“Small business is the backbone of the economy.” If I had a dollar for the number of times I’ve heard this parroted from the mouths of politicians I’d be channeling my inner Margot Robbie in the Big Short, sitting in a bubble bath, with a glass of champagne telling you about how my small business got me there. Jokes aside, we think of businesses as these giant monoliths, doing deals in the hundreds of millions of dollars and yet small businesses are the biggest wealth generators for communities. In a world where everyone is expected to pull themselves up by their bootstraps, how do communities or people without boots get started? How does a 19-year-old who wants to buy a camera to make YouTube videos or write a book and share her project with the world get the funding she needs to get going? Crowdfunding and sponsorships are processes that have democratized access to capital and opened entrepreneurship, especially for women. They are the capital, so many business owners need to scale. And plenty of evidence shows, that investing in women has a lasting impact.
Meet entrepreneur Tracy Garley
Tracy Garley is the founder of West African lifestyle brands Zarkpas, City Girl Big Dreams, and GoFundHer.com, a crowdfunding platform for women and girls. She is on a mission for equality — to help young women get the funding they need for their projects so that they may live economically empowered lives.
“I started GoFundHer because, as an entrepreneur, I knew how hard it is for women to get any kind of investment for their businesses.”
Venture capitalists and angel investors are looking for certain types of projects. They won’t even entertain smaller businesses. But if you have a passion and a purpose, where do you go to get money so that you can bring your ideas to life? GoFundHer.com allows women to seek sponsorship from their networks — and the donation amounts can be as low as $1 (the average ask for a project on Go Fund Her is $10).”
Funding women-led initiatives
Funding for women is an uphill battle. Like everything, there are in-built biases in the investment space. The system is even more biased against BIPOC women (Black, Indigenous and people of color), who are more likely to hear a “no” than a yes when it comes to funding. In fact, women-owned businesses, especially those owned by Black women are more likely to be self-funded with help from family and friends. And yet, wherever there is inequality, there stands a woman ready and able to take a stand and make progress for everyone around her.
“One of the biggest differentiators of GoFundHer.com is that it is a safe space for women. I’ve learned a lot through my own ventures about how to present yourself as a brand, the language, and the terms to use to help people understand your mission. Financial technology is one of the greatest tools we have at our disposal, and I want to build something where women and girls feel seen, supported, and like their projects matter.”
How does crowdfunding empower small businesses?
Over the last several years, crowdfunding has been monumental in jumpstarting women-led businesses and creating supportive business ecosystems. Many artists, tech entrepreneurs, musicians, and filmmakers have seen their dreams fulfilled because of crowdfunding (whoever tires of Kirsten Bell as Veronica Mars — the movie was crowdfunded and reached its goal in a few hours.) Projects like Exploding Kittens literally exploded across the globe thanks to successful Kickstarter campaigns. One of the biggest advantages of crowdfunded projects is that they are not loans. They are a way for business owners to get started without the added pressure of having to turn a profit quickly because they owe a bank, credit union or lender money. Someone believes in YOU and your idea.
Financial technology, the ability to send, receive, move, and donate money all over the world has changed the way businesses, startups and corporations operate. GoFundHer.com is available in 150 countries and users can withdraw money in 24 currencies. Signing up for an account on GoFundHer.com is a straightforward process. You simply create an account for your project and can then share the link far and wide — by email, on social media, and even in a text message! Individuals, corporations, and charities can donate to projects that they care about. But the world of fintech isn’t easy. I ask Tracy about her experience as the CEO of a fintech company.
“I’ve learned so much as CEO of GoFundHer.com. The world of financial technology is both challenging and exciting. I’m learning how to understand where your users are coming from, how to track that data and keep innovating, and how to make a website that is accessible to all women.”
From small business owner to fintech entrepreneur
“Growing up in Liberia, I saw my mom take on enormous responsibilities. Seeing this defined me. I knew I wanted to lead and create a network of support for other women. When I emigrated to the United States my interest turned to business but none of the role models or women in business looked like me; there was no representation. I decided to be that face for representation for the young women and girls coming up after me.”
Tracy’s mission to empower women through crowdfunding hits at the heart of a core truth. For women to be empowered, they need to be the creators and preservers of their own financial futures. Tracy credits the strong women in her life, her mother most of all for teaching her that, and for instilling in her the importance of being of service.
“My passion for female entrepreneurship and leadership grew and I was the keynote speaker at Michigan State University from where I graduated.”
Tracy, like so many entrepreneurs, thrives on challenges. I ask her about her journey as an entrepreneur and what brought her to where she is today.
“Challenges don’t scare me. My first business, Zarkpas is a West African lifestyle brand. I started it in 2014 in downtown Detroit, at a time when retail was badly suffering in our city, following the Great Recession. Zarkpas was the first new retail store that opened after the city of Detroit filed for bankruptcy. I wanted to bring new energy and positivity back to the downtown core. I collaborated with other entrepreneurs to have events — we would host pop-up events like Sip and Shop and Positive Tea Party to get people excited about coming back to the area. Almost seven years on and many of the new retail stores open in Detroit today are there because of the work we did at Zarkpas.”
Innovation and re-invention
Gentrification in the area forced Tracy to close shop at Zarkpas and move the business online, but it lit the flame for a new passion – a passion to help women gain an edge in business and get the capital and support they need. In 2021, GoFundher.com New York City-based women’s wear brand Simple Retro partnered with GoFundHer.com to celebrate the 2-year anniversary of the platform and celebrate ending inequality. Beyond GoFundHer.com, Tracy runs regular workshops and training sessions for interns and girls on everything from interview and networking skills to grant and proposal writing, through her sister company, City Girl Big Dreams.
As an entrepreneur and creator, I feel a kinship with Tracy, a fellow millennial. She has the gumption and hope of a younger generation coupled with the wisdom of someone much older. Above all she has long been tapped into something that we have all unlocked over the last two years – with businesses closed, meetings happening somewhere in a cloud and economic futures hanging in the balance, technology remains the connective thread holding our world together. It raises opportunities to empower women to become masters of their own destinies. And Tracy is at the helm of one such ship that will help steer us there.
