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Rent the Runway Just Launched a Competition and Mentorship Program for Women Entrepreneurs The women-led fashion tech company is partnering with UBS Americas to educate and empower women business owners.

By Catherine Clifford

Opinions expressed by Entrepreneur contributors are their own.

Rent the Runway

Rent the Runway dresses women for success. Now, it's also working to help women find success as entrepreneurs, too.

Today, the New York City-based fashion tech company's new non-profit arm, Rent the Runway Foundation, and the financial services giant UBS Americas announced a joint competition and mentorship program to support and encourage women entrepreneurs.

Called Project Entrepreneur, the mentorship program is calling on female entrepreneurs with an existing business plan, prototype or some technology in beta (you have to have more than an idea and a pipe dream) to apply online at projectentrepreneur.org starting now and through January 8. Two hundred applicants will be selected attend a workshop in New York City in April. Three finalists will win a $10,000 cash prize and a ticket to participate in a five-week accelerator program.

Related: Why These Ecommerce Front-Runners Are Building Brick and Mortar Stores

"There are so many passionate, entrepreneurial women founding businesses today, but only 4 percent of these women-owned businesses are generating $500K or more in annual revenue," says Hyman in a statement announcing the new program. "Project Entrepreneur offers the experience, training and networks needed to ignite bold ideas and help women build economically impactful companies."

In addition to the pitch competition and accelerator program, Project Entrepreneur will include a handful of free resources for entrepreneurs, including live three summits for lady entrepreneurs: one in New York City, one in Austin and another in Washington D.C.

Rent the Runway itself is run by powerhouse lady entrepreneurs, Jennifer Hyman and Jennifer Fleiss. Founded in 2009, the company has 5 million members, 375 employees and has taken on $100 million in venture capital.

Related: What You Can Learn From Misty Copeland About Achieving the Impossible
Catherine Clifford

Senior Entrepreneurship Writer at CNBC

Catherine Clifford is senior entrepreneurship writer at CNBC. She was formerly a senior writer at Entrepreneur.com, the small business reporter at CNNMoney and an assistant in the New York bureau for CNN. Clifford attended Columbia University where she earned a bachelor's degree. She lives in Brooklyn, N.Y. You can follow her on Twitter at @CatClifford.

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