¤ Field Notes from the Feminist Economy

¤ Field Notes from the Feminist Economy

You are visiting Liisbeth’s archives! 

Peruse this site for a history of profiles and insightful analysis on feminist entrepreneurship. 

And, be sure to sign up for rabble.ca’s newsletter where Liisbeth shares the latest news in feminist spaces.

Author: LiisBeth

Categories
Sample Newsletter

Dispatch #19

liisbeth-dispatch-19

Wondering what gift to buy for the questioning feminist in your life this holiday season? How about a subscription to LiisBeth! We’re not just a digital magazine – we’re a new conversation and community – we guarantee you won’t find anywhere else.

THIS WEEK ON LIISBETH

We already know that women and gender non-conforming entrepreneurs as a demographic experience social bias-induced barriers to success, including increased difficulty in raising capital and lack of inclusive startup incubator or accelerator environments.

But what is the experience like for women of colour? Especially here in Toronto? This week on LiisBeth, rock star contributor and entrepreneur in her own right, Priya Ramanujam, shares with us her experience as a racialized woman entrepreneur launching a startup in Toronto in her piece “Not Your Incubator’s Entrepreneur (And That’s Your Loss).

Toronto has been voted one of North America’s best startup citiesdue to the seemingly abundant government and private sector support, plus access to capital—but it turns out these resources reach only the privileged few. As Ramanujam notes, “as racialized people in our early 20s and coming from one of Toronto’s ‘priority’ neighbourhoods, my business partner and I would not have seen ourselves as the ideal candidates for such support.

The fact that Priya and thousands like her experience the publicly funded startup and entrepreneur support system this doesn’t serve society – or the economy.

LIISBETH FIELD NOTES

Just last week, the Ontario Women’s Enterprise Group released its set of baseline recommendations that we believe will help set the foundation we need to unleash the true potential of women entrepreneurs in Ontario, and in turn, catapult Ontario’s and Canada’s economies forward.

Sometimes you just have to go with it.

And that’s exactly what we did when Ontario Premier Kathleen Wynneinvited an attendee (me) at Ladies Who Launch event on March 29, 2016 to give it to her straight about Ontario’s policies on women’s entrepreneurship during the post-event scrum.

The Straight Goods

Women entrepreneurs should be on the Liberal government’s policy agenda. We are doing too little to close the gender and diversity gap in our startup and accelerator ecosystem, and that means we are losing significant economic growth potential. Strategies to help us close the gap need to be implemented,now.

Wynne Wants More

Premier Wynne sounded genuinely intrigued, and suggested that we “get our group together” and arrange for a more formal briefing with her and her policy advisory team. “Of course!” I said, and we exchanged contact information. The only trouble was, there was no group at that time. Or agreed upon strategies. But as every entrepreneur knows, when opportunity knocks, you have to answer! So phone calls were made, emails sent, and soon after, a “pop-up” advocacy collective was formed.

Women Entrepreneurs Collective Was Formed

It’s how entrepreneurs—and especially women entrepreneurs—work: fast; collaboratively; fuelled by coffee, humour and dark chocolate; and with little (and in this case, zero) resources.

With sleeves rolled up and individual agendas set aside (which admittedly took some work), we opened our minds, shared perspectives, exchanged data and information, and most importantly, laid 250+ years of collective wisdom on the table. Perhaps another indication of the need for a province-wide strategy and integrated approach was the fact that many of us had never crossed paths before, despite all working in the same space, and towards the same ends.

The composition of the group was intentionally diverse and included both long-time and new-to-the-scene players from across the province who are shaping the women’s enterprise space in Ontario. You may recognize some of the names, like Barbara Orser and Catherine Elliott (both at the Telfer School of Management, University of Ottawa and co-authors of Feminine Capital), Vicki Saunders (SheEO), Julia Deans (Futurpreneur), Rosalind Lockyer (PARO), Kristel Manes (Rhyze Project), Marissa McTasney (Moxie Trades), Marjorie Brans (School for Social Entrepreneurs—Ontario) and Rhona Reuben Levine (Women Presidents’ Organization). But there were also newbies, including Mellie Chow (Charge-In study), Pramilla Ramdahani (Durham Community Innovation Lab) artpreneurAllison Hillier, and 26-year-old Mithula Naik, who completed her thesis last spring on Canadian women entrepreneurs and their role in shaping the definition of social entrepreneurship.

We met for the first time in May in downtown Toronto at Ember, the Toronto Business Development Corporation’s women’s enterprise workspace and program, which is now, ironically, defunct and serves as a case in point. Many players in the startup ecosystem simply don’t get the opportunities they need as women entrepreneurs, and many people don’t understand how to truly unleash the power of women entrepreneurs.

Recommendations

The report essentially calls for more and larger tranches of investment in women-led ventures, the creation of a women’s entrepreneurship scorecard, plus an increase in support for women-led, women-centric programming, which we believe can more effectively advocate for and advance the development of women entrepreneurs. You can download the full document of our recent recommendations here.

Read it. Share it. Use it to start conversations in your community and workplace about how to better unleash the potential of women innovators and entrepreneurs in our society, regardless of where you live.

Let’s just get the job done.

Got feedback? Have questions? Want to join the conversation? Don’t hesitate to email myself (founding chair) at [email protected]or any of the 18 members listed in the report, or visit our website at http://ontariowomensenterprise.weebly.com/

Related story: BUSINESS LEADERS CALL ON TRUMP AND CLINTON TO DO BETTER FOR WOMEN ENTREPRENEURS (Nov 1, 2016)

Virtual Reality Feminism

blonde girl playing and enjoy in virtual reality

Are you ready for the next big technological shift?  Does VR, AR or Occulus Rift mean anything to you?

These are just a few of the acronyms and words that punctuate a lot of conversations related to virtual reality storytelling at Ryerson University’s Transmedia Zone, LiisBeth’s new home for the next several months.

At first, I paid little attention, thinking this new technology was just creating more ways to amuse ourselves to death. And I could not imagine how feminism or LiisBeth might be able to leverage these technologies in ways that advance, rather than distract, society, let alone help us tell our stories with impact.

But I am starting to have second thoughts, especially after seeing “Across the Line“, a virtual reality (VR) film that lets the viewer become immersed in a realistic, 360-degree experience of what it is like to visit a Planned Parenthood clinic lined with protestors unleashing torrents of verbal harassment and carrying posters that read “Killers Among Us”.

A Newsweek article on this immersive VR experience suggests that immersive VR and its cousin, augmented reality (AR) can “positively affect a person’s theory of mind—the cognitive ability to take on different perspectives and assess other people’s emotions, beliefs, hopes and intentions.”

Belief in the power of VR’s non-gaming potential is being widely explored across many sectors. There are many empathy-oriented projects underway, such as “The Machine To Be Another”, an open source art investigation that allows people to experience what it’s like to “see through the eyes of another.” For example, you can see what it’s like to be very old, or a newcomer.

There is also the work of Nonny de la Pena (@immersivejourno), a journalist, who uses VR to allow viewers to experience real life current affairs for themselves. Her idea is this: “If viewers can ‘feel’ the power of gunfire overhead in Syria and ‘stand’ shoulder to shoulder with grieving Syrians in the aftermath, they’ll understand these tragedies from the inside, not as just another headline.” Her hope is that this will change peoples’ perspectives about war.
And finally, there is the Stanford Virtual Human Interaction Lab, and the study they have underway called “Empathy at Scale”, which helps participants imagine the experience of being homeless.

The overarching idea that underpins all these projects is this: VR can teach empathy like no other medium can. More empathy equals a better world. If this turns out to be the case, then perhaps VR and AR may even become part of LiisBeth’s storytelling pallet and entrepreneurs’ marketing programs in the future, once production costs and timeframes make commercial application practical.

It may just be a matter of when, not if.

(FYI! You will be hearing more about our learnings and experience at the Transmedia Zone in coming issues!)

Hot off the Press

Federal Government Innovation Policy Widens The Gender Gap

At WEConnect’s Power the Economy conference on Nov. 7 opening keynote speaker Barbara Orser said “..multiple studies suggest Canadians are among the most entrepreneurial citizens in the world”. And as one of the world’s foremost entrepreneurship scholars, she ought to know.

“We know Canadian women entrepreneurs are just as innovative [as men], but we also know that women-owned firms are far less likely to benefit from investment in innovation, ” said Orser during her address to the over 150 women entrepreneurs in attendance. Heads nodded as Orser continued “Given the federal government’s new innovation policy and coming spending announcement, this is about to become a very significant and consequential issue”.

Instead of closing the gender gap, Canada’s approach to innovation could actually widen it. Orser’s advice? She suggests that policymakers consider three changes to how Canada manages its innovation investment spending:

1) Expand the definition of innovation to include the full spectrum of innovation, including social, process, adapting new technologies, and service innovation; in other words, the kinds of businesses that women are most likely to be engaged in.

2) More policy risk-taking and improvement on how entrepreneurship and innovation programs are supported. There needs to be an increase in the amount of funding tranches available to women-owned post-startup, growth-ready firms.

3) We need to increase support for women-led, women-centric entrepreneur organizations.

4) Government-funded entrepreneur support programs must evolve to change how they are assessed. For example, the start up and innovation ecosystem does not adequately report on performance via a gender lens. This needs to happen.

In Orser’s view, “All kinds of innovations count. Innovation and export drive growth.” And addressing the gender gap in the innovation space will accelerate the growth of the Canadian economy.

On Wednesday, the Canadian Federal Government is expected to make a welcome funding announcement to better support women entrepreneurs in Canada. Let’s hope they spoke with Barbara first.

Other Facts to Consider from Orser’s Keynote:

  • Only 6 per cent of women-owned firms trade with the public sector.
  • After 20 years of advocacy and effort around supplier diversity in the procurement space, only 4 per cent of corporate and federal government procurement spending comes from women-led firms.
  • Only 4/10 of female-owned firms innovate.
  • Only 6 per cent of Canadian small and medium sized enterprises measure how their performance stacks up against other businesses in their sector.
  • Women-owned firms are still more likely to be smaller than male-owned firms, and less likely to export in 2016.
Miscellany

Drum roll please! LiisBeth’s Reader Survey results are in!  First, thank you everyone!! You told us what we needed to know. We learned a lot! And we are already acting on your suggestions.

What we learned:

  • 58 per cent of our readers are from Toronto [or Canada?], 11 per cent are from the U.S., and everyone else is from Europe, Australia/New Zealand, India and Kenya. Feminist entrepreneurs are everywhere!
  • 25 per cent of our readers are aspiring entrepreneurs.
  • Words used to describe LiisBeth included “feminist”, “bold”, “original”, “spot-on”, “well-written”, “eye-opening”, “different”, “alternative”, “punk”, “informed”, “gritty” and “courageous”.
  • Comments included the following: “Very well curated and pointed commentary—not just a best of list. The context around the content is impressive and keeps me reading (not scanning) from top to bottom”; and “Finally, a contemporary, fun, feminist magazine for grown-ups!”
  • What can we improve? More frequent content, more in real life events, better copy-editing, and a change of font.
  • In the future, you want to see more articles of all kinds, but would also love to see book and film reviews and the creation of a LiisBeth podcast series.
  • All but one respondent identified as a feminist.

What will we tackle first? The Font. Launching a LiisBeth podcast series. And throughout 2017, increasing our publishing frequency as fast as revenue growth and new investment will allow. We are keen to support more writers, editors, illustrators and other content creators. But it takes money to do it. You can do your part by signing up as a paying subscriber (subscriptions start at just $3/month) and spreading the word!

Oh, and as promised, in appreciation for your participation in the survey, LiisBeth will be making a donation of $1 per completed survey to Oxfam’s I Am A Feminist campaign. We are also sending you our heartfelt digital hugs!

That’s it for this dispatch! Please send us your comments, story tips, concerns, or even kudos if warranted.  We like to know we exist and matter!

Let’s keep our fingers crossed during tonight’s U.S. election. (Go Hillary).

And if you have any questions about or for LiisBeth, or story tips, send your inquiries to p[email protected].

See you again in two weeks.

Be fearless,

liisbeth-publisher-sig

Petra Kassun-Mutch
Founding Publisher, LiisBeth

Categories
Curated

8 Financing Resources for Women* Entrepreneurs

All businesses need money to turn the wheels. Here are eight venture funds that target women entrepreneurs.

Article written and submitted by Ellie Wainaina, Kenyan Freelance Writer

It’s 2016 but women still struggle to obtain financing for their businesses. Research shows that companies headed by men will receive over 95 per cent of all investments made in business. Given it’s 2016, this is highly disappointing.

Perhaps one of the major reasons why funding for women-owned businesses is so difficult to obtain is the number of women in senior positions. Women only make up 15.4 per cent of CEO positions and hold 33 per cent of senior management positions. Fewer women in senior positions means fewer women with the means to become future angel investors or partners in investment firms.

Based on the law of averages, men are more likely to find it easier to get the financing they need from investment companies than their female counterparts.

As a female entrepreneur, starting and operating your business may end up being an uphill battle. However, you can get the financing you need by taking advantage of financial resources more readily available for women. Here are some of the resources:

 

1. The Eileen Fisher Women-Owned Business Grant Program

The Eileen Fisher Women-Owned Business Grant Program awards $120,000 for up to 12 recipients each year. Therefore, the minimum you can get from this grant program is $12,000, which will greatly help your cash flow. To qualify for this grant, your business should:

  • Be majority-owned and majority-led (51 per cent qualifies as the minimum).
  • Have revenues of less than $1 million the year preceding your application.
  • Have been in operation for three years prior to your grant application with financials to show.
  • Be founded upon the goal of creating social and environmental change.

Applications are open every year in April and May.

2. Kabbage’s Online Loans

Kabbage is an A+ rated online lender that cares more about the health of your business than your gender or even credit history. If you have been in business for at least one year and have $50,000 or more in revenue, Kabbage is a good financial resource to explore an open line of credit.

In order to enjoy the benefits of financing from Kabbage, you will need to open a free account, then link to the online services that you use to run your business, such as Amazon or PayPal.

Once your application has been viewed and approved, you will get access to the line of credit that you need. The loan amounts range from $2,000 to $100,000. You will then be able to access the money on the go—whenever you need it.

You will have the choice of getting your loans on either a six-month or 12-month plan. In order to qualify for the 12-month plan, you need to borrow at least $5,000. The interest fees vary from 1.5 to 12 per cent, which is quite reasonable.

3. Plum Alley Crowd-Sourced Funding

What better way to find financing for your business than from other female entrepreneurs who know what it’s like to struggle?

Enter Plum Alley. This is a crowd-funding site with a difference. It specializes in helping women obtain financing for their businesses from other women or men who want to advance the cause of women in business.

In order to obtain the funds, you will need to open an account, create a project on the platform by providing basic details such as your location, funding goal, and category in which your business belongs. There will be instructions along the way to help you create an effective campaign to get you the financing you need.

In exchange for the money you’re given, you will offer rewards to your investors. This can be anything from a thank-you note to a pre-purchased product that you create with the financing you get.

You definitely should consider crowdfunding via Plum Alley if you are looking to avoid punitive interest rates associated with loans, but are willing to give away something for free.

4. The Union Bank Business Diversity Lending Program

While there are traditional lending institutions that will make it difficult for you to access funding for your company, Union Bank is not one of them. Through Union Bank’s Business Diversity Lending Program, you can access financing of up to $50,000. You can apply online for this loan if you run a woman-owned business and actively manage at least 51 per cent of it.

In order to ensure that your business has access to the diversity loans, your business should have annual sales of less than $20 million. The company you own and manage should also be two years or older and have borrowing needs of less than $2.5 million.

Once you have determined that you meet all the set requirements, you can go about applying online for your business loan.

5. 37 Angels Funding

While the odds of you making it to Dragons’ Den are very low, you can still access investors via 37 Angels, which specializes in seed stage investing. Because it’s made up of over 50+ women investors, you have a higher chance of getting the financing your woman-led business needs to operate and expand. You can then pay it back with interest or offer equity to the investors.

In order to have a shot at getting funding, you need to use the Gust platform to pitch via video. The 37 Angels investors will then call you to determine if your business is a mutual fit.

If that’s the case, the company, as a network, will invest anywhere from $50,000 to $150,000 into your business. Angel investors in this network can also help you raise between $500,000 to $1 million.

The decision on whether 37 Angels will invest in your business or not will come through in four weeks, which is a relatively short time. To increase your chances of getting positive feedback, be sure to apply when your business earns $50,000 to $500,000 in revenue. It will be much better for you if your company is valued at $2 million to $6 million, and if you’re able to make the pitch in person in New York City.

6. Kickstarter’s Crowd-Sourced Funding

If you are looking to dip your entrepreneurial toes into the creative arts or technology industry, then Kickstarter is the online funding resource you should explore. Kickstarter is one of the largest crowd-funding sites online. In 2013, Kristen Bell, the star of the Veronica Mars TV series, and director Rob Thomas, took to the platform after getting rejected by Warner Bros. Through Kickstarter, they sought alternative funding for the Veronica Mars Movie Project and requested people to help fund the film.

Guess what? People did!

The Kickstarter project ended up raising over $5.7 million from more than 91,500 backers. The fact that the movie ended up being made is a testament to the power of crowd-sourced financing for entrepreneurial projects. So, what’s stopping you from doing the same? Why shouldn’t you enlist the help of internet strangers to fund your business dreams?

Make sure you take the time to familiarize yourself with the Kickstarter platform. Sign up, create a project, and determine which category your business lies. Then go about writing details about your business product, state your funding goals and deadline, and wait for donors to fund your entrepreneurial ventures. Most successful projects tend to raise under $10,000, so no dream is too small.

You can offer rewards in return for funding that is given to you. It could be something as simple as a copy of the product item you end up creating, or something intangible in the form of unique experiences.

You will only be charged a fundraising fee for a fully funded project, which is always a good thing if you fall short on your financing goal.

7. Walmart’s Global Women’s Economic Empowerment Initiative

Your business doesn’t have to be in the U.S. for you to enjoy funding resources from that country. There are financing programs like the Walmart’s Global Women’s Economic Empowerment Initiative (WGWEEI) that will stand you in good stead.

The WGWEEI aims to source at least $20 billion from women-owned enterprises in the U.S. and abroad. It also aims to launch and operate a dedicated marketplace for women-owned products.

Perhaps the most noteworthy aspect of the Walmart empowerment initiative for women is the grants that will be made available to you. Walmart aims to provide $100 million in grants toward women-owned businesses over a period of five years starting from 2011. Though this is the tail end of the initiative, you still have a chance to get on the funding boat.

If you have a business that will empower women in your country, and that country is covered under the WGWEEI, then you qualify for Walmart grants. Grants can range from $250 to $250,000, so there’s money to be had for your business if you require financing. However, you have to submit a final impact report when applying for grants. Be sure to read the updated guidelines before you take any step in that regard.

8. Requested Donations from Reddit or Similar Sites

Just as there are many ways to skin a cat, there are also as many ways to obtain financing for your business.

Take Reddit, for instance, one of the most popular online social forums out there. In March 2016 alone, the platform had over 243.6 million unique visitors from 212 countries. That’s impressive! Prior to 2009, whenever Redditors wanted to share their images, they would use all manner of platforms to do so, which resulted in compatibility complications. That was until one Alan Schaaf decided to do something about it. He created Imgur, an image hosting and sharing site that was compatible with the Reddit platform.

Originally, Imgur was meant to be a gift for the Reddit online community. However, Schaaf got serious with what he had deemed a side project and decided to develop it further for all internet users. Money was an issue. But because Imgur offered a service that Redditors really appreciated, they donated money to keep the site going until Schaaf was able to get financing from Andreessen Horowitz, a $4 billion venture capital firm. And that is how the modern version of Imgur was born.

or

Are you wondering why this story is relevant? It’s simple really.

If you have an idea of how to meet the needs of a large group of people, financing should not be a problem. Just the thought that you will be able to solve a major problem is enough to inspire people to finance the development of your product.

Online communities like Reddit are a good place to test your entrepreneurship skills. The very people who donate funds to your growing business will also provide constant feedback for your product. This should help you refine that product until you have something good enough to present to major venture capitalists for more financing. Alternatively, you can use the donations you get from Reddit or other similar platforms to operate your business until you can monetize it effectively.

If you have an online product that will appeal to large audiences like Reddit, don’t be afraid to ask for donations. The worst that can happen is you will get no for an answer. That’s not a life and death matter, is it?

Just because the odds are against you as a female entrepreneur does not mean you should give up. Each day is a new day. As time goes by, the financing options for women in business will continue to increase. You should, therefore, take advantage of every funding resource that comes your way to start, run, and expand your business. The aforementioned resources are just the beginning.

About the author

LiisBeth

LiisBeth

RELATED READING

Categories
#AskLiisBeth

How To Stop Your Spouse From “Splaining” How To Run Your Business

Avoid the power struggle that can create serious problems for your business.

Dear LiisBeth,

I can’t take it anymore! My spouse, who has no formal role in my business since it was founded before we met, will often show up to my work and talk to staff, specifically my VP of operations, about how to run the company and he’ll commiserate with his concerns. Then, he’ll “mansplain” to me about how I should handle it. How can I get it to stop?

Signed,
Smouldering Volcano

Dear SV,

Sadly, you are not alone. We know it happens a lot. And it’s super frustrating! The kicker is that he likely means well and thinks he is actually helping. But his actions create serious problems for you, your relationships with your direct reports, and the power balance among staff. If you don’t nip it in the bud, your staff will start to think that they need to talk to your spouse, not directly to you, if they want to be heard.

Tell him to stop. Then set clear boundaries. Let your spouse know that while you appreciate his interest in learning about your business, he is effectively undermining your leadership, which is not good for business—or your relationship.

Also, tell your spouse to limit his conversations with staff to pleasantries like the weather when he’s at the office or at a social gathering. In no way should he engage in discussions related to decisions on how to run your company. If someone tries to engage him in that way, he should politely respond, “I think you should talk to Jane about that,” and move on.

If he still doesn’t stop, bar him from company events or visits to the office. The damage created by his behaviour can seriously affect your company’s performance, and hence your ability to create value or even draw a salary.

–LiisBeth

About the Author

LiisBeth

LiisBeth

RELATED READING

Categories
#AskLiisBeth

Am I Really a CEO?

Dear LiisBeth,

Help! I am about to print up new business cards, but I have no idea what my title should be. I just incorporated my new start-up service business. I have no employees and I work out of my home. I looked at other people’s cards and see everything from CEO to Chief Dishwasher. What title should I use?

Signed,
Annika

 

Dear Annika,

What people want to know when they receive your business card is who you are, some detail about your company, and what decision-making authority you have. Titles are a kind of shorthand for all this. It’s also important that you demonstrate an understanding of business structures and conventions in your industry when you choose your title if you want to be taken seriously.

Let’s be honest about using the title CEO. Every time you see a three-person enterprise or sole proprietor business card that says CEO, you want to cringe, right? At least we do.

CEO stands for Chief Executive Officer, a title that implies you have other “executive officers” like CFO, CTO, or CMO. These are senior leaders who usually have vice presidents reporting to them, which makes them the chief. It also indicates that the company is a very large for-profit entity, likely incorporated and publicly listed. CEO titles tell others you were hired and appointed by a board of directors, that your operating decision-making power is paramount but corporate-level power is limited, and that you may or may not have an equity stake (usually through compensation or performance-based options).

President is a title similar to CEO, but typically refers to someone in charge of a private, stand-alone company or a separate division within a larger company. The people reporting to them are often functional heads with a VP or Director title (the key here is they have employees). Similarly, a President may or may not have any ownership stake. Again, operational decisions would be up to the President, but larger strategic decisions would involve a board of directors.

In the non-profit sector, the person in charge is typically called the Executive Director (ED) if there are other directors involved. EDs are generally hired by, and report to, a non-profit board of governors. They usually have operational decision-making power, but larger decisions will be made with input by the board.

If you’re a sole proprietor of a newly minted non-profit or incorporated start-up (which generally have at least three board of directors and zero or few employees), pick a title that is in line with your company’s stage and type, your role description, and the level of decision-making authority you have. It’s important to choose a title with credibility and integrity.

With entrepreneurs, we typically suggest using the title Founder, which means you started the company, along with either Owner or Operator (if you have no staff) or President (if you have staff). If you prefer a non-hierarchical approach, you can simply say Founder followed by your main functional role. For example, Business Development, Product Management, Producer, and so on.

You could always forgo a title altogether, or opt for a fun one like “Head Cheese,” which can be appreciated by staff and insiders, but don’t expect your banker or the angel investor you’re courting to be impressed.

In the end it’s up to you and what you want to communicate, as long as you’re aware of what these commonly used—and abused—titles really mean.

–LiisBeth

About the author

Related Reading

Categories
#AskLiisBeth

Those Britches are Too Big For You, Young Lady

Where to look for quality investment and financial advice as a female entrepreneur.

Dear LiisBeth,

When I was looking to hire Bay Street financial experts to review pro formas for my $1.5-million enterprise, all they did was try to talk me out of it. They said, “What about the impact on your family, ovaries, and work-life balance?” They wondered why I would want to risk my hard-earned net-worth to “chase a big dream.” They couldn’t see that I saw this venture as a terrific investment that was well within my risk tolerance. Besides, it’s my call to make. They even suggested that if I wanted to run a business, I should start a quaint little retail store instead. I could not believe what I was hearing. Where can I find top-notch financial professionals and investors who believe in me?

Signed,
Fed Up

 

Dear Fed Up,

Don’t you just love it? Many of these same players complain women don’t go “big enough” and then refer to statistics that less than three percent of women entrepreneurs in Canada have enterprises with revenues of $1 million or more. Policy-makers see this economic opportunity, but suggest we can close the gap by giving women “more training.” Seriously?

Meanwhile in the real world, when women entrepreneurs are ready to launch a fast-scaling enterprise that needs significant capital, investors and lenders look at them like they’re crazy. In fact, they even try to talk women down into something “more their size” (read: gender).

Can you tell we’ve been there, too?

The short-term solution is to seek out other women entrepreneurs who have founded scalable, larger ventures and ask them to refer you to investors or lenders they’ve dealt with. We also recommend you contact one of the many new women’s venture capital funds like SheEO in Toronto or Women’s Venture Fund in the U.S. and ask them for referrals. Also consider applying for their funds as well.

In the long-term, we need to all work together to change investor and lender perceptions about women entrepreneurs. We suggest you carefully consider whose advice and money you use. It’s very important to find the right financial advisor who is also a strong supporter and believer in your plan, someone who will confidently introduce you to potential partners or angel investors at the early stages. You may have to kiss a lot of frogs, but it will be worth it when you find the right fit.

Take your time. And run far, far away from people who think women entrepreneurs are only investable if they are launching early childhood centres, jam companies, or hair salons. They’re likely to be the ones who question your every move as your business grows.

Good luck and we look forward to an update!

–LiisBeth

About the author

Related Reading

LiisBethMX logo type with Strengthening the Feminist Economy below it
Hey! We merged with rabble.ca April 1 2023!

CONTRIBUTORS

ABOUT

support us