A NEW VISION FOR PHOENIX ENTREPRENEURSHIP: RECOMMENDATIONS TO MAXIMIZE THE ECONOMIC IMPACT OF WOMEN-OWNED BUSINESSES

#PhXX
A NEW VISION FOR PHOENIX
ENTREPRENEURSHIP:
RECOMMENDATIONS TO
MAXIMIZE THE ECONOMIC
IMPACT OF WOMEN-OWNED
BUSINESSES
#NewVisionAZ

#PhXX
PLEDGE TO ACTION
SALT RIVER PROJECT
FUND PROGRAMS THAT
HAVE MEASURABLE GOALS
FOR SMALL BUSINESS
GROWTH.
#NewVisionAZ

#PhXX
PLEDGE TO ACTION
AZ HISPANIC CHAMBER OF
COMMERCE
TRACK GENDER DATA ON
THE MILLION DOLLAR
CIRCLE PROGRAM

#PhXX
PLEDGE TO ACTION
CITY OF SCOTTSDALE
• Seek educational opportunities to learn more about the diversity of the
Arizona entrepreneurial population and position their strengths as
an economic benefit and point of pride
• Inviting entrepreneurs to share perspectives and insights as we
develop and launch strategies
• Begin gathering data on gender and business type in entrepreneurial
metrics whenever able
• Continue to focus on business-skill building programs and
the development of investable small businesses and startups
• When reporting on entrepreneurial metrics, including information such
as jobs created, patents awarded and overall revenue growth of the
business

#PhXX
PLEDGE TO ACTION
CITY OF SCOTTSDALE
Continued!
• In support of and advancement in diversity and inclusion in
tech, Scottsdale economic development embraces the following actions
in its operations:
• Working to promote images, stories and definitions of diverse
entrepreneurship in marketing materials using #newvisionaz
• Participating in regional efforts to broaden the definition and analysis
of economic impact to capture the shift from employee to freelancer by
so many talented individuals
#NewVisionAZ

#PhXX
PLEDGE TO ACTION
CO+HOOTS FOUNDATION
Support of Money Month 2.0 plus leading the
outreach to more men to participate in
Empowered PhXX town halls.
#NewVisionAZ

#PhXX
PLEDGE TO ACTION
CO+HOOTS FOUNDATION
Support of Money Month 2.0 plus leading the outreach to more
men to participate in Empowered PhXX town halls.

#PhXX
PLEDGE TO ACTION
MONEY MONTH 2.0
Use stage specific content, pre and post test
participants and created more structured
curriculum to ensure quality.
#NewVisionAZ

#PhXX
PLEDGE TO ACTION
ASU E+I
Support Money Month 2.0 expanding
resources to Peoria.
#NewVisionAZ

#PhXX
PLEDGE TO ACTION
CITY OF PHOENIX
Help bring national resources to Money Month
2.0
Focus entrepreneurial programming on specific
business skills.
Support the development of a up to date
comprehensive resource list.

#PhXX
Vision
Empowered PhXX’s vision is to
create significant economic and
community impact for the
future of PhXX.
#NewVisionAZ

#PhXX
Empowered PhXX is a
community collaboration of
diverse leaders, advocates and
stakeholders committed to
strengthening the
entrepreneurial ecosystem for
female entrepreneurs.

#PhXX
Empowered PhXX
100% community-owned and self-
organized. Meaning no one person or
organization runs it —
everyone contributes through action.
Plus many more…

#PhXX
Mission
To improve every stakeholder’s
ability to effectively support the
growth of women-owned
organizations through critical data,
action based collaboration, and
voice.

#PhXX
50 /50 in
entrepreneurship in
Arizona would add
91,000 more jobs and
$105.2 billion to our
local economy.
-Datos, AZHCC 2016
-U.S. Census Bureau; generated by
Melissa Kovacs, FirstEval

#PhXX
Money Month
40 EVENTS
310 COMPLETED SURVEYS
INCREASED COMMUNITY AWARENESS

#PhXX
Community Partners
Ji Mi Choi,
Associate Vice President for
Knowledge Enterprise Development
leading Entrepreneurship +
Innovation
#NewVisionAZ

#PhXX
Key Note
Annette Zinky
Theraspecs
#NewVisionAZ

#PhXX
Panel Discussion
Community Partners
And
Researchers
#NewVisionAZ

#PhXX
$trength in Number$
Growing the economic impact of 600-
1,000 Phoenix small businesses by
boosting owners’ financial knowledge,
skills and confidence

#PhXX
What’s Money Month 2.0 all about?
Week 1 = Making Money
Money Mindset
Talking $$
Pricing & profitability
Surprise Guest Visit
(Sept. 5th to 7th)
Week 2 = Managing Money
Financial systems
Financial processes
When & how to get help?
Weeks 3 & 4 = Finding Money
Week 3: Bootstrapping
(making good decisions)
Week 4: Outside capital
(debt + equity)
Investor closing event

#PhXX
Money Month 2.0 needs:
• Financial sponsors (regions, themes, tracks, surprise
guests)
• Volunteers
 2 Regional event coordinators (West, Central, Northeast, Mesa,
Chandler)
 Planning committee (curriculum, sponsorship, marketing, etc.)
 Table leaders (5-8 per location) & event assistance (2-5 per location)
 Amplifiers – social media sharing & word of mouth promotion
• In-kind donations, including:
 Food / drink / other materials for events
 Photography / video recording & production
 Printing / workshop materials
Complete your action card or email Stephanie (stephanie@finance-ability.com)!

#PhXX
PLEDGE TO ACTION
WHAT ACTION WILL YOU
TAKE TO MAXIMIZE THE
ECONOMIC IMPACT OF
WOMEN-OWNED BUSINESS?
#NewVisionAZ

#PhXX
Between
2002 and
2012, the
number of
women-
owned
businesses in
the U.S.
increased at
a rate of
x 2 1/2
the national
average.

#PhXX
Core Empowered PhXX
Functions
Community meetings are always the second Friday
of the month from 10:00-12:00 at various community
partners locations.
Bi-Annual Month Summit: April and November
Action Planning Roundtable to Support Initiative
Regular Monthly Emails, Interactive Tools and
Social Media

#PhXX
The Background
A combination of qualitative, quantitative, town-
hall feedback, national research.
- Largest survey executed in the state of Arizona.
- Sent to various community stakeholders
including active outreach to diverse
community's
- Based on National WBO Census Survey with
local customization
- +10 Community Wide Town Halls
- +40 In-depth Interviews

#PhXX
Research Team
Kristin Slice, MA, Maricopa Small Business
Development Center
Melissa Kovacs, Phd, First Eval
Nancy Jurik, Phd. ,ASU School of Transformation
Susan Halverson, Phd., Elemental Initiatives
Stephanie Sims, Founder, Finance-Ability
Joyce Vogt, Business Intelligence Analyst,
Infermadiks

#PhXX
Defining Characteristics
45
Growth
Resources
Capital
Biggest Challenges
Next Steps
Confidence

#PhXX
Ethnicity:
10%
83%
8%
Prefer not to
Answer
Non-Hispanic
Hispanic / Latina
2%
3%
3%
4%
7%
7%
74%
American Indian or…
None of the above
Asian / Pacific Islander
Two or more races
Black or African-American
Prefer not to answer
White
Race:
36%
43%
19%
2%
Post-graduate
College degree
Some college
High School
Education Level:
Household Income:
9%
32%
16%
15%
17%
7%
2%
2%
Prefer not to answer
$125,000 or more
$100,000 to $124,999
$75,000 to $99,999
$50,000 to $74,999
$35,000 to $49,999
$20,000 to $34,999
Less than $20,000
AZ Survey of Women Business Owners

#PhXX
Zip Code Density of Survey Respondents (n=266)

#PhXX
Gross Revenue / Total Sales Last Year (n=224)
Median Gross Revenue = $60,000
Percentage of Respondents in
Revenue Category
26% 27%
22%
25%
up to $15,000 $15,001 to
$60,000
$60,001 to
$174,572
$193,884 to
$40,000,000
n=58 n=56n=50n=60
Includes 23
respondents at
zero revenue
Includes 14
respondents at $1
million or higher in
revenues

#PhXX
40% of respondents have owned a business prior
to their current business;
25% currently own other businesses; and
90% founded their business (vs. purchase or
inheritance).
5%
2%
1%
2%
2%
3%
1%
3%
4%
4%
6%
5%
5%
8%
10%
9%
10%
12%
8%
Prior to 2000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
For over 67% of respondents, their primary
source of personal income is from their
business.
Percentage of Respondents becoming Business Owners in each Year (n=271)

#PhXX
0%
1%
4%
5%
8%
11%
14%
57%
Waste Management and Remediation Services
Construction
Administrative and Support
Real Estate and Rental Lease
Health Care and Social Assistance
Retail
Other
Professional, Scientific and Technical Services (includes
business coaches and consultants)
“Other”:
• Arts;
• Catering/events/hospitality;
• Fitness and wellness;
• Imports and wholesale;
• Salon and skin care.
Primary Industry of Respondents’ Business

#PhXX
Overall, over 68% of respondents either have one or more employees or
use contractors.
~~
Among all respondents, 53% utilize contractors, with the vast majority
having between 1 – 3 contractors;
And, among all respondents, 38% employ someone else full-time.
Employees, Contractors, and Benefits

#PhXX
Percent of Respondents with Certifications (n=312)
0.0%
0.3%
0.3%
0.3%
0.6%
1.0%
2.2%
2.9%
6.4%
10.6%
67.9%
LGBT Business Enterprise (LGBTBE)
8(a) Business
Service-Disabled Veteran-Owned Small Business
B Corp
HUBZone
Veteran-Owned Small Business
Small Disadvantaged Business
Economically-Disadvantaged Woman-Owned Business
Small Business (federal certification)
Woman-Owned Small Business
None
Note: Respondents could choose more than one category; percentages may not total to 100%.
Slide 8

#PhXX
Confidence
How confident are you in your own understanding of your business’s current financial status?
84% of respondents are either “Very Confident” or “Somewhat
Confident” in their own understanding of the current financial
status of their business.
46% 38% 9%
3%
3%
Very Confident
Somewhat Confident
Unsure
Somewhat Unconfident
Not at all Confident

#PhXX
Growth
1%
2%
2%
4%
10%
38%
44%
None of these statements describe my growth
mindset. Other:
I intend to shrink my business in the next 12 months
I don't know
I do not have specific growth intentions
I intend to maintain my business's current size
I intend to grow my business rapidly in the next 12
months
I intend to grow my business gradually in the next 12
months
• 83% of respondents who intend to grow feel that they know how;
• 62% feel that they have access to the resources they need to grow their business.

#PhXX
Growth
What is the most crucial thing you need right now to grow your business?
6%
10%
15%
15%
15%
20%
Time
Connections and networking
Clients and sales
Employees / contractors
Marketing
Capital / cash / financing / funding

#PhXX
55%
48%
46%
34% 33% 32%
29%
27% 27%
24%
22%
16%
13% 12%
8%
6% 5% 5% 4%
2%
AWARENESS
Resources

#PhXX
Resources
USE (Among those who are Aware) EFFECTIVE? (Among users)
75% 77%
69%
16%
31%
46%
15%
51%
47%
73%
80%
56%
38% 39%
58%
70%
77%
61%
Networking Bus.
Coaching
Professional
Assoc.
Business
Incubator
Business
Boot Camp
Certifications Business
Accelerator
Mentor
Program
Financial
Tools
General Resources

#PhXX
Resources
USE (Among those who are Aware) EFFECTIVE? (Among users)
65%
45%
39%
20% 23%
28%
50%
13%
7%
15%
20%
74%
35% 38%
33%
78%
71%
67%
50%
0%
50%
100%
Specific Resources

#PhXX
Resources
Support
7%
12%
15%
20%
25%
31%
35%
39%
Other
Advisory board
Marketer
Business banker
Attorney
Business coach
Mentor
Accountant
64% of respondents feel they have a “team” of colleagues or
connections who actively introduce them to new people, resources,
and opportunities.
Percent who have ever used / are using…
“Other”:
• Husband
• Friends
• SBA / SBDC
• Other female business owners

#PhXX
Capital
0%
1%
1%
1%
2%
2%
2%
7%
8%
11%
12%
16%
28%
74%
Equity - seed funding from investment group
Equity - crowdfunding
Debt-based crowdfunding
Equity - venture capital
Equity - angel investor
Grant(s) - Small Business government grant
Grant(s) - Foundation
Other
Debt - home equity or other asset-based loan
Debt - personal loan from friend or family
Debt - business loan from a bank
Personal cash from retirement account
Debt - personal or business credit card
Personal savings / personal cash
Sources of capital respondents have used in their business
“Other”:
• Family help / inheritance
• High interest loan /alternative
lending
• Pitch funding

#PhXX
Have you ever pursued outside capital like a business loan, venture
capital, or angel investor money?
NUMBER of respondents reported
44 7 18 180
Yes, I’ve pursued this and received it.
Yes, I’ve pursued this and am waiting
for a decision.
Yes, I’ve pursued this but never
received it.
No, I haven’t pursued this type of
capital.
Two-thirds of respondents who have pursued these
types of capital have received it.
Capital

#PhXX
Biggest Challenges
Respondents chose their 3 biggest challenges…
(top answers displayed)
12%
15%
16%
16%
18%
25%
39%
45%
My confidence in my ability to manage and operate my
business
Financial - finding capital
Personal - my family commitments
Market competition
Employees - finding and/or retaining qualified staff
Customers or clients - marketing or creating brand awareness
Customers or clients - finding new customers or clients
Financial - irregular cash flow or income

#PhXX
Biggest Challenges
What is your best form of support for these business challenges?
Some respondents listed more than one:
1%
1%
1%
1%
2%
3%
4%
6%
8%
9%
18%
20%
24%
Marketing support
Incubator
Advisory Board
Business Programs
Spouse/Family
Business Associations
Online groups
Workshops/Education
None/Don't Know/Don't have any
Business Coach
Networking
Mentor
Colleagues

#PhXX
Coming up in Tableau, we’ll answer…
“What is the most crucial thing you need right now to grow your business?”
– filtered on growth mindset and on age of business;
Respondent’s primary industry of her business, filtered on growth mindset;
Median revenues, filtered on growth mindset; and
Use of resources (networking, associations, SBA, etc…), filtered by age of
business.
Next Steps

#PhXX
Most important business goal:
86% of respondents feel “extremely confident” or “somewhat confident” in their ability
to meet this goal.
The vast majority of respondents have imminent business
goals of growth or scaling, increasing sales or
revenue; gaining clients or customers; and
greater capital or cash flow.
Others mentioned finding work/life balance, solving hiring
challenges, and launching.

#PhXX
Contributions
Over 99% of respondents believe that women
business owners contribute to Arizona’s economy.
79% believe that their business is contributing to
the Arizona economy.
For those who believe in their contributions, they
specifically feel they are contributing as job creators /
employers; taxpayers; purchases of local products and
services; and supporters of local philanthropy.

#PhXX
Recommendation 1:
Shift to a More Inclusive
Approach in Economic
Development

#PhXX
Recommendation 2:
Incorporate discussion and
celebrations/ measures of
diversity as it relates to all
aspects of and kinds of
entrepreneurship, instead of
siloing issues.

#PhXX
Recommendation 3:
Strengthen all partners’ ability to
address effective business-
building strategies for diverse
businesses and directly market to
those populations.

#PhXX
Recommendation 4:
Focus on financial management,
investor mindset / value building
in a small business and the
capital resources available to
diverse populations.

#PhXX
Where do we go from here?
Commitments to Action / Partner
Outreach
May 22nd Report Release events
Money Month 2.0 – September 2018

#PhXX
NOTES:
Sample sizes change per question as not all respondents answered every
question. For example, 224 women listed their gross revenues, while 271
answered the question relating to their current employment situation.
Contact: Melissa Kovacs, Ph.D., Founder, FirstEval,
mkovacs@firsteval.com @firsteval

#PhXX
“Where did you hear about this survey?”

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