More and more women are starting their own companies. Whether it’s from the urge to be their own boss, follow a passion, or create a schedule that’s more family-friendly, the reasons are endless. But attaining the right resources, funds, and support can be an uphill battle. Therefore, many women have a hard time getting their company off the ground. Thankfully there are other companies happy to help show support. So the Tory Burch Foundation created a fellowship program to support women-owned businesses and help guide them toward success. Keep reading to learn about this amazing program and how to apply.
The Tory Burch Foundation
Tory Burch recently launched the 6th annual Tory Burch Fellows Program. This is a critical time for women-owned businesses, so access resources to help them rebuild, pivot, and thrive is necessary. Therefore, this foundation is more important than ever before.
This is an exciting opportunity for women entrepreneurs. The Tory Burch Foundation Fellows Program is a chance to join a community, grow your business, access $5K for business education, and participate in a year-long virtual education program. Above all, it’s like getting an education you don’t have to pay for.
However, there is an application process that will take a little time and effort to complete but will be totally worth the outcome.
How to Apply
Applications are open through November 12, 2020. This year-long program accepts 50 women each year. The entrepreneurs will get to participate in virtual programming that’s been custom-tailored to meet the needs of businesses during COVID-19, receive access to an online network of 130+ peers, $5K for education, and much more.
Specific criteria need to be met in order to be eligible, so we’ve broken it down for you below.
- Be a woman-identifying entrepreneur who owns either a majority stake (51% or more) in a qualifying business or the largest or equal stake in a qualifying business that is 100% owned and controlled by women
- You have to be 21 years or older as of the application due date (November 12, 2020)
- You should be proficient in English
- Be a legal resident of the United States
- Your business should be for-profit, from any industry
- Be early-stage (one to five years of operations preferred)
- Generating revenues (minimum of $75,000 strongly preferred)
- Formed under United States law and operating in the United States
However, due to the devastating impact of COVID-19 on small businesses, the foundation will be considering both revenue performance in 2020, as well as 2019 to best understand the health and market potential of your business. In other words, your business will not just be looked at during a financially tough year for most.
Business Not Eligible for this Program:
- Nonprofit organizations
- Idea stage ventures
- Subsidiary businesses or franchisee
There is also some documentation that applications will need to provide, including:
- Personal statement and resume that details leadership, professional experience, passion, and commitment to the business
- Business plan: scalability and profitability, originality, and impact
- Social responsibility: personal community impact, mission-driven business, or track record for volunteering
- Proposed use of education grant: value of education, quality of courses selected, and understanding opportunities to grow
About Tory Burch
The Tory Burch company launched in 2004 with a concept and turned that into a collection. As the company has grown, Tory and her team have learned about the obstacles that women in business face, from balancing work and family to securing financing. Many also lack the confidence, business networks, and training they need to see their ideas through. And that is why in 2009 they created the Tory Burch Foundation to support the empowerment of women entrepreneurs.
One of the reasons I wanted to start a company was to start a foundation that would benefit women and children. Social responsibility is part of our brand DNA. It’s not about charity. It’s about helping to empower women to help themselves. – Tory Burch
Interested business owners can apply now on ToryBurchFoundation.org.
Get the latest small business news and more every week on Smart Hustle subscribe to our newsletter.