Posted in business, entrepreneurship research, women's business ownership, women's enterprise development, women's business research studies, women-owned business, tagged American Express OPEN, Julie Weeks, statistics, US Census Bureau, women's business development, women's enterprise, women's entrepreneurship, Womenable on April 4, 2013 |
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With the support of American Express OPEN, Womenable has reported on trends in the growth and development of women-owned enterprises, drawing upon detailed information from the U.S. Census Bureau, since 2011.
In our inaugural report, The American Express OPEN State of Women-Owned Businesses Report: A Summary of Important Trends, 1997-2011, we provided up-to-date estimates on the number, employment and revenues of women-owned firms, and shared the insight that – despite above-average growth in the number of firms – women-owned businesses were not progressing up the business size continuum.
Our 2012 report, The State of Women-Owned Businesses Report: A Summary of Important Trends, 1997-2012, again provided up-to-date estimates of the number and growth of women-owned firms, and took a more detailed look at the economic clout of women-owned firms regionally and within industry – finding that women-owned firms in two industries (construction and transportation) were standing toe-to-toe with their industry peers with respect to the share generating $500,000+ in revenues.
With our most recent installment in the series, The 2013 State of Women-Owned Businesses Report: A Summary of Important Trends, 1997-2013, we again provide women business owners and their associations, supporters of women’s business development and other stakeholders with the most comprehensive review and analysis of the current health and well-being of women-owned firms in the United States – as well as in all 50 states and the 25 most populous metropolitan areas. Further, the report expands its focus this year to look at the phenomenal growth of firms owned by women of color.
Among this year’s key findings are:
- As of 2013, it is estimated that there are over 8.6 million women-owned businesses in the United States, generating over $1.3 trillion in revenues and employing nearly 7.8 million people. The growth in the number, revenues and employment of women-owned firms over the past 16 years exceeds the growth rates of all but the very largest, publicly-traded corporations in the country;
- Indeed, when looking specifically at the 2007-2013 period – since just before the start of the recent recession – the net increase of 5.3 million jobs economy-wide has come almost entirely from very large public corporations … AND women-owned firms. During the past six years, employment in women-owned and equally-owned firms has fallen;
- The states in which growth in the number, employment and revenues of women-owned firms has been the strongest since 1997 are the District of Columbia, North Dakota, Nevada, Wyoming and Georgia. San Antonio TX, Portland OR, Houston TX, Riverside CA, and Washington DC/MD/VA are the fastest-growing metro areas for women-owned businesses;
- In 1997, there were just under 1 million (929,445) firms owned by women of color, accounting for one in six (17%) women-owned firms. That number has skyrocketed to an estimated 2,677,700 as of 2013, and now comprises one in three (31%) women-owned firms;
- While firms owned by women of color are smaller than non-minority women-owned businesses both in terms of average employment and revenues, their growth in number and economic clout is generally far outpacing that of all women-owned firms. Indeed, the growth in the number of African American (up 258% from 1997 to 2013), Asian American (+156%), Latina (+180%), Native American/ Alaska Native (108%), and Native Hawaiian/Pacific Islander (+216%) women-owned firms all top the growth in the number of non-minority women-owned firms (+32%) over the past 16 years.
You may download and read the complete 71-page report by visiting openforum.com/womensbusinessreport or clicking on the link above. You may also wish to download and read the news release for the report.
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Posted in high growth entrepreneurship, women business owners, women's business ownership, women's business research studies, women-owned business, tagged American Express OPEN, ForbesWoman, Meghan Casserly, statistics, The Committee of 200, US Census Bureau, Women Presidents' Organization, women's entrepreneurship, women-owned business, Womenable on January 14, 2013 |
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There’s a new report just out that kicks off 2013 with some great news: women-owned firms at the highest level of revenue achievement have been doing even better than we might have imagined. They’ve been growing in number right under our very noses. In fact, the number of women-owned firms with $10 million or more in revenue has increased by 57% over the past decade – a rate fully 47% faster than the growth of all $10M+ businesses, and nearly twice (+98%) the rate of growth of all women-owned firms.
These startling new facts are from Growing Under the Radar: An Exploration of the Achievements of Million-Dollar Women-Owned Firms, a new report authored by Womenable and commissioned by American Express OPEN.
How could this have been happening, largely undetected, under our very noses? Well, the “million dollar bucket” is a diverse one – containing both relatively small $1 million privately-held firms and multi-billion dollar publicly traded corporations. And, since this population contains just 2% of women-owned firms and 5% of all firms, it’s the largest sales category published by the Census Bureau. Now, for the first time, Womenable was able to obtain previously unpublished data from our friends at the Economic Statistics Branch of the Census Bureau (mwah!) – and the information is gratifying:
- Between 2002 and 2012, the number of majority women-owned firms with $10 million or more in revenues increased from 8,110 to 12,700 – a 56.6% increase. During that same time period, the number of women-owned firms with $1 million or more in revenues grew from 116,985 to 152,900 – a 30.7% increase. Thus, the growth in the number of $10M+ women-owned firms exceeds the growth of all $1M+ women-owned firms by 84%.
- Comparing growth rates among the firms of highest achievement finds women-owned firms again surpassing average growth by a large margin. The growth in the number of $10M+ women-owned firms (56.6%) surpasses the growth in the number of all $10M+ businesses (38.4%) by fully 47%.
- The share of firms reaching this rarified atmosphere remains small. Within the population of million-dollar firms, 75% have $1-$4.9 million, 12% have $5-$9.9 million, and 13% have $10 million or more in revenues. Among million-dollar women-owned firms, 82% have $1-4.9M, 10% have $5-9.9M, and 8% have $10M+ in revenues.
- Some industries are more scalable than others. Looking within the population of million-dollar women-owned firms finds that women-owned firms in wholesale trade have achieved the highest level of firm revenues. Fully 20% of the million-dollar women-owned firms in this industry have topped the $10 million mark, well above the 8% seen among all million-dollar women-owned firms. Women-owned firms in three other industries have also exceeded the 8% national average: finance and insurance, in which 12% of million-dollar women-owned firms have achieved $10M+ in revenues; transportation/warehousing, in which 11% have passed the $10M mark; and arts/entertainment/recreation, in which 10% have done the same.
And, perhaps most importantly, why has this been happening? In our view, growth at the upper reaches of business achievement is not only a logical next step in the continued overall growth at rates exceeding the national average, there is now much more support for these mountain-climbing women – such as The Committee of 200 and the Women Presidents’ Organization. Higher achieving women are now getting more visibility and recognition. While it’s still not always good (strong, successful women still referred to in less-than-flattering, rhymes-with-witch terms), greater visibility provides more role models for young women, more of whom may be dreaming bigger because of the achievements of these high-flying women.
The news coverage of this exciting new report was kicked off late last week by an article in Meghan Casserly’s Girl Friday column for ForbesWoman, “Women In (Big) Business: How XX-Driven $10 Million Plus Firms Could Take The Lead.” More are sure to follow, as we’ve been chatting with a number of reporters.
In the meantime, fellow womenablers, read the report, applaud our achievements, and start spreading the news!
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Posted in business, political advocacy, women's business development, women's business ownership, women's enterprise development, women's business research studies, women-owned business, tagged NWBC, women's business development, women's empowerment, women's enterprise, women's entrepreneurship, women-owned business on January 3, 2013 |
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The annual report from the National Women’s Business Council was issued just before the end of the year, and not only contains an abundance of statistics but a succinct set of policy recommendations, in keeping with their mandate to represent the interests of women business owners and their enterprises in federal policy-making circles.
Perhaps the most important text in the report, however, is the description of how the Council has changed its operating procedures to ensure greater continuity of operations, and their recommendations for more active engagement with respect to member nominations and closer monitoring of council member terms. Making these changes would prevent what has happened all too frequently over the past decade – the expiration of a majority of member terms at or near the same time, with a corresponding lag in re-nominations, leading to long periods of inactivity by the Council. This serves no one – not federal policymakers and certainly not the women’s business community. Improving this situation could be the best thing that the NWBC has done in a long time!
To read and download the 2012 NWBC annual report, click on THIS LINK.
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Posted in data and research apps, International development issues, statistics, women's business development, women's business ownership, women's enterprise development, women's business research studies, women-owned business, tagged empowering women, Fotopedia, iTunes Store, US Census Bureau, women's business development, women's empowerment, women-owned business, Womenable, World Bank on September 11, 2012 |
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Are you a womenabling data junkie like we are? Well, get ready to enter womenabling data nirvana – there are now some wonderful women’s entrepreneurship reports available for smartphone and iPad, as well as (bestill my beating heart) data-finding apps for the smartphone. Here’s a roundup:
- The US Census Bureau has just launched America’s Economy, a smartphone app that will allow quick (well, not so quick – it loads slowly) access to the latest business stats. No women-specific stats yet, but the recently improved American FactFinder provides very ready access to the 2007 economic census data,
- The World Bank recently launched a new Data Finder smartphone app, containing a wealth of development statistics by country and by topic – including gender,
- The World Bank’s seminal 2012 World Development Report, Gender Equality and Development, is available as an e-publication for iPad, and
- a lush, photo-rich e-publication app, Women of the World – from Olivier Martel, Fotopedia and the World Bank – is also available and well worth downloading from the iTunes store.
Click on and get app happy!
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The OECD’s Development Centre has updated their Social Institutions and Gender Index report. The SIGI, launched in 2009, gathers and reports on the underlying social institutions that influence gender roles and relations, complementing other gender equality measures that report on outcomes such as educational attainment or labor force participation. The SIGI finds that countries which display higher levels of discrimination against women are also performing more poorly on a range of development indicators.
The 2012 report shows some areas of progress, such as:
- The average prevalence of early marriage across countries has decreased to 17% in 2012 from 21% in 2009.
- The number of countries with specific legislation to combat domestic violence has more than doubled from 21 in 2009 to 53 in 2012.
- 29 countries have quotas to promote women’s political participation at both national and sub-national levels.
On the other hand, there remain some significant areas for concern:
- 86 out of 121 countries scored in the 2012 SIGI have discriminatory inheritance laws or practices.
- Despite the introduction of laws, attitudes that perpetuate violence against women persist. On average, for the countries scored in the SIGI, around half of women believe domestic violence is justified in certain circumstances.
- On average, women hold only 15% of land titles for countries where data is available.
The SIGI website includes country profiles, a key findings summary, and a spreadsheet database containing detailed statistics that may be downloaded for further analysis. Find out more at genderindex.org.
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