Women entrepreneurs get boost from million program
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"Taking a whole month off was a big wish of mine, and it was one of the [goals] I wrote down with my coach," said Valero, referring to free financing, coaching and technology assistance she won in a content for women business owners.
So far, about 87 women have participated in the "Make Mine a Million" program launched in 2005 to help one million female-owned companies grow revenues to $1 million by 2010.
"This notion of growth is something we really want to get women to focus on. They can get to annual revenues of one million and beyond, but many women don't know this is even a possibility," said the program's founder Nell Merlino, noting that 10 program recipients have already hit the $1 million mark.
Merlino, founder of Take Your Daughters to Work Day, said more women are launching companies but many still do not "think big" or have plans to expand beyond a small business.
There were 6.5 million woman-owned businesses in the U.S. in 2002, but only 117,000 of them grossed $1 million or more, according to U.S. Census data released in January 2006.
To be eligible, women must have a business with sales of $250,000, fill out an application at www.makemineamillion.org, and present a three-minute pitch at American Idol-style competitions.
This fall, more contests are scheduled in Austin, Texas, and New York City. Prizes include a $10,000 line of credit from American Express, $45,000 in financing through Merlino's non-profit Count Me In for Women's Economic Independence organization, coaching, and technical assistance.
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