Lately, I have been struggling with the deluge of disheartening headlines dominating the news cycle. So, I decided to turn today’s post into a celebration of four female-founded companies that are helping small businesses stay afloat in difficult economic times.
Bumble
Founded by Whitney Wolfe Herd in 2014, Bumble is a social networking platform that empowers women to make the first move in business, love, and friendship. Featuring a fearless roster of activism- from placing full-page “Believe Women” ads in the Wall Street Journal to fighting for a Texas law criminalizing unsolicited sexual images- Bumble is not afraid to take a bold stand for the causes it believes in. The company’s most recent venture offers Bumble Community Grants of up to $5,000 to 200 small businesses in 11 different countries. Bumble’s funding provides a boost to small businesses struggling to access federal loans or receiving aid that falls short of actual needs. As a lifelong Texan and longtime Bumble superfan, I am particularly proud of the Austin-based startup’s pioneering commitment to forward-thinking maternal leave policies and venture capital funding for underrepresented entrepreneurs.
Spanx
Although I have yet to don a pair of the eponymous shapewear, I have always admired the deeply human success story behind Spanx. Founder Sara Blakely failed the LSAT twice and sold fax machines for seven years before serendipitously cutting the feet off a pair of pantyhose that would eventually become the inspiration for her billion-dollar business idea. Blakely’s newest venture, The Red Backpack Fund, pays homage to two tokens of her past- a “lucky” red backpack from the founder’s college days that now hangs on her headquarter walls, and the initial $5,000 in savings that enabled her to launch Spanx 20 years ago. Blakely comes full circle with a $5 million donation providing $5,000 grants and lucky red backpacks to 1,000 female entrepreneurs. Blakely’s donation illustrates the power of paying it forward, especially as a woman in business, and I look forward to following the success stories that unfold out of her generosity.
Tory Burch Foundation
My middle school-era fashion awakening enlightened me to the elusive allure of the iconic double-T Tory Burch logo. While I have since reverted back to my frumpy ways, Tory Burch’s “Embrace Ambition” mantra remains with me. Burch has fearlessly built a billion-dollar women’s fashion empire in a field that is ironically dominated by men. Her namesake Tory Burch Foundation empowers the next generation of female entrepreneurs through affordable loans, entrepreneurial education, and mentoring opportunities. As small businesses are now faced with unforeseen challenges, the Tory Burch Foundation has rolled out a hub of targeted online resources, including a series of weekly webinars, empowering women to continue embracing ambition in these chaotic times.
Unlocked
Unlocked co-founder Alexis Cook probably never imagined that her startup would be funded by a duffel bag of cash from a homeless man. Nevertheless, this unlikely investment has blossomed into Unlocked, a Nashville-based social enterprise that employs women transitioning out of homelessness to craft stunning sustainable jewelry. When Nashville’s small business community faced the devastating aftermath of Covid-19 and a recent tornado outbreak, Unlocked rallied with four other local businesses to launch the Nashville Blend Box. From a Nashville-inspired Oak Moss and Amber candle to a dainty set of Unlocked’s sterling silver heart studs, each item in the box forms part of a beautifully curated love letter to Music City. By teaming up with like-minded local businesses in a creative entrepreneurial endeavor, Unlocked proves that even small, scrappy startups can be a strong source of support during difficult times.
These are just a few of the many companies using their platforms to help small businesses weather the economic storm. I would love to learn about your favorite brands and how they are empowering their communities. Feel free to drop a comment below or send me an email at heream.yang@vanderbilt.edu.
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