Women entrepreneurs across Austin seek greater support and opportunities

A group of Austin’s leading women entrepreneurs will help the city and business stakeholders increase access to capital for women business owners and founders, while building broader professional networks and providing them with more business tools and tools. We hope to serve you.

These three areas of need were the most common of the 12 recommendations included in a recent report from the Austin Mayor’s Task Force on Women Entrepreneurs.

Mayor Kirk Watson formed the group last summer to address the lack of resources and opportunities for women-owned businesses in the Austin area.

Led by Carla McDonald, founder and managing director of investment group Dynabrand Ventures and a long-time business leader, the group’s 22 members have experience in finance, public sector, tech startups, government affairs, and consumer products. are loaded.

Participants shared that they experienced the power relationships many Austin business leaders have with women entrepreneurs behind closed doors. During a panel discussion on the experiences of women entrepreneurs at South by Southwest, MacDonald bluntly stated, “There’s something very broken here.”

Recommendations include opening a local U.S. Small Business Administration Women’s Business Center, creating an angel investor group specifically for women entrepreneurs, and creating a similarly focused city grant program.

The report also calls for capital pledges to support women entrepreneurs, expanded debt financing, creation of online marketplaces for affordable products and services for women entrepreneurs, and child care initiatives to support women business owners. Companies are required to establish the following:

Among the final recommendations: creating an innovation academy and virtual networking hub for women, adding a Women’s Entrepreneurship Council to the Austin Chamber of Commerce, and becoming a certified women-owned business as a city contractor. This included streamlining the process.

Although there are various chambers of commerce in the city that cater to ethnic and cultural-based groups, there is no chamber specifically for women in business. The Texas Women’s Chamber of Commerce is based in Austin and includes the Austin chapter of Texas Women in Business, a nonprofit advocacy group.

Fang Fang, CEO of Big Plan and former president and CEO of the Asian Chamber of Greater Austin, said Austin is a place where women entrepreneurs from other cities, such as New York City, can He said he looks forward to successful efforts to support the project. She highlighted mentorship programs and attempts to streamline regulations for women business owners as two areas the city can focus on to produce real results.

“Other cities are offering strong networks and support systems for women entrepreneurs, such as women-only coworking spaces, mentorship programs that pair experienced and new entrepreneurs, and women-only pitch competitions. “I was impressed by the focus on building startups,” she said. “These initiatives not only provide valuable resources and opportunities, but also foster a sense of community and togetherness among women entrepreneurs.Austin is investing in similar programs to help women pursue their entrepreneurial aspirations. We can emulate these efforts by creating a supportive environment where people feel empowered to pursue their pursuits.”

In an email, McDonald labeled the report as a “call to action” to the city’s business and political leaders.

“From policymakers to leaders in the private sector, higher education, and nonprofits, we all have an important role to play. If we leave half of our entrepreneurial population unattended, we will not be able to reach our potential as a city.” You can never achieve sexuality,” she said. “If we could give women founders the same level of support as their male counterparts, we would increase local GDP by $6 billion to $12 billion, create thousands of new jobs, accelerate innovation, and make our cities better.” Women entrepreneurs should invest more in their local communities because research shows they can build.” ”

In a prepared statement, Watson praised the task force’s seven months of work and said the city will work with local business leaders to explore ways to enact the recommendations.

“The findings in this report demonstrate exactly why I formed this group. We analyzed these findings and thoughtful recommendations to make Austin the best place for women to start and grow a business. “We will take action to make sure it’s the best location for this,” he said.

Photo courtesy of EranVzl, CC BY-SA 4.0, via Wikimedia Commons.

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