Summer Update 2024
Every year we send and post a summer update to keep you informed about what our grads have been up to and where we are going with MDW Fund. Enjoy!
Thanks to generous contributions, we have expanded in meaningful ways this year.
We brought on our first Executive Director, Erin Coles, and thanks to this added capacity and additional funding from the UpMobility Foundation, we plan to give out twice as many scholarships throughout 2024/2025.
Our Impact
Since 2017, the MDW Fund has helped over 150 women of color entrepreneurs from across the country gain access to business training programs that also provide powerful networks, mentors, and the access to the capital they need to scale up their businesses.
Women-owned businesses significantly impact the economy, generating $2.7 trillion in annual revenue and employing 12.2 million people. Despite this, they face greater barriers to growth, with average revenues at only 27% of male-owned businesses, and just 3% surpassing $1 million in revenue compared to 6% of male-owned businesses.
The gap is even greater for women of color entrepreneurs:
The Million Dollar Women Fund is working to change these stats, accelerate gender and racial economic parity and #closethegap.
Success Stories
-
Leslie Taylor
Chief Profitability Strategist & CEO of Leslie Taylor & Associates Business Solutions
Leslie's business offers comprehensive bookkeeping, reporting, and strategic advisory services to entrepreneurs. Her aim is to bring clarity, confidence, and control to entrepreneurs who need support with the intricacies of financial management.
Leslie completed both the Accelerator and Sales programs, and she saw results right away. Not only did her confidence in sales increase, she created a more streamlined sales experience, gained better control over her internal processes, and began delegating more to her team.
After implementing what she had learned in both programs, Leslie saw a 64% increase in revenue over the course of one quarter and was also accepted into the prestigious Goldman Sachs One Million Black Women Black in Business Program.
-
Sonya Rocvil
Principal and Founder of Bedrock Real Estate Investors
Bedrock Real Estate Investors is a privately owned real estate investment company that specializes in acquiring multifamily apartment buildings in strategic markets in the US. Sonya’s firm focuses on providing cash flow to investors and clean and safe properties for the residents in the communities they invest.
Since completing the program, Sonya has completely shifted her mindset around sales, she has been a guest on numerous podcasts and released an e-book.
Sonya says, “Joining MDW was a great decision for me. It expanded my network and thinking. Julia’s leadership and ability to grow such a large network of women who are supportive of each other is incredible. MDW is a game changer and a great network for entrepreneurial women.”
Join us in celebrating Leslie and Sonya, and please reach out to them if you can make any introductions or need their services yourself. Read more of our success stories on our MDW Fund Instagram (@MDWFund) or on LinkedIn at Million Dollar Women Fund so you don’t miss a thing!
What’s new?
Women.Work.Wealth.
In June, we hosted a fundraising event at the Yale Club in NYC. It was an intimate gathering of 30 individuals who care deeply about leveling the playing field of entrepreneurship and paying it forward. This event included a fireside chat with Erin Carpenter, founder of Nude Barre, a high-performing bodywear brand redefining the concept of nude. Erin has raised $3.5 million in seed funding from various investors including Serena Ventures and The Bumble Fund. Erin is a graduate of Million Dollar Women Accelerator, with a scholarship from the MDW Fund.
Meet Our Board Chair
We are lucky to have Smitha Dawson as our Board Chair since October 2024. Smitha is a Director at Lloyds Banking Group and an advocate for women in finance and banking. She also spearheads fundraising for her church’s operational fund and oversees its investment account. Smitha immigrated to the US from India as a teenager, and despite facing cultural and institutional barriers, she’s been able to build a remarkable career and has been proactive about paying it forward. Her strategic and financial insight has been invaluable to the board.
International Women’s Day Celebration High Tea in March
In March 2024, we hosted an International Women's Day High Tea at the iconic Crosby Hotel in NYC. It was an intimate gathering of about 15 guests who shared stories about why the mission of the MDW Fund was so impactful to them. All proceeds went directly to fund scholarships.
First Executive Director
We are delighted to share that we have hired our first Executive Director, Erin Coles. Erin has a long history with Million Dollar Women. She is a graduate of our Accelerator program, she was Vice Chair of the Leadership Council at Million Dollar Women for 5 years, and she was a founding member of the MDW Fund board. Erin's husband is Black, and she is raising two biracial kids. She is committed to creating a future that is better and brighter for her children, and is passionate about paving the way for economic empowerment for all women, especially women of color.
Capacity Building and Scholarship Grant
In 2023, we received our first grant to expand our operations from the UpMobility Foundation, allowing us to hire a part-time grant writer and social media coordinator. This year, we received our second grant from the UpMobility Foundation to help fund twice as many scholarships (45 in 2024-2025) and the Executive Director role (thank you again to our friends there!). Further, the UpMobility Foundation has generously agreed to match any donations of $250 or more from new donors.
Operational Grant
Thanks to a generous grant from an anonymous major donor, we were able to hire our first Executive Director and fund the first 5 months of her engagement.
Advisory Council
We launched a MDW Fund Advisory Council We're still forming the Advisory Council, so if you'd like to learn more about joining, email Alex at alex@millionwomen.com to schedule a call.
Enrollment for Next Cohort: Scholarships Available!
If you know someone who could be a fit for one of our scholarships, please send them our way. Applicants can fill out the simple form on this site to apply.
How to Support:
If you want to learn how to be part of our growing community of people who are helping women of color entrepreneurs create thriving businesses and bring about greater economic parity, we'd love to hear from you and find a way to get you involved (just reply to this email). If anything inspired you here, please consider making a donation of $25, $50 or $100 at mdwfund.org. Every dollar goes to work to help a business owner access coaching, mentorship and alternative capital.
We are so grateful to you and to all the supporters, mentors and partners who make this work possible.
Best,
Julia Pimsleur, Founder, MDW Fund - julia@millionwomen.com
Erin Coles, Executive Director, MDW Fund - erin@millionwomen.com
Smitha Dawson, Board Chair, MDW Fund
Ilana Ash, Board Member, Fundraising Committee, MDW Fund