Today, Allergan Aesthetics, a subsidiary of AbbVie (NYSE: ABBV), has officially launched the application process for its 2024 BOTOX® Cosmetic grant program, aimed at supporting women entrepreneurs. Following a successful partnership with IFundWomen in 2023, this year marks the second edition of the program, where 20 deserving women entrepreneurs will each be awarded $25,000 grants to bolster their businesses. Alongside financial assistance, BOTOX® Cosmetic remains dedicated to fostering these businesses through mentorship, coaching, crowdfunding, and community engagement.
The collaboration between BOTOX® Cosmetic and IFundWomen stems from a shared mission to address the Confidence Gap, a phenomenon where women often experience diminished self-assurance in professional settings and beyond. Despite women-owned businesses constituting approximately 40% of all U.S. businesses, employing around 12.2 million individuals, and generating $2.7 trillion in revenue, a significant funding disparity persists. In 2023, less than 3% of venture capital funding was allocated to women-led businesses, with BIPOC women-owned businesses receiving less than one percent. Additionally, the average loan size for women-owned businesses remains 50% lower. This financial inequity exacerbates the Confidence Gap rather than narrowing it.
Carrie Strom, President of Global Allergan Aesthetics and Senior Vice President of AbbVie, affirmed the commitment to bridging the Confidence Gap through financial support, mentorship, and community-building. Strom emphasized the transformative power of collective support among women, highlighting the remarkable achievements possible when women unite to overcome challenges. Acknowledging the accomplishments of the previous grant recipients and the vibrant community they’ve cultivated, Strom expressed gratitude for the opportunity to continue empowering women entrepreneurs through the grant program.
The Confidence Gap extends beyond financial hurdles, often manifesting as increased susceptibility to burnout among entrepreneurs. The inherent challenges of entrepreneurship, including passion for one’s work, limited safety nets, high uncertainty, and social isolation, contribute to elevated burnout risks. Notably, women entrepreneurs have reported higher burnout levels over the years, a trend exacerbated by factors such as single parenthood and unpaid labor responsibilities. Recognizing these challenges, the mentorship and community support provided by the BOTOX® Cosmetic x IFundWomen grant program are deemed essential complements to the financial assistance offered.
Talia Boone, founder and CEO of Postal Petals®, a recipient of the inaugural BOTOX® Cosmetic grant program, shared her firsthand experience of the program’s profound impact. Reflecting on the doors opened by the program’s offerings—financial backing, mentorship, and a supportive community—Boone underscored the pivotal role of collective action in bridging the Confidence Gap. Expressing anticipation for the incoming cohort of grant recipients, Boone emphasized the program’s role in nurturing a community of women entrepreneurs committed to empowering each other.
The selection process for grant recipients will involve a panel of healthcare provider-entrepreneurs, whose expertise will guide the evaluation of applications. These successful entrepreneurs, to be announced in the coming weeks, will offer invaluable insights into the intricacies of starting, growing, and sustaining a small business.
In addition to the financial grant, each entrepreneur selected will participate in a ten-week Crowdfunding Coaching Accelerator program. This immersive experience aims to provide not only educational resources but also foster a sense of camaraderie among the cohort. Through mentoring sessions led by industry experts and coaching tailored to launch individual crowdfunding campaigns, recipients will receive comprehensive support to propel their businesses forward.
The application process for the BOTOX® Cosmetic x IFundWomen grant program is now open to women entrepreneurs nationwide. Interested applicants can apply at www.ifundwomen.com/BOTOXCosmetic until March 19, 2024. Following the selection process, grant recipients will be announced in spring, with updates on their journey shared throughout the year via the BOTOX® Cosmetic website and social media channels.
For more information on how BOTOX® Cosmetic is contributing to closing the Confidence Gap for women entrepreneurs, visit www.botoxcosmetic.com/realimpact and follow @botoxcosmetic on Instagram and YouTube.
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About Allergan Aesthetics Allergan Aesthetics, a subsidiary of AbbVie, is dedicated to developing, manufacturing, and marketing a comprehensive portfolio of leading aesthetics brands and products. This portfolio encompasses facial injectables, body contouring solutions, skincare products, and more. With a commitment to innovation, education, exceptional service, and excellence, Allergan Aesthetics strives to empower customers with personalized aesthetic experiences. Learn more at www.allerganaesthetics.com.
