Women entrepreneurs in Salt Lake City are challenging norms and shattering limitations.

• Several businesses, including a co-working space, boutique hotel, and over 130 commercial tenants, have been added to Maven, a district known for its women-owned businesses that started as a single Pilates studio.
• $5 million has already been invested by Beta Boom, a venture fund that focuses on supporting underrepresented startup founders, specifically those run by women.
• Freshly Picked, a baby and toddler lifestyle brand, established its marketing strategy by leveraging the influence of moms in Utah.

CNBC's quarterly Cities of Success series examines cities that have evolved into thriving business centers, drawing in capital, corporations, and talent due to their entrepreneurial mindset.

Despite being one of the lowest in the US, only a few women own businesses in Salt Lake City, Utah, according to the latest census data. However, there are ongoing efforts to support women in starting their own companies.

In 2015, when Tessa Arneson launched her Pilates studio, clients frequently requested local recommendations, prompting her to consider establishing a network of related businesses.

Arneson, Maven co-founder and CEO, stated that his dream was to leave corporate America and spread happiness to others.

Arneson met Rocky Donati, a recent transplant from San Francisco, at a Pilates studio in Salt Lake City. The two collaborated to establish a community of entrepreneurs in the "Maven District," where they could work together to develop and expand their businesses.

"Donati, Maven's co-founder and chief marketing officer, stated, "I could see the potential for bringing women together.""

In 2013, Maven's Pilates studio generated around $200,000 in revenue. Today, the company's co-working space, boutique hotel, and over 130 commercial tenants bring in a total of $4 million in revenue, with 85% of the businesses being owned by women.

Raising capital for underrepresented founders

Although the number of women-owned businesses is growing, access to capital remains a significant challenge. Kimmy and Sergio Paluch launched Beta Boom in Salt Lake City to invest in underrepresented startup founders.

"Kimmy Paluch, Beta Boom managing partner, stated that there is still a lot of untapped potential, but they are making progress. The potential she sees is to fund more diverse businesses, women, and people of color, and there are opportunities to be seized."

The couple founded the firm in 2018 with a pilot fund of less than $1 million. Its second fund now has $15 million. Beta Boom invests in software companies in health, fintech, and the future of work, with an average investment of $300,000. The firm has already put $5 million into companies run by women. "What attracts investors is outcomes and revenue returns," Paluch said.

Building a brand with mom influencers

Susan Petersen, the founder and CEO of Freshly Picked, a baby and toddler lifestyle brand she started 15 years ago, understands the importance of breaking down barriers.

Petersen stated that the dominance of the Church of Jesus Christ of Latter Day Saints in Utah and the male-dominated nature of online retail present challenges that require breaking down walls and ceilings.

In 2009, Petersen began sewing baby shoes for her newborn and sold them on Etsy. She gained marketing traction through social media influencers who lived in the state. "I made sure to take care of them and form a relationship with them, and they really helped me grow my business," Petersen said.

In 2014, Petersen's business was generating $500,000 in annual revenue. After appearing on Shark Tank, the business experienced increased sales and expanded its product line to include diaper bags and toys, which were available online and through various retailers, including Target.

Petersen stated that revenue is now almost $20 million. She attributed her success to the women who helped her achieve her dream. "It's amazing how it feels like we're all in this together," she said.