The Tory Burch Foundation has initiated a collaborative effort with the U.S. Department of Commerce to advance its mission of empowering women entrepreneurs by providing them with access to capital, education, and community support.
Gina M. Raimondo, the U.S. Commerce Secretary, recently visited the Tory Burch Foundation's headquarters in New York to discuss this partnership. The event attracted over 100 attendees, including foundation fellows, business leaders, government officials, nonprofit partners, and media representatives. Notable figures present included Lauren Bush Lauren, Reshma Saujani, Dee Poku, and Brett Heyman. Under the leadership of Tiffany Dufu, the foundation's new president, Tory Burch annually selects 50 female entrepreneurs for a comprehensive program aimed at fostering their business growth through workshops, coaching sessions, network-building opportunities, and financial resources. With more than 300 Tory Burch Fellows, the program has disbursed $1.9 million in grants to assist 280 women in expanding their businesses.
The collaboration between the Tory Burch Foundation and the U.S. Department of Commerce seeks to leverage the department's extensive resources to benefit women entrepreneurs. Raimondo highlighted various avenues through which the Department of Commerce can support entrepreneurs, including assistance with accessing capital, protecting intellectual property, and facilitating export promotion. Tory Burch emphasized the critical importance of addressing the three primary hurdles faced by female entrepreneurs: access to capital, education, and community support. Despite the growing presence of women in entrepreneurship, access to capital remains a significant challenge, with less than 2% of venture capital being allocated to women-led ventures. The foundation has partnered with institutions like Bank of America to provide low-interest loans and grants to women entrepreneurs, recognizing their potential as a valuable investment.
Raimondo encouraged female entrepreneurs to pursue wealth and independence, emphasizing the need for more women in leadership roles across various sectors. The Department of Commerce is actively working on a national entrepreneurship strategy with a focus on supporting female entrepreneurs, particularly those outside of major metropolitan areas.
The collaboration between the Tory Burch Foundation and the U.S. Department of Commerce represents a significant step towards fostering the growth and success of women entrepreneurs. By providing access to resources, education, and networking opportunities, this partnership aims to create a more inclusive and supportive environment for women in business.