Today we’d like to introduce you to Cindi Englefield.
Hi Cindi, thanks for sharing your story with us. To start, maybe you can tell our readers some of your backstories.
I grew up in an entrepreneurial family. My father grew up in Springfield, Ohio, and lived in a YMCA with his father and 2 brothers after his mother died, when he was only 9 years old. He went to college on a football scholarship at Ohio University and earned a degree in Civil Engineering. He worked on highways and at Bonded Oil, eventually buying a couple of gasoline service stations in Newark, Ohio. I was five years old, and we watched our dad work long hard hours while Mom stayed home and took care of the three of us. After many years of listening to my dad talk about business and teaching us that hard work pays off, I was hooked on business. I grew up in an era where girls were supposed to be teachers or nurses, have children, and support their husbands. I was not given the same opportunity to work in the family business as my brothers. They were groomed to take over the business. But that business bug was still in me, so I started my own business with the first investment from my father. I launched Show What You Know Publishing from the dining room table and grew the company for over 20 years before I sold it in 2011. My brothers and my father were on my board of directors and I still sit on the board of Englefield Oil. While running my business, I also sat on non-profit boards, was a member of the Women President’s Organization and National Association of Women Business Owners, and joined X-Squared Angels, where I started investing in female-owned startups. Since selling my company, I have been an active board member of the Women’s Small Business Accelerator, an independent business advisor and business coach. All of these experiences have led me to the mission I am on now. In 2022, I co-founded Accelerating Angels, an angel fund and investor group that invests in early-stage, high-growth, and exceptionally run women-owned businesses with a plan to exit in 3-5 years. Currently, we are raising our first fund to put $3 million into the hands of great companies led by women.
I’m sure you wouldn’t say it’s been obstacle free, but so far would you say the journey has been a fairly smooth road?
I truly enjoyed growing my business, hiring employees, and working together with my team to get the company to the next level. I did not enjoy downsizing my company in a downturned economy, cutting budgets, and laying off employees. Show What You Know Publishing sold supplemental books, flashcards, and software/online products to schools. When the school budgets were cut, sales dropped, even with the stimulus money they received. Right-sizing the company saved the company from going out of business, and eventually, we were able to sell the business to another publisher. Every business has its share of struggles, and I have learned to enjoy troubleshooting business problems. It’s one of the things I feel I am experienced with now. I see problems as opportunities that push us to change and adapt to a new set of circumstances. When business owners face challenges, they are forced to look up from the day-to-day business and become the visionary that the business needs.
As you know, we’re big fans of you and your work. For our readers who might not be as familiar, what can you tell them about what you do?
I am passionate about helping women business owners succeed and grow. In 2021 I learned that less than 3% of Venture Capital was invested in women-owned businesses. And in 2022, it dropped below 2%. This not only disappointed me but caused me to want to do something to change it. We have a vibrant startup business ecosystem in Central Ohio. In Columbus, there are no longer any organized angel investor groups, but we have some individual angel investors and quite a few VC and Private Equity companies. Venture Capital firms’ investment decision-makers are predominately men. It’s human nature to invest in what you are comfortable with, and it’s obvious from the statistics that men prefer to invest in male-owned businesses. But, that’s not the only reason. I believe one of the ways to get more investment dollars into the hands of women-owned businesses is to have more women making investment decisions. The mission of Accelerating Angels is to provide an opportunity for high-growth, early-stage, and exceptionally led women business owners to secure much-needed funding for the accelerated growth of their organization and to promote an exit that produces wealth for the founder and the investors that support them. In other words, we want to help women business owners scale their businesses so that they become venture-backable companies. Accelerating Angels is facing some of the same barriers to entry as many women-owned businesses that start out. We are determined to increase the number of men and women angel investors, but especially women and women of color. Diversity on both the investor and founder sides is also very important to us. We appreciate all the support we have received across the city and the state from the startup community, universities, financial institutions, and corporations.
Can you talk to us about how you think about risk?
I think you have to be a risk-taker to start a business. I am lucky to know many smart and successful men and women business owners that were willing to take a risk to launch their businesses and grow. Whether it’s taking on debt, launching a new product, or taking legal action to protect your intellectual property from competitors, there are times when you have to take those kinds of risks in order to grow, protect and succeed in business. As an angel investor and the co-founder of Accelerating Angels, I obviously don’t mind risking some of my investment dollars on business startups, especially women-owned businesses. In general, women tend to be more risk-averse than men. We are working to educate women about angel investing. I believe that investing in women-owned businesses reduces some of the risks. Women build great teams and have great business cultures. They stretch investment dollars and hit their goals. Historically, women produce 35% higher returns to their investors and tend to produce higher revenues than male-owned businesses. Investing in early-stage startups is considered high risk, high reward, but I believe it’s worth the risk when women are creating companies with products and services that make an impact and solve some of the big problems we face in the world.
Contact Info:
- Website: www.acceleratingangels.com
- Instagram: https://www.instagram.com/accelerating_angels/
- Facebook: https://www.facebook.com/cindienglefield
- Linkedin: https://www.linkedin.com/in/cindienglefield/
