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
I recently traveled to Paris to attend the International Master Course on Aging Science (IMCAS) and met with some incredible doctors from around the world to learn the latest trends in aesthetic medicine— the field of improving cosmetic appearance through medical procedures. My practice in Los Angeles serves a truly diverse and international clientele, and these conferences are a great way for me bring the latest global procedures and products back home for my patients.
Here are my three biggest global beauty takeaways from the trip! Face threads are an increasingly popular procedure to quickly and efficiently rejuvenate your look, and they can be easily tailored to your needs. The V-shape jawline contour is big in South Korea, if you're looking for something more transformative. Whereas women in Paris are embracing the art of aging naturally while still looking flawless with the help of minimally invasive threads.
Another big trend in global beauty is the process of utilizing radiofrequency therapy to heat the skin in order to reduce lines and loose skin. This incredibly advanced technology is now being used all over the body, especially on the face and vagina.
Finally, this may not be a specific global beauty trend, but the gender dynamics of beauty are majorly shifting in terms of both providers and patients. More women are entering aesthetics as providers and more men are utilizing aesthetics as patients. Italy has a quickly growing population of male patients, and in Brazil the gender breakdown is already 50/50!
Those were my major global beauty lessons from this trip, but I also spoke with several doctors directly about how their practices are shifting with the times. Here are some of the amazing doctors from all over the globe that I had the pleasure of meeting with in Paris, as well the latest products and therapies they recommend! The world of beauty is shifting, and we're going right to the source.
Dr. Bernard Peyronnet is a dermatologic surgeon whose patients include French celebrities and international royalty. He's based in the heart of Paris, working out of a gorgeous office that doubles as his home. Dr. Peyronnet revolutionized aesthetics by introducing the noninvasive chemical peel. He also loves adding subtle threads to a woman's face or body to create natural-looking improvements in contour, texture, or lift. French women never want to look like they've had work done. He calls his method the "French touch," which results in flawless results that keep everyone guessing.
As you can see, there have been some truly amazing global beauty advances in the field of aesthetic medicine, with doctors around the world continuing to innovate and refine their offerings. My time in Paris was so informative and inspiring, and I cannot wait to pass some of that knowledge on to my patients (and you!). If you would like to learn more about how the newest trends in aesthetics can help you achieve your desired look, please contact my office at doctorrahi.com to book a consultation!