Carolyn Cassin, President and Chief Executive Officer of Michigan Women Forward (MWF) and Detroit Regional Chamber Board Member, embodies the spirit of entrepreneurship and social impact. In a recent interview with the Detroit Regional Chamber, she discussed her journey, the challenges women-, veteran-, and minority-owned businesses face, and the future of entrepreneurship and MWF.
MWF’s Role in Supporting Women Entrepreneurs
Cassin describes herself as an entrepreneur at heart, driven by a desire to make a difference and solve problems. Driving meaningful change lies at the core of her work at MWF, where they help create economic opportunities for women — especially those from underrepresented backgrounds.
“We’re an economic development organization,” Cassin said. “As a CDFI lender, we loan to everyone — women and men. But our focus is helping those who may not qualify for traditional lending, so we can give them a chance to start or grow their business. Very often, that’s women and minorities who need that opportunity.”
MWF provides access to capital and the support and guidance entrepreneurs may need to start or grow their businesses. Cassin explained that MWF provides these resources because entrepreneurship is often a learned skill. Many individuals do not learn early on the knowledge or receive the resources and support needed to successfully start or grow a business.
“We want to invest in people so they can actualize their dreams,” Cassin said. “I listen every single day to someone telling me what they’re good at, what they’ve dreamed about doing, how they’d like to create wealth for themselves, and this organization just gets up every morning and tries to do that.”
Through these targeted investments and hands-on mentorship, MWF helps aspiring and existing entrepreneurs build a strong foundation for long-term success and sustainable growth — paving the way for a more inclusive entrepreneurial landscape.
Watch: Driving Economic Equity and Inclusion: Insights From Michigan Women Forward’s Carolyn Cassin
Challenges Facing Women-owned Businesses — and How to Overcome Them
Starting and growing a business has always been challenging, said Cassin. It demands innovation — doing something different or better than what already exists. This is only exacerbated by other obstacles nowadays, such as the lack of early exposure to entrepreneurship, restricted access to capital, and gaps in financial literacy.
In some families, entrepreneurship is a tradition, according to Cassin, offering a natural foundation for understanding business. In others, this foundational knowledge is absent, leaving many women without the tools to confidently navigate the entrepreneurial world.
Historically, entrepreneurs have also relied on family wealth or personal savings to launch their ventures. Yet, not everyone has access to such resources. That’s where MWF steps in, identifying individuals who lack traditional funding sources and helping them prepare for investment. It does this in a variety of ways, including by teaching financial literacy and the critical relationship between a business and its finances.
“You might be a talented hairdresser or fantastic baker, and math and accounting may not be your biggest strength. But when you are a business owner, you have to learn those skills and prioritize them to be successful,” Cassin said. “You have to embrace it — it isn’t about math. It’s about knowing your numbers. Every single number gives you information about your business.”
Cassin identified timing and innovation as other challenges women entrepreneurs face. She encouraged them to be honest with themselves about their readiness and the practicality of their ideas, emphasizing that success requires a balance of preparation and adaptability. Alongside this, she stressed the importance of tenacity, urging aspiring entrepreneurs to pursue ventures they are truly passionate about and enjoy.
She also touched on a common hurdle for women — hesitating to ask for help. This is where the supportive community at MWF becomes invaluable. At MWF, no question is considered “stupid,” and challenges are normalized, creating an environment where women can overcome obstacles with confidence and support.
“These are not insurmountable challenges,” Cassin said. “You don’t have to climb Mount Everest before you can start a business. You just have to walk up a few hills, and we can teach you the rest along the way.”
The Future of Women Entrepreneurship
Cassin envisions a future where organizations like MWF are no longer necessary because everyone has equal access to resources and opportunities. She believes equality is a core American value and hopes that one day, there will be no need to invest in specific groups to ensure fairness.
“In 2045, America will be a majority minority country,” Cassin said. “That’s why I love living and working in Detroit. We are already living in a community that we can learn from and figure out how to make sure that everybody gets access to capital and the skills and training they need. So that’s my goal in life: to make this normal and not need Michigan Women Forward to do that.”
Nonetheless, Cassin acknowledged that the landscape for women entrepreneurs is continuously evolving. She compared it to riding a rollercoaster with highs and lows shaped by economic and political factors. Despite that, she is confident that with hard work and a deliberate focus on creating equal opportunities, we can build an economy that reflects the diversity of our communities, including with recent administrative changes.
“Entrepreneurship and economic development is a bipartisan issue,” Cassin said. “There’s a lot of angst about this current administration, but I don’t think it’s an anti-business administration. It may impact where we get some of the money to do this work, but I don’t think it’s going to really impact the interest in or the support of it.”
Instead of worrying about political changes, Cassin said she is focused on ways to create wealth and opportunities for entrepreneurs through MWF. She revealed that MWF is planning significant expansions, aiming to double its loan offerings and reach more regions across Michigan.
Michigan Women Forward President and Chief Executive Officer, Carolyn Cassin, with WomanUp & Celebrate Southeast Michigan 2024 honoree, Rachel Stewart, Chief Executive Officer of Gardner White.
Additionally, MWF will continue celebrating outstanding women and their achievements through the Michigan Women’s Hall of Fame, which honors Michigan women who have achieved a lasting legacy that’s positively affected the state. Recent inductees include U.S. Rep Debbie Dingell, former Michigan Supreme Court Chief Justice Bridget Mary McCormack, and a posthumous recognition of Anne Parsons, the former president and CEO of the Detroit Symphony Orchestra. Nominations for this year’s inductions are open until May 8.
MWF also hosts its WomanUp & Celebrate events throughout the state to recognize women leaders and raise funds to support its mission. The WomanUp & Celebrate Southeast Michigan event will be held on May 7, 2025, at the Huntington Place in Detroit. This year’s honorees include Denise Brooks-Williams, Executive Vice President and Chief Operating Officer of Care Delivery Systems of Henry Ford Health, and Ronia Kruse, Founder and Chief Executive Officer of OpTech, LLC and OpTech Solutions.
How to Support Michigan Women Forward
Cassin’s passion for entrepreneurship and her commitment to empowering women are evident in her leadership at MWF. By providing access to capital, mentorship, and resources, MWF is turning dreams into reality for women, veterans, and minority entrepreneurs, driving both economic growth and social equity in Michigan and beyond.
Individuals and communities can support MWF’s work in many ways. Whether through financial contributions or sharing personal expertise, every effort counts—especially since every dollar goes directly back into the community, creating a powerful cycle of support. Cassin also encouraged simple yet impactful actions like shopping at local businesses, attending MWF events, and offering positive words to entrepreneurs as ways to make a real difference.
Learn more about MWF and get engaged at miwf.org.