In 2018, Leslie Feinzaig, who established Female Founders Alliance, initiated Ready Set Raise, a cost-free, equity-free accelerator program designed to support women entrepreneurs. The intention was to equip under-connected female founders with the mentorship and networking opportunities necessary to secure funding.

This year, with funding for businesses led by women declining to levels seen in 2017, Feinzaig identified a potential reason why accelerators, including her own, may not be as effective for women as they are for men: the demo day format. Typically, demo day is a culminating event in accelerator programs where founders present their ventures to investors, angel investors, and members of the press, hoping to attract investment and gain media attention.

“The reality is that securing funding doesn’t typically result from a single, five-minute presentation delivered on stage,” Feinzaig explained. “It comes from the ability to articulate your startup’s vision to anyone, at any time, and in any setting, and to generate enough enthusiasm for them to want to be involved in your progress.”

Consequently, Feinzaig stated that this realization prompted Ready Set Raise to adjust its program structure. The upcoming eight-week program will place greater emphasis on a “practical fundraising approach” informed by the experiences of numerous women.

The coronavirus pandemic has altered the operational methods of accelerators; both Y Combinator and Techstars transitioned to live, virtual programs, which potentially increases accessibility for parents or individuals unable to relocate to locations like Palo Alto for extended periods. However, Y Combinator’s most recent cohort experienced a decrease in diversity, with only 16% of the participating companies having a female founder, compared to nearly 21% in the previous cohort.

This reduced access underscores the importance and difficulty of Feinzaig’s work. As applications for Ready Set Raise were received this year, Feinzaig observed an increase in applications from more established companies. This observation led her to survey female founders, revealing that women who previously considered starting a business are now less inclined to do so. Despite this, she remains hopeful, noting that they received the “highest quality of applications” to date.

Today, Ready Set Raise announced its third cohort, which includes a company focused on digitizing retailers specializing in outdoor gear, a marketplace for responsible and lawful data exchange, and a digital service that connects Black women with culturally sensitive healthcare providers.

Here’s a closer look at the startups selected for Ready Set Raise’s third cohort:

● Brightly: Created by Laura Wittig and Liza Moiseeva, Brightly integrates commerce, content, and community to promote responsible consumerism. The company is located in Seattle, Washington.

● Womp.ai: Founded by Gabriela Trueba, Womp aims to empower anyone to explore, design, and share 3D creations. It is based in Brooklyn, New York.

● FixFake: Established by Kathryn Harrison and Jason Law, FixFake provides tools to help reduce fraudulent activity in online commerce. It is located in Bozeman, Montana.

● tbd health: Founded by Stephanie Estey, Daphne Chen and Sherwin Lu, tbd health offers convenient, at-home testing for sexually transmitted infections, specifically designed for women. It is based in New York, New York.

● Gearo: Founded by Justine Barone, Gearo helps outdoor retailers modernize their operations and connect with outdoor enthusiasts. It is based in Denver, Colorado.

● Mary Louise Cosmetics: Founded by Akilah Releford, Mary Louise Cosmetics offers natural skincare and personal care products. It is based in Los Angeles, California.

● datacy: Founded by CEO Paroma Indilo and Kaleb Wilson, Datacy is a marketplace dedicated to facilitating ethical and legal data exchange. It is based in San Jose, California.

● Health In Her HUE: Founded by Ashlee Wisdom and Eddwina Bright, the company is a digital platform that links Black women with healthcare providers who understand their cultural background. It is based in New York, New York.

The program will commence on October 19th. Participants will benefit from mentorship provided by partners such as Cooley LLP, Carta, Grasshopper Bank, Madrona Venture Group, UPS and Zendesk for Startups.