According to a recent study, only 2.2% of all venture capital funding in 2018 was given to female-founded companies.
Ciara Dilley, Frito-Lay's vice president of transform brands portfolio innovation, speculates this discrepancy may be due to lack of diversity in VC teams who often might not understand "the value of a pitch that is based on a female founder's personal insights and experiences."
In response to the "horrifying" gender-based investment disparities, Frito-Lay launched the WomanMade Challenge -- a $100,000 grant competition available to three women to receive at the Natural Products Expo West. To enter the WomanMade Challenge, the female entrepreneurs' businesses must have an annual revenue of at least $500,00 with a purpose-led mission for social good. 10 finalists will be selected from over 100 applications with three winners taking home $50,000, $30,000 and $20,000.
Dilley states she "hopes that the women attending and participating in the pitch will find comradery that will help them build their businesses and advance their careers."
Female Entrepreneur Grants
Frito-Lay Launched the WomanMade Challenge at the 2020 Expo West
Trend Themes
1. Gender Equality in Entrepreneurship - Disruptive innovation opportunity: Develop programs and initiatives that promote gender equality in entrepreneurship through grants, mentorship, and resources.
2. Diversity in Venture Capital - Disruptive innovation opportunity: Encourage diversity in venture capital teams to ensure a better understanding and appreciation of pitches from female founders, ultimately leading to more investment opportunities for women-led businesses.
3. Purpose-led Business Missions - Disruptive innovation opportunity: Support and empower businesses with purpose-led missions for social good by providing grants and resources to amplify their impact.
Industry Implications
1. Entrepreneurship Support - Disruptive innovation opportunity: Create platforms and programs that provide support, mentorship, and funding specifically tailored to female entrepreneurs to bridge the investment gap.
2. Venture Capital - Disruptive innovation opportunity: Develop strategies and initiatives to increase diversity within venture capital firms, fostering a more inclusive investment landscape for underrepresented founders.
3. Social Impact Business - Disruptive innovation opportunity: Foster the growth of purpose-led businesses by offering grants, resources, and networking opportunities that enable them to create positive change in society.