StitchCrew

PROJECT PURPOSE

Prevailing systems of established regulations, societal norms, systemic and structural barriers make scaling a business particularly challenging for women, barriers are even more acute for women of color. This is particularly true when it comes to accessing right-sized, right-type capital. Several studies show how women entrepreneurs face significant challenges when trying to access sources of capital, such as loans, venture capital, angel investments, and debt financing. As a result, many women-owned businesses are not well capitalized and have cash flow challenges to support growth. This grant will support the launch of a comprehensive Capital Access and Growth Strategy Program to help women entrepreneurs learn about different types of capital so they can determine and be matched with providers best suited to meet their needs. As part of the program, entrepreneurs will be part of peer-cohorts and receive 1-1 coaching on how to compound their growth to reach their first million dollars in annual revenue. In partnership with VEST, an organization connecting women across industries, regions and career levels, we will vest participants a one-year membership so they can expand their networks. Gaining proximity to other influential women will enable them to grow their network, be top of mind for opportunities, and learn from the experiences of other women.

EVIDENCE

Access to capital and networks continues to be one of the main barriers to entry for entrepreneurs to launch and scale in our state, particularly women and BIPOC. More than 80% percent of entrepreneurs never access traditional loans and less than 1% of startups ever raise venture capital. Furthermore, venture capital is highly concentrated in the coast and less than 20% is deployed in our region. To make things worse, less than 3% of VC is deployed to companies led by women. Most organizations working to close the funding gap for women entrepreneurs tend to focus solely on Venture Capital. While VC is helpful for "some" companies, it is not for everyone. We need more right-sized capital options so first time entrepreneurs don't feel trapped into believing they either have to be VC backable or go home. Our platform will increase awareness on the different types of capital available so women entrepreneurs can identify which type of capital providers are best suited for them, increasing their chances of getting funded.

POPULATION DESCRIPTION

Women account for almost all of the job losses since the Covid-19 pandemic started and are nearly twice as likely as men to lose their jobs, post-pandemic. Women of color experience even higher rates of unemployment and discrimination. According to a recent study, the pandemic could cost a typical woman $600,000 in lifetime income. Due to burnout, two million more women are expected to leave the workforce this year. Centering women in recovery efforts would grow global GDP by an estimated $13 trillion, or 16%, by 2030.

PERFORMANCE MEASURING

Number of women participating in the program; Revenue coming into the program; Revenue one year post program; Number of matches with capital providers. We've built a system to track KPIs and feedback.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

Able to continue operation without additional funding from the State of Oklahoma