Summary:
15% of businesses in Salt Lake City are women-owned, one of the lowest in the U.S.
Maven expanded from a Pilates studio to a community with 130+ businesses, 85% women-owned.
Beta Boom invests in underrepresented founders, focusing on women and people of color.
Susan Petersen leveraged mom influencers to grow her brand, achieving nearly $20 million in revenue.
Women Empowerment in Salt Lake City
Fewer than 15% of businesses in Salt Lake City are owned by women, making it one of the lowest proportions in the U.S. However, female founders are pioneering new paths for entrepreneurship.
When Tessa Arneson opened her Pilates studio in 2015, she recognized a demand for local service recommendations. This realization led her to create a network of businesses in the area known as the Maven District.
“My dream was to jump away from corporate America and give people a little slice of happiness,” said Arneson, co-founder and CEO of Maven.
Together with Rocky Donati, they expanded Maven from a single studio to a thriving community with a co-working space, a boutique hotel, and over 130 commercial tenants, 85% of which are women-owned. Their revenue has skyrocketed from $200,000 in 2013 to an estimated $4 million this year.
Raising Capital for Underrepresented Founders
Despite the surge in women-owned businesses, access to capital remains a significant barrier. Beta Boom, a venture fund launched by Kimmy and Sergio Paluch, aims to invest in underrepresented founders in Salt Lake City.
“There’s a lot of untapped potential still,” said Kimmy Paluch.
Founded in 2018, Beta Boom started with a $1 million pilot fund and has grown to $15 million in its second fund, investing primarily in software companies with an average investment of $300,000.
Building a Brand with Mom Influencers
Susan Petersen, founder of Freshly Picked, a baby and toddler lifestyle brand, exemplifies breaking down barriers. Starting from sewing baby shoes in 2009, Petersen utilized social media and mom influencers to grow her business.
“I would make sure and take care of them and form a relationship with them,” Petersen noted.
Her appearance on Shark Tank in 2014 propelled her revenue from $500,000 to nearly $20 million today. Petersen attributes her success to the supportive network of women around her.
“I love how it feels like we’re all in it together,” she shared.
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