Botox, which is part of AbbVie subsidiary Allergan Aesthetics, is launching a grant program with IFundWomen that will provide $25,000 grants to women entrepreneurs, along with one year of coaching and mentorship.
In particular, the partnership wants to diminish the “confidence gap” among women. While women make up about 42% of business owners in the U.S., they start out with 50% less working capital than men. Women also receive only 2% of all venture capital funding, while women of color receive less than 1% of venture capital funding.
All of these obstacles can shake women founders’ confidence — even if they have everything it takes to be successful, according to Carrie Strom, president of global Allergan Aesthetics and senior vice president of AbbVie.
“Women are empowered, strong and confident,” Strom said. “Sometimes all that is needed for success is a little support.”
The grants aim to be a tangible step in closing the “confidence” and financial gaps associated with being a woman in business, said Karen Cahn, founder and CEO of IFundWomen, in a statement.
“Success depends as much on confidence as it does on competence,” Cahn said. “Despite the many advancements women entrepreneurs have made because of their high levels of competence, the ‘Confidence Gap’ still very much exists. This is especially true for women founders who struggle to secure funding to grow their businesses. These grant programs provide the funding, mentorship, resources, tools, and connections that create better business outcomes.”
Women who wish to apply for the grants can apply through April 7, with recipients to be announced in June.
Botox continues to make headlines one year after celebrating its 20th anniversary of being approved by the Food and Drug Administration. Months later, Allergan Aesthetics and Botox launched a new campaign, See Yourself, that detailed patient stories after getting the cosmetic procedure.
In the video series, patients discussed their treatment journey and shared post-treatment thoughts.
“Our mission continues to be rooted in showing up authentically, sharing candid, sincere stories and content highlighting our real patients’ reasons for getting treated and how they feel about treatment,” Strom said in a statement at the time.
Botox is also used to treat certain medical conditions, including cervical dystonia, lazy eye and chronic migraine. In January, Allergan Aesthetics launched a new product collection — SkinMedica Even & Correct Collection — that targets hyperpigmentation.