual, usually center the science faculty, and they have influenced the world in not only their computer scientists and mathematicians and cryptography and quantum cryptography and all of these areas, so I was trying to measure that impact of that organization worldwide. So that's where we started, and so it was a data analytics company using some AI tools, and then it progressed to what we are today. And we have a product called Research Impact, and the main goal of this product is to get the most impact and most research from the research dollar. There's over $300 billion dedicated to research worldwide, and there are hundreds of thousands of industry partners and 8.8 million researchers who need that research money to conduct fundamental breakthrough research. But think about this. It is estimated that a third of it is wasted.        

Wow. That's $100 billion.

Yes. What if we could utilize every cent of those dollars to make sure that we get the most for the research? And that's what we do. We have a tool called Research Impact that is a SaaS, software as a service, with an AI based tool that we are able to match up these funding opportunities with researchers and, if required, industry partners, and the whole goal is to let's not waste a cent. Let's get the most research because we need to, we have huge problems still facing us today and in the diseases and food scarcity and all of these areas and peace, of course. We need to make sure that we get the most for the dollars that we the research dollars that are out there.

Gosh, I've got so many questions. First of all, the idea of measuring impact that a person has on the world and doing and having this product of research impact, is it fair to presume that you're still using some of your mathematical and analytical skills to do this work? Even with regard to how that's applied to the impact of a person or the impact of research, you're still using the math and the technology and the information technology to do all this, is that correct?

Yes, and I'm not necessarily the expert here, so I'm learning so much. This is what's so great. With the mathematical background and any scientific degree in education, there's usually some core skills that you learn, and one is critical thinking, one is problem solving and evidence based decision making. So, all of that is needed for an entrepreneur and someone who leads our own company. Whether you're an entrepreneur or whether you're a CEO of a large corporation, you need those skill sets. So, it was interesting I mentioned University of Waterloo. Some of the graduates from the math faculty are running clothing like Louis Vuitton and Procter and Gamble and all of these places, not those specific ones, but Louis Vuitton for sure, and how did they get from being a mathematic, getting a degree in mathematics to now leading being a CEO of a multinational company? So, it's because of these basic skill set that we have learned and hopefully reinforced through our experience. And so, yes, I use those. I don't do any cryptography today. I don't sit down and try to break large, discrete logarithm problems and things like that, but what I did, hopefully, is use the skills that I've learned.

Well, I'd like to have you back on the show just to bring that skill back out and that you could show us all what it really means to break a big logarithmic, whatever.  That'd be kind of fun to watch. I think most of the people listen to this show going, I'm going to have to Google what cryptography is and all this other stuff. Like what? I don't even know what that is.

Everything that you do today and you don't know it, when you sign on to your online banking, there's a handshake that goes between that you, your machine and the server at the bank, and that is all encrypted. That's all this mathematics is going back and forth, which is exciting for us mathematicians and nerds. But for you, it's there and it happens and it happens and it's secure.

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But people like me, we're so grateful for you. I don't even know how can openers work, friend, and here are you are. Of course. That's so great. That's wonderful.  Well, again, I don't want to run out of time. I promised it. I want to make sure that we have some space and time, this new thing, and I trust that the research impact, you're also bringing that over, helping women, helping women in entrepreneurial things, whether it's angel funding or late seed funding or whatever. Talk to us about this part of the world because it sounded like you had some pretty cool energy around that.        
            
Yes, and I would like to just reinforce one idea that you just said about research impact. We're also looking at the inequities in how research grants are awarded.

The inequities, is that what you said?

Yes, the inequities, inequities that there's a lack of parity.

Well, I don't even know that we have time for that. I would love to hear one time why the research suggests that we're losing $100 billion of research to waste, right? Is there a way to explain that in 30 seconds or less?

No, this is data that we're still accumulating. So, we haven't come up with the exact number.   This was estimate given to me by somebody from one of the University of Calgary in Alberta here in Canada, and we're trying to substantiate what that number is. But the important thing is we don't want waste, whatever that number is and what can we do about it. There are also, as I said, the inequities and the grant awards and we're trying to dwell down on those to come up with some concrete, solid examples of this. Just not my words, so stay tuned for that. I did want to get onto the women funding women.

Please.    
                                                 
                                                                                                             

"I have funded my company up until this year, so I decided I wanted to go out and engage other people, and people asked me that. They said, well Sherry, don't you have the capacity to fund it on your own? I said, yes, I do, but remember, I can travel maybe faster alone, but I can travel farther with others. And so, this is about being more impactful when you do it, not by just by yourself."

So, I went out and I started looking for funding, and I mentioned earlier that what my previous companies, when I looked for funding, they knew me as an expert in information security. I'm not an expert in data analytics and AI, and so I had to build up my credibility in that area. But I thought because of my background, because of my successes, that as being an entrepreneur with two IPOs and two acquisitions and building teams that it wouldn't be difficult to raise these funds, but it was difficult. And the challenge in particular was that I was pretty much dismissed by the men I was speaking with and in the fact that I would be the only one woman pitching, and three young men would be pitching against me and they would be funded. So, I said, what's wrong here? Is it me? Is it my pitch? Is it maybe I intimidate them? Whatever. It wasn't working. So, I said, I'm not going to talk to the men. I'm going to start talking to women. So, I went to a family office and had an opportunity to present to women of wealth who had philanthropy. They did a lot of philanthropic work, but they had never angel invest. They have somebody else manage their money. I said, why don't you take a little bit- 1% whatever, and angel invest? And so, this is what I'm encouraging women to do. There was a study that was just publicized that if we get women to invest at the level that men invest in venture capital and angel funding, we would add $4.3 trillion to the capital base. And then why don't we focus it on women founders? So that's my latest passion. It's not just my latest, it's been a long term passion, but now I'm working with a group called Women Funding Women. We're a collective, all across Canada and we're not a fund. We're about amplifying others and getting more women funders and more women founders.

Awesome. You know, this is going to be sort of out in left field, maybe. Maybe not. I partly am sitting here listening to this going, you know what? First of all, thank you for doing what you're doing. I think it's just absolutely beautiful. Also, on behalf of men around the world, and I say, I'm sorry. Forgive us. I think it's really cool that you would let me interview you, and I hear the stuff, whether it was in Japan or these other cultures or the Silicon Valley or whatever. I don't know. Maybe I sound like John Lennon. Imagine a world one day, and you have imagined that. You've put math to it. $4.1 trillion. If there was equity, if there was equality in that.

Yeah, that means the women have to step up. I'm not blaming anything on the men. I think a lot of this is unconscious bias, and we can try to change that, and we will continue to work with our allies. I have a lot of men, too, that have invested in me, so I'm not saying that I only talk to women, but the majority in my last round, we raised 3.125 million, oversubscribed, and the majority was for first time female angel investors.

Wonderful.


Doesn't mean there weren't some men, and there's always some allies. We need men as supporters, and we just want to bring that. I'm challenging women here. I want you to step up. The men are out there, and if we stepped up to the level that they've stepped up, we can add this much capital, and also, we could focus the capital on areas that we think are needed, such as women and minority owned companies. The number is still surprising.

                                                                                                             
"I heard 2% of all venture capital in the US, it's for women founded companies and it's about the same, maybe 3% in Canada. So, we have a long way to go, baby. But we all need to be working together to get it."     

I am honored that you would come onto our show and share that. Some of our listeners, if you're listening to this, and someone is going, I really got to get a hold of this person. First of all, we'll make it available in the show notes, but would you mind telling us how does someone reach you?        
            

Just reach out via LinkedIn. I am on LinkedIn, so that would be the best way. So, you can message me directly there. Great. Or you can go to our website, profoundimpact.com or email me at sshannon@profoundimpact.com.

Wonderful. And we will make all three of those vehicles readily available through the show notes. Sherry, thank you. I know that does feel like we go fast. This is incredible. I've got so much to think about. I didn't actually get a large enough piece of paper. I wrote all over all sides of this and was trying to write on the side of the piece of paper these just incredible things that you've done and ways that you've gone, and I'm grateful for people like you in the world that continue to inspire others. I think it's so beautiful that you're doing that, and even when I said I'm sorry, you don't strike me as someone that was trying to blame, you're only trying to work on the good side of things, which is having women step up. And I think that's fantastic. I think that's absolutely fantastic. So, thank you. Thank you for the work that you're doing and we wish you well. Hey. Is there anything about the work that you've done that you hoped I asked you about, that we didn't get to? Is there one last little oh I was hoping Steve would get to that thing?
            

No, I think you covered it. I can talk on each of these areas for a long, long time, but hopefully there was something for your audience, and if there wasn't, I hope they reach out to me.

Oh, my goodness. There were things that I didn't even get to come back to. I'll give you two that I didn't even get to come back to that I noted. One of the things was you couldn't seem to transcend like when you were in Japan or possibly the Silicon Valley, you could only change yourself. One of the things that carried you through was your expertise, right? Even those people in Japan, they couldn't see you as a man or a woman. But you know what, you were an expert. And so, I was just thinking, gosh. And then the other thing that you said in passing is you had this installation. It was instilled in you that you could become the person you wanted to become. So, what I found interesting about that, I mean, I would have a million questions around that. Was that your folks? Was that friends? Was that teachers who did that instilling? And that might not matter. You know, what really struck me is you are now the instiller. That's what you're trying to do.

I'll just comment on that is that I've had a lot of help. Of course, my family. My father had a 6th grade education, my mother finally finished high school when she was an adult. I'm from the Appalachian area of Tennessee, coal mining area, so I had lived in Ohio and went to school there. I lived there all my life and went to school there at Miami of Ohio and later the University of Tennessee at graduate school, but my point here is that I've had a lot of people along the way. I've had people such as even my boss who said, if you want to move up, you have to move on, so you need to listen to those people. There'll also be naysayers, and I just don't tune into that frequency. I try not to, and I try to concentrate on the positive. I was also influenced by high school math teachers, university math teachers, mentors. Now, even as an entrepreneur, I reach out to several people on occasions I find inspiring. They give me some guidance. So, I do listen to them. I try to listen more, and I also try to ask for help more.


Look, that's just beautiful. And like I said, I can't imagine for all these people in the future for whom you are going to be that person. So, I hear you loud and clear. You didn't do it alone. I'm just super grateful that I can just feel it in you. You are that person for so many other people, so again, thank you for being part of the show. We wish you so well on what you're doing. We'll make absolutely the notes available to people to get a hold of you and you really are having a profound impact, so, thank you so much for all that you do.

Thank you, Steve and I appreciate this opportunity to have this conversation with you.

Yeah, it's wonderful. Well, like we say when we end these shows, actually, it doesn't really matter what Sherry's insights were, and what Steve's insights are. Really what matters, as you listen to Sherry, what are your insights? And I'm sure she would encourage you to tune into that as well. So, Sherry, thank you again. Folks, we'll see you next time here on The Insight Interviews.        



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