To celebrate women business owners, Bank of America and ForbesBooks took time to speak with small business experts at their recent panel event. Panelist Cate Luzio, founder and CEO of Luminary, created the female-focused collaboration space for professional women to network, develop, and connect.Tune in to this episode of “The Heartbeat of Main Street” for Cate Luzio’s entrepreneurial journey.


Listen next: Stories from the Spotlight, Part 1: Deepti Sharma & FoodtoEat




“The Heartbeat of Main Street” delivers timely insights tailored to the needs of small business owners and entrepreneurs. Featuring a rotating line-up of small business experts and industry leaders – and covering a range of topics – each episode explores the trends that have an impact on revenue creation for small business owners.


The series is hosted by ForbesBooks, and more information can be accessed through a dedicated home page. New episodes will appear regularly on the Small Business Community podcast page. Be sure to check back often – so you don’t miss a beat.



Narrator:                   Now, let's hear from Cate Luzio, founder and CEO of Luminary, the venue hosting the 2019 Bank of America Women Business Owners Spotlight.


Kate Delaney:           We're at a very cool place, Greg, called Luminary.


Gregg Stebben:        That is very cool. Luminary.


Cate Luzio:               Yes.


Kate Delaney:           Yes.


Gregg Stebben:         Luminary. Who's here with us?


Kate Delaney:            Cate Luzio's with us. She is the founder of this place.


Gregg Stebben:         And CEO. Founder and CEO of Luminary.


Kate Delaney:            Yes. And she's a 20-year banker.


Gregg Stebben:          Before Luminary.


Kate Delaney:            Yeah.


Cate Luzio:                 Yes.


Gregg Stebben:          Yes.


Cate Luzio:                 I quit my job to do this.


Gregg Stebben:          So, I want to hear the whole story.


Cate Luzio:                 Yeah.


Gregg Stebben:          How did you get here? Actually, you know what? Before you tell us that, tell us what Luminary is so people understand. I mean, we are in this  beautiful brick, I guess ... Is it loft-ish or a loft?


Cate Luzio:                 Yeah. Well, we're 15,000 square feet, so you guys have only seen one part. We've got a fitness studio, we have a beauty bar-


Gregg Stebben:          Oh, my gosh.


Cate Luzio:                  ... we have a dozen meeting rooms, we have a dozen phone booths, we're opening up our rooftop. It'll be open all year round.


Gregg Stebben:           Now, wait a minute. And I'm not invited. Well, no, I am invited.


Cate Luzio:                  No, men are absolutely welcome.


Gregg Stebben:           Oh, it is. Okay.


Cate Luzio:                  100%.


Gregg Stebben:           So, it's not a women-only co-working staff. Okay.


Cate Luzio:                 We're not. So, we are a female-focused collaboration space for professional women to network, develop, and connect. We're built on programming and content. So, we think of ourselves as here's a community gathering hub for women and male allies where you can come and learn, develop, and connect with other women, no matter if you're a banker, an entrepreneur, a yoga instructor, a teacher, really breaking down the silos that women face all over, no matter what profession they're in, especially for those that we’re trying to retain in the workforce, and then women entrepreneurs. So, we do workshops and courses, almost 20 a month.


Gregg Stebben:          Wow.


Cate Luzio:                 So, we've already done 150 this year. We've been open nine months. So that, whether it's professional and career development, small business entrepreneurial, personal wellness, and career changer and pivoters, we're supporting the woman, not a specific woman.


Kate Delaney:             Did you decide you were going to do this because you saw the need for women?


Cate Luzio:                 Very good question, Kate.


Kate Delaney:            Yeah. No man would have figured out that question.


Cate Luzio:                 No. You know, actually, I had this amazing career, 20 years. I spent a number of years at BofA, JP Morgan, and HSBC, and what I saw was that there were a lot of focus on the senior women and the junior women as they're coming in and as they have reached the top, but what about the pipeline. So, how do you invest in the pipeline of women in particular? Women are raising their hands all the time saying, "I want more. I want to do more. I want to learn more." So, how do we advance them into leadership roles in whatever they want to do so that we can change those numbers at the top that we keep hearing about? That's the gap. It's the same whether you work for a bank or you're an entrepreneur. How do you get access to the tools to develop yourself, to develop your business, develop your acumen?


Gregg Stebben:          It's interesting, Cate. In a way, that's a big focus of what Bank of America-


Cate Luzio:                 Yes.


Gregg Stebben:          ... is reporting in the 2019 Bank of America Women Business Owner Spotlight, which is why we're here. But I have kind of a two-part question for you based on what you just said.


Cate Luzio:                 Sure.


Gregg Stebben:          One is I want to know what the ramp up was for you to go from, "I'm committed," to actually opening the door.


Cate Luzio:                 Yeah.


Gregg Stebben:          But on top of that, I'm just wondering, we're in this place right now, we call it the war for talent, right? Was that one of the factors for you, that companies are struggling so much to get great talent? Was that a piece of your thinking?


Cate Luzio:                 Yeah. So, I'll take that question first. I think companies have the talent, they're just not investing in the right way. So, we see so many recruiters out there, they give a woman a call or even a person of color or men, too, and say, "Hey, come to this great company." Well, are you looking in your pipeline? I've been doing this for nine months, right? We're open nine months. I still get calls from recruiters about banking jobs.


Gregg Stebben:          For you?


Cate Luzio:                 For me.


Gregg Stebben:          Hello? LinkedIn.


Cate Luzio:                 There's women right-


Gregg Stebben:          In your company.


Cate Luzio:                 ... in your company.


Gregg Stebben:          Which is, really, the bigger point here.


Cate Luzio:                 Absolutely. So, they're right there. In banking, if 51% of the workforce is women, how are we still saying there's not a CEO out there that's a woman for any of the big banks, right, the top Wall Street firms. Stop looking outside and look inside, right?


Gregg Stebben:          Yes.


Cate Luzio:                  Also, give opportunity. But I think-


Gregg Stebben:           And groom.


Cate Luzio:                  And groom.


Gregg Stebben:           But groom opportunity.


Cate Luzio:                 Really invest, right, and developing them. I think, to your point, where did I come from? I had a great conversation with a male mentor of mine in early 2018. I was still in my job. I quit. There's a long story behind that, but I quit. Then, a month later, I wrote a business plan for Luminary. I decided to self-fund it, so no outside investors because I wanted to build a community that was maximizing the value for our members versus an investor, and there's nothing wrong with taking on money. I had made a very good career and wanted to invest and put my money where my mouth is. So, nine months later, we opened. So, it was a pretty fast ramp. We've been open nine months and we've got over 600 individual members and we also do corporate memberships. So, we have JP Morgan and Goldman Sachs and Unilever and others that are corporate members because they're looking at different ways to invest in their own talent, and Luminary's a great space to be able to deliver that.


Kate Delaney:             We're speaking with Cate Lucio, and she's the founder and CEO of Luminary. As you just heard the tale, funded it herself. Wow. That's so admirable. When you launched this, did you expect it to take off the way it has so fast? It hasn't even been a year and you've got all these big things happening.


Cate Luzio:                 Yeah. You know, actually, I hoped, but what I think is there is a real need for this, back to the earlier question, and I think women are looking for community, they're looking for connection, and they're looking for tools to continue to advance themselves in whatever they do. I think we have to stop siloing them and bucketing them in this one thing. "Kate, you do this. Jane, you do that." Let's bring women together. We can all learn from one another and really propel each other forward. Oh, by the way, let's make sure men are at the table helping us, right? That's one of the reasons we don't exclude men. It's really important in building a really inclusive, diverse space. We don't have an application process. I don't want someone to apply to become part of our community. That's not a community. That's already excluding people. So, we are a “join now” and we have just unbelievable members from all different places.


Gregg Stebben:          You mentioned your corporate sponsors.


Cate Luzio:                  Yes.


Gregg Stebben:           What is it that they're bringing to the table and getting from Luminary that makes it an attractive opportunity for them as well?


Cate Luzio:                 So, every company, if they're even at the mid size and large size, has a women's group, right, and it's usually back on those women to deliver the programming and the content and the speakers. We believe that we're an extension of these women's groups. We take the heavy lift off, but then it puts the individual back in the driver's seat around what types of skills they want to focus on versus just what their company is offering. So, that's one way on the employee engagement experience. There's a huge opportunity around brand awareness and engagement for these companies around, again, putting their money where their mouth is to support their women. Then, third, there's a great opportunity for both customer and talent acquisitions. You never know who you're going to see or meet in the space.


Kate Delaney:             Yep. Absolutely.


Cate Luzio:                 For me, as somebody who worked in corporate America for over 20 years, it's kind of a no-brainer.


Kate Delaney:            Last question, and this is a tough one. What keeps you up at night?


Cate Luzio:                 Honestly, as a self-funder, founder, and CEO, everything. I want to make sure that we really live and breathe what we're saying in the community and not diluting. How do you keep growing without going too fast?


Gregg Stebben:          Want to make one last point before we wrap this up. You talked about self-funding.


Cate Luzio:                 Yes.


Gregg Stebben:          The point I want to make is that getting funding may not be right for every business. Self-funding may not be right for it.


Cate Luzio:                  Oh, exactly.


Gregg Stebben:           That's a consideration that every small business should think about, is not just, "I need money," but where's the money coming from?


Cate Luzio:                  And why do you need it?


Gregg Stebben:           And why do you need it is essential. When it's your money, I bet you treat it a lot differently.


Cate Luzio:                 Absolutely. But I think there's a huge opportunity for banks to play in this space versus everyone just looks at, "Oh, I've got to raise a bunch of money."


Gregg Stebben:          Yes.


Cate Luzio:                 Banks have amazing tools, and we need to educate mainly women business owners on what tools that banks can offer so that you can grow your business.


Gregg Stebben:          Beautiful.


Kate Delaney:             Yep. Thank you so much. This was terrific.


Cate Luzio:                 Thanks for having me.


Kate Delaney:             Thanks.


Narrator:                     Thanks for listening to “The Heartbeat of Main Street” with ForbesBooks at and Bank of America at

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