Business: Rent the Mentors

In 2013, women started only 38.6% of business and only accounted for 8.1% of top earners and 9% of top management positions. One company created by women entrepreneurs in 2009, “Rent the Runway,” is hoping to combat those statistics. The company lets women rent high-quality clothing and currently has 5 million members. In late September, the company’s non-profit branch “Rent the Runway Foundation” and UBS Americas, a wealth management company, announced a new program to help women entrepreneurs. The companies will be hosting a competition and mentorship program called Project Entrepreneur where until January 8th, women can submit their business plans and prototypes online at projectentrepreneur.com and have the chance to win a cash prize. 200 women with the best creations will be picked to attend a workshop in New York City in April, and from there, three women will be chosen for a $10,000 prize and a ticket to a five-week accelerator program that helps business plans move rapidly. Project Entrepreneur will also provide free summits to the three winners. Founder Jennifer Hyman hopes to encourage women in business, saying, “Project Entrepreneur offers the experience, training and networks needed to ignite bold ideas and help women build economically impactful companies.”

Contributor: Claire Pacek

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