Rev1 Reveals Tips for Female Entrepreneurs from Female Entrepreneurs to Celebrate Women’s Small Business Month
Half of Rev1’s 2018 Investments Were in Diverse Companies
Columbus, OH—October 1, 2019—With the kickoff of National Women’s Small Business Month, which is dedicated to celebrating the contributions and successes of our nation’s women small business owners, today, Rev1 Ventures, the investor startup studio that combines capital and strategic services to help startups scale and corporates innovate, is providing tips for aspiring female entrepreneurs from a distinguished panel of successful female startup founders. According to the Kauffman Foundation, women remain underrepresented among the ranks of entrepreneurs — less than two percent of startup financing went to women founders in 2016. Conversely, half of the investments Rev1 made in 2018 and 38 percent of the capital invested was in companies with a woman or minority founder or inventor.
“It’s been proven that firms with women in the C-suite are more profitable, so it benefits us all to commit to investing in female entrepreneurs,” said Kristy Campbell, COO of Rev1 Ventures. “Studies show that when women are on the leadership team, businesses experienced a 15 percent increase in profitability. Rev1 has seen first-hand the brilliant ideas and steadfast dedication of the aspiring female entrepreneurs in our community, and we’re committed to helping them validate their market and connect with resources across our region.”
Columbus, as a whole, is already making great strides. According to a new study from Fit Small Business, Columbus is the nation’s fourth-best city in the country for female entrepreneurs because of its supportive financial environment and low cost of living.
In 2018, 33 percent of the entrepreneurs who attended Rev1’s Customer Learning Lab — a rapid product-market validation bootcamp — were women, a statistic Rev1 is both proud of and working to improve through partnerships with leaders like The Ohio State University (OSU). Rev1 is supporting OSU’s REACH for Commercialization program, a series of workshops designed to help women faculty and postdoctoral scholars explore commercialization as a means of expanding the impact of their research. The program has served more than 100 women since launching in 2010.
“We’re proud to team with Rev1 Ventures to give women the tools they need to succeed in commercialization — particularly through our joint support of Ohio State’s REACH for Commercialization program,” says Cheryl Turnbull, senior director of new ventures at The Ohio State University. “Central Ohio is seeing strong momentum for women inventors and women-run startups, particularly in the last four years as more women have become actively engaged in the process.”
Entrepreneurs at every stage can learn from successful startups, so Rev1 asked top female founders of high-growth companies to share the number one thing that helped them:
- The Eye-Scan App Inventor and Sight4All Founder Melissa Bailey, OD, PhD: “Obviously, it can be challenging and a bit intimidating to be the only woman in a group of men, but a true entrepreneur stands out in the crowd. Understand that making mistakes and having setbacks is part of the process of building a business, so use it to grow and learn.”
- Peerro Founder & CEO Dr. Rachel Angel: “Stay focused and drown out noise that isn’t productive to you as a woman or you as a business owner. Partner with experts that support your efforts and will help you maximize your chances for success.”
- The Toasted Oat Founder & CEO Erika Boll: “Be open to feedback from those who have come before you, and always look six to twelve months ahead, taking small steps every day to prepare for what is to come. When The Toasted Oat launched in 2013, the positive response to our products from retailers gave us instant success; however, the packaging was not connecting with the customer. We had to be open to criticism and candid dialogue about the changes needed to become a national brand. Remember that it’s ok to evolve — all of your experience matters.”
- SHARE Chief of Culture Hoa Pyles McManus: “I understand how incredibly intimidating it can be to step out of your comfort zone to create your own business. There aren’t many women or women of color to look to. (I am so happy that is changing every day!) It is a calculated risk that every entrepreneur has to take on and tell themselves that I am enough. There will be plenty of opportunities to make excuses that you tell yourself why you can’t start your business. Once you can recognize this and trust yourself, you will be building your dream!”
Rev1 was named the 4th most active seed investor in the U.S by PitchBook™ and recently announced it has invested in its 100th business, generating $2B in economic impact to the Columbus region from the capital attracted, revenue generated, and exits from its clients since 2013. The momentum is thanks in part to Rev1’s collaborations with corporate partners, research institutions, and state partners, including the Ohio Third Frontier. For more information about working with Rev1 Ventures, visit: https://www.rev1ventures.com/portfolio/.
About Rev1 Ventures
Rev1 Ventures is the investor startup studio that combines capital and strategic services to help startups scale and corporates innovate. Based in the Midwest, and in the number one city for scaling startups, Rev1 aligns innovators and founders with corporate and research partners to access customers and markets, helping entrepreneurs build great companies. With a proven track record of identifying, guiding and investing in high potential startups, Rev1 helps companies solve real problems for markets in need of real solutions. Rev1 has $90MM in capital under management, providing a capital continuum from corporate and community partners, as well as the Ohio Third Frontier. Rev1 is the 4th most active seed investor in the U.S., according to Pitchbook. For more information, visit www.rev1ventures.com.
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