Mom of Four Wins National $50,000 Moms In Business Grant Package via peerbackers
May 21st, 2012
Mompreneur wins nation’s only crowdfunding business grant while raising four kids and working as emergency room doctor.
Mom of Four, Emergency Room Doctor, and budding entrepreneur, Tara Coles MD, is the national grand prize recipient of the Moms In Business Grant. Dr. Coles will receive a package of business growth tools and cash valued at more than $50,000 from The National Association For Moms In Business (NAFMIB), the leading association representing the fifteen million entrepreneur, executive and CEO moms in the United States.
The grant is expanding and innovating the way mom business owners can get capital for their businesses. The Moms In Business Grant uses crowdfunding to give mom business owners a better chance at launching a new business or current business project. It’s the first and only business grant competition to utilize crowdfunding.
Tara Coles has become known as the“super-shero” mom in the NAFMIB office and has astounded everyone with her drive and tenacity. In addition to launching ArtNest, Tara is an Emergency Room doctor and a mom of four. Tara surpassed her grant race funding goal three times. Her initial goal was to raise $1000 in the crowdfunding race portion of the competition; however, within the first three days she surpassed that goal. She raised it to $2,000, then to $3,000 and finally to $3,500. In addition, she coached her grant race “rivals”to help them get better results because she believes that there is more power in every mom doing well.
Tara’s winning entrepreneurial project is ArtNest. ArtNest’s mission is to spread the love of original art, to promote support for emerging artists, and to provide unique opportunities for art and culture in local communities. It also provides a platform to make art and the art world more accessible, transparent, and connected to the every day.
According to the Small Business Administration (SBA), Women own over 9 million businesses yet they receive the least amount of financing from traditional sources. Women traditionally own smaller types of businesses that don’t meet financial assistance minimums of banks and venture capital firms. Tara was one of those women with several attempts and trying tradition business lending with no success. She saw the Moms In Business Grant as a way to test out the viability of her entrepreneurial dream without tapping her credit cards for needed capital.
The Moms In Business Grant is the first and only crowdfunding business grant and it teams with peerbackers.com for this annual competition. “Moms In Business is giving a crowdfunding business grant rather than using the traditional grant-giving model for three reasons,” says founder and president of the National Association For Moms In Business, Gina Robison-Billups, “We wanted to provide an innovative way to motivate moms to kick start or grow their businesses. In addition, it’s an “everybody wins” scenario where all those that participate have the opportunity to raise money, create exposure, and build a following for their business, and lastly, due to the promotional requirements to be successful via crowdfunding, it’s a good way to identify those entrepreneurs who will go the extra mile to publicize and build their ventures therefore making them ideal candidates for our grand prize grant of $50,000 in business growth tools.” The package includes advertising in Moms In Business Magazine, customized monthly business coaching from CEO moms, Cover mom feature in Moms In Business Magazine, a team of expert marketing and business advisers at her disposal and $1,000 in cash — all in addition to the $3,600 Tara raised in the competition.