In a blog post two weeks ago, I briefly mentioned my decision to take on an equity investor. And since then quite a few women have asked me about it. Not only why, but also about the process. As I thought about the questions I was receiving, I also looked into the data, which really helped me understand why I was getting so many questions.
Only one woman raises equity financing for every nine men, according to the National Women’s Business Council (NWBC).
Women-owned businesses receive just 2% of all equity dollars, while men-owned businesses receive 18%. Equally owned and public companies get the rest. (Forbes, Scaling Up: When Equity Matters)
As with everything I’ve learned at Her Corner, it’s not that women don’t want to do something, it’s often that we don’t know how. “How” is something we can all learn but the “why” is different for each business owner. This is my “why.”
I want Her Corner to positively impact the lives of women globally. I envision a global brand that women turn to when they want help learning how to grow their business. It should be a place where women can find others like them and find the women who can inspire them to think bigger, to achieve the visions they have set out to create.
It’s a big vision. I know it’s going to take me a long time and a lot of work. And I’m willing to dedicate my professional life to getting there. I am obsessed with making this happen, and I think that together we can do this.
But one day I realized I was trying to reach this enormous vision with a tiny little microphone. And I also realized that I didn’t care if, at the end of the day, I’m remembered as the founder of Her Corner. I only really care that this organization exists and is changing the game for women entrepreneurs.
That meant I needed a “bigger” tiny little microphone. I needed to be able to do more and do it faster. And since I love to collaborate and I don’t mind sharing, the idea of giving up a piece of Her Corner in exchange for the financial resources to get a bigger microphone was totally ok to me.
So that’s what I did. And I don’t have any regrets, in part because my “why” is completely clear to me. The how was just something I figured out.
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