SOURCE: The Bee Agency
Detroit’s first female-focused co-working space, Femology, is slated to open its doors to the new Downtown Detroit headquarters that will be 6x the size of their current 500 sq. foot founding space Fall 2019.
The new space will include a wellness/fitness room and yoga area, state of the art podcast room, kitchen, shared office space as well as private offices, conference rooms and lactation space for new moms.
“My own personal experience in gender disparity fueled my entrepreneurial ventures. Women are becoming more comfortable with creating opportunities for themselves and for others, but starting a business comes with its own set of challenges. Women need support, strategy and funding options to scale – priority challenges I experienced first-hand with Femology.“ — Meagan Ward, Co-Founder and CEO of Femology
Since its inception in Summer 2017, Femology has generated over $150,000 in revenue, grown recurring memberships to 50+, and provided programming to over 1,000+ event attendees with only one location. The game-changing expansion was curated to lay the blueprint to tackle the issue facing female founders in the venture capital and funding space.
An article by Entrepreneur magazine uncovers that out of $85 billion in Venture Capital Funding Last Year, Only 2.2 Percent went to female founders.
“Beyond co-working, Femology addresses the issue of access to capital,” says Ward. “We plan to address that by getting traditional and non-traditional funding workshops and initiatives that support women getting funded to scale their businesses. Less than 3% of women-owned businesses reach $500,000 in annual revenue, a glass ceiling that isn’t talked about”
Brooklyn based serial entrepreneur and investor, Yliana Guzman, whom holds an expertise on female forward initiatives, merged forces with Femology’s initial founder, Megan Ward, to shift and challenge the venture capital status quo that is crippling opportunities for female founders into Femology’s revised mission.
“My hope is that this journey from small business to enterprise serves as a beacon of possibility to female founders all over the world. Reminding women that the glass ceiling once limiting our path towards business ownership has been shattered and women work better together,” expresses Yliana Guzman, Co-Founder and COO of Femology.
The new space will serve as the country’s first fully fueled acceleration space for female founders aiming to expose them to venture capital opportunities, connections, and mentorship, while offering co-working space.
Femology will focus on four platforms under their updated targeted goals to serve their community offering co-working & office space, programming/signature events, accelerator, and digital membership. The expansion project is lead in design by Imani Day. Day is a Detroit-based designer who holds a passion working with community-oriented projects. She will work alongside coG-Studio, who is set to lead the architect blueprint under the leadership of Chandra Moore.
“Femology was selected as a part of a BETA cohort, a nationally ranked 6-week accelerator built to help scale early-stage startups. That was a gamechanger in the life of our company, crafting a clear strategy on the scale and operation. Scaling Femology has required cultivating a blueprint of our own, something that doesn’t exist which can be both risky and daring, however, entrepreneurship’s innovation is a necessity for an economy.“Femology Founders
The brand will host a groundbreaking event in Fall 2019 once the official date is released alongside the new location address. They are also raising funding to aid towards the space through ifundwomen, a crowdfunding platform designed for female entrepreneurs, with a pay-it-forward model.
The campaign will introduce their $100K match crowdfunding fundraiser that will continue to bring their mission to life of increasing the capital granted to women, who in this case will serve other women.
Congratulations to Femology! Good Life Detroit will keep you posted with future updates on Femology’s exciting new location and other future events.
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All images are courtesy of Femology.