An Atlanta-based fintech expert who is helping women-led and minority-led companies gain access to capital says at a very young age, her mother taught her the importance of being financially savvy.
“My mother told me that all women need to be in charge of their own economic power,” said Roshawnna Novellus, founder of EnrichHER.
Before launching EnrichHER — a financial technology platform that connects women and founders of color to individual and institutional sources of funding — in 2017, Novellus strengthened her financial smarts, fundraising and marketing skills to raise more than $600,000 to pay for college education.
On Tuesday’s edition of “Closer Look,” Novellus talked with show host Rose Scott about how she employs her skills to help female business owners tackle funding barriers.
“Thus far, we’ve helped over 163 companies access over $14 million in capital,” said Novellus.
Research suggests the work of companies like EnrichHER are needed during the pandemic.
According to a recent Crunchbase study, in 2020, funding for women-led companies dropped to 2.3 %. That’s down from 2.8% in 2019.
“The No. 1 reason that businesses fail is because of cash flow,” said Novellus.
During the virtual conversation, Novellus also explained why she doesn’t believe in business plans and why she chooses to focus on fostering a supportive community, making sure business owners have a business canvas and solid financial model that generates revenue.
While laying out her five-year plan for her company, Novellus said that she hopes her company will serve as a beacon of economic prosperity.
“I intend for EnrichHER to deploy billions of dollars to well-qualified business owners who have customers, cash flow and just need money to grow,” said Novellus.
To listen to the full conversation, click the audio player above.