What is the Doyenne Evergreen Fund?
The Doyenne Evergreen Fund is an innovative approach to getting critical dollars into businesses that are led by women and people of color. Doyenne has raised dollars from state and city government, community organizations, foundations, and private donors. All returns from investments made by Doyenne are put back into the Evergreen Fund for future disbursement to entrepreneurs. Additionally, the Fund is paired with the Doyenne Accelerator, which provides coaching assistance to all entrepreneurs who receive funding. Dollars paired with coaching and technical support is a powerful combination!
Who is eligible to apply?
The Doyenne Evergreen Fund is specifically designed to
support ventures led by women and people of color. The
Evergreen Fund focuses on Wisconsin-based businesses that
are doing something
INNOVATIVE
in their industry and are able to
SCALE
to a national level.
While Doyenne supports all-types of businesses through
our
professional development programs (
coaching
,
Triple Threat Venture Training
,
Founder Series
,
Fundamental Four Series
), the Evergreen Fund dollars are committed to supporting
innovation and significant growth. Research shows that
businesses led by women are significantly smaller than
those led by men. Doyenne believes this is because
women-led businesses, that have potential to scale, are
not adequately funded. In an effort to close this
significant gap, the Evergreen Fund focuses on innovative
businesses that can scale to a national level.
Please note: This focus on innovation and scaling means
that some businesses, unfortunately, will not fit the
selection criteria. In particular, it will be challenging
for brick-and-mortar retail stores and some service-based
businesses to get funding from this particular mechanism.
This doesn’t mean these businesses are not valuable, it
just means they may not fit the Evergreen Fund.
Businesses must meet the following criteria to apply for
Doyenne funding. Only entrepreneurs who can answer “YES”
to all of these questions, will be granted access to the
full application.
- The business is 51% women and/or minority owned.
- The business is intending, and has the potential, to scale to a national level.
- The business demonstrates innovation in its industry.
- The business is registered with Wisconsin Department of Financial Institutions (DFI)
- The business is registered as a C Corporation, S Corporation, or LLC.
- The business is headquartered in Wisconsin.
- The business has fewer than 100 employees, 51% of whom are based in Wisconsin.
- The business has the potential to increase jobs in Wisconsin.
- The business has been in operation for fewer than 10 years.
- The business has not received more than $10M in private equity investment.
What kinds of funding are available?
The Doyenne Evergreen Fund offers three types of financial support to businesses, each with specific amounts:
- Grants ($5K)
- Equity investments ($25-50K)
As a general guideline, Doyenne will not commit more than $50,000 in total to any one business, unless there are special circumstances that warrant it. If you need more than $50K in funding, we suggest you look for additional sources of funds that could be combined with Doyenne dollars.
What is the process to apply for funding?
Doyenne has designed a multi-step application process.
Depending on the type and amount of funding you are
seeking, the process may be more or less complex. The
funding process may take a number of weeks to complete,
so
please plan accordingly.
Step 1: Complete the Screener Tool
To save both you and Doyenne time, we have designed a
Screening Tool that, based upon your answers, will help
us
decide if you qualify to submit an application. Please
review the selection criteria above to determine if your
business is eligible for these dollars. As part of the
screening process, you will be asked to review and agree
to our Terms of Service (click here for a pdf version).
Step 2: Complete the Application
Only businesses that meet the criteria to apply, as
indicated by the Screening Tool, will have the
opportunity
to complete the initial Doyenne Funding Application. We
encourage you print and review the full application
before
you begin completing the online version. You will be able
to save your application and return to it later.
Step 3: Internal & Committee Review
Doyenne staff will review your initial application and
follow-up with you if there are any issues or if anything
seems missing. Once your application is deemed complete,
it will be forwarded to the Evergreen Fund Selection
Committee for review. The committee meets quarterly to
review applications for funding.
Doyenne staff will contact you with the results of the
selection committee review and, if appropriate, what your
next steps will be. If you are applying for an equity
investment AND you are chosen to move forward, you will
be
asked to provide additional information (pitch).
Step 4: Doyenne Accelerator
Every entrepreneur who receives funding for her business
is required to participate in the Doyenne Accelerator. We
know that financial support is only ONE of many types of
assistance entrepreneurs need. Our Accelerator is
designed
to help entrepreneurs build their skills and network, all
of which contribute to the success of the venture.
What happens if a business is NOT funded?
If your business meets the requirements in order to
apply,
but does not receive funding, we encourage you to apply
again after six months. We receive lots of applications
and have limited dollars available so we have to choose
the businesses that best meet our goals.
Even if you don’t receive funding from us, you can still
join Doyenne and participate in our programming, which
can
help you develop the skills and network to grow your
business. We hope that all applicants join our powerful
and inspiring community of entrepreneurs.