Why Women? Women entrepreneurs are catalysts for economic growth and community transformation.
Women-owned businesses are a powerful economic force, employing 12.2 million workers while generating $2.7 trillion in revenue. Between 2019 and 2023, the growth of women-owned businesses surpassed that of men-owned businesses, with increases of 94.3% in the number of firms, 252.8% in employment, and 82.0% in revenue. This growth demonstrates the increasing impact of women entrepreneurs on the broader economy.
THE GENDER GAP IN ENTREPRENEURSHIP
Despite progress, women entrepreneurs face persistent obstacles. The gender pay gap extends beyond traditional employment into entrepreneurship, with women-owned businesses earning less revenue on average compared to male-owned counterparts. Additionally, women entrepreneurs often struggle with access to capital, with only 2.8% of venture capital funding going to women-led startups in 2019.
Women entrepreneurs are finding innovative ways to overcome these challenges. Many leverage technology and e-commerce platforms to reach broader markets and reduce overhead costs. Furthermore, women-owned businesses are more likely to employ other women, creating a multiplier effect that addresses gender disparities in the workforce.
Allocating resources to support women entrepreneurs’ growth is crucial to fully harnessing their potential. This includes targeted funding initiatives, mentorship programs, and policies that address systemic barriers. By investing in women entrepreneurs, we promote gender equality and unlock significant economic potential for society as a whole.