It’s Not the Year of The Woman, It’s The Era of Women Entrepreneurs

By Andrea Zopp, Managing Partner at Cleveland Avenue

In 2021 women are finally in the room where it happens. Whether it’s politics, business or higher education, it’s hard to deny the impact of women on our world.

Women — most notably women of color — have long been underrepresented in entrepreneurship. But over the last 20 years, female entrepreneurs have taken the reins in the business world. They’ve ranged from small startups all the way to chief executives of Fortune 500 companies. Women are inevitably changing the game by creating new jobs, strengthening communities, and ultimately helping grow the economy.

Yet, despite a rich heritage in entrepreneurship and proven results in leadership, women in business are still facing several challenges. The main one being the ability to get credit or capital needed for their businesses. Part of this is due to the lack of representation in the venture capital industry. This results in Black, Latinx and female entrepreneurs struggling to access venture capital support. In Chicago, Black and Latinx entrepreneurs have 80 percent of their equity capital needs going unmet compared to 46 percent of white business owners. As a means of combating this challenge, women are turning to crowdfunding, grants or professional organizations for help to run their business, make industry introductions and advise them on how to do what they’ve never done before. That’s where we come in.

Cleveland Avenue and our diverse team of professionals are committed to addressing the capital gap for underrepresented entrepreneurs and underserved communities starting right here in Chicago. In March, we launched CAST US, a $70 million venture investment fund focused on investing in Black, Latinx and female entrepreneurs to close the racial wealth gap and make huge, historic inroads in gender equity over the next 20 years. Our public-private partnership will create a business ecosystem that will make Illinois a hub of innovation able to support a more diverse, talented group of entrepreneurs. The lack of venture capital investment in these businesses means we need to make more connections to build a stronger, more diverse network. There are clear and measurable benefits to helping women-owned businesses, including shaping an equitable, robust and more resilient economy as we recover from the impact of the COVID-19 pandemic. It’s undeniable that the time to recognize the impact of female entrepreneurship is now.

Whether they’re starting a business out of necessity or passion, women are both conducting business in new ways and ensuring that more businesses have a positive social and environmental impact. As we celebrate women this and every year, we reflect on these women’s own version of success and how they continue to inspire the next generation. It’s clear that despite the challenges, women are changing the landscape of business along with its outcomes; creating deep, real and lasting change.

Female entrepreneurship is on the rise with no signs of slowing down. We’re here to open more doors to the rooms where business happens.

It’s the era of women entrepreneurs, and we’re not throwing away our shot.

Original Article Here.