Mindshift Capital reposted this
Harvard Student Bridging the Gap Between Female Students and Entrepreneurship | Co-Founder of WWV Labs | Co-President of Harvard Undergraduate Women in Entrepreneurship
I recently came across the 2024 Wells Fargo Impact of Women-Owned Business Report, developed in collaboration with Ventureneer, CoreWoman, and Women Impacting Public Policy (WIPP). Here are some key highlights (link to report in comments): Women-owned businesses represent 39.1% of all U.S. businesses, totaling over 14 million, employing 12.2 million workers, and generating $2.7 trillion in revenue. Between 2019 and 2023, women-owned businesses grew at nearly double the rate of men-owned businesses, with the rate of growth from 2022 to 2023 increasing to 4.5 times that of men's. During the same period, employment in women-owned businesses increased by 252.8%, compared to 94.3% in men-owned businesses. Women own 75% of businesses that are 15 years old or younger, versus 66% for men. Throughout the pandemic, women launched more businesses than they closed, added 1.4 million jobs, and increased their revenue by $579.6 billion. Nearly half a million women-owned businesses with revenues between $250,000 and $999,999 increased their revenues by about 30%. Black/African American and Hispanic/Latino women-owned businesses saw revenue growth of 32.7% and 17.1% respectively, outpacing the overall 12.1% rise for all women-owned businesses from 2019 to 2023. Despite women-owned businesses effectively addressing user pain points and experiencing rapid growth over the past five years, female founders still receive less than 3 percent of all venture capital investments. Why is this the case? The evidence is unmistakable: when women lead and own businesses, they thrive and grow. However, the persistent bias among predominantly male investors undervalues the economic potential of female founders, significantly hampering economic growth and progress. This oversight not only stifles innovation but also costs the economy in missed opportunities. The numbers don’t lie—so what actions are current investors taking to ensure that bias against women doesn't undermine their potential returns? Cindy Belardo Ella Rytsölä 🎉 Jennifer S. Ives Ellen Sullivan Medha K. Jen Ngozi Dr Jummy Okoya PhD, Sharon Melnick, Ph.D. Heather Henyon Alessandra Lomonaco Shanthi Marie Blanchard (she/her) Nick Dean
Wow! What powerful numbers. I had no idea about most of these statistics besides knowing that women-owned businesses generate more money than male-owned businesses. It would be so interesting to see this also in other countries & how the US compares.
Thank you for sharing this!
Bridging the gender gap in entrepreneurship as Co-Founder @ Even Founders | Accelerating social impact through innovation @ UNLEASH
1moThese numbers are an amazing example of how female entrepreneurship isn’t just a problem to solve but a way to solve many other problems; not least economic growth and job creation (not to mention the new, diverse insights that women bring to the problems they solve with their startups)! Thanks for sharing:)