create / 2016
Achieving Gender Equality With Our Wallets
Please describe your project proposal.
There is no easy way to find and support women owned businesses (WOBs) in LA. Equallet was built to fill this void by providing an online and mobile search platform (think Yelp or Google) that connects consumers and investors with LA-based WOBs. In this way, we will contribute to small business growth, the creation of new jobs for women and increased in investments into our community.
Which of the create metrics will your proposal impact?
- Jobs per capita
- Minority- and women-owned firms
- Venture capital investment
In what areas of Los Angeles will you be directly working?
- Central LA
- East LA
- San Gabriel Valley
- San Fernando Valley
- South LA
- South Bay
- Gateway Cities
- Antelope Valley
- County of Los Angeles
- City of Los Angeles
Describe in greater detail how your proposal will make LA the best place to create?
Our platform serves as a beacon for potential customers, clients and investors to find and assess women-owned businesses (WOBs). We will provide unprecedented rich content and information on each business owner in addition to details on the products and services they offer. This will allow consumers and investors to make informed decisions on how they wish to engage and support the individual businesses. Exposure to WOBs allows us to galvanize the collective community support – consumers, investors, government and corporate entities – to help WOBs grow. The dividends of that growth will flow in to the community through new job creation, generation of wealth, and ultimately elevate women to decision making positions that can impact positive change for Los Angeles residents.
Equallet was founded with one driving purpose – to help eliminate gender inequality in our lifetime. By creating an easy way to find and support women-owned businesses in LA, we are leveling the playing field and creating a supportive environment for women entrepreneurs to thrive.
Equallet’s focus on supporting women in business is grounded in research that shows elevating women is not just a feel-good exercise, but an economic imperative. Data demonstrates that more equality leads to higher GDP and increased productivity - effects that clearly benefit all of us.
According the 2012 US Census, LA County is home to nearly 440K women-owned businesses, the largest population of WOBs in the country. However, the surveys contain very little information on the businesses themselves. There is no comprehensive, accessible database of LA based women-owned businesses that exists today. Therefore, there is no reliable way to track key metrics on them such as their progress, success rates, growth, services they provide and overall needs of these business owners. What we are seeing is that this lack of data on women-owned businesses is severely limiting government and private agencies alike to make policies and decisions to ensure the women-owned business communities are being represented properly.
As Equallet scales to include all LA based women-owned businesses we will be collecting the much needed data on these businesses that can be used for the purposes of driving policy and community decisions in order to help these businesses thrive. We will become the trusted source of information on our great city’s women-owned business community.
Please explain how you will define and measure success for your project.
Collecting and analyzing data is at the core of our business.
In the short term, Equallet’s success is defined by the number of women-owned businesses that register and utilize our marketing tools, and by the number of active users that use Equallet to search for and engage with the businesses.
In the long term, success will be defined by the increase in sales and investments our WOBs have realized through the Equallet platform, the number of new jobs those WOBs create for women and the positive impacts those WOBs have on our local communities.
We will be measuring all of this through a combination of digital analytical tools, direct interaction with our registered WOB community and regular surveys.
How can the LA2050 community and other stakeholders help your proposal succeed?
- Advisors/board members
- Infrastructure (building/space/vehicles etc.)
- Technical infrastructure (computers etc.)
- Community outreach
- Network/relationship support
- Quality improvement research