Ensuring a cohesive, nurturing and diverse work environment can be the difference between smooth sailing or being on a sinking ship. For women and minorities looking to build their own businesses, finding a safe space and a network in the midst of trying to build capital can be the hardest part. BEACON’s recent report, Building Inclusive Ecosystems With Intentionality, gives a few doable steps to strengthen inclusivity in D.C.’s tech scene.
“When I was looking at the landscape of academic literature and papers on women-owned businesses, I felt that there was a missed opportunity to match data with recommendations,” said Deloris Wilson, the report’s author and BEACON Fellow at Georgetown Law’s Institute for Technology Law & Policy. “They were often published in two separate places. But I really felt like we needed this whole picture to really understand what is happening in D.C.”
There’s no more “one-size-fits-all” for building a business in D.C. Although the number of women-owned businesses has steadily increased over the past two decades, women continue to struggle with building capital.
"When we start looking at how the businesses are developing and growing, that's where we see the split and that's where we see male-owned businesses scaling at rates higher than women-owned businesses,” said Wilson. “Capital is one of the many challenges impacting this - but there's both a capital and cultural challenge that must be addressed.”
The report recommends that D.C.-area venture capitalists, banks and angel groups invest more in women; however, it admitted that many of the entities do not reflect the same demographics as women, especially minority women.
Wilson’s report goes on to name a lack of resources and support as a hurdle for women entrepreneurs. D.C.’s ample amount of resources do not get to every business owner who needs them, leaving many women-owners to fend for themselves. At times, these resources are not tangible, but social. Mentorship is another key factor in the success of women-led businesses.
“Mentorship and guidance are tremendous,” said Wilson. “Being able to talk to someone that’s already in the industry and who is already familiar with accounting, management or leadership can be a great benefit.”
Representation is crucial in helping the future generation of entrepreneurs visualize their potential. BEACON’s report says that D.C. should start focusing on the next generation of women-owned businesses. The report suggests that D.C. public and private schools work to put businesswomen at the forefront of their youth outreach initiatives.
“Support groups that work with youth entrepreneurs should partner with women-focused organizations for Career Day, job shadowing, and business showcase opportunities,” the report reads.
The report also calls for young women entrepreneurs to become a part of pitch competitions that target mature women business-owners.
“BEACON was founded to make D.C. the number one city for women entrepreneurs, recognizing that there are a series of challenges and obstacles that may prevent D.C. from actualizing that goal,” said Wilson. “These are practical and actionable steps that we can implement to make sure that we are amplifying women and minorities in businesses.”
