West Chester Women's Entrepreneurship Conference helping female business owners get funding

WEST CHESTER, Pennsylvania (WPVI) -- Women business owners are getting a boost later this week with the West Chester's Women Entrepreneurship Conference happening on Friday, October 18.

Women are a big driver for the U.S. economy, but getting started as a female founder has its obstacles.

Yasmine Mustafa came to the United States when she was eight years old as a war refugee from Kuwait. She says as a child and later while working in the restaurant industry, she often felt at-risk.

"Part of the reason I built my company is because of all the times I've been unsafe," she says.

As a result, Mustafa started Roar for Good in 2014.

"Every company needs capital and that was really tough," she said. "I don't come from institutional wealth, so family and friends was not a pathway that was accessible to me."

And Roar for Good was building a hardware product first - wearable safety devices for women, then for at-risk workers.

"What helped us is we got into a local incubator called Dream It that basically helps incubate young startups, gives them initial funding. We got $25,000, three months of mentoring and services and resources, and we were able to build a prototype."

Women-owned businesses represent nearly 40% of all businesses in the U.S., employing nearly 12.2 million workers and generating $2.7 trillion in revenue.

But there is a disparity when it comes to getting funding to get started and to grow.

"Only 2% of venture funding goes to female founders, which is really, really low, and women of color have even more difficult time in getting funding," said Pattie Diggin of the Cottrell Entrepreneurship Center at West Chester University.

However, there are ways to get the capital you need.

"I'd suggest that they look to angel venture funders like the Keiretsu Forum," Diggin said. "October 31st they have an investment forum coming up where individuals can go and actually see what takes place if you're looking for funding."

Also, tap your local universities. Temple, Drexel and West Chester have entrepreneurship programs with some support and resources available to the public, not just students.

"A lot of organizations have pitch competitions that are very similar to 'Shark Tank' so that's a way to get yourself noticed," said Diggin.

Mustafa says she raised hundreds of thousands of dollars through pitch competitions and a crowdfunding campaign.

"And that was actually what kicked off being able to raise an additional $2 million is the success of that," she said.

Her advice to other female founders?

"One of the best things you can do is make sure you're going after the right profile and to trust your gut," she says.