WASHINGTON D.C., DC — Springboard Enterprises has been working to bridge the gap when it comes to women-owned businesses and venture capital for more than 20 years.
"So much money was flowing over the transom from venture capitalists but it wasn’t going to women entrepreneurs, " Springboard's CEO Natalie Buford-Young said.
Buford-Young became CEO of Springboard Enterprises in 2021, but for the last 24 years, the D.C. company has been working to accelerate the growth of women-led businesses by giving them front row access to investors.
Springboard Enterprises was started in 2000 by Kay Koplovitz and Amy Millman. In the first year, more than 350 women applied for the program and 26 were selected to fly to Silicon Valley and pitch their ideas to investors.
"Twenty-three were funded, two merged their companies, one sold their company for 100 million dollars and only one didn’t raise, so we knew that was the start of something big," Buford-Young said.
Companies founded by women, or with women CEOs can apply for Springboard's program. Advisors and serial entrepreneurs select which companies will go through a boot camp and workshop series.
"We’ve had more than 900 women entrepreneurs come through the formal program, of which 27 have [IPOed] we have 10 unicorns which are companies that are valued at greater than a billion dollars and these companies have collectively built a value of over $39 billion," Buford-Young said.
According to research from the Venture Capital Journal, women-led companies raised about 3% of the 107-billions dollars raised last year by venture funds globally, up from less than 2% in 2022.
"Women have been challenged tremendously in the amount of venture capitol they can raise," Buford-Young said.
Companies like Canva, Zipcar, The Real Real and Minute Clinic have all gone through the program, but so have others not so well known, like Celmatix.
Celmatix is a biotech developing therapeutics for conditions that uniquely impact women like endometriosis, menopause, and PCOS.
"I had no idea how rare it was to start a biotech company as such a young woman. I did learn that there aren't a lot of women who start companies — certainly not a lot of young women who start companies straight out of academia the way that I did" Dr. Piraye Yurttas Beim, CEO of Celmatix, said.
Yurttas Beim started the company at just 30 years old.
"I think I struggled with investors taking me seriously. I struggled originally with imposter syndrome and worrying when I looked around rooms, and I was the only person who looked like me in a room. It made it very intimidating," said Dr. Yurttas Beim.
Yurttas Beim credits Springboard for the success of her company.
Springboard also hosts their version of "Shark Tank," known as "Dolphin Tank." They're hosting one in D.C. later this year.
MORE WAYS TO GET WUSA9
DOWNLOAD THE WUSA9 APP
Apple App Store: WUSA9 News on Apple
Google Play Store: WUSA9 News on Android
HOW TO ADD THE FREE WUSA9+ APP TO YOUR STREAMING DEVICE
ROKU: add the channel from the ROKU store or by searching for WUSA9.
For both Apple TV and Fire TV, search for "WUSA9" to find the free app to add to your account. Another option for Fire TV is to have the app delivered directly to your Fire TV through Amazon.
SIGN UP TO RECEIVE WUSA9 NEWSLETTER
Subscribe to our daily WUSA9 Newsletter for top stories from WUSA9 curated daily just for you. Get content and information right now for can’t-miss stories, Commanders content, weather, and more delivered right to your inbox.