Surprising Facts About Women Entrepreneurs

2023 was undoubtedly the year of the “She-conomy”, with women emerging as major drivers of economic growth across various sectors.

In 2023, women not only helped power the economy with their spending, but they also formed new businesses at rates that outpaced the market. This trend is a testament to the growing confidence and entrepreneurial spirit of women, who are seizing the opportunities presented by the changing economic landscape.

This shift is not limited to a single industry or sector, as women are making significant strides in traditionally male-dominated fields such as construction and manufacturing.

Women-Owned Business Openings on the Rise in 2023;

• 58,000 new women-led business openings
• 17% increase in the number of new businesses tagged as “women-owned” in 2023 vs 2022
• Women represent one in four high-growth entrepreneurs globally, with higher proportions in low-income countries and North America
• 49% of new business owners were women, compared to 45% being men. This represents a significant shift from 2019, when only 29% of new business owners were women.

In the entertainment industry, female artists also made significant contributions to the economy. Highligts included:

• Beyoncé’s Renaissance tour lifted local economies with its massive success.
• Taylor Swift headlined the highest-grossing tour of all time.
• Barbie broke box office records, further solidifying the influence of female-led productions.

Driving Economic Growth and Innovation

The figures above highlight the growing role of women as key drivers of economic growth and innovation. Women entrepreneurs are not only starting new businesses at higher rates but are also making significant contributions to their local economies and communities.

Despite facing persistent challenges and stereotypes, women entrepreneurs are demonstrating their resilience, creativity, and entrepreneurial spirit. The surge in women-owned businesses underscores the importance of supporting and empowering women to reach their full potential as business leaders and innovators.

Do you also want to include more women owned businesses in your supply chain and therefore more innovation, agility and sustainability?

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Links to information above and more helpful links to these stats:

She-conomy CNN Article; https://edition.cnn.com/2024/03/15/economy/sheconomy-women-opening-more-businesses/index.html

Women Owned Business Trend Report: https://data.yelp.com/sheconomy-trend-report-2024

50+ Women in Business Stats: Trends, Improvements, and Opportunities for Change; https://www.techmae.com/top-10-business-trends-for-women-entrepreneurs-in-2023/

New GEM Women’s Entrepreneurship Report Underscores Breaking Stereotypes and Seizing Opportunities: https://www.gemconsortium.org/reports/womens-entrepreneurship

Women founders and venture capital – some 2023 snapshots; https://www.weforum.org/agenda/2024/03/women-startups-vc-funding/

Helping Women-Owned Businesses Thrive in the Global Economy; https://www.sdcexec.com/professional-development/retention/article/22888296/sap-helping-womenowned-businesses-thrive-in-the-global-economy