Jun. 17, 2020
We are dedicated to creating a future where founders reflect our country’s demographics, but as a female-founded and led company, we are very aware that we have a long, long way to go.
Fortune just released the latest statistics on Fortune 500 companies. Out of 500 companies, there are 37 women CEOs, which is the highest percentage in history at 7.4%. However, there is very little racial diversity, as only three of these are women of color. Not one of the 500 companies on the list has a black woman at the helm.
This past summer, we started an initiative that leverages the unique skills of the ThirdLove team to drive and support long term change through our first-ever incubator program: The TL Effect. We kicked things off with our first recipient, Arah Sims of Kyütee, and are excited to begin recruiting for our second recipient.
If we can contribute to the success of more female founders of color, they will be able to hire others, and impact the world, and then mentor others over time. We see this as mutually beneficial — listening and learning from these founders’ experiences and points of view can ultimately help affect change within our company and community.
The TL Effect is composed of a multi-pronged strategy to help our cohort build and scale a successful business:
- Raise brand awareness by amplifying her product/service on our ThirdLove social and blog platforms. We will share any content we create with the founder, so she can leverage it on her own channels.
- When our San Francisco HQ reopens, dedicate a portion of our office space to these entrepreneurs to use for meetings, workspace, and photoshoots.
- Provide a grant to each company to help support its growth.
- The ThirdLove co-founders will help them navigate fundraising (if they decide to go that route) so that they will have a more equitable opportunity at scaling the next billion-dollar idea.
- A mentoring program where our talented ThirdLove team donate their time and knowledge to help these female founders of color in various aspects of their business (product development, production, supply chain, marketing, creative, brand, finance).
At ThirdLove we want to help be part of the solution, starting from the ground up. If you know a female founder of color who would be a good candidate for this program, please encourage them to submit their business.
While our applications are currently closed, this won’t be your only chance to participate in the TL Effect! Submit your contact info here, and we’ll let you know when the next round of applications opens up.