New Data Show Increasing Growth Among Women-Owned Firms, and Yet…

The first wave of information from the 2012 Survey of Business Owners has just been released from the U.S. Census Bureau, and the news is largely positive – for women-owned businesses at least.SBO_infographic1

While the final numbers will not be out until the end of the year, preliminary figures indicate that:

  • there are now 9.9 million women-owned firms,
  • employing nearly 9 million workers, and
  • generating $1.6 trillion in revenues.

These numbers reveal that women-owned firms now comprise 36% of all privately-held firms (a full accounting of U.S. firms, including large publicly-traded firms, won’t be published until December) – up from a 29% share in 2002.

Where’s this growth coming from? By and large, from women of color. Back in 2002, one in seven (14%) of women-owned firms was led by a woman of color; that share has risen to nearly four in 10 (38%) as of 2012. The growth in the number of women-owned firms over that decade – 53% overall – is strongly outpaced among African American (+179%), Latina (+173%), Native Hawaiian (+138%) and Asian American (+122%) women-owned firms, and also surpassed by Native American/Alaska Native (+68%) women-owned firms.

Looking at trends by industry sector finds the strongest growth in the number of women-owned firms to be in administrative support and waste management services (think office administrative services, landscaping and janitorial services, +101%), educational services (including private schools, computer and language instruction, +92%) and other services (including auto repair, pet sitting and beauty salons, +86%). At the other end of the spectrum, there’s been just an 11% increase in women-owned retail trade businesses.

When looking at the growth in women-owned firms compared to all privately-held firms, the news is quite positive overall: women are now starting businesses at a higher rate post-recession compared to the five years leading up to the recession, while start-ups have plummeted overall.

That said, however, while women now represent over one-third of all privately-owned firms, their share of employment and revenues among this population has declined between 2002 and 2012.

This represents the grey lining in an otherwise silver cloud – but the full picture won’t be revealed until more detailed tabulations by employment and revenue size of firm and more detailed geography are available late in the year.

 

(Click on the infographic at the right to view the interactive version on Womenable’s infogr.am page.)

Top Ten Womenabling Research Facts of 2014

Top TenWe’ve kept tabs on the facts and figures that have been published during the course of the year (as we do every year). Here are what we consider to be the top ten new research-based facts about women business owners and their enterprises of 2014. They fall into four general categories: money, mentoring, metrics and STEM (science, technology, engineering and math). Here they are, along with links to the original source material for your reference. Many happy returns of the season from Womenable!

Money

  1. International CurrencyClosing the credit cap for women-owned SMEs across the developing world as a whole could boost the growth in per capita income by over 110 basis points (1.1%) on average. ~ Goldman Sachs Global Market Institute. February 2014. Giving credit where it is due.

  2. In an analysis of over 25,000 projects on Kickstarter, launched by 22,000 entrepreneurs between 2009 and 2012 and supported by over 1.1 million investors, researchers found that this crowdfunding platform is more hospitable than many other forms of business financing for women. For example: 1) a significant share of Kickstarter investors (40%) are women; 2) these women are more likely than men (40% versus 23%) to invest in women-led projects; and 3) women-led projects are more successful than those launched by men. The fundraising success rate for women was 69.5%, compared to 61.4% for men. ~ Dan Maroum, Alicia Robb, Orly Sade. May 2014. Gender Dynamics in Crowdfunding (Kickstarter): Evidence on Entrepreneurs, Investors, Deals and Taste Based Discrimination.


  3. The amount of early-stage investment in companies with a woman on the executive team has tripled to 15 percent from 5 percent in the last 15 years. Despite this positive trend, 85 percent of all venture capital–funded businesses have no women on the executive team. This is the case despite the finding that businesses with a woman on the executive team are more likely to have higher valuations at both first and last funding (64 percent higher and 49 percent higher, respectively). ~ Candida G. Brush, Patricia G. Greene, Lakshmi Balachandra, Amy E. Davis. September 2014. Women Entrepreneurs 2014: Bridging the Gender Gap in Venture Capital.


  4. In 2013 women angels represented 19.4% of the angel market, similar to 2012 (21.8%). Women-owned ventures accounted for 23% of the entrepreneurs that were seeking angel capital and 19% of these women entrepreneurs received angel investment in 2013. ~ Jeffrey Sohl, Center for Venture Research. April 2014. The Angel Investor Market in 2013: A Return to Seed Investing.

Mentors

  1. Closeup of business people with hands on handsAn analysis of high-growth women entrepreneurs (those with sales or employment growth of 20%+ over the past three years) in Latin America and the Caribbean finds that growing up in an entrepreneurial family helps define their entrepreneurial spirit. Both high-growth men and women are more likely than average to seek mentors to guide their growth. However, while high-growth men entrepreneurs seek mentors from outside their family, women tend to receive guidance from within their own families. ~ EY, Multilateral Investment Fund of the Inter-American Development Bank. March 2014. WEGrow: Unlocking the Growth Potential of Women Entrepreneurs in Latin America and the Caribbean.

  2. A comparison of a survey of women in technology firms launched between 2002 and 2012 with a more general sampling of technology firms founded in 2004 (the Kauffman Firm Survey) finds that female and male entrepreneurs have a lot in common. They would seem to start their companies for similar reasons, cite similar self-perceived reasons for success, and face similar challenges. However, several differences stand out: 1) the women technology entrepreneurs surveyed don’t appear to have had inspiring role models as their principal motivation; 2) women entrepreneurs in general appear to respond differently than men do to failure, and cite lessons learned from failure as a big reason for success; and 3) there is a financing gap when it comes to high-tech and high-potential women entrepreneurs. That financing gap turns into a growth gap in terms of company outcomes. Finding ways to fill that financing gap could have a huge payoff in job creation and innovation. ~ Alicia Robb, Susan Coleman, Dane Stangler. November 2014. Sources of Economic Hope: Women’s Entrepreneurship.

Metrics

  1. measuring_tape copyIn an analysis of the conditions in which growth-oriented women’s entrepreneurship can prosper, the United States (with a score of 83), Australia (80) and Sweden (73) are the top ranking countries among 30 analyzed. They are followed by France and Germany (tied at 67), Chile (55), the United Kingdom (54) and Poland (51) which all received an overall score of 50 or more. ~ Ruta Aidis, The GEDI Institute. June 2014. The Gender Global Entrepreneurship and Development Index.

  2. As of 2012, just under one-third (29%) of the 40.6 million business owners in Europe are women, up from 26% in 2003. Over that nine-year period, the share of business owners who are female has risen most strongly in Lichtenstein (with a 16% increase in the share of entrepreneurs who are female), Iceland (+8%), and Cyprus (+8%), compared with the overall 3% increase. ~ European Commission. September 2014. Statistical Data on Women Entrepreneurs in Europe.


  3. On average over the past 17 years, there has been a net increase of 591 women-owned businesses in the United States each and every day. The number of net new women-owned firms has fallen in the wake of the recession – there was a net increase of 714 women-owned firms per day from 2002 to 2007, and a lesser 506 per day between 2007 and 2014 – but start-up activity is increasing. Just in the past year, there have been an estimated 1,288 net new women-owned firms launched each and every day. ~ American Express OPEN & Womenable. March 2014. The 2014 State of Women-Owned Businesses Report.

STEM

  1. womanlab copyWomen have increased their representation in STEM graduate enrollment, but that increase has been uneven across STEM fields. Women have achieved parity for PhDs in biological and medical sciences, but their enrollment continues to lag in some of the most entrepreneurial fields, such as bioengineering, mechanical, and civil engineering and materials science. Further, across all STEM fields, female PhDs have lower rates of entrepreneurship than their male colleagues (5% compared to 7%), and file fewer patents (15% vs. 28%). ~ Margaret E. Blume-Kohout for SBA Office of Advocacy. October 2014. Understanding the Gender Gap in STEM Fields Entrepreneurship.

  2. (A 2-for-1 listing: this report also appeared in our ‘mentors’ category) A comparison of a survey of women in technology firms launched between 2002 and 2012 with a more general sampling of technology firms founded in 2004 (the Kauffman Firm Survey) finds that female and male entrepreneurs have a lot in common. They would seem to start their companies for similar reasons, cite similar self-perceived reasons for success, and face similar challenges. However, several differences stand out: 1) the women technology entrepreneurs surveyed don’t appear to have had inspiring role models as their principal motivation; 2) women entrepreneurs in general appear to respond differently than men do to failure, and cite lessons learned from failure as a big reason for success; and 3) there is a financing gap when it comes to high-tech and high-potential women entrepreneurs. That financing gap turns into a growth gap in terms of company outcomes. Finding ways to fill that financing gap could have a huge payoff in job creation and innovation. ~ Alicia Robb, Susan Coleman, Dane Stangler. November 2014. Sources of Economic Hope: Women’s Entrepreneurship.

State of Women-Owned Businesses Report Published

Hey, fellow womenablers, your long wait is over! The 2014 State of Women-Owned Businesses report has now been published. You can view the American Express OPEN web summary HERE, or click HERE to simply download the full report.women_racing

We now have the most up-to-date accounting of the number and growth trends among women-owned businesses in the United States. As of 2014, we (Womenable authored the report, American Express OPEN underwrote and published it) estimate that there are 9,087,200 majority-owned and privately-held women-owned firms, employing 7,854,200 employees in addition to the owner, and generating over $1.4 trillion ($1,410,940,800,000) in revenues. What are some of the other key trends uncovered in this year’s report? Among them:

  • Between 1997 and 2014, when the number of businesses in the United States increased by 47%, the number of women-owned firms increased by 68% – a rate 1-1/2 times the national average. Indeed, the growth in the number (up 68%), employment (up 11%) and revenues (up 72%) of women-owned firms over the past 17 years exceeds the growth rates of all but the largest, publicly-traded firms – topping growth rates among all other privately-held businesses over this period.
  • Nationally, the number of women-owned firms has increased by 68% since 1997. The states with the fastest growth in the number of women-owned firms over the past 17 years are: Georgia (up 118%), Texas (98%), North Carolina (91%), Nevada (91%) and Mississippi (81%). In terms of growth in combined economic clout, however – meaning averaging together the rankings in growth in the number, revenues and employment of women-owned firms – the states in which all of these measures combined place women-owned firms in a much better than average position over the 1997 to 2014 period are: North Dakota, the District of Columbia, Nevada, Arizona and Georgia.
  • 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 2,934,500 as of 2014, now comprising one in three (32%) women-owned firms. Firms owned by African American women number an estimated 1,237,900 as of 2014. These 1.2 million firms employ 287,100 workers in addition to the owner and generate an estimated $49.5 billion in revenue. Firms owned by Latinas number an estimated 1,033,100 as of 2014. These firms employ 433,600 workers in addition to the owner and generate an estimated $71.1 billion in revenue. Firms owned by Asian American women number an estimated 675,900 as of 2014. These firms employ 699,200 workers in addition to the owner and generate an estimated $115 billion in revenue.
  • 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 296% from 1997 to 2014), Asian American (+179%), Latina (+206%), Native American/ Alaska Native (124%), and Native Hawaiian/Pacific Islander (+247%) women-owned firms all top the growth in the number of non-minority women-owned firms (+37%) over the past 17 years.

New this year is a look at business start-up activity, which shows that there are an increasing number of women business owners at the starting gate. On average over the past 17 years, there has been a net increase* of 591 women-owned businesses each and every day. The number of net new women-owned firms has fallen in the wake of the recession – there was a net increase of 714 women-owned firms per day from 2002 to 2007, and a lesser 506 per day between 2007 and 2014 – but start-up activity is increasing. Just in the past year, there have been an estimated 1,288 net new women-owned firms launched each and every day.

What’s the bottom line? Women business owners are not only here to stay, they are moving into entrepreneurship in equal numbers. The challenge that remains is moving women-owned firms up the growth continuum, and gaining a greater understanding of impediments to growth and how best to follow a woman’s path from a start-up with promise to a successful business that moves beyond the “majority-owned, privately-held” category to being woman-led and perhaps publicly-traded.

* “Net increase” takes into account all of the new women-owned firms minus the number of women-owned firms that either ceased operations or ceased to be majority women-owned.

More Women-Owned Businesses at the Starting Gate

With the recent release of the findings from the soon-to-be-published 2014 State of Women-Owned Businesses Report (here’s a link to the news release; the full report is coming soon), we now have the most up-to-date accounting of the number and growth trends among women-owned businesses in the country. As of 2014, we (Womenable authored the report, which will be published soon by American Express OPEN) estimate that there are 9,087,200 majority-owned and privately-held women-owned firms, employing 7,854,200 employees in addition to the owner, and generating over $1.4 trillion ($1,410,940,800,000) in revenues.

What are some of the other key trends uncovered in this year’s report? Among them:Census 2014 charts010

  • Between 1997 and 2014, when the number of businesses in the United States increased by 47%, the number of women-owned firms increased by 68% – a rate 1-1/2 times the national average. Indeed, the growth in the number (up 68%), employment (up 11%) and revenues (up 72%) of women-owned firms over the past 17 years exceeds the growth rates of all but the largest, publicly-traded firms – topping growth rates among all other privately-held businesses over this period.
  • Nationally, the number of women-owned firms has increased by 68% since 1997. The states with the fastest growth in the number of women-owned firms over the past 17 years are: Georgia (up 118%), Texas (98%), North Carolina (91%), Nevada (91%) and Mississippi (81%). In terms of growth in combined economic clout, however – meaning averaging together the rankings in growth in the number, revenues and employment of women-owned firms – the states in which all of these measures combined place women-owned firms in a much better than average position over the 1997 to 2014 period are: North Dakota, the District of Columbia, Nevada, Arizona and Georgia.
  • 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 2,934,500 as of 2014, now comprising one in three (32%) women-owned firms. Firms owned by African American women number an estimated 1,237,900 as of 2014. These 1.2 million firms employ 287,100 workers in addition to the owner and generate an estimated $49.5 billion in revenue. Firms owned by Latinas number an estimated 1,033,100 as of 2014. These firms employ 433,600 workers in addition to the owner and generate an estimated $71.1 billion in revenue. Firms owned by Asian American women number an estimated 675,900 as of 2014. These firms employ 699,200 workers in addition to the owner and generate an estimated $115 billion in revenue.
  • 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 296% from 1997 to 2014), Asian American (+179%), Latina (+206%), Native American/ Alaska Native (124%), and Native Hawaiian/Pacific Islander (+247%) women-owned firms all top the growth in the number of non-minority women-owned firms (+37%) over the past 17 years.

New this year is a look at business start-up activity, which shows that there are an increasing number of women business owners at the starting gate. On average over the past 17 years, there has been a net increase* of 591 women-owned businesses each and every day. The number of net new women-owned firms has fallen in the wake of the recession – there was a net increase of 714 women-owned firms per day from 2002 to 2007, and a lesser 506 per day between 2007 and 2014 – but start-up activity is increasing. Just in the past year, there have been an estimated 1,288 net new women-owned firms launched each and every day.Census 2014 charts005

What’s the bottom line? Women business owners are not only here to stay, they are moving into entrepreneurship in equal numbers. The challenge that remains is moving women-owned firms up the growth continuum, and gaining a greater understanding of impediments to growth and how best to follow a woman’s path from a start-up with promise to a successful business that moves beyond the “majority-owned, privately-held” category to being woman-led and perhaps publicly-traded. But that’s a topic for another day!

The full report provides detailed data at the state level, industry level, and by size of firm, so stay tuned to womenable.com; the report will be posted there as soon as it’s published.

 

* “Net increase” takes into account all of the new women-owned firms minus the number of women-owned firms that either ceased operations or ceased to be majority women-owned.

A New Measurement of Support for Women’s Entrepreneurship

The Womenabler has long lamented the lack of a business-enabling environment (BEE) assessment that takes the special challenges facing would-be and established women business owners into account. Traditional BEE assessments (such as The World Bank’s Doing Business indicators or the Heritage Foundation’s Index of Economic Freedom) are “gender-blind,” thus ignoring both the legal and cultural impediments that exist for women in many countries when they attempt to start or grow businesses. And, at the same time, gender equality indices (such as the World Economic Forum’s Global Gender Gap reports, the Economist Intelligence female figure on map of EuropeUnit’s Women’s Economic Opportunity Index, or the UN’s Gender Empowerment Measure) do not include entrepreneurial measures as among the factors assessed. And, interestingly, the top-ranked countries in each of these two distinct types of environmental assessments share exactly 0 countries in common. (See the paper, “Assessing Business-Enabling Environments: How Gender Changes the Equation,” presented by Womenable CEO Julie Weeks in 2011 at both an academic conference and a meeting of national policy institutions.)

Now, into the breach, comes an exciting new project: Gender-GEDI. Spearheaded by a team at George Mason University that also developed the Global Entrepreneurship and Development Index (hence GEDI), this new index insist of 30 evaluation factors, aggregated into 15 pillars and three main environmental elements: entrepreneurial environment, entrepreneurial eco-system and entrepreneurial aspirations. The pilot effort assessing the individual, institutional and legal environment for high-potential women’s entrepreneurship includes 17 countries – picked to represent a variety of regions and development contexts. Who came out on top? Here’s the list:

  1. United States
  2. Australia
  3. Germany
  4. France
  5. Mexico
  6. United Kingdom
  7. South Africa
  8. China
  9. Malaysia
  10. Russia
  11. Turkey
  12. Japan
  13. Morocco
  14. Brazil
  15. Egypt
  16. India
  17. Uganda

This new analysis was underwritten by Dell, and released today at their 4th annual Women’s Entrepreneur Network gathering in Istanbul, Turkey. Womenable was pleased to have played a role as an advisor on this effort, and we look forward to expanding the analysis to additional countries in the future (pending funding, of course!)

Click on these links to learn more about Gender-GEDI, a news release summary of the findings of this important new analysis, and to download and read the 22-page white paper.

The State of Women-Owned Businesses in the U.S. in 2013

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.
2013_State_of_WOBS_cover
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.

Many Successful Women-Owned Businesses are Growing “Under the Radar”

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.woman_icecliff copy

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!