Wintour isn’t necessarily a founder by the traditional definition. (Last year, the inaugural honor went to Martha Stewart.) Burch, who herself has built a $2 billion business, explained her interpretation of what a “founder” is. You don’t have to found a company to exhibit an “entrepreneurial spirit,” Burch argued. Wintour has applied her innovation and creativity to Vogue and Condé Nast for 37 years, transforming institutions instead of building one from scratch.

Wintour was there (even though it’s just a few days before the Met Gala) and offered some business advice. She likes to hire people she wants to see every day—people who she’s excited to be around, not just those who have the right resumes on paper. Burch said she learned from Wintour “the power of being clear and to the point.”

The annual gathering supports the Tory Burch Foundation’s fellowship program, which for more than 15 years has helped women entrepreneurs grow their businesses. Last year, I broke the news that the foundation aimed to add $1 billion to the U.S. economy through these women entrepreneurs by 2030, measured by those companies’ revenue. Today, Burch and foundation president Tiffany Dufu reported that they’re well on the way to that goal—founders who have been part of the program contributed $470 million to the economy last year.

That’s the combined sales of 385 founders, whose businesses support about 2,000 jobs in total. The average age of a founder in this cohort is 42—with years of growth ahead. Founders Pilar Guzmán (Half Moon Empanadas, a $30 million business), Viola Sutanto (lifestyle brand Maika, a $3 million business), and Andrea Seymour (owner of a $15 million home renovation firm) were honored too. Many of these businesses have seen sales soar in the years they’ve been part of the fellowship program; Guzmán’s Half Moon Empanadas has 10xed since she joined at $3 million in 2020.

After a tough year for women entrepreneurs and small businesses, it was powerful to see this support in action. As Dufu said: “With funding cuts to small business support nationwide, our role is more important than ever.”

Emma Hinchliffe
emma.hinchliffe@fortune.com

The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Subscribe here.

ALSO IN THE HEADLINES

Thank you, Taylor. Universal Music Group is selling a 1.5% stake in Spotify for $1.4 billion. Artists across UMG are poised to get a cut of the sale—because of a clause Taylor Swift put in her 2018 contract with the label. "As part of my new contract with Universal Music Group, I asked that any sale of their Spotify shares result in a distribution of money to their artists, non-recoupable," she said at the time. That "non-recoupable" means that all artists will benefit—even if they haven't paid back advances or other expenses. 

Gov. Janet Mills exits Maine's Senate race. The two-term Democratic governor, 78, had been competing in the primary to run against GOP Sen. Susan Collins. She was the choice of the Democratic establishment—but progressive newcomer Graham Platner, 41, has been besting her in the polls. The primary shows how Democratic politics are being reshaped right now. 

Google's AI business is booming.  In earnings yesterday, the company reported a 22% surge in Q1 revenue. CFO Anat Ashkenazi, one of several female CFOs driving AI spending, said on earnings: "These strong results reinforce our conviction to invest the capital required to continue to capture the AI opportunity. We expect our 2027 capex to significantly increase compared to 2026." 

A smart take on the AI gender gap. Even if women are using AI less, the question is whether that means we're being "left behind." One perspective after that Reese Witherspoon dustup: "We aren’t being left behind. We are refusing a future that isn’t designed for us." Some suspect women are underreporting their own AI usage, though, and face more scrutiny for admitting to using AI for important work.

ON MY RADAR

Trump is going after birth control. Here's why Politico

Can Megan Stalter just be serious for a second? Marie Claire

Melania Trump, Queen Camilla, and the look of the special relationship NYT

PARTING WORDS

"I’m 56 years [old]—it took me this long to understand that I could do that!"

— Meryl Streep on the original Devil Wears Prada. She asked to double her salary before she came on board the film.