Kinect Capital found the disparity in investing in women-led startups problematic. In 2018 only 2.8% of investment capital went to women entrepreneurs. Women-led startups deliver twice as much per dollar invested versus those started by men (78% per dollar versus 31%), and women own 38% of the businesses in the United States.
With such staggering numbers stacked against female entrepreneurs, the organization is addressing these disparities.
Kinect Capital Champions Women
The organization increased its female board membership from 13% to 38% in just a few years and intends to build on that momentum and bring that percentage to more than 50% by the end of 2024. In addition, with strategic recruiting, the company expanded from a team of three men at the end of 2019 to a team of 10, with 70% female.
To help women-led startups, Kinect Capital introduced programs that support women entrepreneurs, like WeGOLF, WeAngles, and the Women’s Entrepreneur program. Each program educates female entrepreneurs about funding opportunities, helps them secure them, and mentors them through building their businesses with C-level executives. Because golf is where many current executives network, Kinect Capital created WeGOLF, a program that brings in pro female golfers to help participants feel more confident on the golf course; this partnership helps women so they are included in crucial relationship-building experiences.
Why Supporting Women Is Important to Kinect Capital
It makes financial sense to back female-owned businesses since they deliver twice as much per dollar invested vs. those founded by men, and funding these businesses adds jobs to the market. However, there’s an even deeper reason to support women in the workplace.
Kinect Capital discovered that with female leadership and teams, the company has access to different solutions, ideas, and management styles that ultimately lead to better outcomes for the whole company. Empowering women adds another layer of insight to every problem and leads to innovative solutions.
100 Utah Companies Championing Women
Inspire In Utah highlights companies in Utah that go above and beyond to support women because when women thrive, everyone in their network thrives. By showcasing the policies, procedures, and cultures in businesses that support women, we provide a template and inspiration for more companies in Utah to follow. Kinect Capital stands out for the multiple effective programs created to specifically address the problems women face when seeking funding for their businesses. As a result, they’ve generated $45+ million for women-led startups.