Quote of the day:
The inspiration behind #InCharge was a simple email connection that von Furstenberg made for two female friends. After making the introduction, one of the women reached back out to say that the email had changed her life and the trajectory of her business. It was then that von Furstenberg realized the power of her own platform and how a quick gesture could have such a significant impact.
Only 3% of funding went to female-founded businesses last year, according to analysis by Crunchbase. That’s significantly lower than the widely-cited 10% figure previously reported by Pitchbook. Shreshta, who launched and scaled LuminAID as a student, also experienced funding challenges. “You have to get really creative when you’re trying to fund the business early on,” she says. “What we needed were the right resources and guidance to help us get to the next step.” Shreshta and cofounder Anna Stork ultimately made it ontoin 2015, signing a deal for $200,000 in exchange for 15% of the company with billionaire investor and entrepreneur Mark Cuban.
Today, LuminAID has over 2,000 reviews on Amazon and has seen three consecutive years of 100% year-over-year growth.
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