Girlboss and Uber created Uber Pitch to help businesswoman to get their ideas funded
Wanted: women with drive.
Ride-sharing app Uber is giving female entrepreneurs a chance to put their business goals in motion by teaming up with Girlboss, a website for working women started by Nasty Gal founder Sophia Amoruso, to host its own iteration of “Shark Tank” for women.
Uber Pitch, as it’s called, is allowing women to present their business ideas to a panel of industry experts including:
Erika Decker, Global Head Brand Relevance Planning & Integration at Uber; Ita Ekpoudom, a partner at GingerBread Capital; Alli Webb, founder of DryBar and Jen Rubio, the co-founder of affordable luggage brand Away.
Here’s how it works: all female entrepreneurs can apply via the application on the Girl Boss website detailing the startup that they have in mind, and describing exactly how their business idea has the capacity to solve or support the needs and interests of female consumers, employees or managers. The submission must include a thorough business plan and a pitch presentation for a chance to receive funding and mentorship. All participants must also be at least 18-years-old.
The top five finalists will be invited to pitch their businesses at the Girlboss Rally in New York City on Nov. 21 with $5,000 in expenses covered. Like the hit show “Shark Tank,” those who make it through will address the panel of experts. The first place winner will get $90,000 cash; second place will be awarded $60,000 cash; and third place takes home $55,000 cash. Plus, all three winners will get $5,000 in Uber credits for rides or food deliveries.Having another way for female businesswomen to get money is crucial, considering female entrepreneurs receive less than 3% of all venture capital funding, and women of color receive just 0.2% of venture capital.
There’s still a long way to go towards greater representation, considering only 4.8% of women are CEOs leading Fortune 500 companies. It’s also worth noting that female-owned businesses grew by 42% from 2007 to 2018 — but only 1.6% of them leap past the coveted $1 million revenue mark, and women own 51% of businesses in the U.S., according to the National Association of Women Business Owners.
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