There has been a rapid surge in the number of women entrepreneurs in recent times. One-fourth of startups or around 28% of companies have women as their founders. However, the ongoing pandemic has been really challenging for every business, especially the ones led by women. As per statistics, women-led businesses faced more brutal setbacks than the male-founded ones during the initial months of 2020. More specifically, while the latter faced only a 5.4% downgrade, women-led companies were affected 28.1% worse. The pandemic also impacted the funding of these startups. Apparently, the year witnessed the lowest quarterly venture funding (2.3%) in three years while their male counterparts faced minor consequences.
Horizon Robotics is one of the top AI computing platforms. Horizon Robotics was launched in the year 2015. Its primary purpose is to provide open embedded Artificial Intelligence solutions. This ensures the best performance at a low cost and low power. It was founded and co-founded by Kai Yu and Annie Tao respectively. Horizon Robotics is based in Beijing and is backed up by several globally prestigious companies. It had launched the ‘Matrix platform’ which was a huge achievement in the sector of autonomous driving. This proves that when you invest in the right thing, the outcome is bound to be fruitful. Horizon Robotics received the CES 2019 Innovation Award for this invention as well. The funding cost was over $700 million, and it is currently worth USD 1.5 billion. Nowadays, robotics and AI are quickly becoming a more integral part of pop culture, from tv series like Westworld, to robot themed casino games like those found at Irish online casino.
Tania Boler is the founder and the Chief Executive Officer of Elvie. It is one of the leading women lifestyle and health brands globally. Tania wanted to do something to improve the physical and emotional well-being of women. That is when she came up with the idea of Elvie. It is responsible for developing extraordinary products that help improve many aspects of women health, even the ones that are often neglected. Some of their best products are Kegel trainer that is connected to an app and an Elvie Plump. The first one is used for strengthening your pelvic muscles while the latter is a convenient breast pump. Elvie has won countless prestigious awards for its innovation. This includes IDA Design Award, Red Dot Award and so on.
Away is an online retail company that specializes in travel accessories. It is very famous for its innovative and unique designed luggage. Jen Rubio and Steph Korey co-founded the brand in 2015. It is based in New York. Away has sold more than one million suitcases, and the testimonies have been nothing but positive. Presently, the company is diverging into other travel accessories. This includes weekenders, organizers, backpacks and many more. Moreover, it has even opened many physical stores across the U.S. and London. The company was successful in bagging a $100 million investment back in 2019.
The market for second-hand clothes has rapidly increased in recent times. This is because people are getting more aware of the harmful effects of fast fashion and are quickly shifting to sustainable fashion. This is why Milda Mitkute came up with the idea of Vinted. It is an online marketplace where you can buy as well as sell second-hand clothes. It was co-founded in 2008 by Justas Janauskas. Presently, over 4 million active users are registered on the site. Vinted has spread its wings over many countries throughout the years. This includes the Czech Republic, US, UK, Austria, Lithuania, Poland and Spain.
Rent the Runway
As indicated by the name itself, Rent the Runway is a shopping platform that allows you to buy or rent designer clothes and accessories. Jennifer Hyman and Jennifer Fleiss co-founded it back in November 2009. They realised one of the most pressing problems women face in fashion is the wrong choice. This is why they end up with junk in the back of their closets. Rent the Runway allows people to add designer clothes to their wardrobe by simply spending a small fraction of money. Rent the Runway earns revenue of over $100 million annually.
All the companies listed above are proof of the growing rate of women entrepreneurship all over the world. They are making significant contributions to the economy as well as society. They are also responsible for inspiring countless aspiring women out there who wish to make a name for themselves in the industry. However, we cannot ignore the fact that gender inequality is still prevalent. This has reflected on the Venture Capital funding as mentioned above. If they are fostered properly, women entrepreneurs can change the world.