Empowered Women: The Inspiring Surge of Salt Lake City Entrepreneurs
From a single Pilates studio to a thriving entrepreneurial ecosystem — that’s the remarkable journey of Maven!
This captivating narrative is part of a series that shines a spotlight on cities undergoing a spectacular transformation into bustling business hubs, fueled by an unstoppable entrepreneurial spirit that attracts investment, innovation, and talent.
In Salt Lake City, Utah, a mere 15% of businesses are women-owned — one of the lowest figures in the nation, according to the U.S Census Bureau. Yet, a wave of change is sweeping through this picturesque city, empowering women to take the leap into entrepreneurship.
Tessa Arneson launched her small Pilates studio in 2015, quickly realizing that clients were eager for recommendations on local services. This sparked the idea of creating a vibrant network of interconnected businesses.
“I wanted to break free from the corporate grind and offer people a taste of happiness,” Arneson, co-founder and CEO of Maven, passionately shares.
It was within her studio that Tessa crossed paths with Rocky Donati, a newcomer from San Francisco. Together, they envisioned a community where entrepreneurs could flourish side-by-side in the creatively named “Maven District.”
“I could see the vision,” recalls Donati, Maven’s co-founder and chief marketing officer. “But what truly excited me was the possibility of uniting women in this journey.”
Today, Maven has blossomed into a multifaceted enterprise, boasting a co-working space, a chic boutique hotel, and over 130 commercial tenants, with a staggering 85% of those businesses led by women. From a humble $200,000 in annual revenue in 2013, their combined ventures are now projected to generate a remarkable $4 million this year.
Empowering Underrepresented Founders with Capital
While the number of women-owned businesses continues to rise, access to funding remains a formidable hurdle. This challenge is precisely what inspired Kimmy and Sergio Paluch to establish Beta Boom, a venture fund dedicated to supporting underrepresented startup founders in Salt Lake City.
Kimmy Paluch, managing partner of venture capital firm Beta Boom.
“There’s immense untapped potential out there. We’re making progress, but there’s still a long way to go,” Kimmy Paluch, managing partner, asserts. “My vision is to fund more diverse businesses, support more women, and amplify voices of color. The opportunities are right here!”
Founded in 2018 with a modest pilot fund of under $1 million, Beta Boom’s second fund has skyrocketed to $15 million. The firm specializes in investing in software companies spanning health, fintech, and the future of work, with an average investment of $300,000. So far, they’ve put a commendable $5 million into women-led companies. “Investors are drawn to results and revenue — and we’re delivering,” Paluch adds with pride.
Harnessing the Power of Mom Influencers
Susan Petersen, the trailblazing founder and CEO of Freshly Picked, a beloved baby and toddler lifestyle brand, embodies the spirit of breaking barriers.
“Utah has a dominant culture, and online retail has historically been male-dominated,” Petersen explains. “These factors create preconceived notions and ceilings to shatter. I’ve faced my share of challenges.”
Susan Petersen, founder and CEO of baby and toddler lifestyle brand Freshly Picked.
Starting in 2009, Petersen began sewing baby shoes for her newborn, eventually selling them on Etsy. She skillfully built her brand with the help of a network of “mom influencers” in the state. “I nurtured those relationships, and they played a crucial role in my business growth,” Petersen reflects.
By 2014, after a memorable appearance on Shark Tank, her business was raking in $500,000 annually. That exposure propelled sales and expanded her product line to include diaper bags and toys, now available at boutiques and major retailers like Target.
Today, her revenue has skyrocketed to nearly $20 million, with heartfelt gratitude for the women who supported her dream. “It’s empowering to feel like we’re all in this together,” she concludes.
