Chicago’s leading tech startup centre, 1871, has launched 1871 FEMtech, an incubator focusing solely on women entrepreneurs that will count internet company Google and communications technology provider Motorola Mobility among its investors.
Structured as a not-for-profit, community endeavour, 1871 FEMtech will be funded by Google, Motorola Mobility and the Lefkofsky Family Foundation, which is run by Liz Lefkofsky, the wife of Groupon’s chief executive.
The tech industry is widely recognised to be male dominated and women tend to can face additional barriers when setting up their own ventures. 1871 aims to alter this scenario by providing maximum support to female entrepreneurs.
“Women-owned technology businesses have grown in number and reach in recent years, and we are hopeful to see more of these exciting companies doing great things as a result of our new incubator,” said Howard A. Tullman, CEO of 1871.
“What we have found at 1871 is that if we embrace specific verticals and natural areas of growth, we can help our companies achieve much more than they might have on their own. Critical mass creates an environment of support, shared experiences and cross-pollination that significantly accelerates the development of powerful ideas.”
1871 FEMtech is a programme structured around the demands of female entrepreneurs and the recognition of the need for a work-life balance. It aims to accommodate 10 to 15 women entrepreneurs from across the world and will provide them with resources to set up a successful technology business.
Participants will have access to tailored content and mentorship, which includes some of Chicago’s successful female entrepreneurs. They will also be able to tap the 1871 community and partners, including the city’s leading universities, venture capitalists and media networks.
Bridgette Beam, Global Manager of Google for Entrepreneurs, said, “The current accelerator models are not attracting and advancing enough women-led startups, and 1871’s new programme will help reach these women.”
Applications for the programme will begin in June while the incubator itself is expected to begin by autumn this year.