KANSAS CITY, Mo. – The Ewing Marion Kauffman Foundation announced a two-year extension of its previous grant to Astia, an organization dedicated to the success of women-led-high-growth startups.
“Kauffman’s previous grant substantially impacted Astia’s programs and ability to continue its exceptional success rate for its companies, so we are doubling down on our commitment to the organization and its methodology,” said Lesa Mitchell, Kauffman’s vice president of advancing innovation. “Research shows that women are under-represented in networks that provide external equity financing and strategic business relationships. Our collaboration with Astia ensures that women gain access to the rich networks that deliver expertise, customers, capital and new markets.”
According to Kauffman data in A Rising Tide, a recently published book on financing of women-led companies, men raised about 80 percent more capital in their companies’ first year of operation than women did. Women rely more on internal financing to start their firms and subsequently lead smaller firms overall. The book reveals “that although women-owned firms have begun to make an impact in terms of numbers, they are still in the early stages of making an economic impact on a larger scale.” The authors conclude that for these firms to achieve their full potential, the women founders need access to networks.
Since the first Kauffman grant was awarded in 2010, Astia has provided access to high-growth expertise and networks to 198 companies, 168 of which used the network to increase their access to outside capital.
“Research shows that successful high-growth companies hit an inflection point that results in hyper growth,” said Sharon Vosmek, CEO, Astia. “Astia is profoundly appreciative of this renewed endorsement and strategic commitment from Kauffman to help extend the impact of the community that is the rocket fuel behind the growth of these tech and life science companies. True to Ewing Marion Kauffman’s original vision for the Foundation, the funding will drive innovation to market.”