In an effort to promote entrepreneurship among women, Rockville Economic Development Inc. is gearing up for its fourth annual Start Right competition. The contest, which awards $10,000 in seed money to the first-place winner, was designed to offer guidance to local women looking to start their own business.
“When we talk to women in [the region] and say, ‘Well, when are you forming your own business?’, we get ‘I never thought of starting my own company,’ ” said Lynne Benzion, associate director of REDI. “It’s not something [society] socializes women to do.”
While the contest is sponsored by Rockville’s economic development officials, women from Virginia, the District and Maryland are eligible to enter, Benzion said, a strategy she hopes will encourage entrepreneurship throughout the region.
“Statistically, women-owned businesses have not formed at the same rate as [those launched by] men, although we’re getting there now,” said Lynne Benzion.
Despite the shortage of women-owned businesses in the region, the Washington area still leads the nation. About a third of all businesses in Maryland, Virginia and the District are women-owned, according to a recent report from the Institute for Women’s Policy Research. The District, specifically, ranks No. 1 in the country for women-owned businesses with 33.2 percent. Women-owned companies in science and technology fields are in particularly short supply, Benzion said, and REDI hopes to see more entries like the one from Sequoia Ramsey, who is submitting a business plan for her startup company. MDecision is a software program that helps medical students practice diagnosing illnesses through simulated patient cases.
“I think there are a lot of opportunities [for women], but they’re not as easy to find,” Ramsey said. “And it’s hard to reach out to women, in high-tech fields particularly.”
Previous winners include a yoga studio in Maryland and a social networking Web site promoting a healthier lifestyle. The judging panel, which includes economic development officials, county representatives, business owners and venture capitalists, is looking for solid business plans, Benzion said.
“This isn’t about just building a company so you can stay home with your kids, but about building a company with employees that contributes to the local economy,” she said.
Entries are due by Feb. 2. Awards will be presented March 16 at the Rockville Chamber of Commerce’s Women in Business Conference and Trade Show.
