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- 1. FUNDING SOURCES FOR WOMEN ENTREPRENEURS Powered by Cincy Women in Tech November 2017
- 2. Funding Sources for Women Entrepreneurs Female entrepreneurs are not seeing their fair share of funding. Is it because most venture funds are predominantly or all male managed? Or are they just not asking for funding? 2 What is obvious from dozens of studies published in the last year is that female founders are receiving far less funding than men while they are a growing entrepreneurial force. Women led startups need to be made aware of various resources they can access to aid their ability to launch and grow their companies.
- 3. #GirlBoss 3 Women are making their own opportunities and becoming their own bosses. The number of women owned firms has grown 68% since 2007. Women now make up 40% of new entrepreneurs in the United States. Hecht, Jared. “Why Women Entrepreneurs Have a Harder Time Finding Funding.” Entrepreneur, 28 Sept. 2016, www.entrepreneur.com/article/281733. Accessed 17 Sept. 2017. Pofeldt, Elaine, and special to CNBC.com. “Women are now beating men in this competitive field.” CNBC, CNBC, 6 Mar. 2017, www.cnbc.com/2017/02/28/why-women-entrepreneurs-will-be-economic-force-to-reckon-w ith-in-2017.html. Accessed 17 Sept. 2017.
- 4. 4 #GirlBoss As of 2012, there were nearly 10 million (36.2%) women owned businesses in the United States and that is only increasing. Women owned companies represent 30% of all small businesses. Hecht, Jared. “Why Women Entrepreneurs Have a Harder Time Finding Funding.” Entrepreneur, 28 Sept. 2016, www.entrepreneur.com/article/281733. Accessed 17 Sept. 2017. 10 Million Strong: The Tipping Point for Women's Entrepreneurship. National Women's Business Council, 2015, www.nwbc.gov/sites/default/files/NWBC_2015AnnualReportedited.pdf.
- 5. Women represent 55% of jobs in the fastest growing area of the economy where socialand analytical skills are important. 5 As of 2016, women held 51.5% of management, professional and related positions.
- 6. 6 Brown, Anna. “The Data on Women Leaders.” Pew Research Center's Social & Demographic Trends Project, 17 Mar. 2017, www.pewsocialtrends.org/2017/03/17/the-data-on-women-leaders/. Accessed 17 Sept. 2017. 5.4% 20.2%Currently, women represent only... Of Fortune 500 CEOs Of Fortune 500 Board Members &
- 7. 7 5,839 In 2016, 5,839 male-founded companies received venture capital funding compared to just 359 female-founded companies.* 359 Zarya, Valentina. “Venture Capital's Funding Gender Gap Is Actually Getting Worse.” Fortune.com, Fortune, 14 Mar. 2017, fortune.com/2017/03/13/female-founders-venture-capital/. Accessed 17 Sept. 2017.
- 8. Women & Venture Capital 8 Globally, women only receive 10% of venture funding and 15% of seed funding. Women start companies with 50% less capital than their male counterparts. Teare, Gené, and Ned Desmond. “The first comprehensive study on women in venture capital and their impact on female founders.” TechCrunch, TechCrunch, 19 Apr. 2016, techcrunch.com/2016/04/19/the-first-comprehensive -study-on-women-in-venture-capital/. Accessed 17 Sept. 2017. Stengel, Geri. “Is Change In The Wind For Women Entrepreneurs Raising Capital?” Forbes, Forbes Magazine, www.forbes.com/forbes/welcome/?toURL=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fgeristengel%2F2016%2F04%2F13%2Fis-change-in-the-wind-for-women-entre preneurs-raising-capital%2F&refURL=&referrer=#128ec78b5eaf). Accessed 17 Sept. 2017.
- 9. 8% Only 8% of partners at the top 100 venture firms are women. 9 3x Venture capital firms with women partners are 3x more likely to invest in companies with women CEOs (58% of VC’s w/women partners vs 15% of firms without) “Announcing The 2017 Update To The Crunchbase Women In Venture Report.”Crunchbase News, Crunchbase, 4 Oct. 2017, news.crunchbase.com/news/announcing-2017-update-crunchbase-wom en-venture-report/. Brush, Candida G, et al. Women Entrepreneurs 2014: Bridging the Gender Gap in Venture Capital. Babson University , Sept. 2014, www.babson.edu/Academics/centers/blank-center/global-research/diana/Documents/diana -project-executive-summary-2014.pdf.
- 10. How are Women Funding Their Ideas? 10 Women entrepreneurs are more likely to self-fund, get grants and secure loans over getting venture capital. Less than 1% of female founders have used VC to fund their business. Kauffman Foundation survey of nearly 350 female tech startup leaders found 80% used personal savings as their top source of funding. Farber, Madeline. “Exclusive: Only 1% of Female Founders Have Used VC Money to Fund Their Business.” Only 1% of Female Founders Have Used VC Money to Fund Their Business | Fortune.Com, Fortune, 27 Apr. 2017, fortune.com/2017/04/26/women-venture-capital-funding/. Accessed 17 Sept. 2017. THIS IS FOR THE FIRST AND SECOND STAT.*** America, May 24 2016 North. “Why VCs Aren't Funding Women-Led Startups.” Knowledge@Wharton, 2016, knowledge.wharton.upenn.edu/article/vcs-arent-funding-women-led-startups/. Accessed 17 Sept. 2017.
- 11. “ “It is so crucial to keep your head down and be laser focused on the business, particularly with revenue. The trends I am hearing from entrepreneurs about feedback they receive in a pitch session is the lack of traction. Offer a solid plan when it comes to revenue methods- realistic and aggressive methods.” 11 Cayla Weisberg (InvestHER Ventures, Chicago)
- 12. “ “Make sure you create authenticity and build relationships over months and years. A stronger network will take you further.” 12 Ezra Galston (Chicago Ventures, Chicago)
- 13. “ “Not taking no for an answer and being proactive will build a different level of credibility. If you don’t have an established network, build one through relevant accelerators, pitch competitions, etc.” 13 Samara Hernandez (MATH Ventures, Chicago)
- 14. 14 In order to be proactive and make female founders aware of available funding options we’ve identified a variety of funding outlets specific to women entrepreneurs. We’ve highlighted those investors, entrepreneurs and innovators who are tackling this problem head on.
- 15. 15 CAPITAL VENTURE Female Specific Funds VCs that require one female founder, executive or equity holder. Female Encouraged Funds VCs that invest in a high number of female founders based on Crunchbase data and feedback from female specific funds.
- 16. 16 CATEGORY Tech, Early stage LOCATION Chicago, Illinois TYPE Female Specific CATEGORY Tech/Consumer goods, Early stage LOCATION Culver City, California TYPE Minority Specific CATEGORY Tech, Early stage LOCATION Menlo Park, California TYPE Female Encouraged VENTURE CAPITAL
- 17. 17 VENTURE CAPITAL CATEGORY E-commerce/web-enabled, Early stage LOCATION NYC, New York TYPE Female Specific CATEGORY Cloud/mobile computing, Early stage LOCATION Oakland, California TYPE Female Encouraged CATEGORY Mobile marketplace, Early stage LOCATION San Francisco, California TYPE Female Encouraged
- 18. 18 VENTURE CAPITAL CATEGORY Non-specific LOCATION Colorado TYPE Female Specific CATEGORY Consumer internet/mobile, Early stage LOCATION NYC, New York TYPE Female Specific CATEGORY Digital media/sustainability LOCATION California/ Pacific NW TYPE Female Specific
- 19. 19 VENTURE CAPITAL CATEGORY Non-specific, Early stage LOCATION Chattanooga/ South East TYPE Female Specific CATEGORY E-commerce/Retail/ Fashion, Early Stage LOCATION San Francisco, California TYPE Female Encouraged CATEGORY Social enterprise LOCATION Global, virtual* TYPE Female Specific
- 20. 20 VENTURE CAPITAL CATEGORY Social enterprise/environmental, Early Stage LOCATION NYC, New York TYPE Female Specific CATEGORY Non-specific LOCATION Los Angeles/San Francisco, California TYPE Female Specific CATEGORY Hyper-growth Tech, Early Stage LOCATION Atlanta, GA TYPE Female Encouraged
- 21. 21 CATEGORY Non-specific, Early Stage LOCATION NYC, Boston & San Francisco TYPE Female Specific CATEGORY Sustainable/health, Early Stage LOCATION Austin, Texas TYPE Female Specific CATEGORY Tech, Early Stage LOCATION San Francisco, California TYPE Female Specific VENTURE CAPITAL
- 22. 22 CATEGORY Non-specific, Seed LOCATION New York, New York TYPE Female Encouraged CATEGORY Tech, Early stage LOCATION Los Angeles, California TYPE Female Encouraged CATEGORY Tech LOCATION San Francisco, California TYPE Female Encouraged VENTURE CAPITAL
- 23. 23 CATEGORY Internet/Software LOCATION New York, New York TYPE Female Encouraged CATEGORY Consumer Startups LOCATION San Francisco, California TYPE Female Encouraged CATEGORY Healthcare/Tech, Early stage LOCATION Westport, Connecticut TYPE Female Encouraged VENTURE CAPITAL
- 24. 24 CATEGORY Tech, Seed LOCATION Oakland, California TYPE Female Encouraged CATEGORY Tech/Science, Early Stage LOCATION NYC, New York & Menlo Park, California TYPE Female Encouraged CATEGORY Tech, Seed LOCATION Chicago, Illinois TYPE Female Encouraged VENTURE CAPITAL
- 25. 25 CATEGORY Tech, Early stage LOCATION Menlo Park, California TYPE Female Encouraged VENTURE CAPITAL
- 26. ANGELS 26
- 27. 27 ANGELS CATEGORY Non-specific LOCATION San Francisco, California CATEGORY Tech LOCATION San Francisco, California CATEGORY Non-specific, Early stage LOCATION Connecticut/East Coast
- 28. 28 ANGELS CATEGORY Variety of industries, Early stage LOCATION Columbus, Ohio CATEGORY Social enterprise, Early stage LOCATION NYC, New York CATEGORY Tech/consumer goods, Early stage LOCATION NYC, New York
- 29. 29 ANGELS CATEGORY Health care/consumer goods, Early stage LOCATION NYC, New York CATEGORY Tech/science/consumer goods, Early stage LOCATION Global, Virtual* CATEGORY Non-specific, Early stage LOCATION Kansas City, Kansas specific*
- 30. 30 ANGELS CATEGORY IT/Tech/Health, Early stage LOCATION Wisconsin, Midwest specific* CATEGORY IT/Tech/Health, Early stage LOCATION Michigan
- 31. ACCELERATORS 31
- 32. 32 ACCELERATORS CATEGORY Non-specific LOCATION Colorado CATEGORY Non-specific LOCATION Currently California & D.C but expanding* CATEGORY Non-specific LOCATION Ohio/Northern KY
- 35. 35 TECH ACCELERATORS CATEGORY Tech LOCATION San Francisco, CA CATEGORY Tech LOCATION Washington D.C. CATEGORY Tech LOCATION National, by event*
- 36. 36 TECH ACCELERATORS CATEGORY Tech LOCATION St. Louis, Missouri CATEGORY Tech LOCATION Silicon Valley, California CATEGORY Tech LOCATION Tennessee
- 38. 38 CATEGORY Social Enterprise LOCATION NYC, New York CATEGORY Social Enterprise LOCATION Global, Digital Submission* CATEGORY Social Enterprise, Early Stage LOCATION Global, New Country Chosen Annually* PITCH COMPETITIONS
- 39. 39 CATEGORY Tech, Early Stage LOCATION San Francisco CATEGORY Non-specific LOCATION Southeast and West Michigan CATEGORY Tech LOCATION National, New Location Chosen Annually* PITCH COMPETITIONS
- 40. 40 CATEGORY Non-specific LOCATION Los Angeles, CA CATEGORY Non-specific LOCATION Indianapolis, Indiana CATEGORY Non-specific LOCATION Selected nationally, Connecticut PITCH COMPETITIONS
- 41. 41 CATEGORY Non-specific, this is an award not a pitch competition LOCATION Global, Digital Submission* CATEGORY Non-specific LOCATION Silicon Valley, International events as well* PITCH COMPETITIONS CATEGORY Tech LOCATION NYC, New York
- 42. 42 LOANS
- 43. 43 LOANS CATEGORY Social Enterprise, Early Stage LOCATION Global, New Country Chosen Annually* CATEGORY Social Enterprise, Early Stage LOCATION Global, New Country Chosen Annually*
- 44. 44 GRANTS
- 45. 45 GRANTS CATEGORY Social Enterprise, Early Stage LOCATION Global, New Country Chosen Annually* CATEGORY Social Enterprise, Early Stage LOCATION Global, New Country Chosen Annually*
- 46. ABOUT THE AUTHOR Laura Mena Marketing Intern | Cincy Women in Tech Marketing Director | Redhawk Ventures Marketing and Entrepreneurship Major Farmer School of Business, Academic Scholar Miami University Class of 2020 LinkedIn
- 47. ABOUT US Cincy Women in Tech is a networking group for women that works to build the next generation of female business leaders in Cincinnati. To learn more about us, visit cincywomenintech.wordpress.com
- 48. THANK We would like to take the time to acknowledge the innovators that contributed to the development of this piece. A special thank you to Cayla Weisberg (InvestHER Ventures), Ezra Galston (Chicago Ventures), Lindsay Knight (Chicago Ventures), Douglas Monieson (Hyde Park Angels), Greg Barnes (Hyde Park Venture Partners), Greg Lernihan (Social Venture Partners), Samara Mejia Hernandez (MATH Ventures), Marina Dedes Gallagher (Vine St. Ventures) and Sarah Anderson (Cintrifuse) Designed by Menagery, Inc YOU