Some come to the podium with quavering voices, some cocky and confident.
All aspire to a common goal: increasing their company’s sales to the $1 million mark. Female business owners at the Make Mine a Million $ Business conference in Denver on Monday had two minutes to convince a panel of judges that their firms have a chance to hit it big.
Out of 157 business owners registered to pitch their companies, 61 were selected as prospective winners.
After their financial metrics are reviewed, an estimated 50 will receive a package of prizes that includes business coaching sessions and a $1,000 gift card.
“I’m deeply inspired by being here,” said one of the winners, Annie Freedom, founder and president of the Samadhi Center for Yoga in Denver. “It’s really wonderful to be around other successful women, and I will definitely be able to use the business coaching.”
The yoga center has revenue of $600,000, putting it in the threshold of firms with a chance to achieve $1 million in annual sales.
Judging criteria included a company’s prospects for hitting the $1 million level and the owner’s ability to articulate a vision and growth strategy — in two minutes or less.
The Denver conference is part of a nationwide initiative to give female owners of businesses the tools to grow and succeed in an entrepreneurial sector still dominated by men.
“There are barriers, real or perceived, that keep women from getting to the levels they can achieve,” said Nell Merlino, founder and president of event coordinator Count Me In for Women’s Economic Independence.
Merlino’s group cites census statistics showing that female-owned businesses have fewer employees, on average, than male- owned firms and are significantly less likely to grow to $1 million in annual sales.
Teresia Matthew, owner of Aurora-based hair-care-products firm Rho-Zee Kefiran, didn’t win but got positive feedback from an event official for identifying the growth potential in the $9 billion national market for hair products marketed to African-Americans.
Matthew said she is projecting 2011 sales of $450,000.
Since its inception five years ago, the nonprofit Make Mine a Million $ Business has held 23 competitive events with 202 awardees. Thirty-eight of the winning firms have grown to sales of more than $1 million.
Past winner Kris Wittenberg of Eagle- based SayNoMore Promotions said the event instilled her with confidence.
“The biggest asset from participating,” she said, “is not feeling alone and feeling compelled to succeed.”
Steve Raabe: 303-954-1948 or sraabe@denverpost.com
