14 Bootstrapped Female Entrepreneurs

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Who needs venture capital? Not these women.

Bootstrapped is sometimes an overlooked alternative for bringing innovative ideas and businesses to life.

And it shouldn’t.

While there is no doubt that raising funds for your company can fuel growth and open previously unattainable opportunities, it is not the only (nor even the best option) for every company.

And certainly not for every founder.

It’s no news that women face the greatest challenges in getting business support. They are commonly denied loans because of gender and cultural biases, and the increased competition for venture funding becomes even more complex if you're a woman. VC tends to favor male entrepreneurs.

Women investors (who, fortunately, are twice as likely to invest in women-led startups) account for only 19.4% of VC investors.

As a result of these challenges, many women founders have resorted to bootstrapping their businesses with personal savings, credit cards, and reinvesting profits.

Is Bootstrapping the Right Funding Choice?

But that’s not the only reason. Venture capital and angel investment often come with strings attached, including loss of control over critical decisions. While bootstrapping might mean slower growth and higher personal financial risk, it allows founders to maintain control over their vision.

Despite these advantages, research shows women often overlook bootstrapping, favoring other funding methods. The lack of prominent female-led bootstrapped examples and fears of financial risk may be a factor contributing to this.

Another reason women might shy away from bootstrapping is the perceived financial risk and the fear of failure. However, by adopting a strategic approach to bootstrapping, women can better manage these risks and potentially find a more sustainable path to business success.

Bootstrapping remains a viable alternative that can offer women greater company equity and the independence to steer their businesses according to their visions.

It's also an opportunity for innovation, as limited resources can foster creativity, pushing founders to develop unique solutions and more efficient business practices.

Benefits of bootstrapping aside, it’s not the right approach for every business. Some ideas may require significant upfront investment and may not be suitable for bootstrapping. That’s why it is important for founders of bootstrapped companies to carefully consider whether their idea can be executed with limited resources and whether they have the patience and perseverance to achieve their vision.

14 Bootstrapped Female Founders to Know

Growing a business is complicated, and bootstrapped companies are no exception. They face many challenges, including validating their business model, managing cash flow, and balancing the need to invest in growth while maintaining profitability.

The following women founders have successfully bootstrapped their startups to significant growth and revenue, demonstrating the power of determination and resourcefulness in building successful businesses without external funding.

While each journey of bootstrapping is unique, a common theme emerges: a sense of freedom, commitment, and exhilaration that can only be achieved when your own money is at stake.

1. Melanie Perkins

The founder of Canva, the Australian unicorn that is redefining the way we design, admits they bootstrapped because that was the only thing we knew when we started.

They would later go to the funding route because it seemed like the only feasible path to truly pursue their vision of building the  ‘future of publishing’.

2. Amanda Black

Founder and CEO of The Solo Female Traveler Network, offering solo group tours and community cultivating freedom, confidence, and a celebration of empowerment.

She bootstrapped her business because one of her main motivators in starting her own venture was to own not only her business but also her time and her results. Her company became profitable from day one, so there was no immediate need to raise funds. While that may change as the needs of her community shift, bootstrapping remains the best decision for now.

3. Neelam Singh

The founder of the Burger Company, a fast-growing Indian burger chain, entered the male-dominated F&B industry with a two-fold approach: to drive innovation, open outlets in Tier 2 and 3 cities, and pave the way for more women entrepreneurs.

While doing her MBA, Neelam Singh set her eyes on the QSR (Quick Service Restaurant) industry. During her three-year corporate journey, she skipped lunch, ate at roadside eateries to save money for her startup, and eventually launched her eatery chain in 2018.

4. Lisa Qu

This fashion designer based in New York City founded her own clothing line with her savings and some money from her parents that she had to pitch for. Since then, she has grown it into a million-dollar clothing company.

How?

By building a brand that differentiates from mass-market brands in how every order is processed. For example, Lisa and her team hand-check every garment before shipping.

To achieve boutique-level service, the brand produces no more than 50-100 units of a style at a time.

5. Sakshi Vij

The founder of Myles Cars, a self-drive mobility service in India that has grown to over 1200 cars and 250 locations in 21 Indian cities, completely self-funded her company.

According to her, bootstrapping allows brands to pursue sustainable growth, placing a greater emphasis on the lifetime value of a customer due to limited resources.

6. Antoinette Alexander Adefela

The founder and CEO of Exp.Design LLC, a creative learning agency that designs and develops custom learning solutions, didn't want to be in debt. That’s why she started the company with her own funds and one client. She saved the funds from working with that client as a reserve for her future team.

As they grew and got more clients, the need to raise funds was eliminated.

7. Ana Gavia

The founder of Pinkcolada, a brand that sells stylish and affordable swimwear, started her company at only 25 years old. As a self-funded entrepreneur, she started with only 200 dollars and eventually grew into a multimillion-dollar company.

8. Neeti Macker

This self-made entrepreneur quit her high-paying job to become an innovator. In 1998, she founded The Homemakers, a brand that specializes in creating Modular Kitchens, which were a relatively unknown concept at the time.

She defines bootstrapping as crucial for any startup. The key to success lies in giving 100 percent of your performance and combining all your resources, such as expertise, experience, and gut feeling.

9. Markea Dickinson

The co-founder of Thermaband Inc., a femtech company aiming to reframe midlife, destigmatize menopause, and empower women to control their health and wellness naturally, chose to bootstrap because it provided the ability to focus on product development to create a minimum viable product.

She thinks that if a modest investment is needed to get started and a founder has the resources available, then you should commit and bootstrap through early milestones.

10. Lindsey Corbin

The founder and managing partner at delegate.legal, a virtual IP legal services firm, wanted her company to be only hers and that could only be achieved by bootstrapping.

After four and a half years of experience in private equity, she had witnessed firsthand how the portfolio company can be influenced to change course and she just wasn't willing to do that.

11. Erika Ferszt

The founder of Moodally, an app that is creating better workplaces, one mood at a time, turned to bootstrap after realizing that her entire day was spent chasing money and users to get the numbers she needed to attract investors.

She decided that bootstrapping would allow her to move at her own pace and make the decisions she needed to respect her product and purpose.

12. Carrie Sporer

The co-founder of SWAIR, a company that creates time-saving and multitasking products for people who work out, wanted to make sure they could move at their own pace. Also, they didn’t want to have the pressure of growing sales on a fixed timeline at the risk of straying from their core values.

She recommends bootstrapping for a minimum of 12 to 24 months before looking for outside funding since it is important to have the space to get to know your brand before you put a lot of money behind it.

Why?  

Because it is easier to be nimble and change course when there is less at stake financially.

13. Jes Osrow

The co-founder of The Rise Journey, which works with growth-stage organizations to build their best team and an empowering organizational culture, wanted to fully understand their market and make their own decisions.

By bootstrapping, they had control over their choices and could better support our clients along the journey.

14. Lauren Ephrat

The founder of Doodle Couture, a trend-setting, collectible, and modern dog accessories brand, chose to bootstrap.

If possible, she advises always leaning toward bootstrapping because it involves less financial risk and forces you to be creative and roll up your sleeves.

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