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March 08, 2022
Top Upcoming Trends for Female Entrepreneurs in 2023
2023- The Year When Women Owned Businesses Will Make a Comeback
The last couple of years have been tough for women owned businesses but 2022 looks set to be a pivotal year for women entrepreneurs in the world.
Dubbed as ‘She-cession’, the last two years have seen a mass exodus of women from the workforce. According to Global Entrepreneurship Monitor, female entrepreneurs represent one in three growth-oriented active entrepreneurs around the world. Thus, to have sustainable development, it important for the economy to encourage female entrepreneurs. A McKinsey Global Institute study found that advancing women’s equality could add $12 trillion to the global economy by 2025. In this blog we will highlight upcoming trends for female entrepreneurs in 2022.
Women Owned Business Statistics 2021
Let’s look at women owned business statistics from 2021 (source: Fundera)
1. The US has 12.3 million women owned businesses.
2. US women owned businesses generate $1.8 trillion a year.
3. 40% of US businesses are women owned.
4. Women started 1,821 net new businesses every day last year.
5. 64% of new women-owned businesses were started by women of color last year.
6. Latina women owned businesses grew more than 87%.
7. There are 114% more women entrepreneurs than there were 20 years ago.
8. 62% of women entrepreneurs cite their business as their primary source of income.
9. Private tech companies led by women achieve 35% higher ROI.
10. Women-founded companies in First Round Capital’s portfolio outperformed companies founded by men by 63%.
11. Just 25% of women business owners seek business financing.
12. Women-owned businesses added half a million jobs between 1997 and 2007.
13. Women receive just 7% of venture funds for their startups.
14. Women have a 69.5% success rate of crowdfunding for their businesses while men have a 61.4% success rate.
15. 57.4% of the SBA Microloan program’s loan went to women-owned or women-led businesses.
16. Female entrepreneurs ask for roughly $35,000 less in business financing than men.
17. Overall, men receive an average loan size of $43,916 while women receive an average loan size of $38,942 – almost $5,000 less.
Sectors Focused by Female Entrepreneurs:
Women owned businesses are active in a wide range of sectors and areas. The top sectors for female entrepreneurs were health care and social assistance with 1.7 million employees, and the accommodation and food services group with 1.5 million employees. States with the highest share of women owned businesses were Alaska with 26 percent, and Missouri and Hawaii each with 25 percent of employer businesses owned by women.
Upcoming Trends for Female Entrepreneurs in 2022
2022 is set to be strong year for female entrepreneurs. Women Entrepreneurs Finance Initiative (We-Fi) has recently allocated funding worth $50 million to benefit over 15,000 small business female entrepreneurs. This funding is worthwhile since according to women owned businesses statistics; companies led by female entrepreneurs have increased by a good 84% since the beginning compared to men’s businesses of 78%. Not to mention, the same US entrepreneurship statistics show that women owned businesses have mobilized an astounding $350 million in public and private sector resources.
Many great initiatives and investments have been started to back women founders, but it’s clear that there’s more work to do. It’s up to venture capital firms to make sure that 2022 is a strong year for women, specifically for women entrepreneurs of color.
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