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Even before the onset of COVID-19 that would wreak havoc on our society, global economy, and the health and safety of everyone, an invisible glass ceiling has hung above the heads of most women throughout their professional careers. While things were bad before, the pandemic only made things worse.
“This was America’s first female recession, and as such, in May of 2020, I launched Women for Success, a non-profit with a mission to bring professional and entrepreneurial women together to combat this wave of unemployment and lift each other up when we were feeling pushed down the most,” said Lauren Marsicano, Esq., co-founder of Coral Gables-based Marsicano + Leyva, PLLC, networking and business growth expert, and founder of Women for Success.
A research survey from Gusto found that approximately 40 percent of female entrepreneurs launched their businesses as a direct result of the pandemic, with the U.S. Census Bureau receiving more than 1.5 million new business applications as of mid-December 2020. A rise in female founders is good for women — and for society – as women are 1.17 times more likely than men to establish a business that doubles as a social venture.
But the odds can be stacked against a new business. According to the Bureau of Labor Statistics data, approximately 20 percent of small businesses fail within the first year. By the end of the second year, 30 percent of businesses will have failed. By the end of the fifth year, about half will have failed. And by the end of the decade, only 30 percent of businesses will remain — a 70 percent failure rate.
“We’ve all likely heard the proverb, ‘When it rains it pours,’” Marsicano continued. “There are days that it can feel like there is no light at the end of the tunnel; however as Madeleine Albright famously said, ‘It took me quite a long time to develop a voice, and now that I have it, I am not going to be silent.’”
To try to minimize the impact of the statistics facing small businesses and magnify the impact of directly supporting female entrepreneurs who have had to pivot during the pandemic as a result of job loss or another drastic event, Marsicano and her board at Women for Success have launched a crowdfunding venture. Once complete, 20 women in Florida — one of the states hit hardest by COVID-19 — who formalized a business venture during the pandemic will be gifted the physical tools and intangible support through mentorship for a period of 12 months to ensure sustained economic freedom through entrepreneurship is attained.
Applications are available for women-owned businesses in Florida that started during the recession to showcase need, business savvy, creativity, and vision. Those selected will be part of the inaugural “Business Showers” event in Miami this December. “Winners” will be showered with a business startup toolkit complete with a tablet, laptop, smartphone, office supplies, important subscriptions, memberships, e-courses, business training, and mentorship opportunities. And, it doesn’t stop at the end of the event. Shower’ees will be part of a year-long incubator program meeting monthly throughout 2022 to provide them with education, accountability, and motivation to help them reach their goals.
Personally having experienced friends and family not celebrating (or in some cases acknowledging) the launch of her law firm five years ago, Marsicano wanted to empower women who have started businesses during this unprecedented time, just like we do with bridal showers and baby showers. Prior to the formal launch of the crowdfunding campaign, Women for Success has raised over five percent of the goal of the non-profit of $60,000 to cover the shower gift (valued at over $3,000 each).
If you want to donate to the Women for Success fundraising campaign, be a sponsor or be an in-kind donor for space, refreshments, and more, kindly visit: https://ifundwomen.com/projects/wfs-business-showers-women-owned-businesses.
Women for Success is a nonprofit organization that provides women with a supportive community where they can receive free workshops, tools, resources, mentorship, and small business grants to ensure every woman has a chance to define success on her own terms.
Women for Success was established to combat the devastating effects the pandemic has had on women-owned small businesses.
Within three months of the pandemic, women lost a decade’s worth of economic advancement. A report by the U.S. Chamber of Commerce reveals the disproportionate impact the pandemic has had on women-owned businesses. Further, decades of women’s workplace inequality have left women bruised, disadvantaged, and in need of resources, training, and a caring community to support them.
For more information, visit www.giveforsuccess.org/.
