In response to the rising trend of women’s entrepreneurship across the United States, Wells Fargo and the University of Montana have established the Rural Entrepreneurship and Leadership Co-Lab for Women (REAL Women Co-Lab), a pioneering initiative aimed at addressing the unique challenges faced by women entrepreneurs in rural America.
As the first program of its kind nationally, the REAL Women Co-Lab is dedicated to examining and overcoming the obstacles that women encounter when starting and scaling businesses in rural areas. This initiative emphasizes national collaboration with a diverse range of partners, including institutional, civic, corporate, and community stakeholders. The goal is to create and disseminate effective, replicable models that support women entrepreneurs and leaders in these communities.
Morgan Slemberger, Senior Director of REAL Women Co-Lab, highlighted the role of Wells Fargo’s support in tackling critical issues such as capital access for women entrepreneurs. “Their funding will not only benefit women but will also assist funders in better addressing the evolving needs of rural economies,” Slemberger stated.
According to a 2023 U.S. Senate Committee on Small Business and Entrepreneurship report, women have been responsible for about half of new business creations in the U.S. since 2020, a significant increase from 29% previously. This surge underscores the need for targeted support for rural women entrepreneurs.
Katie Rollyson, Lead Specialist in Philanthropy and Community Impact at Wells Fargo, emphasized the bank’s commitment to empowering entrepreneurs. “We’re excited to partner with UM to launch the REAL Women Co-Lab,” Rollyson said. “Understanding that each business has unique needs, we aim to address common challenges faced by businesses at various stages of development.”
The REAL Women Co-Lab will focus on three core areas:
- Program Prototyping: Developing innovative models in collaboration with national partners to serve entrepreneurs, leveraging existing expertise and industry insights.
- Funder Partnerships and Trainings: Exploring educational opportunities for both funders and women in business to enhance access to necessary funding.
- Research and Engagement: Building on prior studies to address challenges in rural women’s entrepreneurship and facilitate comprehensive research and engagement.
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