A new funding initiative for female entrepreneurs provided five startup companies a chance to battle it out in the boardroom with $500,000 on the table.
The result wasn’t what you see on Dragon’s Den – but rather a collaborative process that saw each company walk away with a percentage of funds in their pocket.
The initiative – called “Radical Generosity” – is led by SheEO, a Toronto-based group that supports female-led ventures. Launched last summer, the campaign had an initial goal of seeking out 1,000 professional women to donate $1,000 each, resulting in a $1-million funding pool to be loaned out to female led-ventures.
In addition to raising funds, the campaign requested female entrepreneurs to submit proposals on why their company would be a good fit to receive funding. The final network of 500 donors fell short of the campaign goal but still raised a pool of $500,000 and over 240 proposals from entrepreneurs were submitted.