The world has changed so much for women in business in the last ten years. Women are stepping into leadership roles, starting businesses, and pursuing entrepreneurial dreams with passion and resilience. Still, there is a significant gap between men and women when it comes to securing the financial and support needed to start, sustain, and scale businesses—especially for women of color, who often face additional barriers to accessing critical resources.
This commitment to fostering diversity in entrepreneurship is part of the reason why I founded Wocstar Capital – to identify founders and invest in companies led by diverse teams. I noticed they need guidance to navigate the challenges they faced while building their businesses.
This led me to hold virtual office hours for aspiring founders to combat information inequality and break down the pain points of entrepreneurship. In our conversations, I quickly realized there is no shortage of talent, ideas, or ambition. Women and diverse teams are leading some of the most innovative and impactful businesses across industries. But, they overwhelmingly agreed that when it comes to raising capital and telling our stories, the system isn’t designed with us in mind. Three main challenges emerged repeatedly:
- Access to funding – A staggering 31% of female business owners report facing challenges accessing capital. That’s almost one in three women who are told—directly or indirectly—that they don’t belong in this space. They are navigating a world where financial resources are gatekept by institutions and practices that have historically excluded them. These entrepreneurs need to understand not only how and when to raise capital, but also whether venture capital is the right fit for their business. Many are unaware that alternatives like loans, grants, crowdfunding, or angel investors may better suit their needs.
- Guidance on brand building – Many founders struggle with crafting a compelling brand identity and weaving their personal stories into pitches. It’s not just about what you’re building but how you present it to your investors, customers, and partners.
- Affordable resources – While some information is available online, many entrepreneurs shared that it’s often financially out of reach. They need access to investor connections, mentorship, and tools to grow their businesses without breaking the bank.
The reality is that while there’s plenty of capital and opportunity in the market, we need to rethink our approach to fundraising, networking, and brand-building. Female entrepreneurs are more than capable, and with the right insights, they can navigate these challenges with confidence. Despite the abundance of incubators, few programs are tailored specifically to female founders and diverse teams. One example is the Gold House Ventures Accelerator, which supports Asian Pacific founders. We’ve found that, sometimes, hyperspecific accelerator programs are necessary to help underrepresented groups succeed. That’s why I created Wocstar Academy to address these gaps.
We partnered with Ghetto Film School to build a free virtual program to provide networking opportunities, connect founders to capital, build awareness and brand storytelling skills and finally bridge the knowledge gap. The goal was to equip women and diverse teams with the tools they need to scale their businesses with confidence and efficiency.
We choose to focus on companies that already have revenue, have been in the market for at least 1-2 years, and are looking to take the next big step. These founders don’t need elementary-level advice; they need strategic guidance from industry experts to expand their market reach. We teach founders two essential things: first, how to prepare for a capital raise—when to raise, what type of capital to pursue, and how to evaluate their options; and second, how to weave their stories into their pitches in a compelling way. It’s a hands-on learning experience, focusing on practical, real-world skills—such as pitching your business to investors, understanding your value, and structuring deals to navigate the complexities of raising capital.
One standout success story is Chef Saidah Farrell, the visionary founder behind Joy Craft Cocoa. Through Wocstar Academy, she received practical, action-oriented advice by maximizing the free office hours we offer with industry experts that helped her clinch a $40,000 victory at a pivotal pitch competition. The key tips and tricks she focused on were shifting language when talking about her business to project greater confidence. I always say it doesn’t just matter what you say; it also matters how you say it.
Our idea has not gone unnoticed, it was an early recipient of a grant from Walmart’s Center for Racial Equity, This funding enabled us to launch the Wocstar Academy, and its subsequent renewal has empowered a growing number of successful alumni.
What makes what we do special is it’s not just the curriculum, but the community. Which is what women, and under represented groups need more of in the entrepreneurial space. We are building a network of people who support and uplift one another, sharing their challenges, wins, and lessons. They learn together, grow together, and most importantly, realize they are not alone in this journey. We want each founder to finish our program with a fine tuned deck, supported by insights from industry experts, a narrative that resonates with investors, allies, and partners, and a pitch that can be used at a cocktail party, in an elevator or in a room full of investors.
Many of the women I speak to have different levels of needs to get them to the next level, but these are the top five things I want them remember:
- Know your worth: This is perhaps the most important lesson. Don’t be afraid to ask for what you need—whether it’s capital, mentorship, or resources. Your business is worth it, and so are you.
- Build your network: Surround yourself with people who believe in your vision and are willing to support you along the way. Your network can be your most valuable asset.
- Be prepared: When it comes time to pitch your business to investors or excel in an interview, make sure you’ve done your homework. Know your numbers, know your market, and most importantly, know your value proposition.
- Stay resilient: Entrepreneurship is not easy, (heck, life isn’t easy!) and there will be setbacks along the way. How you respond to those challenges will determine your success. Keep pushing forward, no matter how difficult the journey may seem.
- Invest in yourself: Whether it’s through education, mentorship, or professional development, always find ways to keep learning and growing. Stay curious! The more you invest in yourself, the more your business will benefit.
I want those five ideas to be a step towards leveling the playing field for female entrepreneurs, especially women of color, and creating opportunities for women to not only survive in the business world, but to thrive and lead.
Let’s build the future we all deserve—one Wocstar at a time.
