Local startup accelerator FoundHer has chosen its next cohort of five Hawaii businesses.
Run by technology education nonprofit Purple Maia Foundation, the program focuses on early-stage businesses in five categories — tech, fashion, health and wellness, food systems/restaurants, and keiki/education — that are helmed by Native Hawaiian, Pacific Islander or Asian women.
It was founded by Bella Hughes, the co-founder and president of Shaka Tea, and Gloria Lau, a leadership consultant who was formerly the CEO of YWCA USA. The accelerator launched last fall, and this marks the second cohort.
Participating businesses include:
- [Ep-ik] Style – an activewear brand based on Molokai
- Ha‘a & Co. – a Kauai-based company that creates scents — including room and linen sprays, perfume oil blends, and diffusers — inspired by Hawaii
- Island Swim – a sustainable clothing brand based on Hawaii Island that specializes in swimwear and resort wear
- Iwi Nails – creates gel nails on Molokai, with Hawaii-inspired designs
- Kamuela Gourmet – creates granola made with local, seasonal ingredients on Hawaii Island
Throughout the six-month program, participants will go through a curriculum that covers topics such as employment law, marketing, financing, national and international expansion, and more. They’re also paired with a mentor, and connected to a larger network of advisors.
Each cohort member also will receive funding to grow their business, along with a stipend for child or elder care.
FoundHer Program Director Darien Siguenza told PBN that the participating businesses in the first cohort, which wrapped in March, averaged a 200% year-over-year growth in revenue after joining the program, and together created 12 jobs.
“We were really happy to see the results from the last cohort and I would love to see the same this time around,” she said.
Siguenza said the new cohort was chosen from an applicant pool of nearly 200. While she said it was “incredible” to receive so many applicants, she said it also speaks to the need for funding among women-owned businesses.
“[The number of applicants] shows that we need more support and what we’re doing is scratching the surface,” she said.
Siguenza noted that each business in this cohort is from a Neighbor Island — as was also the case for the first cohort.
“We didn’t even think about it, it was not a conscious choice, but it’s just so cool to see — there’s such strong innovation in the Neighbor Islands,” she said.
Siguenza said she is also excited to see the range of industries within the cohort. “Looking at the cohort composition … they all have very different backgrounds, and very different skillsets,” she said.
That’s intentional. Having that mix is one thing FoundHer aims for, so that companies will learn not just from the formal programming, but also from each other.
“One of the things from the first cohort that was so extremely valuable was the relationship that they built with each other, so that was equally as [important] as we were choosing companies.”
In addition to revenue and job growth, Siguenza said a big part of her goal with FoundHer is in these more intangible aspects.
“Having [participants] walk away feeling like they've got a network of people that are standing by them, that are there to support them, that's incredibly important,” she said.
“[I hope the program can] build the confidence of the founders … and [their] understanding of all the different aspects of their business so they can feel good about taking it to the next level.”
In other FoundHer news, the accelerator also is among 10 finalists for the 2022 Gold Futures Challenge. Hosted by Asian American Futures and Gold House, the annual challenge awards funding to Asian American and Pacific Islander organizations for projects that positively impact the community.
As a finalist, FoundHer has already secured $25,000 and has the chance to win up to $100,000. Voting is open now and continues through Sept. 27.
