In a world where decisions are influenced by men, it has become part of our society to see women as a second fiddle to men. Sometimes confronted with an antagonistic approach, so many women have had it rough and demeaning in boardrooms and panel filled whit over 95 percent of men.
It will be fair to conclude that women might not enjoy the best of ride when seeking investment. Study reveals that men easily get access to investment funding while female establishments tend to progress and generate more revenue.
It was gathered that less than 40 percent of startups in the United States are founded by women while only 2 percent get access to investment funding.
The Center for Global Policy Solutions revealed that the United States is failing to juice over 1.1 million minority-owned businesses as color discrimination from the past and present are hindering an estimated 9-million jobs that could lift the national income by $300 billion.
A female entrepreneur who channeled her energy through alternative means was said to have faced questions from panelist who were opposite in sex on the number of books she had read on “how to be an entrepreneur” or “how to grow a business,” before she followed her alternative means to build her business to what it has become.
Below are insights into challenges faced by the minority and how to overcome barriers and gain investment funding?
- Know your inner circle well.
You don’t fully know your family, friends, colleagues, former colleagues, and more. A a techie who has worked in the hardware, software, and cloud industry before my company was founded. Knowing my inner circle was helpful in building my clientele and forging partnerships, it also created job referral and solid feedback.
Attending work related events like conferences, workshop, seminars and business meetings could be a source of generating new ideas and/or building on existing ones.
The advent of hubs, working spaces, startup communities and accelerator events makes it seamless to connect with people in the industry and others needing our service.
- Drill your business and activation plan to survive criticism.
Getting million in dollars as investment funding might not seem impossible but maybe tough and draining for a colored woman in an industry like tech.
As a woman from the minority, always be prepared for the unpredicted. It is imperative to have all facts and figures right, provide detailed and necessary information when it is requested.
Never forget to constructively use references, facts, numbers and analytical detail in pitching your idea. This gives the panelist a score of confidence about the knowledge you possess in turning your business idea into a reality.
- Search for all alternative funding option.
A tech startup founder reveals how she got funded by the government. She applied for government grants the Business Development Canada — options in the U.S. include the Small Business Investment Company Program (SBIC), Small Business Innovation Research (SBIR) and State and Local Business Assistance. She also got another grant from a school to work with students to develop artificial intelligence and data analysis for mobile and software applications.
As stated earlier, a solid business plan might get you access to loan if you can convince the bank as to financial investor. Use the online search medium to connect available crowd-funding platforms, HACK fund amongst others.