AbbVie subsidiary Allergan Aesthetics, which develops Botox® Cosmetic, has teamed up with IFundWomen, a funding marketplace for female entrepreneurs, to offer a grant program. The program provides 20 grants of $25,000 each and a year of coaching and mentorship to help women-owned businesses boost confidence, acquire knowledge, and take action.
The goal of the partnership is to help address the “Confidence Gap“ among rising women entrepreneurs. In the U.S., women hold more than half of all management and professional level jobs, but they fall behind men in terms of their representation in leadership roles across various industries, including medicine, and financial services.
“Women are empowered, strong, and confident. Sometimes all that is needed for success is a little support,” says Carrie Strom, president, global Allergan Aesthetics and senior vice president, AbbVie. “Allergan Aesthetics, the maker of Botox Cosmetic, is focused on empowering confidence through choices backed by science. This partnership and grant program is a natural fit with our brand as is supporting the entrepreneurial ambitions of women.”
While women make up approximately 42% of all business owners in the U.S., on average, they start with about 50% less working capital and receive approximately 2% of all venture capital funding, with women of color founders receiving less than 1% of funding. These disparities lead to feelings of inadequacy and reinforce the “Confidence Gap,” which can impede the success and growth of their businesses.
“Success depends as much on confidence as it does on competence,” says Karen Cahn, founder, and CEO of IFundWomen. “Despite the many advancements women entrepreneurs have made because of their high levels of competence, the ‘Confidence Gap’ still very much exists. These grant programs provide the funding, mentorship, resources, tools, and connections that create better business outcomes.”
“This is an important program for women entrepreneurs of every sector and I’m looking forward to being on the advisory board for this program,” adds Caroline Robinson, MD, FAAD, a board-certified dermatologist and founder of Tone Dermatology. “Being a woman physician and a business owner, I can say the ‘Confidence Gap’ is real, but it’s also something that can be overcome. With Botox Cosmetic and IFundWomen, the opportunity for grants, coaching, and mentorship help make that path more straightforward for women entrepreneurs.”
The advisory board consists of entrepreneur healthcare professionals who will aid in the selection of the grant recipients. Board members include Camille G. Cash, MD, a board-certified plastic surgeon and founder of Camille G. Cash, MD Aesthetic Plastic Surgery; Shawna Chrisman, nurse practitioner and CEO of Destination Aesthetics; Michelle Henry, MD, FAAD, a board-certified dermatologist, Mohs Surgeon and Founder of Skin & Aesthetic Surgery of Manhattan; Terrence Keaney, MD, FAAD, a board-certified dermatologist and founder of SkinDC; Caroline Robinson, MD, FAAD, a board-certified dermatologist and founder of Tone Dermatology; Sherly Soleiman, MD, a board-certified physician and founder and medical director of Cosmetic Injectables Center; and Yvette Suarez, MD, a board-certified physician and founder and owner of Bella Excellence.
Applications are open through April 7, 2023, and entrepreneurs are highly encouraged to apply via ifundwomen.com/BotoxCosmetic for the chance to be one of 20 grant recipients who will receive $25,000 in funding for their business, in addition to mentorship, coaching, and more.
Applicants are required to agree to the Official Rules of the grant program. The recipients will be announced in June.