I just got back to my desk from a special morning—it was Tory Burch’s founders breakfast, her second annual event celebrating women entrepreneurs. This year’s “iconic founder award” went to Anna Wintour (just in time for The Devil Wears Prada 2).
Wintour isn’t necessarily a founder by the traditional definition. (Last year, the inaugural honor went to Martha Stewart.) Burch, who herself has built a $2 billion business, explained her interpretation of what a “founder” is. You don’t have to found a company to exhibit an “entrepreneurial spirit,” Burch argued. Wintour has applied her innovation and creativity to Vogue and Condé Nast for 37 years, transforming institutions instead of building one from scratch.
Wintour was there (even though it’s just a few days before the Met Gala) and offered some business advice. She likes to hire people she wants to see every day—people who she’s excited to be around, not just those who have the right resumes on paper. Burch said she learned from Wintour “the power of being clear and to the point.”
The annual gathering supports the Tory Burch Foundation’s fellowship program, which for more than 15 years has helped women entrepreneurs grow their businesses. Last year, I broke the news that the foundation aimed to add $1 billion to the U.S. economy through these women entrepreneurs by 2030, measured by those companies’ revenue. Today, Burch and foundation president Tiffany Dufu reported that they’re well on the way to that goal—founders who have been part of the program contributed $470 million to the economy last year.
That’s the combined sales of 385 founders, whose businesses support about 2,000 jobs in total. The average age of a founder in this cohort is 42—with years of growth ahead. Founders Pilar Guzmán (Half Moon Empanadas, a $30 million business), Viola Sutanto (lifestyle brand Maika, a $3 million business), and Andrea Seymour (owner of a $15 million home renovation firm) were honored too. Many of these businesses have seen sales soar in the years they’ve been part of the fellowship program; Guzmán’s Half Moon Empanadas has 10xed since she joined at $3 million in 2020.
After a tough year for women entrepreneurs and small businesses, it was powerful to see this support in action. As Dufu said: “With funding cuts to small business support nationwide, our role is more important than ever.”
Emma Hinchliffe
emma.hinchliffe@fortune.com
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PARTING WORDS
"I’m 56 years [old]—it took me this long to understand that I could do that!"
— Meryl Streep on the original Devil Wears Prada. She asked to double her salary before she came on board the film.
