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It’s wild to think we’re about to wrap up the month of October and with it, National Women’s Small Business Month. The various gaps in women’s entrepreneurship — from funding to sponsorship — are astounding and will require both the public and private sectors to address the discrepancies. This work is needed now more than ever before: 48% of female-owned small businesses are struggling financially due to the continued impact of COVID compared to 39% of male-owned small businesses.
However, it’s heartening to know that so many changemakers and organizations are working to support women entrepreneurs. On a recent panel with our CEO Jean Case, Gabby Cazeau, Principal at Harlem Capital, shared insight into how VCs can expand their funding to include more women and diverse founders. She recommended that they look outside their existing and traditional networks and track data in hiring pipelines to find growth areas. Harlem Capital itself is on a mission to invest in 1,000 diverse founders over the next 20 years.
We also wanted to highlight this roundup of 5 Socially Conscious Women Entrepreneurs Under 30 to Watch. We will certainly be watching closely!
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| It’s the spookiest time of year. Green America surveyed the world’s biggest chocolate companies to find out which tasty treats are best at prioritizing people and the planet. See where your favorite chocolates stack up! |
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| Video: What’s Inspiring Millennial and Next Gen Investors? |
| This week our CEO Jean Case joined the Meridian Summit for a conversation with Ben Chang on how Next Gen investors can align their investments with their values. Jean noted that it's a “Be Fearless” spirit that's driving the next generation’s desire to make an impact with their investments. |
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| Americans Have High Expectations for Their Investments |
| New data from Allianz Life shows that 97% of Americans factor the social responsibility practices of companies, including taking a stance on important issues, making substantial investments in communities, and treating employees well, into their investment decisions. |
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| INCLUSIVE ENTREPRENEURSHIP |
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| 5 Programs That Help Black Founders Get Funding |
| Many Black founders may not have people in their circles who can spare thousands of dollars during the "friends and family" round. Addressing this gap are programs that have made commitments to help fill in the early-funding gap for Black founders. |
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| Expanding Opportunities for Black Entrepreneurship |
| The PNC Foundation recently announced a five-year, $16.8 million grant to create The Howard University and PNC National Center for Entrepreneurship. The center will support expanded opportunities for Black entrepreneurship with enhanced educational, leadership and capacity-building resources and programs nationwide. |
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| Taking Care of Business |
| We recently saw two great examples of stakeholder capitalism. Leonard Green & Partners has shared more than $2 billion of profits with employees of companies it backs while Sara Blakely, Spanx CEO, surprised every employee with two first-class plane tickets and $10,000 to mark Spanx’s new $1.2 billion valuation. |
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| Citi Will Be The First Wall Street Bank To Do A Racial Audit |
| Citigroup became the first Wall Street bank to commit to do a deep dive into its business to see if, and how, it contributes to racial discrimination. Citigroup has also been vocal about its desire to increase Black representation among its management ranks. Currently, Black employees make up about 7.6% of the top three ranks within the company. |
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