Launched in 2008, the EY Entrepreneurial Winning Women program has supported high-potential ladies entrepreneurs with know-how, connections, and neighborhood. It began within the United States and Canada, then expanded to regional applications around the globe.
To be eligible for this system, a woman-owned enterprise will need to have generated at the very least $2 million in income for every of the previous two years. Women entrepreneurs take part in a two-day orientation and training session in New York City in September and the Strategic Growth Forum in Palm Springs, CA. It is being held from November 13 to 17, 2019. Since becoming a member of this system, firms have averaged a 35% compounded annual development charge (CAGR) and 166% headcount development, based on the 2017 EY Entrepreneurial Winning Women Global Impact Study.
This is a rarefied group. Only 1.7% of all women-owned companies (222,100) cross the $1 million mark within the United States, based on American Express 2019 State of Women-Owned Businesses.* A tiny p.c of those would be capable of preserve the year-over-year development charges of the Winning Women.
Capital — not simply monetary — is vital to the expansion of those firms. Human capital is the corporate’s know-how. Knowledge not solely will increase the efficiency of the corporate but additionally reduces the chance of failure. Competency builds the arrogance of entrepreneurs.
Social capital consists of the individuals who use their clout to open doorways to funders, companions, strategic alliances, prospects, and suppliers. Social capital saves money and time, and helps entrepreneurs keep away from pitfalls. “Who you know” is simply as essential as “what you know.” The folks round entrepreneurs — function fashions, mentors/advisors, professionals, friends/colleagues — shorten the trail to data, assets, alternatives, and connections that may result in success. The Winning Women program gives entry to all three varieties of capital.
So, what worth did ladies obtain from being a part of the Winning Women?
Nicole Smith, founder and CEO at Flytographer, began her firm in 2013 to attach vacationers with native photographers all through the world. She thought the corporate’s worth proposition can be taking stunning memento photographs. Within the primary 12 months, she realized that the factor purchasers preferred finest about her service was the expertise of connecting with native photographers who usually served as casual tour guides.
Smith lives on a small island on the west coast of Canada. There weren’t many mentors and friends to help her alongside her entrepreneurial journey. She felt remoted and alone. Being a part of Winning Women in 2018 was a “goldmine of knowledge,” she mentioned. She acquired recommendation on fundraising, taxes, HR, operations, and work-life stability. “It was absolutely priceless,” she mentioned.
When she requested the ladies in her cohort what was essentially the most transformative factor they’d achieved for their enterprise during the last couple of years, three talked about they’d learn Traction: Get a Grip on Your Business by Gino Wickman. Smith employed an integrator to implement the Entrepreneurial Operating System (EOS) described within the e book. “It has been transformative in how we operate,” she mentioned.
Ellen Stang is an MD from Plymouth Meeting, PA. In 2003, she began ProgenyHealth to supply complete case administration for neonatal intensive care items (NICU). Social determinants of well being weren’t being addressed, which resulted in excessive readmission charges and rising well being prices. Her perception was that to enhance well being outcomes; you needed to handle primary life wants, equivalent to meals, clothes, shelter, and a secure house setting. The firm emphasizes a collaborative method amongst medical doctors, hospitals, payers, and households to enhance well being outcomes and decrease prices.
For Stang, taking part within the Winning Women program in 2012 shifted her mindset. Now “the sky’s the limit when it comes to scaling my business,” she mentioned. “[Being part of the program] was the wind beneath my wings.” Importantly, this system offered connections and assets to show the thought right into a actuality.
In 2009, Sarah Dusek created a safari-style tenting expertise in a few of the United States’ most stunning outside locations. Based in Bozeman, MT, Under Canvas, is a pacesetter within the glamping business — luxurious tenting. She entered this system in 2017,under-connected and under-resourced. “Understanding how to raise funds, learning how others had navigated this path and the options available [was eye opening],” mentioned Dusek. She raised fairness financing and, over the course of two years, elevated her income greater than three.5 fold.
Inspired by her expertise, she has launched a enterprise fund to finance ladies entrepreneurs in South Africa.
Fran Dunaway needed a cool button-up shirt like these made by Robert Graham or Ben Sherman however for a girl’s physique. In 2013, she launched TomboyX and a Kickstarter marketing campaign to fund the manufacturing of the shirt. She raised greater than $75,000. The firm relies in Seattle. In 2014, TomboyX launched its first boxer temporary for ladies. Based on the overwhelming demand for the product, TomboyX pivoted to give attention to gender-neutral underwear.
As a first-time entrepreneur, Dunaway did not have a powerful community. Being a part of Winning Women in 2017 helped her construct one. It was a conduit for assembly buyers in addition to media. When she met buyers, Dunaway was ready. She knew learn how to worth her firm, construction the deal, and assess the tax implications.
How will you get the management coaching it’s essential to break the glass ceiling?
*The writer of the article’s firm, Ventureneer, is a co-author of the report.