Bright future ahead for Tenn.’s female entrepreneurs

While the climate for women in the tech startup world has improved, it has a long way to go. In Tennessee, however, female entrepreneurs continue to have strong success in a variety of different industries, and in all stages of their careers.

The issue of underrepresentation is not new. The Diana Project, a multi-university analysis of venture capital investments in women-owned companies, began in 1999. That year, companies with women on the executive team pulled in 5 percent of all venture capital dollars. In 2013 that figure rose, but only to just above 15 percent. Those owning biotech companies did the best, followed by health care services, health care-related IT services and consumer products. At the same time, female partners in venture capital companies have declined, which may be affecting the likelihood of funding for female-owned startups and new companies.

Even with this mixed bag of news, the present and future continue to be bright for female entrepreneurs in Tennessee. They’re getting funding, securing agreements with industry partners, picking up awards and much more:

•The founder of BarterSugar, a Memphis B2B-trading business that emerged from Start Co.’sUpstart incubator, is heading south to Chile. Layla Tabatabaie has been accepted to Start-Up Chile in Santiago, so will be delaying her capital-raising efforts for a while.

•TN Code Academy’s100 Girls of Code program, which will introduce school-age girls to computer programming, has met its $10,000 Indiegogo fundraising goal and now hopes to connect with at least 100 girls in every state.

•The Jump Fund, organized in 2012 and based in Chattanooga, is the Southeast’s only female-focused angel fund; composed of women investors, it puts capital into female-led early-stage companies. The fund has invested in two of the current TENN companies, Feetz and eDivv.

Cabsolutely, eDivv, Feetz and Stony Creek Colors, 2014 summer accelerator graduates, have received angel investments ranging from $75,000 to $375,000, respectively, as well as SBIR investments (Stony Creek Colors) over $400,000.

Cabsolutely is a cloud-based dispatch platform for taxi companies with services for both riders and cab companies, while eDivv is an online marketplace for trading beauty products. Feetz plans to revolutionize the shoe industry by bringing mass customization through the production of 3D-printed shoes, while Stony Creek will be producing natural colorants for the apparel industry from indigo plants grown on Tennessee farms.

eDivv, Feetz and Stony Creek Colors are all members of The TENN, Launch Tennessee’s master accelerator program.

•Genera Energy, a Vonore-based biomass supply company, caught the interest of Boston’s WindSail Capital Group, which has sunk $4 million into the firm. CEO and President Kelly Tiller looks to use the new funding to grow Genera’s customer base and explore new market opportunities.

•Women entrepreneurs throughout Middle Tennessee will soon benefit from a new Women’s Business Center, one of only six locations chosen by the U.S. Small Business Administration for a new site in 2015.

•The Nashville Business Journal has tapped UtilizeHealth founder and CEO Jessica Harthcock for the 2015 class in its Women of Influence Award.

These are just a sampling of the women-owned companies in Tennessee, whether they are startups or well-established operations, finding success. They are tapping into significant funding from within the state and outside its borders. They are receiving validation from media outlets and industry organizations around the nation. And they are working to become mentors to the next generation of women business leaders, creating an important conduit for new talent.

There remains much to be done in order to achieve parity for women entrepreneurs in terms of both investment opportunities and leadership roles. That said, with the kind of innovation and talent that we are seeing in the marketplace now, as well as the skilled women now in our accelerator programs, the future is quite bright for women-owned businesses of all kinds in Tennessee.

Charlie Brock is CEO of Launch Tennessee (www.launchtn.org), a public-private partnership focused on supporting the development of high-growth companies in Tennessee with the ultimate goal of fostering job creation and economic growth.