A lack of gender and ethnic diversity is a pervasive issue in the world of entrepreneurship. However, more and more efforts are being made to ensure that businesses are more inclusive and diverse, and that those that are typically left out of entrepreneurship are given the same opportunities as everyone else to launch ventures of their own.
In this guest post by Carrie Rich, she expounds on her experience of launching her own company, and how Washington, D.C. is an ideal region for female entrepreneurs.
Carrie Rich is the co-founder and CEO of The Global Good Fund, an enterprise dedicated to investing in the leadership development of high potential young entrepreneurs committed to social impact.
"Destinations like Silicon Valley and New York City are considered darling cities when it comes to launching a startup. Yet they are no longer the select cities that cater to risk takers and innovators.
Since moving to Washington, D.C., I’ve interned at The Association for Nuclear Cardiology, worked at a multinational design firm, Perkins+Will, taught on the adjunct faculty at Georgetown University and George Washington University, and most recently worked at Inova Health System. That’s where I was inspired to launch a social enterprise, The Global Good Fund. I was at first intimidated to be a female entrepreneur in the D.C. area. I’d read about low funding of female entrepreneurs nationwide and wondered how to identify partners and investors. Who did I need to be connected with? How would I engage mentors to guide and set me up for success?
My concerns relaxed as I realized how entrepreneur-friendly D.C. is, particularly for women entrepreneurs.
I wasn’t the only person who has come to this realization. This past summer, D.C. ranked as the top city for women in business, according to The Business Journals.
In addition to my professional growth in D.C., our Global Good Fund Fellow, Madhura Bhat, successfully launched her social enterprise, Health for America, with a powerful D.C. support system that has expanded nationally.
As Madhura points out, “D.C. is a diverse city and a great place to be a female entrepreneur. There is a vibrant, supportive community of passionate people pursuing commercial, social and hybrid ventures. They come from all walks of life with different backgrounds, but sharing the same passion for making an impact. Entrepreneurship can be a challenging journey. Having this community has made all the difference.”
Curious as to why D.C. is such an ideal hub for women entrepreneurs? I’m here to share with you the top six reasons why I think D.C. is the ideal place for women to launch an enterprise:
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D.C. is a smaller pond - Places like SF and NYC are well known for being entrepreneurial hubs, and as a result, are oversaturated with startups. That reality can actually make it difficult to stand out from the crowd. There is a smaller community of entrepreneurs in D.C. (especially women entrepreneurs), so early-stage startups have higher chances of getting a foothold in the marketplace and spreading awareness of their work in the community.
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D.C. is centrally located - Thanks to the small-pond feel In D.C., women-led business stand out from the crowd, yet these women entrepreneurs can also benefit from taking advantage of the big conferences and networking events in NYC. Traveling to the Big Apple from D.C. is quick and easy via bus or train, which is ideal for regular business commuting. As a bonus, more networks and events geared towards women and entrepreneurship are popping up in and around D.C. every day. A few of my favorites include the Women 2.0 Crystal City Meetup, Sterling Women network, and Women in Business.
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D.C. is a great city for job seekers - Is your startup looking to hire? D.C. may be the best place to find qualified employees! D.C. was recently named a top city in the US for the job seekers. High caliber professionals are flocking to D.C. Although the unemployment rate and cost of living can be high in some communities, access to public transportation is available in locations that are more affordable for start-up job seekers.
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There are more women than men in D.C. - The uneven gender distribution in D.C. means that there are more professional support opportunities for women in D.C. than other cities across the US, so long as women do their part to create them. Through my personal observations, there is a vast network of women business leaders supporting each other in the D.C. area, which is a breath of fresh air to witness, especially as a young female entrepreneur.
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In D.C., brains trumps all - D.C. is a place where people come to engage intellectually. Professionals who come to D.C. are often educated and passionate about what they do. Further, the array of local universities attract an incredibly talented pool of professionals. Education plays a huge role in D.C. and intelligence is a big selling point for female entrepreneurs in the city.
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Learning opportunities in D.C. are affordable - In D.C., there are many resources available to female entrepreneurs that are at a low price point, or even free. For instance, I participated in YNPNdc routinely when I first came to D.C. and more recently participated in a year-long corporate governance training through The Leadership Foundry Program (via Women in Technology). These examples highlight just a couple of the many affordable training opportunities there are for women to grow their leadership proficiencies in D.C.
D.C. is an outstanding city to live in as a female entrepreneur. Of course, there are still stereotypes and challenges for women entrepreneurs in D.C., just like anywhere else in the world. However, D.C. is setting up the support networks and foundation to put itself on the map as an entrepreneurial hot spot for our next generation of women leaders - I’m thrilled to be apart of this exciting transition!"
