The Tory Burch Foundation board and staff members come from a range of backgrounds. Together, we use our varied experiences to work toward equity for women and women entrepreneurs.
Tory Burch is the Executive Chairman and Chief Creative Officer of Tory Burch LLC, an American lifestyle brand. Tory grew up in Valley Forge, Pennsylvania. She studied art history at the University of Pennsylvania, then moved to New York and worked for Zoran, Harper’s Bazaar, Ralph Lauren, Vera Wang, and Loewe.
Tory launched her company in 2004 with a clear purpose: to build a global luxury brand and a foundation that would advance women’s economic power. She started with a boutique in New York and an e-commerce site; there are now 400 stores and 13 e-commerce sites globally. Designed in her New York atelier, the collection includes ready-to-wear, handbags, shoes, accessories, beauty, and home.
In 2009, Tory established the Tory Burch Foundation to provide women entrepreneurs in the United States with capital, education, and community. Every Tory Burch product supports the Foundation’s work. Through her unique hybrid model, Tory has created a paradigm for authentic brand purpose.
Tory has been recognized with numerous awards and honors, including the 2024 TIME 100, Harper’s Bazaar’s Designer of the Year, and Forbes’s Most Powerful Women in the World, and her designs have been featured in the Metropolitan Museum of Art’s Costume Institute.
Tory serves on several boards, including the Council of Fashion Designers of America and the Wharton School’s Jay H. Baker Retailing Center. She is a Founding Advisory Council Member of the Smithsonian American Women’s History Museum, a member of the Council on Foreign Relations, and a trustee at The Barnes Foundation.
Hayley Boesky is managing director and executive vice chairman of Global Corporate & Investment Banking at Bank of America. In this role, she collaborates across all enterprise lines of business to deepen relationships with the firm’s clients and serves as a liaison with the global policymaking community. Before joining BofA, Boesky was vice president and director of Market Analysis at the Federal Reserve Bank of New York. She began her career with Goldman Sachs where she specialized in fixed income strategy, including as chief U.S. Rates strategist.
Boesky is a member of the IMF’s Financial Institutions Consultative Group; the New York Fed’s Financial Advisory Roundtable; and the Bretton Woods Committee Advisory Council. Boesky is also a member of the Council on Foreign Relations. Boesky serves on the Board of Overseers for the University of Pennsylvania School of Arts and Sciences, on the Trustees Council of Penn Women, and is a member of the Penn Arts and Sciences Women in Business Alliance. Boesky holds a Doctor of Philosophy degree in Astrophysics from Columbia University. In addition to her PhD, she also earned a Master of Science degree and a Master of Philosophy degree from Columbia University, and an undergraduate at the University of Pennsylvania.
Dr. Susan Duffy is the Associate Provost for Transformational Learning and Partnerships at Wentworth Institute of Technology where she leads the University’s Accelerate: Innovation + Entrepreneurship Center, the Women@Wentworth student programs, the CO-OPS + CAREERS division, and the Workforce Development and Professional Education portfolio. A self-described entrepreneurial leader, Susan dedicates her life energy to catalyzing social and economic growth through education, experimentation, and partnerships. In addition to her work in the education industry, Susan has a track record of igniting impact in diverse sectors including life sciences, construction, financial services, and robotics. Susan earned her Ph.D. from The George Washington University, is a member of the prestigious Wilford White Fellows of the International Council for Small Business, and received the 2019 Practitioner of the Year award from the United States Association for Small Business and Entrepreneurship. Susan served as a member of the National Women’s Business Council, is a Board Director of the BSC Group, and serves on the Expert Advisory Group of the Bio-Science Investor Inclusion group.
Savaria Harris is the Associate General Counsel for Healthcare Compliance at Amazon Health Services, where she leads the legal team supporting healthcare compliance functions such as billing, audit, risk assessment, and risk management with a focus on government programs compliance.
Previously, Savaria was a Vice President of Law at Johnson & Johnson, advising on patient assistance programs across all Janssen therapeutic areas. She received the 2022 Janssen Bravo Award for Trying New Things and the 2020 Janssen Bravo Award for Driving Disruptive Innovation. Savaria has also been a speaker on innovation at TEDxJNJ, chaired the Johnson & Johnson Corporate Chapter of the Women’s Leadership & Inclusion employee resource group, and created the WLI ELEVATE initiative.
Before her time at Johnson & Johnson, Savaria was a litigation partner at DLA Piper and Kirkland & Ellis LLP. She also taught business ethics at Georgetown University School of Continuing Studies. Savaria holds a J.D. from Georgetown University Law Center and a B.A. with distinction from Yale University.
Outside of her professional work, Savaria is dedicated to supporting women’s professional and economic advancement through the Unlocked Foundation and the Tory Burch Foundation.
Robert is Chief Legal Officer & President of Corporate Development. He joined the Company in September 2008. Prior to joining Tory Burch, Robert was an entrepreneur/founder, key operating executive, and advisor with various companies; including Bemis Company, Continuum and Viapack. He launched his career as a corporate attorney in Washington, DC and Philadelphia, PA before moving on to Paramount Packaging Corporation (a Philadelphia-based global packaging company) as General Counsel and Executive Vice President. Robert received his Bachelor of Arts in Psychology from Duke University before graduating from Boston University School of Law. He is a member of Young Presidents Organization/WPO and serves on the board of Tory Burch, LLC.
Tracey Donoho Kozmetsky is a philanthropic leader in her 26th year of work with the Kozmetsky Family Foundation, formerly the RGK Foundation, which is an independent foundation committed to sparking meaningful impact through grants for basic needs, education, and health, with special emphasis given to veterans, women, and children. She is a member of the University of Texas at Austin School of Undergraduate Studies Advisory Council, Dallas’ Crystal Charity Ball and the Baylor Scott & White Dallas Foundation Advisory Board which supports the Baylor Health Care System. Tracey served on the Board of Directors of Dallas Children’s Medical Center and is a former president of the Dallas Children’s Advocacy Center Board of Trustees. She is the recipient of the Dallas North Star and Ruth Sharp Altshuler Awards.
Tracey earned a Bachelor of Arts degree Magna Cum Laude from Texas Christian University. She began her professional career in New York City at Women’s Wear Daily/Fairchild Publications and went on to work in marketing and business development at Cosmair/L’Oreal Professional. She continued her professional growth and development by co-founding a Public Relations firm, Engelking Kozmetsky Communications in Austin, Texas.
With nearly 30 years of advertising and marketing leadership across global holding companies and independent agencies, Laura Maness is an industry leader, board director, and sustainability advocate. Her board service spans Alembic Technologies, the Tory Burch Foundation, ACT Responsible, and the 4As (where she serves as Co-Chair). She previously served on the board of B Lab U.S. & Canada and the world’s largest NGO for orphaned children.
Most recently, Laura served as Global CEO of Grey—the sixth leader in the agency’s 105-year history and the first woman in the role. Over three years, she strengthened international capabilities and led Grey’s global strategy across six continents, anchored in a values-led culture of creativity, effectiveness, and impact. Prior to Grey, she was CEO of Havas North America, leading a turnaround focused on purposeful growth and innovation, including achieving B Corp certification.
A frequent speaker at ANA, Adweek, CES, Chief, Economist, Forbes, World Congress and the World Economic Forum, Laura is known for driving transformation at scale. She is also an investor and advisor to founders through Village Global and her own fund, This Is Wholehearted. An early investor and founding board member of Causal AI pioneer Alembic Technologies (alembic.com), she now leads PE-backed growth and transformation shaping the future of enterprise intelligence.
Jane began her investment career in 1986 at Goldman Sachs Group, Inc. as an Equity Sales Specialist. She has enjoyed roles at Tiger Management, as an Analyst and at The Portfolio Strategy Group, as a Partner. In 2011, she and her husband, Daniel Och, co-founded Willoughby Capital Holdings, LLC, a private investment firm.
In 2012, Jane co-founded a consumer-goods company which oversees the development, manufacturing, marketing and sales of the Guac-Lock. Jane is also a co-founder/inventor of The Inside Scoop.
Jane is a dedicated philanthropist and actively supports initiatives promoting women. In 2008, she and her husband formed the Jane and Daniel Och Family Foundation, which funded the Och Initiative for Women in Finance at the Ross School of Business at the University of Michigan. Jane serves on the boards of Harlem Village Academies, Facing History and Ourselves and Hebrew Free Loan Society. She serves on the University of Michigan’s President’s Advisory Group and on the University’s Ross School of Business Advisory Board. Jane is a member of NY Angels and its sister organization, Mentors+Angels.
Jane holds a Bachelor of Business Administration and Master of Accounting from the Ross School of Business at the University of Michigan.
Perri Peltz is an Emmy-winning documentary filmmaker, journalist, and public health advocate with a doctorate from Columbia University’s School of Public Health. Most recently, Perri created the documentary news series Axios on HBO with Matthew O’Neill. Perri & Matthew also co-directed and produced the 2019 HBO Documentary, Alternate Endings: Six New Ways to Die in America. Previously, Perri directed the HBO documentary, Warning: This Drug May Kill You, about the opioid addiction epidemic. She produced the HBO documentary Risky Drinking and co-directed A Conversation About Growing Up Black as part of the “Conversation on Race” series for The New York Times Op-Docs. Other films include HBO’s Remembering the Artist: Robert De Niro, Sr. and Prison Dogs. Perri hosts “The Perri Peltz Show” on SiriusXM. She was previously an award-winning broadcast journalist for NBC, ABC, and CNN.
Jamie is Founder and CEO of TAPP Technologies, a beverage analytics and engagement company. Launching his career as a certified NFL agent, Jamie has negotiated sports and entertainment merchandising, licensing and sponsorship agreements totaling in excess of $1billion. He has also created marketing campaigns on behalf of a number of the nation’s leading brands including Hallmark Cards, Fanatics, GAP, McDonald’s, Coca-Cola, Rawlings Sporting Goods, Dunkin’ Donuts and Many others.
In his spare time, Jamie loves to search for “earth’s treasures” and was the first person to prove that Dinosaurs and T Rex once roamed Sweet Grass County in Montana. He is a Member National of The Explorers Club and collects art and is an aspiring chef.
Evan Ryan has held senior roles in three presidential administrations. Most recently, Ryan served as White House cabinet secretary and assistant to the president under President Joseph R. Biden from 2021-2025. In this role, she was the liaison between the White House and the heads of government agencies and departments.
Prior to the Biden administration, Ryan helped launch and lead Axios, a media company. She served as executive vice president, overseeing external affairs, and she was an executive producer for Axios on HBO.
During the Obama administration, she served as assistant secretary of state for educational and cultural affairs, where she was responsible for more than a hundred public diplomacy and exchange programs, including the Fulbright program. Amongst the programs she initiated were Our Cities, Our Climate, in partnership with Bloomberg Philanthropies and Global Media Makers. She also held the role of special assistant for intergovernmental affairs and public liaison for Vice President Biden in the first term of the Obama administration. Earlier in her career, during the Clinton administration, she was special assistant to the First Lady’s chief of staff and deputy director of scheduling for the First Lady.
Ryan is a member of the Council on Foreign Relations and a champion of Journey to Lead, a network supporting women in business. She holds a B.A. in Political Science from Boston College and an M.I.P.P. from Johns Hopkins University’s School of Advanced International Studies.
Since 2016, Reepal Shah has been an advisor to Robinsway Family Office. Prior to Robinsway he held key executive roles in various companies in fashion industry and retailing; including, Donna Karan, Foot Locker, Kate Spade and Tory Burch, where he was CFO. Reepal received his master’s in business administration from New York Institute of Technology in finance and operation. He also received his master in commerce from India Gujrat University in accounting and auditing. He currently sits on the Baublebar board as advisor. Reepal has been married to Swati for 30 years and has 2 children Vareel and Pareel. He enjoys spending time with family and friends in his spare time.
Tony Tjan is CEO of Cue Ball Group, a private investment firm focused on long-term and transformative opportunities across technology, media and consumer brands. At Cue Ball, over 50 percent of the capital has been invested behind women and inclusionary ventures. He also is co-founder and Chairman of MiniLuxe, the lifestyle nail care brand that is positively changing the industry, and was the founder of ZEFER, one of the earliest web application companies. Previously he played senior leadership roles at Thomson Reuters and the Parthenon Group. Tony has written over 100 pieces for Harvard Business Review and is a New York Times best-selling author of Heart, Smarts, Guts and Luck and author of Good People. He serves on the MIT Media Lab Advisory Council and is a recipient of the Ellis Island Medal of Honor.
Andrea serves as President of Skywalker Holdings, LLC. She is a closely held advisor responsible for the fiduciary, philanthropic, and creative entities of a diversified family office. Andrea is currently the lead independent director for Pinterest, and on the boards of Nextdoor and Tory Burch, LLC.
An award-winning veteran content creator and media executive, Andrea spent over two decades launching and developing some of the most successful programming in television history, first for The Oprah Winfrey Show, and later for OWN: Oprah Winfrey Network. During her 22-year career, she produced some of Oprah’s most memorable and highest rated programs. When the Oprah Winfrey Show ended, Andrea helped transition the company into a start-up production company that would develop, create, and program for OWN, a new cable network. As Executive Vice President of Programming, Production and Development she developed unscripted programs. She would later become Executive Producer of Super Soul Sunday, winning a GLAAD award. Because of that strategic programming, OWN would become a top 30 network in its first year and the #1 Cable Network among African American Women.
Committed to helping diverse leaders build strategic organizations, strong cultures, and transformative narratives she serves on many nonprofit boards as well, including The Tory Burch Foundation, The Lucas Museum of Narrative Art, CASEL, Black Women Animate, and the UC Berkeley Graduate School of Journalism.
Andrea grew up in San Francisco and earned her B.A. degree in English from The University of California, Berkeley.
Vivian’s professional background started on Wall Street in finance. She was a corporate bond trader at Lehman Brothers before departing to raise her family. Currently, Vivian is the Director of Strategic Partnerships at the National Education Equity Lab, an education and social justice non-profit. Vivian comes to this position with over 20 years of philanthropic experience. She has been a long term Board member at George Jackson Academy, a middle school for underserved boys in downtown Manhattan. She also served on the Board of the University of Pennsylvania’s School of Social Policy and Practice, and has recently been a lead supporter of its newly established Social Justice Scholar’s Program. Vivian is on the Board of the UJA Federation of New York (United Jewish Appeal), and serves on its Community Initiative for Holocaust Survivors Committee. Vivian’s passion for supporting the arts in NY extends to being an active member of the Chairman’s Council at the Metropolitan Museum, serving on the High Line’s Plinth Committee, the Education Committee at the Whitney, and serving on the Board of Film at Lincoln Center. She graduated with a B.A. from the University of Pennsylvania and an M.B.A. from Columbia University.
Tiffany Dufu is the President of the Tory Burch Foundation and founder of The Cru, a peer-coaching tech company acquired by Luminary in 2023. She’s the author of the bestselling book Drop the Ball: Achieving More by Doing Less. According to foreword contributor Gloria Steinem, Drop the Ball is “important, path-breaking, intimate and brave.” Her writing has appeared in The Oprah Magazine, ESSENCE and the New York Times.
Named to Entrepreneur’s 100 Powerful Women and Fast Company’s League of Extraordinary Women, Tiffany has raised over $25 million toward the cause of women and girls. She was a launch team member to Lean In and was Chief Leadership Officer to Levo, the fastest growing millennial women’s professional network. Prior to that, Tiffany served as President of The White House Project, which trained thousands of women across the nation to run for political office.
Tiffany is a Trustee of Simmons University, a proud member of Delta Sigma Theta, Sorority, Inc. and a Lifetime Girl Scout. She lives in New York City with her husband and two kids but was made in Seattle (Go Huskies).
Serena Walker is the Administrative Chief of Staff for the Tory Burch Foundation. Before joining the Foundation, she served in the Biden-Harris Administration as the Associate Director for Cabinet Affairs and Senior Advisor to the Cabinet Secretary at The White House. Serena also held positions at the U.S. Department of Education, where she was the Confidential Assistant to Secretary Miguel Cardona and a Confidential Assistant in the Office of Communications and Outreach. Serena holds a B.A. in Psychology from Georgetown University, with minors in Spanish and Cognitive Science.
Molly is a passionate storyteller that has helped global brands and nonprofits communicate their impact. Currently, Molly is Vice President of Marketing for the Tory Burch Foundation and during her tenure has helped launch ToryBurchFoundation.org, the iconic embrace ambition bracelet, the flagship Fellows Program, first-ever Tory Burch Foundation pop-up shop, and the TODAY Show featured Seed Box. Skilled in digital strategy, and communications Molly previously ideated and executed campaigns for North America’s largest YMCA, and OgilvyOne WorldWide. She holds a B.A. from Elon University and an MPA from New York University’s Robert F. Wagner Graduate School of Public Service.
Heesun has spent her entire professional life in the entrepreneurship world as a founder, investor, and connector and is now supporting extraordinary women entrepreneurs as the Vice President of Programs for the Tory Burch Foundation. Previously, Heesun was a Venture Partner with Republic, an equity crowdfunding platform with a mission of democratizing access to investing, and with 500 Global, an early-stage fund and seed accelerator with a global portfolio of over 2,600 companies. She is a former Co-Founder and CEO of Vengine, a recruiting platform for startups in Seoul, Korea and began her career in Silicon Valley at YouNoodle building large-scale entrepreneurship campaigns for global corporations and governments, including Start-Up Chile, Intel Challenge, and KoFounders Lab. She has also mentored and coached hundreds of early-stage startups over the years. Heesun received her M.A. in Education and B.A. in Human Biology from Stanford University, where she also served as Co-President of BASES (Business Association of Stanford Entrepreneurial Students). Heesun remains on the Board as an advisor for BASES and additionally serves on the Board of Governors for the Center for Creative Leadership, a global nonprofit provider of human-centered leadership development and research, as well as the Board of Trustees at The Elisabeth Morrow School in New Jersey.
Alicia Doukeris Houston is a philanthropic leader with over 17 years of experience in nonprofit fundraising, foundation leadership and strategic partnerships. She began her career at Harvard Business School, where she contributed to the largest capital campaign in higher education history, before leading major gifts at Sesame Workshop, increasing individual major giving by 150%. She later served as the inaugural Director of The First Republic Foundation where she helped launch and manage the bank’s philanthropic entity focused on education, the arts, and affordable housing. Following the bank’s acquisition, she transitioned to JPMorgan Chase to manage a new national arts and culture partnerships portfolio, where she reimagined and launched a major collaboration with Lincoln Center. Today, Alicia brings her expertise in building purpose-driven partnerships to the Tory Burch Foundation, where she leads philanthropy and partnerships to resource and scale the Foundation’s proven programs that increase women’s economic power through entrepreneurship. She holds a B.A. from Bates College and lives in New York City with her husband.
Desiree Browne is Senior Manager of Digital Content Education at the Tory Burch Foundation. Her varied and unique career path has been driven by a lifelong interest in finding untold stories. Guided by her interest in the arts, she began her career in book publishing and digital media, all while contributing features to outlets like the Village Voice, the New York Observer and Latina.com. Desiree then turned her passion for fashion history and the power of personal style into copywriting and social media roles at major fashion and retail brands, including Coach, J.Crew, Tourneau and Victoria’s Secret. Her commitment to building a better world brought her to the Tory Burch Foundation, where she supports and amplifies the work of women who shape their communities through entrepreneurship. Desiree holds a B.A. in American Studies and a B.A. in English Literature from Columbia University.
Sahara is a Campaign and Community Manager focused on social impact and mission driven business strategies to drive action and transformative results. After graduating from The George Washington University with degrees in political science and dance, Sahara worked as an educator in Baltimore City and has continued to have a career in the non-profit sector, building innovative programs that make a positive impact. Sahara most recently served as the Senior Manager of Community Impact at DoSomething.org, the largest organization for young people and social change. Sahara currently serves on the Board of Directors for the YWCA of White Plains and Central Westchester and the Board of Trustees for Greenwich Academy.
Allie is a seasoned marketer who is passionate about the intersection of cause and brand. While managing projects at digital and traditional advertising agencies, Allie oversaw award-winning projects for both small companies and large brand names like P&G, Walmart, Conagra Foods, Kroger, and American Financial Group. At DoSomething Strategic and DoSomething.org, Allie strategized on activating young people for social change. The marketing initiatives ranged from developing and executing on social media strategy, to putting on multi-city immersive pop-up experiences, to registering first-time voters. Allie studied Marketing, Studio Art, and Peace & Justice Studies at Xavier University. She was chosen to be one of eight Community Engaged Fellows for her proven dedication to social justice causes and commitment to include community engagement as part of her undergraduate experience. Her four years as a Fellow deepened her commitment to supporting the development of young women, gender equality, and the destigmatization of the HIV+/AIDS population.
Emily is an impact-driven professional with over five years of nonprofit experience. Prior to joining the Tory Burch Foundation team, Emily received a Social Impact MBA degree from Brandeis University with a concentration in Social Entrepreneurship and Impact Measurement. Through this degree, Emily developed a deep sense of purpose to tackle inequities faced by women in business and she brings this connection to mission as the Program Associate on the Foundation team. Before graduate school, Emily worked in the Philanthropy Office at Dana-Farber Cancer Institute supporting the Chief Philanthropy Officer. She received her undergraduate degree in Psychology from Hamilton College. Outside of work, Emily serves on the Young Professionals Board for Friends of the Children.
CarmenRose, whose pronouns are she/her, is a queer Latina disability advocate. She started working in Corporate Social Responsibility with the Portland Trail Blazers Foundation, and most recently worked at a small start up who specialized in social media and digital communications for nonprofits. CarmenRose is passionate about digital advocacy and accessibility. In her personal life, she has multiple years of experience advocating for marginalized communities, specifically patients of color. She specializes in social media advocacy and digital accessibility, and is inspired by telling stories of the most marginalized folks in our communities. She has been interviewed by CBS Mornings, VICE, and Healthline.
Grace joined the Tory Burch Foundation team in 2019 and currently serves as the Foundation Coordinator. In her role, she provides research and administrative support for the entire team in its efforts to empower women and entrepreneurs. She has been instrumental in producing the Foundation’s highly successful Small Business Webinar Series. Prior to joining the Foundation, Grace spent time in Washington D.C. as an Investor Relations Intern at The Carlyle Group. She is passionate about advancing opportunities for women and has worked and volunteered for a variety of progressive political organizations. She holds a B.A. in Global Studies and Communications from St. Lawrence University, where she served in a variety of student leadership roles and played on the Varsity Women’s Golf Team.
Founders need ideas, passion and drive to succeed, but they can’t go too far without solid financials. Here are five steps to manage your business credit effectively.
1. Determine whether or not you already have business credit file.
Small business owners should first know if they have a business credit file with D&B.
If you don’t have a business credit file, establish one by applying for a D-U-N-S® number. Small businesses should apply for a D-U-N-S® number, a unique business identification number, as soon as they start their enterprise to start the process of creating a business credit file.
If, when you call or visit the D&B web site, you determine that you already have a business credit file, review it completely to understand what information it contains. Add or modify the information as necessary to ensure that those looking at your business credit (such as vendors, suppliers and financial institutions) are making decisions based on complete and accurate information.
2. Establish a business credit history.
When many entrepreneurs are starting up, they use their own personal credit and finances to get their business going. Instead, it is recommended to establish a credit history by putting expenses (such as a business phone line) in business name and using a commercial bank account to pay their bills.
3. Pay bills on time – and understand other factors that influence your credit rating.
In order to improve your commercial credit scores and build a positive payment history, the most important thing to do is pay your bills on time. Be very careful not to overextend your business and make sure to use any line of credit judiciously. While payment behavior is important, credit ratings are based on multiple factors. D&B, for example, maintains 150 factors that go into a credit rating, including industry, revenues and number of employees.
4. Monitor your business credit file and keep it up to date.
According to D&B, the credit score of about one in three businesses declines over just a three-month period. By monitoring your business credit file, you will be aware of any change in your ratings before it affects your relationships with customers, suppliers and financial institutions. You should keep your credit file current and accurate, reflecting changes such as location, number of employees, outstanding suits/liens and revenue – all of which impact your credit rating.
5. Monitor your customers’ and vendors’ credit.
Monitoring credit reports that provide a clear and complete picture of the credit standing of your customers can help you to determine how much credit and on what terms, you should extend.
Small business owners agree that cash flow management is one of their top concerns. Actively managing your business credit can help your business ensure positive cash flow by:
Choosing a business name is an important step in the business planning process. Not only should you pick a name that reflects your brand identity, but you also need to ensure it is properly registered and protected for the long term. You should also think about your web presence and if the domain name is available.
Here are some tips to help you pick, register, and protect your business name.
Trademark infringement can carry a high cost for your business. Before you pick a name, use the U.S. Patent and Trademark Office’s trademark search tool to see if a similar name, or variations of it, is trademarked.
If you intend to incorporate your business, you’ll need to contact your state filing office to check whether your intended business name has already been claimed and is in use. If you find a business operating under your proposed name, you may still be able to use it, provided your business and the existing business offer different goods/services or are located in different regions.
In order to claim a website address or URL, your business name needs to be unique and available. It should also be rich in key-words that reflect what your business does. To find out if your business name has been claimed online, do a simple web search to see if anyone is already using that name.
Next, check whether a domain name (or web address) is available. You can do this using the WHOIS database of domain names. If it is available, be sure to claim it right away. This guide explains how to register a domain name.
It’s a good idea to claim your social media name early in the naming process – even if you are not sure which sites you intend to use. A name for your Facebook page can be set up and changed, but you can only claim a vanity URL or custom URL once you have 25 fans or “likes.” This custom URL name must be unique, or un-claimed.
Registering your business name involves a process known as registering a “Doing Business As (DBA)” name or trade name. This process shouldn’t be confused with incorporation and it doesn’t provide trademark protection. Registering your “Doing Business As” name is simply the process of letting your state government know that you are doing business as a name other than your personal name or the legal name of your partnership or corporation. If you are operating under your own name, then you can skip the process.
A trademark protects words, names, symbols, and logos that distinguish goods and services. Your name is one of your most valuable business assets, so it’s worth protecting.
Need money to start a new business? Your first thought may be to borrow from a bank, but that isn’t the place for every entrepreneur to start. In a recent webinar, Geri Stengel of Ventureneer and Virginia Almendarez of crowdfunding platform iFund Women helped our community understand the wide array of options available to entrepreneurs and their dreams.
First, a note about why banks may not be your best bet: banks prefer to lend to businesses that are at least two to three years old and have the cash flow to ensure monthly payments, or significant collateral. If your business is in the very beginning stages, it’s likely to be overlooked. However, if you do apply for a small business loan and a bank turns down your loan application, be sure to find out why. Understanding the reason will help you understand what your next step will be.
Before choosing which kind or kinds of alternative financing to go after, it’s important to consider the following:
Stengel urged our webinar attendees to begin their research and assessment before they’re in desperate need of money, especially because certain sources of capital will take longer to get to your business than others. Entrepreneurs should also think about creative ways to combine different kinds of capital.
Money borrowed to support a business is referred to as debt capital. Types of debt capital include loans from community development financial institutions (CDFIs) and small business-focused microlenders. Debt capital is tax deductible and allows you to retain control of your business.
Community Development Financial Institutions (CDFIs)
CDFIs, also called community lenders, are a great option for young businesses because they specialize in underserved communities like women, people of color and entrepreneurs in low-income and rural areas. Despite typically having interest rates that are higher than banks’, many community lenders are equipped to really help a new business owner with the technical aspects of running their business, understanding their financials and giving advice. “They really were created to serve the people they fund,” explained Stengel. Find your nearest CDFI with this map.
Family and friends
Many small business owners turn to friends and family when starting out. While it’s always great to get support from your immediate community, mixing personal and business relationships can be tricky. Be sure that relationship is solid before making your business a family business. “Don’t even ask them if you don’t think you can face them at Thanksgiving dinner,” Stengel cautioned.
If you do decide to borrow money from a friend or family member, make things official. Talk to an accountant or lawyer about drawing up an agreement so both parties are clear on repayment terms and other details. Also, be careful not to give up too much equity in your business at first, as that may make it harder to attract larger investors later on.
Microlenders
If you determine your business needs a small amount (under $50,000), then microlenders are a good place to start. Stengel suggests Kiva, a nonprofit microlender that she describes as “crowdfunding lite”. Business owners can apply for loans and, once Kiva approves and disburses the loan, your community can fund the loan in increments of $25. Other great microlenders include the U.S. Small Business Association and Accion USA.
Small business loans from big guys you know
Square, American Express, PayPal, Quickbooks and several other major companies you’re probably already using have added small business loans to their products. Because they make their decisions based on data they already have about your sales and other financials, they’re a great option for newer businesses or ones that haven’t built strong business credit. This emerging class of lenders is especially great for businesses that don’t need a lot of cash (Square Capital reported that their average loan size is $6,000). These vendors typically offer interest rates that are comparable to ones at a bank, have short applications and money reaches your business quickly. Investigate these services if your business needs working capital.
Factoring or Invoice Financing
Factoring, also called invoice financing, allows businesses to borrow money against their order receipts. Factors purchase those invoices at a discount and are then responsible for collecting payment from the business’ clients. Because factors don’t look at credit to determine who they’ll work with, they’re often an easier solution for small businesses. Invoice financing is a great option for service-based businesses or B2B businesses. However, you may face high fees, especially if customers are late to pay.
Debt-free capital is money given to a business with no repayment terms. However, the person or entity providing the capital usually asks for equity, meaning business owners who hope to maintain full control for the long term (as in, building a business to pass down to the next generation) should look into other means of financing.
Venture Capital and Angel Investors
Venture capital funding supplies capital to a company in its early stages in exchange for equity. Angel investors are venture capitalists who come into the picture when a business is still a startup. Angel investors are exceedingly rare. These kinds of investors are looking for what they think will be a billion-dollar business serving a huge range of customers.
The large amounts that usually accompany these investments are shouted from the headlines, making them a seductive option for entrepreneurs. However, as Almendarez noted, only 2.3% of available venture capital funding went to women-owned businesses in 2020, down from 2.8% in 2019. Not only do these investors tend to overlook small businesses from members of marginalized groups, they can also take a lot of control away from entrepreneurs. If you decide to pursue venture capital funding, be sure you have a clear idea of how you’ll use the funds, your scalability and where you want your business to go. That’s why venture capital funding may not be the best source of funding for small business owners who want to maintain control of their company or don’t plan to sell it within the next five years.
Grants
Many business owners consider grants “free money”, and that’s not a bad way to think of them. The capital that grants award to businesses don’t have to be repaid. There are many grants available for businesses owned by members of marginalized groups. Stengel recommends women-owned STEM startups especially apply for grants. There are many grants that run competitions to award recipients. However, grants typically have two major drawbacks: they often require a long application process and the funds take a long time to be disbursed.
Rewards-based Crowdfunding
You’ve seen crowdfunding campaigns all over social media–that’s because they can really work. Rewards-based crowdfunding campaigns offer supporters tiered prizes in exchange for donations that can be as small as $5. Remember, the rewards for your supporters can be as small (and cost-efficient) as an Instagram thank you. This approach to capital is great for small businesses in their early stages, maybe even before a product is ready for market.
To get the most out of crowdfunding, hone your pitch and carefully research a platform before launching your campaign.
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Venture capital is a type of equity financing that addresses the funding needs of entrepreneurial companies that for reasons of size, assets and stage of development, cannot seek capital from more traditional sources like public markets and banks. Venture capital investments are generally made as cash in exchange for shares and an active role in the invested company.
Venture capital differs from traditional financing sources in that venture capital typically:
Successful long-term growth for most businesses is dependent upon the availability of equity capital. Lenders generally require some equity cushion or security (collateral) before they will lend to a small business. A lack of equity limits the debt financing available to businesses. Additionally, debt financing requires the ability to service the debt through current interest payments. These funds are then not available to grow the business.
Venture capital provides businesses a financial cushion. However, equity providers have the last call against the company’s assets. In view of this lower priority and the usual lack of a current pay requirement, equity providers require a higher rate of return/return on investment (ROI) than lenders receive.
Venture capital for new and emerging businesses typically comes from high net worth individuals (“angel investors”) and venture capital firms. These investors usually provide capital unsecured by assets to young, private companies with the potential for rapid growth. This type of investing inherently carries a high degree of risk. But venture capital is long-term or “patient capital” that allows companies the time to mature into profitable organizations.
Venture capital is also an active rather than passive form of financing. These investors seek to add value, in addition to capital, to the companies in which they invest in an effort to help them grow and achieve a greater return on the investment. This requires active involvement; almost all venture capitalists will, at a minimum, want a seat on the board of directors.
Although investors are committed to a company for the long haul, that does not mean indefinitely. The primary objective of equity investors is to achieve a superior rate of return through the eventual and timely disposal of investments. A good investor will be considering potential exit strategies from the time the investment is first presented and investigated.
Business “angels” are high net worth individual investors who seek high returns through private investments in startup companies. Private investors generally are a diverse and dispersed population who made their wealth through a variety of sources. But the typical business angels are often former entrepreneurs or executives who cashed out and retired early from ventures that they started and grew into successful businesses.
These self-made investors share many common characteristics:
Equity capital or financing is money raised by a business in exchange for a share of ownership in the company. Ownership is represented by owning shares of stock outright or having the right to convert other financial instruments into stock of that private company. Two key sources of equity capital for new and emerging businesses are angel investors and venture capital firms.
A startup or high growth technology companies looking for venture capital typically can expect the following process:
Every business – from start-ups to multi-nationals – needs to control cash expenditures. In particular, new companies, with limited capital, tend to focus their spending on products, technology, and marketing, while postponing attention to “legal” matters. Although this allocation of resources may seem wise in the short term, it can prove to be a very expensive long-term decision. If a company is not established on a firm legal foundation, it can face costly disputes, lose important rights, or be subject to significant liabilities in the future.
Although companies may face a range of legal issues, there are certain legal issues that are both common to most companies and critical to positioning a company for future success. Here are three key “legal’’ initiatives that every company should consider:
1. Documenting the important business relationships among the founders and with third party service providers.
The basic terms of each important business relationship involving a company should be memorialized in a written agreement signed by all parties. The most fundamental business relationship is among a company’s founders. This relationship should be reflected in an agreement which sets forth the economic, governance, management and transfer rights among the various equity owners of the business. For example, what is the process for approving business plans, capital expenditures, the incurrence of debt? Can the equity owners transfer their interests at will or do they have to offer the other equity owners the ability to buy those interests first. Similarly, key employees and service providers for the company should have written agreements with the company, documenting the economic and performance terms, as well as the duration, of the services to be provided. Although these may be difficult issues to discuss, it is far better to address any issues at the beginning of a business venture, rather than to wait until the business is established and the parties have a meaningful disagreement about the nature or scope of their relationship.
2. Protecting essential intellectual property.
If proprietary intellectual property is vital to a company’s business objectives, the company should take appropriate action to protect that intellectual property. For example, if a company uses a particular “brand” name for its products or services, it should consider registering a trademark for that brand (at least in the primary categories and country in which it is selling the product). In the United States, trademark rights are created by using a distinctive mark in connection with the sale of products or services. However, registration of a trademark with the United States Patent and Trademark Office (“PTO”) creates a presumption that the trademark is valid in the United States, provides notice to the public of the owner’s rights in the trademark, and enhances the owner’s ability to enforce the trademark against infringers. If a company uses a particular proprietary invention, it should consider obtaining a patent. A design patent (on original ornamental designs) or a utility patent (on new and useful processes or machines) on inventions from the PTO gives the owner the right to prevent others from making, using or selling the patented invention within the United States for 20 years, in the case of a utility patent, and 14 years, in the case of a design patent. If a company’s products or services are being manufactured or sold in significant amounts in foreign jurisdictions, the company should also consider registering in those foreign jurisdictions.
3. Investing in data governance.
In the current environment, most consumer facing companies are collecting data about their customers, either in the process of selling products or services through a website or mobile app, or otherwise at a physical point of sale. It is critical for companies to have appropriate internal procedures and processes to collect, use, disclose and store that data. Companies must fully and accurately disclose their data practices to their customers. Companies must also use appropriate safeguards to protect the security of their consumer data. Failure to do so could lead to government investigations and enforcement actions by the Federal Trade Commission or state attorney generals, and/or security breaches that could result in lost customers, lost revenues and potential lawsuits. There are frequent media reports of data security breaches and cyber hacking incidents involving consumer data. Although cyber hacking may be a crime, and a company a victim of that crime, nonetheless, the company could be held liable to third parties for failing to adequately secure its customer data.
Companies should periodically review and update their data privacy policies and terms of use on e-commerce sites, take (and insist that their relevant service providers take) appropriate data security measures, and develop an action plan to respond to a possible future security breach.
A business can only grow and prosper if it has a firm foundation. A company needs a good business plan, a dedicated management team and the right products or services. Equally important, however, is a legal framework that includes the documentation of key business relationships, the protection of essential rights and the adoption of strong data governance processes.
Your business has been operating for two years or more and you likely have a strong credit rating. Debt financing lets business owners borrow money to have operating capital for things like their daily operations, new equipment and more. Founders have to repay the funds with interest by a set date, and retain full control of their business. Plus, all interest payments are tax deductible. Before pursuing debt financing, talk to your bank about your options and goals.
If you’re unable to repay, you risk your business and personal assets. Payments on debt financing, especially ones with variable monthly interest, may cause cash flow problems. Plus, learn how consumer credit reports compare to business credit reports.
Banks lend more money to small businesses than any other lender. They also reject about 72% of small business owners that apply. That’s because banks typically have stringent requirements. They like to see that a business has been running for at least two years. They also take your personal and business credit scores into account, and usually have some pretty high annual revenue minimums. Many even require collateral. Applying for a traditional bank loan is also a lengthy process that can take one to three months.
Even if a bank loan is not currently an option for your business, you should still work on the things you’ll need when applying to one, like a business plan and strong business credit.
Organizations like Kiva, AccionUSA and Grameen America allow business owners to borrow as little as $500 to support their companies, and have repayment periods that start at three months long.
Also known as a revolving loan, this kind of financing gives business owners a set amount of money from which to pull as needed. You pay interest only on the funds used and once they’re repaid, your credit line resets. Ask your bank or lending institution detailed questions about interest rates before signing up.
Factoring, also called invoice financing, allows businesses to borrow money against their order receipts from companies called factors. Factors purchase those invoices at a discount, meaning founders receive about 80% of the invoices’ value, and the factors are then responsible for collecting payment from the business’ clients. Invoice financing is a great option for service-based businesses or B2B businesses. However, you may face high fees, especially if customers are late to pay.
Check with your local chambers of commerce–they often have low-interest loans available to residents.
The U.S. Small Business Association’s microloan program works with nonprofit organizations to disperse loans of less than $50,000 (in 2019, the average SBA microloan was just under $15,000). These loans have a maximum repayment period of six years with interest rates typically between 7% and 13%.
The SBA also supports small businesses through its 7(a) loan program, through which founders can borrow a maximum of $5 million to cover for short- and long-term working capital, refinance existing debt or purchase equipment.
Plus: founders discuss their funding journeys
Community development financial institutions (CDFIs), also called community lenders, are a great option for young businesses because they specialize in underserved communities like women, people of color and entrepreneurs in low-income and rural areas. Despite typically having interest rates that are higher than banks’, many community lenders are equipped to really help a new business owner with the technical aspects of running their business, understanding their financials and giving advice. Find your nearest CDFI with this map.
Founders of consumer product goods companies may consider equipment financing to purchase tools for making their products, such as ovens, office computers and machinery. The equipment itself becomes the collateral to secure the loan, making this a strong option for businesses that don’t have a long credit history or high credit score. Equipment financing is available either directly through the vendor or a bank. Some lenders will give entrepreneurs the full amount, or may lend 75% of equipment cost, with the remainder set aside for “soft costs” such as delivery and installation. Though equipment financing may require a high down payment, these loans typically have low interest rates.
MAJOR TYPES OF DEBT FINANCING
Banks lend more money to small businesses than any other lender. They also reject about 72% of small business owners that apply. That’s because banks typically have stringent requirements. They like to see that a business has been running for at least two years. They also take your personal and business credit scores into account, and usually have some pretty high annual revenue minimums. Many even require collateral. Applying for a traditional bank loan is also a lengthy process that can take one to three months.
Even if a bank loan is not currently an option for your business, you should still work on the things you’ll need when applying to one, like a business plan and strong business credit.
Organizations like Kiva, AccionUSA and Grameen America allow business owners to borrow as little as $500 to support their companies, and have repayment periods that start at three months long.
Also known as a revolving loan, this kind of financing gives business owners a set amount of money from which to pull as needed. You pay interest only on the funds used and once they’re repaid, your credit line resets. Ask your bank or lending institution detailed questions about interest rates before signing up.
Factoring, also called invoice financing, allows businesses to borrow money against their order receipts from companies called factors. Factors purchase those invoices at a discount, meaning founders receive about 80% of the invoices’ value, and the factors are then responsible for collecting payment from the business’ clients. Invoice financing is a great option for service-based businesses or B2B businesses. However, you may face high fees, especially if customers are late to pay.
Check with your local chambers of commerce–they often have low-interest loans available to residents.
The U.S. Small Business Association’s microloan program works with nonprofit organizations to disperse loans of less than $50,000 (in 2019, the average SBA microloan was just under $15,000). These loans have a maximum repayment period of six years with interest rates typically between 7% and 13%.
The SBA also supports small businesses through its 7(a) loan program, through which founders can borrow a maximum of $5 million to cover for short- and long-term working capital, refinance existing debt or purchase equipment.
Community development financial institutions (CDFIs), also called community lenders, are a great option for young businesses because they specialize in underserved communities like women, people of color and entrepreneurs in low-income and rural areas. Despite typically having interest rates that are higher than banks’, many community lenders are equipped to really help a new business owner with the technical aspects of running their business, understanding their financials and giving advice. Find your nearest CDFI with this map.
Founders of consumer product goods companies may consider equipment financing to purchase tools for making their products, such as ovens, office computers and machinery. The equipment itself becomes the collateral to secure the loan, making this a strong option for businesses that don’t have a long credit history or high credit score. Equipment financing is available either directly through the vendor or a bank. Some lenders will give entrepreneurs the full amount, or may lend 75% of equipment cost, with the remainder set aside for “soft costs” such as delivery and installation. Though equipment financing may require a high down payment, these loans typically have low interest rates.
Funding Finder
Learn what kinds of financing to explore at another stage in your company’s lifecycle
BOOTSTRAPPING
Bootstrapping means running your company using only your savings or the money the business brings in through sales. Still, there are creative solutions for cash-conscious founders.
EQUITY FINANCING
This option is best-suited for high-growth startups with a significant potential market share. Learn more about equity and what it could mean for your business.
Learn what capital options are right for financing your business
Take AgainThis is an option best suited for high-growth startups with a significant potential market size. Equity financing requires founders to give up a portion of their ownership to a venture capital firm or other investors.
Though entrepreneurs appreciate this debt-free financing option, equity financing means giving away some of their control over the business, including hiring and growth decisions. Having a strong pitch and pitch deck are key to attracting investors.
Venture capital firms supply capital to a company in its early stages in exchange for equity. Angel investors are high net worth-individuals who operate similarly. Both kinds of investors are looking for scalable companies that will bring them a major return on their investments. Finding the right VC firm or angel is primarily about networking and building relationships, meaning it could be quite some time before money gets to your business.
Venture capital funding may not be the best source of funding for small business owners who want to maintain control of their company or who don’t plan to sell or take it public within the next five years. If you decide to pursue this route, be sure have a strong pitch and pitch deck, which will outline, among other things, how you’ll use the funds to scale. Before you finalize the investment, it’s important to double and triple check the agreements with a lawyer before partnering with investors–this isn’t something to negotiate on your own.
Think this is the best option for your company? Start your search with OpenVC and Outset Capital’s list of 180+ female-founded early-stage funds.
Plus: watch our webinar “Equity Financing Essentials” or read 7 Things to Know About Equity Financing.
Business owners who turn to equity crowdfunding lean on their communities for support. Using platforms like CircleUp, SeedInvest and Republic, founders can collect investments of as little as $100 in exchange for equity ownership, as determined by the fundraising platform’s due diligence and founder. Under federal law, companies can raise no more than $5 million annually via equity crowdfunding.
Plus: Find out how one Tory Burch Fellow made equity crowdfunding work for her business.
Accelerator and incubator programs support early-stage companies with resources like networks and education in exchange for equity ownership. Accelerator programs help businesses with strong foundations and at least a minimum viable product in the market with scaling to the next level. Many accelerators invest capital. Incubators, on the other hand, work with companies on product development, business model and launch, and rarely give out funding. Entrepreneurs find that both accelerators and incubators introduce them to incredible networks. Consider starting your search with Crunchbase’s list of 100 Startup Accelerators Around the World.
ds of investors are looking for scalable companies that will bring them a major return on their investments. Finding the right VC firm or angel is primarily about networking and building relationships, meaning it could be quite some time before money gets to your business.
Venture capital funding may not be the best source of funding for small business owners who want to maintain control of their company or who don’t plan to sell or take it public within the next five years. If you decide to pursue this route, be sure have a strong pitch and pitch deck, which will outline, among other things, how you’ll use the funds to scale. Before you finalize the investment, it’s important to double and triple check the agreements with a lawyer before partnering with investors–this isn’t something to negotiate on your own.
Think this is the best option for your company? Start your search with OpenVC and Outset Capital’s list of 180+ female-founded early-stage funds.
Plus: watch our webinar “Equity Financing Essentials” or read 7 Things to Know About Equity Financing.
usiness owners who turn to equity crowdfunding lean on their communities for support. Using platforms like CircleUp, SeedInvest and Republic, founders can collect investments of as little as $100 in exchange for equity ownership, as determined by the fundraising platform’s due diligence and founder. Under federal law, companies can raise no more than $5 million annually via equity crowdfunding.
Plus: Find out how one Tory Burch Fellow made equity crowdfunding work for her business.
Accelerator and incubator programs support early-stage companies with resources like networks and education in exchange for equity ownership. Accelerator programs help businesses with strong foundations and at least a minimum viable product in the market with scaling to the next level. Many accelerators invest capital. Incubators, on the other hand, work with companies on product development, business model and launch, and rarely give out funding. Entrepreneurs find that both accelerators and incubators introduce them to incredible networks. Consider starting your search with Crunchbase’s list of 100 Startup Accelerators Around the World.
funding finder
Learn what kinds of financing to explore at another stage in your company’s lifecycle
BOOSTRAPPING
Bootstrapping means running your company using only your savings or the money the business brings in through sales. Still, there are creative solutions for cash-conscious founders.
DEBT FINANCING
We tend to think of debt as a nasty four-letter word. Here’s how it can do a lot of good for your business.
Learn what capital options are right for financing your business
Take AgainYou’re off to a great start–but you should build a stronger foundation before you look for outside funding. If you have a relationship with a bank already, talk to them to see what options you have at this stage.
Starting a new venture takes a little money, but you may not need as much funding as you think! Consider a low-cost option like creating a minimum viable product to prove your concept. You may also find our small business webinar series helpful. Our experts cover everything from operations to sales to marketing.
Explore Resources
Explore Resources
Funding Finder
Learn what kinds of financing to explore at another state in your company’s lifecycle
BOOTSTRAPPING
Bootstrapping means running your company using only your savings or the money the business brings in through sales. Still, there are creative solutions for cash-conscious founders.
EQUITY FINANCING
This option is best-suited for high-growth startups with a significant potential market share. Learn more about equity and what it could mean for your business.
DEBT FINANCING
We tend to think of debt as a nasty four-letter word. Here’s how it can do a lot of good for your business.
Learn what capital options are right for financing your business
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