According to the Wells Fargo 2024 Impact of Women-Owned Businesses Report, women-owned businesses continue to drive the economy, representing 39.1% of all businesses and generating $2.7 trillion in revenue. However, many women-owned small businesses can experience challenges, whether in securing funding or finding the right mentorship opportunity.
Heading into National Women’s Small Business Month, Wells Fargo hosted a “Purpose, Passion, and Business” showcase at the Woman Evolve Conference. Four local small businesses from the Start.Pivot.Grow. Accelerator — a national accelerator and business development program supported by local philanthropic funding through the Wells Fargo Foundation — shared their journey to entrepreneurship to a room full of women with small business aspirations.
The Start.Pivot.Grow. Accelerator was founded by Cynthia Nevels, who observed a lack of guidance and resources for local diverse entrepreneurs. “I noticed that many six-figure businesses operate in hustle mode rather than management mode because underrepresented business owners were never taught how to manage a business for growth using data intelligence, financials, systems and processes,” says Nevels. Through the program, small to midsize businesses gain access to financial resources to help them grow and scale.
Sammi Bivens, a “Purpose, Passion, and Business” showcase participant and the founder of Digital Marketing Maven, shares, “If you are looking to grow as an entrepreneur, my advice is to actively seek out opportunities that align with your business goals and vision.” Bivens was awarded a $20,000 grant from Wells Fargo’s support of the accelerator, which allowed her to further build out Maven University, a culturally inclusive digital platform offering affordable marketing solutions to small businesses. “Our goal is to reach 100,000 small business owners over the next five years, and this funding has been a key catalyst in bringing this vision to life,” Bivens says.
“We aim to spark transformational change and be intentional about removing barriers to economic mobility and generational wealth for underrepresented communities,” says Alexis Snow, vice president of Philanthropy and Community Impact for Wells Fargo. Her words echo the shared mission of those present — to uplift and empower one another, creating pathways to success.
Events like the small business showcase demonstrate Wells Fargo’s steadfast commitment to diversity, equity and inclusion (DE&I). “It is important that women have equitable access to financial tools that help them build a legacy of opportunity for future generations,” says Gigi Dixon, head of external engagement for the Diverse Segments, Representation, and Inclusion team at Wells Fargo. Through our long-term commitment to DE&I, Wells Fargo is helping to do just that.”
Deana Young, the founder of LifePlate, a healthy meal-delivery service in Dallas, describes the support received by the Start.Pivot.Grow. Accelerator and the Wells Fargo Foundation as vital to the growth of business. “No matter where you are in your journey as a small business, you need the support of organizations that understand and truly care for the work you do,” says Young.
For aspiring entrepreneurs in Dallas, mentorship and networking is essential to business growth. It’s about leveraging local resources, building networks, and remaining resilient in the face of adversity. “Engaging with organizations like Wells Fargo is not just about securing funding — it’s about building relationships that can help you grow long-term,” Bivens notes. Be clear about your needs, have a solid strategy in place and be open to learning and evolving.”