Local attorney Candace Klein got the idea for micro-lender
Bad Girl Ventures from her day-to-day interactions with entrepreneurs who've recently found it nearly impossible to finance their ideas.
"I spend a lot of time in my profession with entrepreneurs, and at a series of meetings I was talking to people who couldn't get traditional bank loans. Some of them said 'I'm just going to use my credit cards.' That was scary to me," she said.
That's when the Over-the-Rhine resident decided to make a change. She's just launched Bad Girl Ventures, which aims to provide funding for Cincinnati women-owned start ups. The idea is just getting off the ground and was first
pitched publically at
Ignite Cincinnati, a fast-paced, five-minute pitch event.
"It's really difficult for women-owned startups right now. And Cincinnati is really a philanthropic area. Personally, I've given to so many charities, political causes and organizations. I thought, 'If there was a way I could give just a portion of that to a startup company that would create jobs, I would,'" Klein said. "I think we're really missing the boat on supporting women-owned startups."
Bad Girl Ventures will be based on the micro-financing model of international organizations like
Kiva, where small loans from individuals are bundled together. Klein is kick starting Bad Girl with a 30-person meeting of invited potential financers and entrepreneurs March 19th downtown at Ingredients restaurant.
Klein plans to finance the first start up this summer at the $25,000 level through a competitive process. Five chosen startups will undergo a six-week entrepreneur competition, where their ideas will be voted on online by friends and family. They'll vote by pledging investment dollars. The entrepreneur who gets the most votes will have their idea funded by Bad Girl. Another round of financing will follow every six weeks or so.
Bad Girl Ventures will be housed in the OTR Revitalization Corporation housed at the
OTR Chamber.
Writer: Feoshia Henderson
Source: Candace Klein, Bad Girl Ventures Founder
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