Babson Executive and Enterprise Education Helping Women Entrepreneurs Learn How to Access Capital
Babson developed and taught a workshop for WE NYC (Women Entrepreneurs NYC) that provided women entrepreneurs with tools and guidance to help get funding for their businesses
Babson Executive and Enterprise Education (BEEE) launched a two-day program for WE NYC (Women Entrepreneurs NYC), an initiative based out of the New York City Department of Small Business Services, dedicated to helping women start and grow their businesses.
The August 4, 2016 interactive workshop was developed and taught by Babson Finance Professor Richard Bliss and Accounting and Law Professor of Michael Fetters to provide guidance and tools for women entrepreneurs in NYC to access capital. The curriculum included a workbook for participants, an instructor’s guidebook and a slide deck.
“We enjoyed the opportunity to work with a diverse group of women from all five boroughs of NYC and a variety of backgrounds and industries. The workshop helped them identify what they need to do to move their ventures forward, including accessing the required capital,” says Bliss. “One of the participants said, ‘I learned so much and feel very confident I can get in front of investors.’ This is exactly the outcome we’d hoped for.”
The workshop helped women learn how to access capital through an online capital planning tool created by Bliss, Fetters, and Sarah Smith of BEEE to help entrepreneurs assess their ability to raise capital from a variety of sources, including online funders, alternative community funders, and commercial banks. The tool, built around the 5 Cs of Funding, includes questions to help entrepreneurs assess where they stand on each of the Cs, match their assessment to likely categories of funders, and take action steps to improve their 5 Cs rating.
Sixteen women were in the pilot session. Additionally, staff members from WE NYC’s delivery partner, BOC (Business Outreach Center), were trained to deliver the workshop, in order to meet the goal to scale the program to assist 500 women entrepreneurs per year to access capital.
“We were especially pleased to see the impact the workshop had on both start-ups and existing businesses from a wide variety of industries,” says Fetters. “At the workshop conclusion the women entrepreneurs clearly understood the 5 Cs of Funding: what they are, how they are assessed, and how various funders use this tool to make funding decisions.”
About Babson Executive and Enterprise Education
Babson Executive and Enterprise Education is a dynamic learning laboratory, where clients, faculty, staff, and partners work together to address real-world business challenges and create and capitalize on opportunities for their clients. With roots in Entrepreneurial Thought & Action®, it develops the leaders that companies need most: those who can create opportunities, envision and navigate change, accommodate ambiguity, surmount complexity, and motivate teams in a common purpose to grow organizations and create economic and social value. Babson Executive and Enterprise Education solutions include, custom programs designed and delivered to meet clients’ unique needs; open enrollment programs that develop individuals and teams in focused areas; thought leadership through a monthly webinar series and thought-provoking newsletters like Babson Insight; and blended and e-learning to complement the classroom experience.