Why being women-led comes first
FOLDS Wear is proud to be owned and operated by women of color. In 2021, only 36.8 percent of Canadian businesses were women owned, and the female entrepreneurial activity rate in the U.S. is even smaller at 13.6 percent.
Worldwide, statistics show that 252 million entrepreneurs out of approximately 582 million are female. It’s hard hearing that men still outnumber women 3-1 when it comes to business ownership, which is why we enjoy not only adding ourselves to the stats for women in business but also doing what we can to elevate other future female entrepreneurs.
Standing Out In a Male-Dominated Business World
A study by Business of Fashion revealed that women designed 40 percent of womenswear fashion brands, but only make up about 14 percent of leadership positions among the largest fashion brands. We may not be one of the largest brands in the fashion industry (yet), but are proud to be women-designed and led in a world where just 25 percent of women business owners seek business financing.
The statistic that women receive just 7 percent of venture funds for their startups fuels the fire that is FOLDS. It makes zero sense to us that men tend to receive an average loan size of $43,916 while women receive an average loan size of $38,942, especially when female-led startups have been shown repeatedly to outperform their male counterparts in terms of return on investment.
Women Need Access to Business Opportunities
Our biggest goal with FOLDS, beyond creating top-tier scrubs to keep healthcare professionals safe, is to set an example for other female entrepreneurs. We strive to be the living proof that amazing things can happen when women have access to the same resources as men.
We’re proud to be women-owned and led, and as first generation immigrants, we are especially proud to be women of color in business. Prior to last year, there were only 93 Black women who raised more than $1m in venture funding for their businesses. Ever. This just goes to show how much work needs to be done to provide women of color with business opportunities. Did you know that women reinvest up to 90 percent of their income in their families and communities, compared to 40 percent for men? Another compelling argument for why we need to put more money in the hands of women.
Even though last year included some milestone IPOs for female-founded startups, it also left these businesses more vulnerable within a seemingly endless pandemic that disproportionately impacted women. While many entities and organizations claim that the pandemic shined a spotlight on the “need to invest in women,” last year’s results show that few venture capitalists are stepping up to do so.
It takes conscious effort to put more money directly in the hands of women, and one of the ways to do this is by buying from female-founded companies. Women-led businesses boost women’s economic empowerment, and help support gender parity in commerce.
FOLDS Wear’s Company Culture and Commitments
We appreciate the support of our customers as we continue on this entrepreneurial journey and we look forward to seeing all the good that can come from sharing our knowledge, experience, and expertise with other female aspiring entrepreneurs.
It’s our commitment to defy the odds as a women-owned and led business. Through the production of premium scrubs, we will continue to do good for people, the planet, and for our fellow female business professionals. Whether you own a business of your own or work within one, we hope our product and/or our unique lens will serve you in your pursuit of a happy, healthy, and safe career.