To address the lack of female entrepreneurs in the beauty industry, Sephora, a beauty-retail concept with locations across the globe has launched Accelerate, a program for female founders of beauty startups.
Currently, female entrepreneurs do not have the same access to funding, connections, or business instruction as male entrepreneurs do, a fact reflected by the statistic that 85% of venture capital funded start-ups are led exclusively by men, according to a statement released by Sephora. The SEPHORA Accelerate program was designedÂ to foster a community of innovative female founders in all areas of the beauty industry.
“We saw a unique opportunity to draw from our history of working with beauty entrepreneurs to build a supportive community for women who are in the early stages of developing their businesses,” said Corrie Conrad, head of social impact at Sephora, in a statement released on the company website. “As a key initiative of our Sephora Stands social impact programs, which aim to use Sephoraâ€™s strengths for even greater good in our communities, we hope to build an ecosystem of support for more than 50 women-led beauty businesses with a social impact by 2020.”
According to the website, the 12-month program has 4 key components: design support, mentorship, and grants and funding, which ultimately lead to “Demo Day”–an opportunity for fellows to pitch directly to senior leaders from Sephoraâ€™s Merchandising and Innovation teams, and to receive a $2,500 grant.
Additionally, SEPHORA aims to inspire confidence in 100,000 women by 2020 through Â Classes for Confidence, an April 2016 Â initiative that utilizes the company’s existing infrastructure and programs for even greater good. “This series of specialized in-store classes are complimentary and were developed to help inspire confidence in women facing major life transitions. Classes for Confidence offer a supportive environment where participants can learn and have fun, while also empowering SEPHORA store employees to make a difference in their communities. ”
To learn more visit: SephoraStands.com.