Cincinnati-based P&G Ventures, Procter & Gamble's internal early-stage startup studio, is partnering with the Riveter, an online community and media company for women, to launch a free, month-long virtual event series focused on bridging the venture funding gap for female founders.
“Open for Business: Women Building the Future” will provide female entrepreneurs with resources, insights and inspiration, P&G Ventures said. While 2020 was a record year for venture funding for U.S. startups, with $143 billion raised in 2020, up 12% from the previous year, funding to venture-backed companies founded solely by female entrepreneurs dropped 22% — representing $1 billion in lost funding, according to Crunchbase.
Open for Business will bring together experts and stakeholders from different sectors. A group of over 20 seasoned start-up executives at XFactor Ventures, a seed fund for female founders built by female founders, are also joining the series.
"Having representation in the startup space is not only the right thing to do, but it's good for business,” Betsy Bluestone, senior director of global scouting and partnerships for P&G Ventures, said in a release. "The disparity of resources available to women-led businesses can seem insurmountable, but we hope these kinds of conversations bring us one step closer to a more level playing field."
The month-long series, which kicks off this week, is comprised of four main events:
- The Big Idea [4 p.m. June 17] will feature female founders who have successfully scaled their own consumer product businesses.
- How We Scaled [4 p.m. June 24] will focus on sharing stories from individuals and entities that foster networks, funding and ideas. P&G Ventutres will partner with Clubhouse's Women Founders Club led by Liana Fricker of Inspiration Space and Katherine Lynn of Nextsteps for an audio-only discussion.
- Speed Mentoring [4 p.m. June 30] will give attendees the chance to connect with experienced mentors. P&G Ventures is partnering with XFactor Ventures, a venture capital fund led by female founders, for this event.
- Start-Up Showcase [7 p.m. July 8] will give four female-founders the chance to showcase their fast-moving consumer goods innovations while sharing their ideas with mentors and an audience of peers and potential investors.
Additional panelists, judges and other featured participants will be shared as they are confirmed.
Registration for the series is now open. The series will also be shared across the Riveter's platform. The Seattle-based startup has an online community of 30,000.
P&G, which is responsible for products like Tide, Pampers and Crest, launched P&G Ventures in 2015 in order to gain footholds in categories like women’s health, chronic conditions, enhanced sleep, non-toxic home, aging at home, male wellness and personal performance.
To date, Ventures has developed at least four new brands, including Opte, a handheld beauty device; and Zevo, a nature-inspired suite of products that kill bugs without harsh chemicals, now sold at Home Depot and Target.
