Femology connects women entrepreneurs with support to grow businesses

DETROIT (FOX 2) - The number of women business owners are growing in Michigan and across the country. But their access to money is still limiting the potential.

A new women's business collaboration is looking to change that. It's called Femology - designed to help female business owners grow and thrive, now located Michigan Central.

From there they can offer work space, business partnerships and education to make sure business not only survives but grows.

Big picture view:

Megan Ward says she is right at home at her new headquarters at Newlab.

"The partnership with Michigan Central came about, which changed the game for us," she said.

Ward brought Femology there with a vision. And as the name would suggest, she wants to see other women thrive.

"We want to show women how to go from small business solopreneur to building high-growth, high-scale companies," she said.

Less than a month in and she says the investment is paying off, as evidenced by 40 members.

"They are working on their businesses, collaborating and sharing ideas," she said. "They are winning and failing."

Femology is a membership-based business connecting women owners with one another.

"Let's just say you have this big idea and you don't know how you are going to make it happen," Ward said. "What happens when you are exposed to a network of mentors and advisors, when you are directly given a grant to help scale that company."

No one can question the drive of these owners - but the numbers are not in their favor. A recent Forbes report indicated that less than 3% of women-owned business get access to venture capital - investments that can really help any business sustain and grow.

"When women are solopreneurs they hit a glass ceiling, so we can say that women are the fastest growing group of entrepreneurs in the US," Ward said. "However, these women are only making $24,000 average yearly, and that is not very scalable."

At Femology they are trying to channel some of the feelings of competition that can arise as entrepreneurs fight for survival in the harsh business world.

"Look at the numbers and see that women get access to less than 3% of venture capital worldwide," she said. "Those are stark statistics. And so, we keep that at the forefront of our mind, and when those feelings of competition arise we understand what this big vision is."

A vision that includes passing along knowledge, mentoring the next generation and making sure the success one company is contagious.

Femology is also launching a female founders school for those at the early stage of innovation and looking to launch their business as well as those who are looking to take an existing business to the next level. 

You can find the website for Femology HERE.