If You Could Grant Yourself One Wish, Would It Be Grants?
Ugh, money, money, money.
To run a successful business, you need money. But to get that money, you need to conduct business. It's a catch-22.
So, why not seek a little financial boost?
Along with federal and state agencies, private funders offer a wide range of business grants — the type of grants that drive growth and success. These grants can make all the difference in whether your company sinks or swims, especially during the earliest stages.
If you could use a cash flow injection as a female entrepreneur, here's what you need to know.
Women Entrepreneurs Are on the Rise
Every day in the United States, women start nearly 850 new businesses; and over the past 20 years, the number of women-owned businesses has increased by 114%.
Best of all, these women are becoming industry leaders. Although there are still some stumbling blocks, calling a business "women-owned and operated" is now a badge of honor that many proudly wear.
From clothing designers to high-tech visionaries and everything in between, women are making a significant splash in business — not just in America but around the globe. This upward trend has remained strong and doesn't appear to be fading anytime soon.
To encourage growth in the female entrepreneurial community, government-funded agencies and private companies are stepping up to the plate to offer grants.
Why Grants Matter for Women-Owned Businesses
The more we talk about funding issues, the more women will receive the financial support they need to succeed. As reported by Forbes, while 79% of women entrepreneurs feel more empowered than they did five years ago, 66% say it is still challenging to secure the funding they need from venture capitalists and investors.
Sadly, it's not all in their heads either.
A 2019 study from Columbia Business School found that female-led businesses are 63% less likely to receive funding from venture capitalists. The difference is striking, especially since female entrepreneurs achieve success as male entrepreneurs when funded. This directly influences the ongoing revenue gap between men- and women-owned businesses.
But it's not all doom and gloom — not by a long shot.
Opportunities for women are exploding, and grants are being developed specifically for female entrepreneurs. These grants are critical for female business owners, particularly during the startup phase.
Grants help women-owned businesses capitalize on opportunities, diversify markets, and grow!
Recommended reading: Why Invest In Female Founders?
Take Advantage of the Grants Available to You
Following a bit of research, you'll find many grants from both government and private sources. Some of these grants are highly specific, which is excellent for women in niche markets. Others are broader, providing opportunities for women across a wide range of industries. Here are some examples to get you fired up:
Eileen Fisher Women-Owned Business Grant Programs
Huggies Mom-Inspired Grant Program for Innovative Ideas
Amber Grant for Women
Opportunities from your local Women's Business Center
Women in Tech Are Being Encouraged to Take the Next Step
Data shows that the tech world is still essentially a man's world — but that's quickly changing.
The industry needs greater diversity. Women bring unique perspectives and ideas to the table, which is imperative as we continue navigating our highly technological, digital world. Not only that, but the act of encouraging and celebrating female tech leaders is essential for the industry's future. The goal is to inspire more women to follow their dreams and start an IT business.
That's why it's inspiring to see organizations dedicated to this movement, including Women Who Tech. This organization breaks down barriers and gets more women funded. Women Who Tech reported that although women are developing more innovative startups than ever before, they only receive 2% of U.S. investor funding and 10% globally. They think that's completely unacceptable and are now doing something about it. The Women Who Tech organization continuously offers grants ranging from $3,000 to $10,000, with their latest grant, the FemTech + HealthTech Grant, reaching $20,000.
That's why it's inspiring to see organizations dedicated to this movement, including Women Who Tech. This organization breaks down barriers and gets more women funded. Women Who Tech reported that although women are developing more innovative startups than ever before, they only receive 2% of U.S. investor funding and 10% globally. They think that's completely unacceptable and are now doing something about it. The Women Who Tech organization continuously offers grants ranging from $3,000 to $10,000, with their latest grant, the FemTech + HealthTech Grant, reaching $20,000.
Other funding opportunities for women in tech include:
Visa She's Next Black Women-Owned Grant Program
IFundWomen grants
Cartier Women's Initiative Science & Technology Pioneer Award
The Future Is Female
Reflecting on the past couple of years, you see how the pandemic has created challenges for many business owners, regardless of whether they're male or female. However, there has been a silver lining for women entrepreneurs.
According to early indicators, women are starting three-quarters of new businesses.
This is significant because today's startups will be the businesses of the future — the companies that potentially change the world. A post-pandemic surge in female-led startups is painting a potential picture of the future, and it's exciting!
Some of the recent trends contributing to this surge include:
Purpose-led businesses to make a difference.
Women-led companies are more extensive than most think, with over a quarter of women with a "big idea" investing over $100,000.
Progress within the entrepreneurial world is being made concerning gender and race.
The future looks bright for women entrepreneurs. If you have a great idea or are currently in the startup phase, it's time to take the next big step.