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 the 37 are women of color. Not one of the 500 companies on the list has a black woman at the helm.
Over the past few weeks, we spent time brainstorming an initiative that allows the ThirdLove team to be involved and leverage our unique skills, and most importantly, is something we can continue supporting in the long run. So, we’re announcing the launch of a new program: The TL Effect, where every quarter we will choose an early-stage consumer-focused company run by a woman of color.
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.
There will be a multi-pronged strategy to help her 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.
- Lastly, we will create a mentoring program where our talented ThirdLove team can 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.
If you are interested in applying, please complete the application form no later than July 31, 2020.