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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I have always been in love with all things art- I was obsessed with drawing and painting before I was even walking. In high school, I started a career selling art through various gallery art shows and on Etsy. I then went on to study fine arts at the University of Southern California, with an emphasis in painting, but took classes in ceramics, printmaking, cinema and architecture to get a really well-rounded education on all sorts of art.
During my senior year of college, my career path went through a huge transition; I started my own temporary tattoo brand, INKED by Dani, which is a brand of temporary tattoos based on my hand-drawn fine art designs.
The idea for the brand came one night after a themed party at college. My friends, knowing how much I loved drawing, asked me to cover them in hand-drawn doodles using eyeliner. The feedback from that night was overwhelming, everyone my friends saw that night was obsessed with the designs. In that moment, a lightbulb went off in my head... I could do some completely unique here and create chic temporary tattoos with an art-driven aesthetic, unlike anything else on the market. Other temporary tattoo brands were targeted to kids or lacked a sleek and millennial-driven look. It was a perfect pivot; I could utilize my fine arts training and tattoos as a new art medium to create a completely innovative brand.
Using the money I made from selling my artwork throughout high school and college, I funded the launch of INKED by Dani. I had always loved the look of dainty tattoos, but knew I could never commit to the real thing, and I knew my parents would kill me if I got a tattoo (I also knew that so many girls must have that same conflict). Starting INKED by Dani was a no-brainer.
I started off with a collection of about only 10 designs and sold them at sorority houses around USC. Our unique concept for on-trend and fashion-forward tattoos was spreading through word of mouth, and we quickly started growing an Instagram following. I was hustling all day from my room, cold calling retailers, sending blind samples and tons of emails, and trying to open up as many opportunities as I could.
Now, we're sold at over 10,000 retail locations (retailers include Target, Walmart, Urban Outfitters, Forever 21 and Hot Topic), and we've transformed temporary tattoos into a whole new form of wearable art.
My 4 best tips for starting your own business are:
- Just go with your gut! You'll never know what works until you try it. Go day by day and do everything in your power to work toward your goals. Be bold, but be sure to be thoughtful in your actions.
- Research your competitors and other successful brands in your category to determine how you can make your product stand out. Figure out where there is a need or hole in the market that your new offering or approach can fill.
- Don't spread yourself too thin. Delegate where possible, and stay focused each day on doing the best and most you can. Don't get too caught up in your end goal or the big picture to a point where it overwhelms or freezes you. You're already making a bold move to start something new, so try to prioritize what's important! I started off in the beginning hand packing every single tattoo pack that we sold and shipped. If I wanted to scale to align with the level of demand we were receiving, I needed to make the pivot to mass produce and relinquish the control of doing every step myself. I am a total perfectionist, so that was definitely hard! From that point on, overseeing production has been a huge part of my daily schedule, but by doing so I've been able to free up more time to focus on design, merchandising, and sales, allowing me to really focus on growing the business.
- Prioritize great product packaging and branding. It's so important to invest time in customer experience- how customers view and interact with your product. The packaging is just as important as the actual product inside! When we were starting off, we had high demand, and I definitely jumped the gun a bit on packaging so we could deliver product to the retailers when they wanted it. Since then, we've completely revamped the packaging into something upscale and unique that reflects what the brand is all about. Our product packaging is always called out as being one of our retailers' and customers' favorite part of our product!