WHEREAS Gender disparities in entrepreneurial activities are well-established in academic research. Women entrepreneurs face a wide range of challenges throughout the business lifecycle, from the pre-startup phase to navigating growth opportunities to reaching maturity. These challenges include limited access to funding and financial resources, domestic and caregiving responsibilities, difficulties in achieving work-life balance, insufficient human capital (e.g., work experience and education), and limited social capital (e.g., professional networks).
WHEREAS research has found that entrepreneurs of both genders who have access to coaching and mentorship are more likely to achieve financial stability and success, resulting in positive contribution to local economies, and that professional women who have access to mentoring are more likely to continue the climb on the corporate ladder into management and leadership roles, thereby mitigating what is known as the “broken rung” theory.
WHEREAS women have been starting new businesses at an unprecedented rate, especially in critical industries like healthcare and logistics. According to the National Women’s Business Council, from 2019 to 2023, the percentage of businesses owned by women rose from about 25% to 39%. In Florida, women have been starting new businesses at nearly double the rate of men; and from 2022 to 2023, the rate of growth increased to 4.5 times.
WHEREAS weVENTURE Women’s Business Center (WBC) has operated as a program of the Florida Tech Bisk College of Business since 2007, and grown to be the leading voice and resource for professional women on the Space and Treasure Coasts and contributes significantly to economic development by supporting the small business community.
WHEREAS weVENTURE WBC provides FREE business coaching, low- and no-cost business education, mentorship, and leadership development training to over 900 unique clients a year, cumulatively helping over 17,000 clients.
WHEREAS weVENTURE WBC is funded in part by a cooperative agreement with the U.S. Small Business Administration (SBA). The annual $150,000 SBA grant has served as the foundation on which the weVENTURE WBC program was built. However, programs designed to help women and minorities achieve economic equality are facing increased scrutiny and could be at risk of reduced future funding or being canceled altogether.
WHEREAS weVENTURE WBC is required to match the $150,000 annual grant with investment from the local community, other non-federal grants or program income.
WHEREAS community support for the weVENTURE WBC program has grown significantly in recent years, with donations increasing from ~ $100,000 per year prior to 2020 to over $600,000 per year since 2021, allowing for the expanded capacity to meet the demand for services from the booming population of female entrepreneurs and small businesses on the Space and Treasure Coasts.
WHEREAS the weVENTURE WBC board of advisors has made identifying diverse and stable funding streams a priority in the strategic plan, including the establishment of an endowment, to ensure the program’s continued operation and success.
THEREFORE, it is the recommendation of the weVENTURE WBC Board of Advisors, in consultation with the Dean of the College of Business, the Florida Tech VP of Advancement, and the Florida Tech Board of Trustees, that an endowment fund be established with a goal of raising enough revenue to match or replace the $150,000 annual SBA grant and ensure continued financial stability for the weVENTURE Women’s Business Center program.
However, to sustain the program and expand our impact, we need your help. We're launching an ambitious endowment campaign with a goal of raising $5 million. This fund will ensure we can continue to offer essential services, regardless of changes in public funding or corporate giving priorities.