Women s s Entrepreneur Network (WEN) Leadership Cincinnati, Class XXXII June 12, 2009
The Team Mary Welsh-Schlueter Diane Jordan-Gizzard Jocile Ehrlich Kathy DeLaura Lisa Knutson 2
Women s s Entrepreneur Network (WEN) Vision To increase the economic c assets sets and d financial power of regional women-owned owned businesses. sses. 3
Women s s Entrepreneur Network (WEN) Mission To o accelerate the success ces of f women in business by providing ing a private, membership-driven ership-drive en forum in n which business ss s owners from all industries s share their experiences, eriences foster partnerships, participate pate in n high-impact, h impact, speaker and educational al programs rams and extend financially viable business ss networks. 4
Women s s Entrepreneur Network (WEN) Guiding Principles Female Owned Profit Driven Growth Potential 5
Current State Analysis Benchmark Analysis Regional economic impact of women owned businesses Research what other cities are doing Current Offerings Inventory of current programs available Resources available for women owned businesses Continuously surveyed environment throughout project 6
Statistics As of 2006, there are an estimated 47,072 privately- held, 51% or more women-owned owned companies in greater Cincinnati These companies generate $7 billion in sales and employee 44,120 people These companies account for 29 percent of all privately-held firms in metro Cincinnati Between 1997 and 2006, the number of companies in metro Cincinnati increased by 51% Among the top 50 metro areas, Cincinnati ranks 34 th in the number of privately-held, majority women- owned businesses 7
Current Resources Greater Cincinnati Urban League Cincinnati USA Regional Chamber Greater Cincinnati Micro-enterprise Initiative The Women s s Fund of The Greater Cincinnati Foundation The Women s s Entrepreneur Institute of NKU 8
Focus Group and Survey Focus group conducted in January 2009 with 13 women business owners representing several industries Qualitative and quantitative survey conducted online in collaboration with WBENC initiative through the GCUL; approximately 25% response rate from women business owners
Focus Group and Survey Findings and Conclusions Top 5 interest areas: Industry specific round table discussions Networking opportunities 24/7 web site access Local & national speaker presentations Targeted help sessions Women business owners would devote one-half day (4 hours) per month to participate 25% of respondents indicated a willingness to pay $1250/year for the service; 70% were interested in a service available for a lower price or FREE
Women s s Entrepreneur Network (WEN) Establish web site creating an electronic introduction service linking regional women business owners. Multi-level level social networking site drives traffic to website content, building online connections using LinkedIn, Twitter, Facebook, Squidoo, Plaxo,, etc. Initial website serves as sounding board, providing solutions to business challenges. 11
Women s s Entrepreneur Network Website serves as low cost networking and fellowship distribution vehicle. Hook WBO electronically, follow with invitation-only, only, fee-based physical session. Establish meeting schedule and promote paid membership into roundtable service. Roundtable membership self-limiting limiting based on industry, financial interest, business maturity and issues covered. 12
POTENTIAL WEN SPONSORS Financial and Banking Institutions Legal, Accounting and Consulting Practices Academic and Business Institutions Non-Profit Business Agencies Business and Venture Funding Agents Regional, State and Federal Government Institutions; Women-Specific Agencies 14
WEN Women Entrepreneurs Network Leadership Cincinnati XXXII Project Members: Mary Welsh Schlueter Diane Jordan Grizzard Jocile Ehrlich Kathy DeLaura Lisa Knutson Vision: To increase the economic assets and financial power of regional women owned businesses. Mission: To accelerate the success of women in business by providing a private, membershipdriven forum in which business owners from all industries share their experiences, foster partnerships, participate in high impact, speaker and educational programs and extend financially viable business networks. Overview: Via qualitative and quantitative research, the WEN concept maintained extremely high regional interest among the selected women business owner demographic. The WEN concept aims to establish an electronic networking service linking regional women business owners by utilizing social networking sites to drive traffic. The website would serve as a sounding board, providing solutions to business challenges facing women in profit driven, high growth enterprises. The electronic network would serve as a distribution vehicle for providing business solutions to the small business owner/consumer. An electronic invitation would follow to attend a fee based physical session. The resulting roundtables would establish meeting schedules and annual membership dues. Roundtables would be exclusive to industry, business interest, enterprise maturity and issues covered. Sponsoring partners may include financial institutions, consulting, legal and accounting practices, academic institutions, venture capital organizations and government agencies.