Business 12 June 2019
We're here. We're queer. Now that it's pride month, it feels like every store and corporation is flooding us with their best rainbow merchandise, capitalizing on a $917 billion dollar consumer market.
The rainbow flags are out. The mannequins are sporting pride tees. And corporate newsletters are full of interviews showcasing all their queer employees ("Look, we have a gay person here! We GET you!").
To me, this is blatant evidence that the future is queer.
These corporations follow the money, and with 20% of millennials and 31% of Gen Z openly identifying as queer, these businesses have to capitalize on the growing purchasing power of LGBTQIA+ consumers. With a recorded market size of $917 billion dollars in 2016, and a growing interest in socially conscious brands among young consumers, this is clearly a market opportunity that corporations cannot afford to ignore.
However, I'm always surprised by how little attention investors and the entrepreneurial community devotes to this undeniable trend, despite being constantly inundated with overwhelming statistics proving the importance of diversity and inclusion in entrepreneurship. Only 2.2% of venture capital funding went to women in 2018, less than .1% of funding has been allocated to black women since 2009, and only about 1% of venture-backed companies have a black founder or Latinx founder. These statistics are over-quoted but underacted upon.
This gender and diversity inequality significantly hinders economic growth, since 85% of all consumer purchases are controlled by women, and startups with higher ethnic diversity tend to produce financial returns above their industry norm.
The data is clearly leading to one direction: investing in women, people of color, LGBTQIA+ people, veterans, immigrants, and other minority groups in entrepreneurship leads to higher revenue and better business results.
As data-driven and forward-thinking as this industry claims to be, we haven't caught up to the queer founders, particularly queer women, who are rethinking the future. These founders understand and speak to a generation of increasing numbers of LGBTQIA+ people whose market share will only continue to grow exponentially. VCs and investors are already behind the curve.
SoGal Foundation, a non-profit on a mission to close the diversity gap in entrepreneurship, is helping bridge this divide between queer women founders and investors with the launch of applications for the second annual Global Pitch Competition for diverse entrepreneurs. Hosted in 25+ cities across five continents, and culminating in a final global pitch competition and 3-day immersive educational bootcamp in Silicon Valley, this is the first and only globally-focused pitch opportunity for diverse entrepreneurs.
Startups that are pre-Series A (raised less than $3M) with at least one woman or diverse founder, apply here to pitch! The top teams selected from each regional round will join SoGal's final global pitch competition and bootcamp in Silicon Valley for guaranteed face time with dozens of top Silicon Valley investors, curated educational programming, unparalleled 1:1 mentorship, press exposure, and a chance to win investment capital.
Women, people of color, and LGBTQIA+ founders: what's the best way to kick off pride? Apply to pitch!
Regional pitch rounds will be held August-November 2019; final pitch competition in Silicon Valley in February 2020. Details and additional cities to be announced.
SoGal Foundation is a 501(c)(3) non-profit and the largest global platform for diverse founders and funders in 40+ chapters across 5 continents; our mission is to close the diversity gap in entrepreneurship. SoGal Foundation's global startup competition represents the first and largest opportunity for women and diverse entrepreneurs and investors to connect worldwide. Join the SoGal community & follow us on Instagram, Twitter, Facebook.
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5 Min Read
She walks into a room ready for her presentation. She wants to land this new client and has worked weeks on it. She heads to the 35th floor of the tallest building on the block knowing she has documentation that is sure to impress. The conference room has a 20-foot long table surrounded by executives in blue suits, button-down shirts, pencil skirts, and blazers.
At this point, she realizes she didn't take into consideration the other important component of her presentation... she is not dressed appropriately.
Is it true that there is power in clothing? Can an incredible outfit increase your confidence and add validity to your brand? Will you perform your job better or feel more empowered? Will first impressions of you be more positive?
For me, the answer is a resounding yes. I believe that clothing can greatly impact first impressions and make a lasting impact on anyone you interact with. Like it or not, people will judge you on how you look and they will make both conscious and subconscious decisions about you based on what you're wearing… Is she trustworthy? Is she the expert we need? Will she fit in our corporate culture?
Can an incredible outfit increase your confidence and add validity to your brand? Will you perform your job better or feel more empowered? Will first impressions of you be more positive? For me, the answer is a resounding yes.
After all, if you were hiring a financial advisor, and one walked in with a pair of jeans and the other in a pair of trousers and blazer, who would you trust with your money? Even if you don't realize what you're doing when you interact with people, there may be more going on beneath the surface. It's something to think about for sure.
Here's another example, let's say you want to hire a party planner for an event. You meet with the first candidate, and she is wearing a wrinkled shirt and her fingernails are chipping and half-painted. Whereas candidate number two walks in and has on a pencil skirt, pumps, and silk blouse. Who do you think would pay more attention to the details associated with your party?
In 2019, WWD wrote about the psychological effects clothing has on a person:
It is said that clothing is what makes and defines a person. What you wear tells others what you are and makes a statement about your taste, character and individuality. It gives an insight into your nature, whether you are casual or formal, playful or serious, cool or just composed. Whether you are attending a job interview, out on a date or just strutting by the beach, your apparel tells us so much about you at a simple glance.
We know that it takes 5-7 seconds for a person to subconsciously form an opinion about you. Our eyes take in how you look; after all, what you're wearing will influence how you are perceived. How do you want to be perceived to your audience, your clients, and in your working industry?
How do you want to be perceived to your audience, your clients, and in your working industry?
And it goes way beyond the external. There is scientific data that shows how an individual feels differently when dressed in a variety of styles. In an article from Research Gate, they found that, "Fashion choices can affect both self-image, the impression that you convey to others and in turn, the way in which people behave towards you."
Have you ever heard of the term "enclothed cognition"? It refers to the phenomenon in which people tend to adopt the traits and properties they associate with the clothes they wear. In a study on the psychology of clothing, that same article as above reports that, "Participants judged women to be more forceful in job interviews and were more likely to recommend them for hiring when they were dressed in a more masculine style compared with a more feminine style," and that "Both men and women are attracted to stylish clothing that fits them well, makes them feel well-dressed and looks current."
On some level, we may all agree with that statement.
Naturally, as a personal stylist, I am a true believer in the power of clothes. I have seen my clients' exhilaration as they take in their transformation, brought about by an outfit, a new style, and clothes that look incredible on them. I have also witnessed physical changes like their facial expressions, huge smiles, laughter, sparkling eyes, and even a change in the way they walk. It's almost like there has been a shift in attitude toward their inner beauty, which has increased because they feel and look amazing and confident.
Although most of us are no longer strutting our way to the boardroom, the psycholigcal power of clothing is still necessary and relevant, especially now that we're confined to our home offices. Most of us are on virtual calls or live streaming from our computer, and it's easy to not prep as much for your "waist-up" meetings. But, like it or not, you should look on-brand, and put together clothes that are relevant for your industry. Not only will your peers perceieve you as more professional and more put-together, but I am sure you will also feel better, be more alert, and have more energy.
Most of us are on virtual calls or live streaming from our computer, and it's easy to not prep as much for your "waist-up" meetings. But, like it or not, you should look on-brand, and put together clothes that are relevant for your industry.
I'm not saying you need to look like a superstar every second of every day. However, I want you to think about the positive impact well-fitting, stylish clothes can have on both others' perceptions of you as well as your inner-confidence and intrinsic behavior.