We've heard it many times. Investing in women is good business.
I've worked and developed economic development programs for women for more than ten years and I've witnessed how capital, resources and mentoring are significant drivers of growth. These ingredients can boost growth to any business, but if taken seriously by the government and private sector, investing in women's economic development has the power to transform family units, communities, towns and countries.
Last year, Christine Lagarde, head of the International Monetary Fund talked about this in a speech in Los Angeles.
“We know—based on a wealth of research and experience—that empowering women can be an economic game changer for any country. For instance, if women were to participate in the labor force to the same extent as men, national income could increase by 5 percent in the U.S., 9 percent in Japan, and 27 percent in India. Equal pay and better economic opportunities for women boost economic growth—creating a bigger pie for everyone to share, women and men alike. Better opportunities for women also promote diversity and reduce economic inequality around the world. It is an economic no-brainer."
We've read the studies and seen the data. Companies with women as part of the leadership team, perform better. As a business case, it should be a no brainer.
As business leaders, aren't we leaving money on the table by not including 50 percent of the population in key decisions that impact our bottom lines?
As citizens, aren't we shutting down opportunities by not involving 50 percent of the population in matters that impact our daily life, health and education? Let's work together—men and women—to advance the 50 percent and bring them to the table. Betting on women's economic development is a key solution to our economic transformation. Which brings me to my beloved Puerto Rico, where I was born and live today.
I bet you've heard about Puerto Rico and seen how nature's wrath has taken away so much.
These voices vary. Some hopeful, some in dismay, and some distraught. But the reality is even before the hit of two hurricanes, we were entering the 11th year of a deep recession.
In Puerto Rico, 60 percent of women in the labor force heads of households and live below poverty levels. At the same time, women are also opening up businesses at a fast rate and there are double the number of college-educated women as there are men.
As it is, Latina-owned businesses created 550,400 jobs and contributed over $97 B in revenues to the U.S. economy in 2015 – and they are projected to be nearly a third of the total U.S. population by 2060. Minorities and women represent the fastest growing segment of consumers and entrepreneurs in the United States. Latina-owned firms comprise 46 percent of all Latino-owned firms, according to The 2016 State Of Women-Owned Business Report.
That is why we founded Animus Summit: A Women's Innovation Platform. Animus opens doors, connects and provides the opportunity to listen to great stories — of both failure and success — to guide people of all ages and career stages to their next stage of growth.
Animus is the largest female innovation summit of the Americas designed to inspire women to take action to reach their highest level of personal and professional development. It's an innovation platform designed to maximize women's economic and personal development around business, mindfulness, empowerment, and entrepreneurship. It offers introductions to capital opportunities, a marketplace for local brands to showcase their products and workshops for personal development in San Juan. We also offer a pitch competition where women-owned companies can get access and FaceTime to investors.
Hailing over 1,000 women in attendance, up from 600 women in 2015, we've seen tremendous growth in such little time. Animus will provide insights, ideas, perspective and strategies to develop or hone an entrepreneurial mindset.
Women are paving their own way to success. But we need 100 percent of the population, to realize, act upon and understand that our success translates into growth for all.
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!