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As the rest of the world speeds ahead toward an electrified future, the U.S. is doubling down on gas-powered cars. President Trump announced a proposal this week to slash stricter fuel economy standards put in place during the Biden administration. By reversing the standards, the White House further aligns itself with the oil and gas industry, with some automakers happily going along for the ride. “We’re officially terminating Joe Biden’s ridiculously burdensome, horrible actually, CAFE standards that impose expensive restrictions,” Trump said, referencing the Corporate Average Fuel Economy rules. “And all sorts of problems all sorts of problems for automakers.” The president was joined by Ford CEO Jim Farley, Stellantis CEO Antonio Filosa and a representative from General Motors for the announcement, which took place at the White House on Wednesday. Today is a victory for common sense and affordability, Farley said at the event. We believe that people should be able to make a choice, as you said, Mr. President, and we will invest more in affordable vehicles. Regulations put in place during the Biden administration would require new cars sold in the U.S. to average more than 50 miles per gallon by 2031. That rule, designed to push automakers to reorient their business around EVs, will drop to 34.5 miles per gallon under Trumps proposal. The president also reiterated his plans to end a set of EPA rules that limit tailpipe pollution, a change that the oil and gas industry pushed for. Fuel rules tend to shift between presidential administrations, with Democrats pushing for environmentally-minded standards and Republicans stripping away regulations. The White House characterized the changes, designed to slow the U.S. shift toward electric vehicles, as a cost-saving measure for consumers. The Biden standards would have compelled widespread shifts to EVs that American consumers did not ask for, accompanied by significant cost-of-living increases, the administration wrote in a fact sheet on the changes. In 2025, high car prices are one part of a puzzle for Americans trying to make ends meet. High interest rates, persistent inflation and Trumps own tariffs on imported cars and car parts have created a perfect storm of unaffordability for car buyers. The high cost of driving Cars are really expensive right now. The average price for a new vehicle inched above $50,000 for the first time in September, according to a report from Kelley Blue Book. That average rose by almost $2,000 compared to 2024. The average price of EVs, which cost more up front and save drivers cash in the long run, was $8,000 higher during the same time frame. The $20,000-vehicle is now mostly extinct, and many price-conscious buyers are sidelined or cruising in the used-vehicle market, Cox Automotive Executive Analyst Erin Keating said in the report, which also noted the impact of cost pressure from tariffs. Today’s auto market is being driven by wealthier households who have access to capital, good loan rates and are propping up the higher end of the market. While auto makers secured some relief from the presidents flurry of tariffs, car makers didnt make it through the year unscathed. In a mid-year earnings call, Ford estimated its tariff costs to total up to $2 billion for the year. The fuel economy changes are just the Trump administrations latest effort to unravel signature climate-friendly policies from the Biden years. Trumps Big Beautiful Bill, passed earlier this year, stripped away Biden era tax credits that lowered the price tag of eligible EVs by as much as $7,500. The death of those tax credits prompted a major short term boost in EV sales this summer, as buyers rushed to make their purchases in time to secure more affordable electric cars before the end of September.
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E-Commerce
Only about 10 percent of venture funds ever make it to a fourth vintage. Of those, just 5 to 10 percent are led by women. Im one of them. When I started Female Founders Fund in 2014, I believed that solid returns and conviction would speak for themselves. Strong performance would unlock capital and the industry would reward the achievement, especially from those breaking new groundor so I thought. What Ive come to learn is that venture capital isnt a pure meritocracy. Its a network-driven ecosystem where who you know often matters just as much as what you build. Cultural and political changes, and a tight market environment, are making it especially difficult for fund managers to maintain momentum. Now is the time for the industry to reflect on how to ensure that these funds, especially those led by diverse managers, can weather these forces and continue to support diverse founders with brilliant ideas. Investing in women isn’t charity. By yielding powerful, durable returns, it has proven to be smart business. As risk tolerance declines, it could be tempting for institutions to retreat to the familiar. Instead, they should pay attention to the data. A shorter runway for women Over the years, a few lessons have become clear. They arent the ones you find in your LPA, but theyre the realities that quietly shape who gets funded, who gets backed again, and who quietly fades away. Returns are just one part of the picture. While performance is important, other forcesinstitutional change, personal networks, and internal politicsoften drive how capital gets distributed. Once an institution commits to a fund, that relationship can extend across multiple vintages. The incentive to change managers is low. Check writers want proximity to the next generation of Tier 1 talent striking out on their own. That bias works in favor of spinoutsformer Sequoia, a16z, or Benchmark investors taking the entrepreneurial leap. But for managers without that institutional pedigree, the path looks very different. And for women, who remain significantly underrepresented in those firms partnership ranks, the path is even narrower.Your first fund is often cobbled together from founders, friends, and family offices willing to take an early bet. By Fund II or III, however, the bar shifts. Institutions want scale, systems, and years of realized returns, all of which take time to build. For emerging managers, thats the hardest leap: breaking through a system designed to reward familiarity over conviction. Venture is a relationship business. It prides itself on data and rigor, but in practice it runs on trust. The capital that fuels our industry still moves through networks built over decades. Who you know, how long youve known them, and what you have to offer, determines access. This is why new or diverse fund managers often find it easier to raise their first fund on promise than their second on proof. Convincing someone to take the initial bet on someone new can be easier than asking them to break a pattern with subsequent fundsbecause the pattern is still overwhelmingly male. We must also look at money. Wealth isnt optionalits the price of entry. For example, all new fund managers are expected to invest a GP commit, which equates to roughly 1 percent of their total fund size. On a $50 million fund, thats $500,000 in cash, upfront. Imagine asking an entrepreneur to invest half a million dollars in their own Series B to show commitment. For many, especially women and first-time fund managers, that barrier is insurmountable without preexisting, generational, or spousal wealth. It is one of the quietest but most enduring structural filters in venture, and it uniquely disadvantages women, who, on average, hold less personal and intergenerational wealth. Having a financial cushion is also vital to play the long game that venture requires. To stay in the business, particularly through downturns, you need a financial cushion. Big payouts dont happen often. Selling some of the investment early can help a little, but small fund managers cant always afford to take a lower price without making it harder to raise money later. Its not just about resilience and grit; its about runway. And because women more frequently enter the industry later, without the safety nets that have historically supported male peers, their runway is often meaningfully shorter. Staying in the game long enough to see your conviction validated is, in itself, a form of privilege. Another challenge that has played out over the years is that while several well-intentioned institutions and corporations have stepped in to support and capitalize diverse managers, the purpose behind many of these checks has been to provide start-up capital designed to help new funds get off the ground, with the expectation that larger institutional investors would take over from there. That handoff, however, has proven difficult. Even as the tide has turned culturally and politically, theres a real opportunity to rethink how we sustain diverse managers beyond the first fund, widening the base of long-term support so they can weather market cycles and build lasting franchises. The current system still assumes women will somehow graduate into institutional support structures that were never designed with them in mind. Shaping the next frontier I started Female Founders Fund as an entrepreneur who spotted alpha in the marketa clear gap between the caliber of women building companies and the capital available to back them. Twelve years later, that thesis has proven right again and again. At Female Founders Fund, weve seen it firsthand. Maven Clinic became the first unicorn in womens health, defining an entirely new category of care. Billie reimagined modern personal care before its acquisition by Edgewell. BentoBox transformed hospitality tech, leading to a successful exit. Tala, now valued at nearly $1 billion, continues to scale globally, expanding access to financial services in emerging markets. Wagmo created a new category of employee benefits around pet care, while Violette_FR built the first artist-led French beauty brand in decades. These companies touch millions of end customers and have built products, tools, and services that have scaled across industries proving that female-led innovation drives real enterprise and consumer value. These founders are category creatorspairing big visions with world-class execution. These outcomes arent outliers. Theyre evidence that backing female founders is a wise investment strategy that generates meaningful returns. We cannot let this moment in time with its tighter markets and shifting market and social priorities create negative momentum. Women are now leading in industries once thought impossible to break into: Space DOTS, founded by a NASA-trained astronautical engineer; Beyond Aero, reimagining flight through hydrogen-electric propulsion; Amini AI, building Africas environmental data backbone; Waabi, redefining autonomous trucking; and Dacora, making history as the first female-founded automotive company. From aerospace to AI, from climate to transportation, women are shaping the next frontier and the best is yet to come. In order to keep seeing new role models of success especially for those living outside the traditional Silicon Valley ecosystem, we need to keep capital flowing. Thats how the next generation of women and underrepresented founders will see themselves in the leaders building toay. In a moment when the world feels increasingly divided, doubling down on progress isnt just good businessits good stewardship. Because the hardest part isnt raising a fund, its building one that endures. And the longer I stay in this business, the clearer it becomes: investing in women isnt a risk, its a return.
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E-Commerce
Its a great week to have a disposable income and act like you know how to ski. North Face x Skims today launches its second winter outerwear capsule, again channeling ski culture with a campaign shot on the powder-coated Chilean mountains. (Skis and airfare not included.) The 2025 drop expands on its collection from last year with even more silhouettes, like the wrap puffer coat, and a thoughtfully cropped, hooded puffer jacket with drop shoulder that brings some fashion to the line, which is aesthetically more oriented toward sport. It also includes mens and kids styles for the first time (prices range from $55 to $800). [Photo: The North Face] Even considering the new styles, the overall brand ID will look very familiar to Skims fans, with creative direction thats nearly identical to last years North Face collaboration. It has a styling and color system approach thats similar to the recent Skims x Nike collab, with muted color tones such as bone, kyanite, gunmetal, phoenix, and onyx, this time inspired by winter color palette. [Photo: The North Face] The campaign creative direction again utilizes gradiated layouts and product imagery, featuring models in geometric groupings organized by garment colorway. (Laura Obermeyer and Jackie Nickerson shot this years campaign; the first iteration last year was 2 campaigns, one shot by Vanessa Beecroft and the other shot by Donna Trope.) Part of what makes the Skims marketing such a home run is how it plays with its brand for a distinct visual approach to each of its various campaigns for core product drops. It appears to be less flexible with collaborations. [Photo: Nike] A big week for ski fashion But its not the first to drop a winter collection this week. Nike and Jacquemus expanded their long-running partnership into the winter season by earlier this week announcing their first ever ski collection (some styles are online now). The Nike x Jacquemus’ collab plays into cold weather glamour and offers shapes that are driven less by spandex body shaping and more by a classic, retro aprés style. The style lines and pattern of the clothes create their own shape on the body, such as in the ful skirt featured on the first campaign image, or the hourglass shape emphasized by the bell sleeve and tailored waist of the ski jacket. Its Audrey Hepburn in Chalet with the functionality of Gore Tex. Prices range from $110 to $700 for whats currently available online, which is half of the total 18 expected styles to be released. [Photo: Nike] These drops are an entry point for fashion brands to get in on outerwear sales by tapping into the expertise of brands already in the space (North Face and NIke, respectively). They are also a way for winter sport amateurs to tap into ski styles, without having to spend big on a vacation or premium-level gear they dont really need. I live at sea level, and Id still buy that Nike x Jacquemus jacket, if it wasnt sold out. And though all the North Face x Skims styles have yet to be released, the comments section on the brand announcement posts is already piping. [Photo: Nike] This quick sequence of drops is another indication theres appeal in prestige signalling through pieces that have prppy, sophisticated, and stylistic design elements you might see walking around Kemo Sabe in Aspen or a premium St. Moritz chalet. Its almost as if tennis core and gorpcore had a winter romance (does that give us chaletcore?). North Face x Skims and Jacquemus x Nike have distinct pespectives on this, but one thing is clear: this winter, skiing is a state of mind. [Photo: The North Face]
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E-Commerce
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