Fifty women entrepreneurs will be chosen for the yearlong fellowship that begins next summer. Each will receive a $5,000 grant for business education and access to the foundation’s online community of women founders.
The company noted that women-owned businesses have been disproportionately impacted by the coronavirus. Early reports indicate that about 25 percent of women-owned businesses in the U.S. have closed as a result of the pandemic, and many continue to face hardships.
“We pivoted quickly, and redesigned our programs to navigate women through the crisis,” said Laurie Fabiano, president of the Tory Burch Foundation. “The Fellows Program features new virtual education tailored to the needs of early-stage women entrepreneurs.”
Since its 2015 launch, the program has supported more than 130 women-led businesses across diverse industries. Nearly 20 percent of founders in the program have surpassed $1 million in revenue, several have gone on to raise more than $4 million in venture funding, and many have launched national partnerships with retailers such as Target, Bloomingdale’s and Whole Foods.
As reported, this year’s women entrepreneurs in the program hailed from such industries as food, beverages, popcorn, intimates, interiors, the art world, travel, comedy training and performance center, swimwear, makeup storage boxes, and bags and backpacks.
Past participants have spoken highly of the program.
“Entrepreneurship is a lonely adventure. My favorite part of the foundation is the community of women I’ve been able to connect with,” said Liz Giorgi, founder of Soona, a video production service in Denver.
Damali Peterman, an attorney and founder of Break Through ADR, a company that specializes in helping individuals, companies, government agencies and education institutions resolve conflict, said, “I’ve had tremendous access to resources and tools that are typically scarce for female entrepreneurs of color.”
Applications for the new round open today and close on Nov. 12. The 50 fellows will be revealed in spring 2021.
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