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Inaugural Babson Breakaway Challenge Offers Women-Led Companies the Opportunity to Compete for $250,000 Investment and Additional Marketing ServicesBabson College's Center for Women's Entrepreneurial Leadership (CWEL) and Breakaway, a Boston-based brand capital firm, announced that they will begin accepting applications for the Babson Breakaway Challenge on Monday, October 5, 2015. The objective of the challenge is twofold: help women entrepreneurs see their businesses launch successfully and create opportunities for women to enter the venture capital industry. Babson College's most recent Diana Project report, Women Entrepreneurs 2014: Bridging the Gender Gap in Venture Capital, revealed that while women entrepreneurs are majority owners of nearly 36 percent of all U.S. businesses, they receive only 2.7 percent of venture capital funding. The Babson Breakaway Challenge was created by Susan Duffy, executive director at Babson's Center for Women's Entrepreneurial Leadership, and John Burns, Chief Investment Officer at Breakaway, in direct response to the report's troubling statistics. "This unique competition grew directly from two key Diana Project findings demonstrating that less than three percent of all women-led businesses receive venture capital funding, and that there is a declining number of women decision-makers in the venture capital community," said Susan Duffy. "The Babson Breakaway Challenge takes an innovative approach to the traditional business plan competition by providing a much-needed solution to both sides of the funding equation: exceptional women entrepreneurs with winning business ideas, and exceptional women venture capitalists able to fund them." The Babson Breakaway Challenge is a one-of-a-kind competition and mentoring program that promotes gender parity while championing women entrepreneurs and aspiring venture capitalists. The winning entrepreneur team will receive $250,000 for their business-the largest amount of funding awarded in a business competition for women-aswell as marketing services, including the creation of a customized brand identity platform. The Babson Breakaway Challenge is open to consumer businesses where at least 50 percent of the founding team are women active in the company, have less than $500,000 in revenue, cannot have raised more than $250,000 in outside funding by March 2016 and have the ability to participate in the Challenge's programming that takes place in New England. Fifteen semifinalists and six VCAs will receive hands-on, in-depth mentoring from experienced, successful venture capitalists and entrepreneurs, and have the opportunity to pitch their business plan and participate in the venture capitalist process. From there, six entrepreneur finalists will be selected for a six-week, one-on-one mentoring program leading up to the final pitch in March 2016. In addition to the business competition, the Babson Breakaway challenge is also looking for women to apply to the program as potential venture capital apprentices (VCAs). Six VCA nominees will work alongside the entrepreneur teams and mentors to help refine the business pitch for the March gala. The highest-performing VCA will receive an internship at Breakaway to continue their career in their field. "Upon learning of the gender gap in venture capital through the Diana Project, I knew Breakaway could do more to promote women-led businesses and to mentor women venture capitalists," said John Burns. "I believe that a big part of the problem, and the best place to start, is at the top of the funnel - and this collaboration with Babson, local entrepreneurs, and venture capitalists, is an enticing way to get more women pitching for, and receiving, capital." Key Dates
About Breakaway
About the Babson Breakaway Challenge
About the Center for Women's Entrepreneurial Leadership at Babson
College
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