Tory Burch wants to help women add $1 billion to the economy by 2030

In 2004, Tory Burch opened her first women’s apparel store in Manhattan with $2 million from her own and her ex-husband’s pooled funds, later supported by an additional $10 million raised with his help. Her Reva ballet flats and handbags became widely adopted closet staples, and the brand grew to more than 370 stores worldwide, generating about $1.8 billion in revenue. Burch is a billionaire and created the Tory Burch Foundation in 2009 to advance women’s economic power. Women entrepreneurs can apply to become fellows, receiving coaching and funding. Over 500 fellows participate, and more than 91% remain in business after five years. The foundation aims to add $1 billion to the economy by 2030, with fellows generating $470 million in revenue so far.

"In 2004, the designer Tory Burch launched her first store specializing in women's apparel in Manhattan. She and her ex-husband, the retailer and investor Christopher Burch, funded it by pooling $2 million of their own money. Later, Christopher helped her raise another $10 million. Today, her Reva ballet flats and handbags are so popular, they've become closet staples. The eponymous brand has over 370 stores across the globe and generates about $1.8 billion in revenue, and Burch is a billionaire."

"However, Burch is well aware that for many other women, raising capital to build their own businesses can be an insurmountable task: Today, women-led companies get only about 2% of venture capital funding. That's why in 2009, she started the Tory Burch Foundation to advance women's economic power. Female entrepreneurs can apply to become fellows at the foundation, where they receive coaching and funding."

"Today there are over 500 fellows in the program and over 91% are still in business after five years. Last year, the Tory Burch Foundation announced a goal to add $1 billion to the economy through women entrepreneurs by 2030. Since then, its fellows have generated $470 million in revenue. Burch sat down with Fast Company to discuss the unique barriers female entrepreneurs face, and her advice for women in business."

"What was the genesis of the Tory Burch foundation? It started very early on. Even as a child, I always wanted to help and give back to people. My mom said I was 4 years old, I was constantly talking about that. Fast forward to college: I went on a program called Semester at Sea, which involved going around the world. I saw a lot of places and developing countries that have incredible poverty."

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