11 Businesses You Might Not Know Were Started By Women

Kikkoman soy sauce, a company founded by a widow, according to legend
Kikkoman soy sauce, a company founded by a widow, according to legend
RICHARD MASONER/CYCLEICIOUS, FLICKR // CC BY-SA 2.0

According to the National Association of Women Business Owners, there were more than 11.6 million women-owned firms in the U.S., generating $1.7 trillion in sales, as of 2017. In addition to all the major inventions women have given us over the years, female entrepreneurs and visionaries have founded and owned companies in fields ranging from tech to television, fashion to food, and everything in between. Here are just a few examples of the game-changing enterprises women have founded or co-founded.

1. Kikkoman

glass bottle of Kikkoman soy sauce.
iStock.com/DarioZg

The origin story behind one of the world’s best-known soy sauce brands dates all the way back to 17th century Japan. As legend has it, an upper-class war widow named Shige Maki escaped in disguise with her son from Osaka Castle, their war-ravaged home, to Edo (the city that would become Toyko). Maki and her son learned to cultivate rice and brew soy sauce like their new neighbors, and Maki’s tweaks to the production process went over so well that 350 years later Kikkoman is still making a version of the stuff.

2. Flickr

A logo for the Flickr website is displayed during an announcement in 2013
A logo for the Flickr website displayed during an announcement in 2013
EMMANUEL DUNAND/AFP/Getty Images

Web design consultants Caterina Fake and Stewart Butterfield had originally developed a social interaction-based online game, but it wasn’t until Butterfield was up sick all night while the couple was at a 2003 gaming conference that the idea to just focus on the game’s photo-sharing aspect struck. Today, the online photo album site hosts tens of billions of photos and has changed the way people capture their lives on camera. Yahoo acquired the company from Fake and Butterfield for an undisclosed but hefty sum in 2005; in 2018, it was bought by independent image-hosting firm SmugMug.

3. Spanx

Sara Blakely attends the launch of Haute Contour by SPANX at Saks Fifth Avenue in 2009
Sara Blakely attends the launch of Haute Contour by SPANX at Saks Fifth Avenue in 2009
Astrid Stawiarz/Getty Images

Once landing the title of youngest female self-made billionaire didn’t come easily for Sara Blakely. She’d tried getting into law school, standup comedy, selling fax machines, even auditioning at Disney World (she’s said she didn’t get the part of Goofy because she was too short). But Blakely's turning point came at age 29 when she snipped the feet off a pair of pantyhose so she’d have a smoother shape under a pair of white pants and thought she might be onto something. She was. Spanx shapewear has since expanded to more than 200 products and a chain of retail stores, and has scores of celebrity devotees including Oprah, Gwyneth Paltrow, and Michelle Obama. In 2013, Blakely—who still owns 100 percent of the company—made headlines for pledging to donate half her wealth to charitable causes.

4. Pepperidge Farm

A package of Pepperidge Farms Goldfish crackers
Mike Mozart, Flickr // CC BY 2.0

In the 1930s, Connecticut housewife Margaret Rudkin started baking preservative-free breads to help alleviate one of her son’s allergies. Soon she was selling her bread (which was named after her family farm) to local grocers, and by 1947 Rudkin opened her first bakery. She'd go on to act as official taste-tester, the company spokesperson, and the importer of products like European-style cookies and Goldfish crackers she'd discovered on trips to Belgium and Switzerland. The brand's sales were already at $32 million a year when it sold to Campbell's in 1961; Rudkin officially retired from the company in 1966, but her breads and cookies continue to be grocery aisle mainstays.

5. Cisco

The Cisco Systems logo in front of the company's headquarters in San Jose, California
Justin Sullivan/Getty Images

Sandy Lerner worked for Stanford University in the early '80s along with her husband, Len Bosack, but the two were frustrated that they were unable to email each other from different buildings. The two developed a router that allowed multi-network exchanges, and the technology was so in-demand that they had $1.5 million in sales by the following year. Lerner and Bosack are no longer with Cisco (and are no longer married), but the networking products company they launched is valued at more than $220 billion.

6. Proactiv

A bottle of Proactiv solution on a blue background

Dermatologists Katie Rodan and Kathy Fields met in the 1980s during their residencies at Stanford University School of Medicine, and in 1995 the friends launched their multi-step Proactiv Solution, a noticeable departure from the spot-treatment-style acne products that cornered the market at the time. In the years since, their distinctive ads and celebrity endorsements (including top names like Katy Perry and Justin Bieber) have turned their skincare line into a household name.

7. Build-A-Bear

A Build-A-Bear Workshop at Mall of America
A Build-A-Bear Workshop at Mall of America
Adam Bettcher/Getty Images for Build-A-Bear

The idea to let kids make their own stuffed animals was apparently inspired by an unsuccessful shopping trip founder Maxine Clark went on with a friend's young daughter. When the girl suggested they make their own stuffed animal at home, Clark ran with the idea and opened her first store—a "theme park factory in a mall"—in 1997 in St. Louis. Today there are more than 400 Build-A-Bear Workshops worldwide.

8. BET

Sheila Johnson speaks on stage at The Jefferson Awards Foundation 2017 DC National Ceremony
Sheila Johnson speaks on stage at The Jefferson Awards Foundation 2017 DC National Ceremony
Larry French/Getty Images for The Jefferson Awards Foundation

Black Entertainment Television got its start in 1979 when Sheila Johnson used the money she was making teaching music lessons to help fund the fledgling cable network with her then-husband, Robert. The Johnsons (now divorced) have distanced themselves from today's iteration of the channel since they sold the company to Viacom in 2001, but in the '80s and '90s, Sheila Johnson served as one of the original board members and the VP of Corporate Affairs. In 1991, BET became the first African American-controlled company listed on the New York Stock Exchange.

9. Liquid Paper

Liquid Paper products on display at the Women's Museum
Liquid Paper products on display at the Women's Museum
FA2010, Wikimedia // Public Domain

When secretary and single mom Bette Nesmith Graham discovered white tempera paint and a thin paintbrush worked wonders for correcting typos, she worked on perfecting the solution, calling her product "Mistake Out." Graham slowly started a side hustle after shifts at the bank by selling bottles, and in 1958 she decided to go into business for herself and changed the name to Liquid Paper. By 1968, the company was big enough for its own factory and offices, which Graham insisted include a childcare center and library.

10. The Body Shop

Anita Roddick of the Body Shop in one of her stores in 1986
Anita Roddick of the Body Shop in one of her stores in 1986
Keystone/Getty Images

Traveling the world taught Anita Roddick a lot about unique body care customs, and in 1976 she applied some of that knowledge to the products she offered at the first Body Shop she opened in Brighton, England. Roddick's earth-and-animal-friendly mindset was ahead of its time: she’s sometimes credited with launching the concept of ethical consumerism. Today, you can find Body Shops and their iconic Body Butters in more than 45 countries.

11. Rent the Runway

Jennifer Hyman of Rent the Runway speaks onstage at Girlboss Rally NYC 2018
Jennifer Hyman of Rent the Runway speaks onstage at Girlboss Rally NYC 2018
JP Yim/Getty Images for Girlboss Rally NYC 2018

Harvard Business School classmates Jennifer Hyman and Jennifer Fleiss were inspired to apply a Netflix model to designer clothes and accessories after Hyman's sister complained of needing to drop a fortune on a new dress she'd only wear once for a wedding. Rent the Runway launched in 2009, the perfect time to capitalize on a culture growing increasingly preoccupied with selfies and event photos—wearing the same special occasion outfit twice would no longer fly. Hyman and Fleiss's high-tech interface and Unlimited subscription option have kept the company growing, and in 2016 Hyman and Fleiss's novel concept broke $100 million in revenue.

A version of this article first ran in 2017.

5 Facts About Charles Ponzi and the Original Ponzi Scheme

Wikimedia Commons, Public Domain
Wikimedia Commons, Public Domain

Some of the most infamous scams in history have been Ponzi schemes, but before Bernie Madoff (or Bitcoin), there was Charles Ponzi himself. The con he built was so successful that his last name became synonymous with fraud. In January 2020, a century after he set up his fraudulent Securities Exchange Company, the phrase Ponzi scheme is still used to describe any scheme in which funds from new investors are used to pay back old investors. Here are some facts about Ponzi and his scheme that you should know.

1. Charles Ponzi arrived in the U.S. with $2.50 in his pocket.

Charles Ponzi was born in Lugo, Italy, in 1882. As a young adult, he worked as a postal worker and studied at the University of Roma La Sapienza. Neither path panned out for him, however. In 1903, when faced with dwindling funds, Ponzi boarded a ship for America in search of a better life. But Ponzi wasn't a master hustler at this point in his life; he arrived in Boston with $2.50 after gambling away the rest of his life savings on the ship.

2. Charles Ponzi spent time in prison before his famous scheme.

Ponzi was no stranger to crime before concocting the scheme that made his surname infamous. Not long after arriving in Boston, he moved to Canada and got in trouble for forging checks. He spent two years in a Canadian prison for his offenses. Back in the U.S., he served a term in federal prison for illegally transporting five Italians immigrants across the Canadian border. It was only after his so-called Ponzi scheme began to crumble that his criminal history was made public by journalists, thus speeding up his downfall.

3. Charles Ponzi got rich off the postal system.

In 1920, Ponzi discovered the key to the ultimate get-rich-quick scheme: an international postal reply coupon worth $.05. It had been included in a parcel he received from Spain as prepayment for his reply postage. Thanks to an international treaty, the voucher could be exchanged for one U.S. postage stamp worth a nickel, which Ponzi could then sell. Ponzi knew that the value of the Spanish peseta had recently fallen in relation to the dollar, which meant that the coupon was actually worth more than the 30 centavos used to purchase it in Spain. He took this concept to the extreme by recruiting people back home in Italy to buy postal reply coupons in bulk from countries with weak economies, so that he could redeem them in the U.S. for a profit.

4. Charles Ponzi swindled $20 million from investors.

Ponzi technically wasn’t breaking any laws with his postal service transactions, and if he had kept his idea to himself he would have gotten away with it. Instead, he turned his small money-making operation into a wide-reaching scam. If people invested money into his “business” of cashing in foreign postal vouchers, which he dubbed the Securities Exchange Company, they would get their money back plus 50 percent interest in 90 days. The deal was too good for many investors to pass up.

It was also too good to be true: The money wasn’t being used to buy coupons overseas. Ponzi kept most of the investments for himself and used the flood of money coming in from new investors to pay off the old ones. Many investors were so thrilled with their returns that they invested whatever money they had made back into the business, which helped Ponzi keep the sham afloat.

Ponzi was finally rich and famous, but soon enough, cracks in the scheme started to form. The Boston Post launched an investigation into Ponzi and revealed that in order for his business to be functional, he would need to be moving 160 million vouchers across world borders. There were only 27,000 postal reply coupons in circulation at the time. The final blow came when the publicist he had hired to represent him came out against him to the public. His system fell apart and it was revealed that he had stolen $20 million from investors.

Because he had lied to his clients about their investments through the mail, Ponzi was ultimately charged by the federal government for mail fraud. He served three-and-a-half years in prison and then served an additional nine years for state charges.

5. Charles Ponzi didn’t invent the Ponzi scheme.

Though Ponzi schemes were eventually named for him, Charles Ponzi didn’t invent this type of scam. There were many crooks before him who used the same method to exploit investors. Charles Dickens even wrote pre-Ponzi Ponzi schemes into his 1857 novel Little Doritt.

It’s possible that Ponzi got the idea for his own fraud from William F. Miller, who pulled a similar stunt working as a bookkeeper in Brooklyn in 1899. But it was the highs of Ponzi’s success—and the lows of his demise—that made his story so memorable.

14 Candid Photos of Martin Luther King Jr.

Getty Images
Getty Images

January 20, 2020 is Martin Luther King Jr. Day, the federal holiday that celebrates the life of the civil rights activist. The holiday—which was signed into law by President Ronald Reagan in 1983, and has been observed annually since 1986—is held on the third Monday in January. (King was born on January 15.) Here's a look back at King in action.

Martin Luther King Jr. on the phone
Express Newspapers/Getty Images
  • American civil rights leader Dr. Martin Luther King, Jr. sits on a couch and speaks on the telephone after encountering a white mob protesting against the Freedom Riders in Montgomery, Alabama, on May 26, 1961.


J. Wilds/Keystone/Getty Images
  • American civil rights campaigner Martin Luther King arriving in London on October 1, 1961. He was in England to be the chief speaker at a public meeting about color prejudice and to appear on the BBC television program Face To Face.


Three Lions/Getty Images
  • American president John F. Kennedy at the White House on August 28, 1963 with leaders of the civil rights March on Washington (left to right): Dr. Martin Luther King, Rabbi Joachim Prinz, A. Philip Randolph, President Kennedy, Walter Reuther, and Roy Wilkins. Behind Reuther is Vice President Lyndon Johnson.


William H. Alden/Evening Standard/Getty Images
  • King raising his hands in a restaurant on September 21, 1963.


Evening Standard/Getty Images
  • Canon John Collins greeting King at London Airport on December 5, 1964.


Keystone/Getty Images
  • King receives the Nobel Prize for Peace from Gunnar Jahn, president of the Nobel Prize Committee, in Oslo, on December 10, 1964.


Hulton Archive/Getty Images
  • President Lyndon B. Johnson discusses the Voting Rights Act with King in January 1965. The act, part of President Johnson's "Great Society" program, trebled the number of black voters in the south, who had previously been hindered by racially inspired laws.


William Lovelace/Express/Getty Images
  • King and his wife, Coretta Scott King, lead a civil rights march from Selma, Alabama, to the state capital in Montgomery in March 1965. On the left (holding bottle) is American diplomat Ralph Bunche.


Getty Images
  • King addresses a crowd in front of the Capitol Building in Montgomery, Alabama, following a voting rights march from Selma, Alabama, in March 1965.


William Lovelace/Express/Getty Images
  • King listening to a transistor radio in the front line of the third march from Selma to Montgomery, Alabama, to campaign for proper registration of black voters, on March 23, 1965. Among the other marchers are: Ralph Abernathy (1926 - 1990, second from left), Ralph Bunche (1903 - 1971, third from right) and Rabbi Abraham Joshua Heschel (1907 - 1972, far right). The first march ended in violence when marchers were attacked by police. The second was aborted after a legal injunction was issued.


Keystone/Getty Images
  • King addresses civil rights marchers in Selma, Alabama, in April 1965.


Express Newspapers/Getty Images
  • King speaks to reporters during a march en route to Jackson, Mississippi, on June 11, 1966.


Getty Images
  • Watched by Dr. Charles Bousenquet, King signs the Degree Roll at Newcastle University after receiving an honorary Doctor of Civil Law degree, Newcastle, England, on November 14, 1967.


John Goodwin/Getty Images
  • King speaks at a January 12, 1968 press conference for Clergy & Laymen Concerned About Vietnam, held at the Belmont Plaza Hotel, New York City. He announced the Poor People's March On Washington at this event.

SECTIONS

arrow
LIVE SMARTER