How Sephora's New Initiative Supports Female Entrepreneurs
Another reason to love the beauty retailer.
This article originally appeared on MIMI.
In our opinion, there's basically nothing not to love about Sephora. Between the rows and rows of amazing products to the glee we feel when we find out we have enough Beauty Insider points for a sample, it's been our happy place for a very long time. But the retailer isn't all lip gloss and perfume — they're giving back with their Sephora Stands Social Impact Initiative. In fact, they just announced their Sephora Accelerate program which hopes to aid women-owned beauty businesses that are trying to get off the ground.
This is great news considering there's a statistic floating around that states 85 percent of venture capital funded start-ups are led exclusively by men. With the Accelerate program, beauty business owners can apply for one of 10 spots in the program, which will last for a year. There's a slew of criteria, including the need to commit to including social impact into their own company.
In a statement, Sephora said they hope that by 2020 the Accelerate will have supported over 50 beauty businesses led by women with the help of their bootcamps, mentorship and small loans.
Kind of makes us feel like maybe our own beauty biz dreams could become a reality one day.