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The National Women’s Business Council (NWBC) recently released its report, Accelerating the Future of Women Entrepreneurs: The Power of the Ecosystem, highlighting women’s achievements, providing recommendations to unlock women’s upward mobility, and recognizing the work and successes of the government, entities and individuals dedicated to systematically eradicating the gender gaps in America.
“We have contributed important information on private markets, expanded the definition of necessity entrepreneurship for business origination, redefined an effective entrepreneurial ecosystem framework, and piloted a regional solutions lab model, helping women business owners succeed,” said Carla Harris, NWBC Chair, in a statement. “As we look ahead to changes in industry, markets, and labor, we invite all champions of women business ownership to join us in accelerating the policy of tomorrow, meeting the needs of women entrepreneurs in the economy of the future.”
As the report shows, between 2002 and 2012, women-owned businesses increased at 2.5 times the national average and employment by these firms grew at a rate 4.5 times that of all businesses. Women are starting over 1,100 businesses per day, but they continue having to overcome disparate obstacles. The NWBC affirms that only 1.7 percent of women-owned businesses surpass the $1 million annual revenue ceiling and 89.5 percent of them employ no one other than the owner.
As part of their efforts to accelerate the growth and success of women entrepreneurs, the NWBC report identifies 11 recommendations, including:
- Encourage the collaboration of entrepreneurial support organizations at the local level
- Coordinate federal efforts to support women’s business ownership
- Explore an education loan forgiveness program for entrepreneurs
- Increase funding to WBCs
The type of work, collaboration and awareness the NWBC is generating is invaluable to gender equality. The network that is being created through the development of longstanding relationships will be instrumental to ensuring women’s historic achievements are lasting.
Working with the government, from local entities to policy makers, and entrepreneurs, business organizations and investors is essential in order to shift an entire culture, not simply company initiatives.
To view the full NWBC report, please, click here.