Austin: Defining the Spectrum of Female Entrepreneurship
In Austin, the Women Entrepreneurs Task Force has set its eyes on revolutionizing the city into a powerhouse for female entrepreneurial ventures. Chair of the task force, Carla McDonald, outlined the vision during a panel discussion at Capital Factory.
Despite Austin making strides as the sixth city in the nation regarding deal count and dollars invested, it remains that only one percent of Venture Capital (VC) goes to women founders. This is a contributing factor to the Task Force’s initiative of getting funds into the hands of female entrepreneurs.
Empowering Women: A Global Phenomenon Initiating Local Ripples
The task force, consisting of 21 women, is vested in identifying institutions such as nonprofit organizations, educational entities, and companies that can bolster the ecosystem for women entrepreneurs. Success, as per the task force, would mean “making Austin the best city in the world to found and build companies.”
Among the members of this prominent task force is Mellie Price of the Texas Venture Labs at the University of Texas McCombs School of Business, Sara Brand from True Wealth Ventures, and Professor’s Patricia Green of Babson College. Together, these women are redefining the future of female entrepreneurship in Austin.
Diversity and Equity: The Cornerstones of the Task Force
The Austin Women Entrepreneurs Task Force puts diversity, inclusion, equity, and economic development at the heart of their initiative. They believe that if women entrepreneurs receive adequate support, they could generate an additional $6 billion to $12 billion in gross domestic product locally.
Price highlighted the importance of having secure funding structures tailored to a business’s specific needs to ensure its success. Venture Capital, as per McDonald, is ideal for the company with the right objective at the right time.
The Task Force Blueprint: A Comprehensive Approach
The task force is slated to deliver its comprehensive report to Mayor Watson on March 25th. The report encapsulates 12 workable and actionable recommendations addressing the needs of female founders. These pivot around access to capital, a broad network, affordable goods, and services essential to building the business.
Investing in Women: A Lucrative Proposition
Brand reinforced that encouraging women to become investors is a potential game-changer. She shed light on the fact that a firm with a woman in the ranks is twice as likely to invest in a female founder. Data shows that women-led startups utilize fewer resources, exit quicker, and offer good returns.
Unfortunately, a few conservative groups have targeted funds aiding black women founders. However, McDonald asserted, “This is a wrong that needs to be righted.” They all agreed that their mission becomes all important and needs to be woven into the city’s fabric, so no entity can hamper the progress.
Brand envisages that women will control two-thirds of investible assets by 2050. Hence she emphasized the importance of getting capital to women entrepreneurs by having more women investing in funds.
The Lookout for the Future: A Panorama of Prospects
In the long run, the women entrepreneurs task force of Austin anticipates a bright future for female founders. McDonald observed an encouraging trend of angel investors providing vital funding to female founders, thus becoming helpful contributors to the entrepreneurial ecosystem. Tying all ends together, the task force believes that if done right, everyone will inevitably chalk up a win.