Economic Development News & Insight


Move over Mars, Venus means business

/ May 6, 2016

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Move over Mars, Venus means business

With all this talk about technology disruption and its affect on virtually every industry and job, another type of disruption has been flying under the radar and it’s starting to make massive gains.

Women in the United States are blazing new trails on the entrepreneurial front and it’s like music to my ears. A new report by the Center for an Urban Future, “Breaking Through: Harnessing The Economic Potential of Women Entrepreneurs,” found that the number of women-owned businesses in the U.S increased by 52 percent over the last decade.

That means that roughly 928 new businesses were made every day.

That means that over 1 million jobs were added.

That put over $90 billion in payroll to the nation’s economy.

The report found that women-owned businesses are steadily increasing in all sectors, including in the tech industry. Memphis showed the fastest growth of women-owned businesses with a 116 percent increase. Fort Worth was second with a 78 percent increase and Atlanta was third with a 65 percent growth rate.

And let me just add that we are talking about women – of all ages, races and ethnicities.

The study did highlight some challenges that face women entrepreneurs, namely the difficulty in expanding their businesses because of a lack of funding but pointed to a number of recommendations. One sound solution the authors suggest is to set-up new initiatives that focus solely on helping women entrepreneurs, as well as helping existing businesses rather than only focussing on initiatives for start-ups.

However, cities need to realize the economic benefits of women-owned businesses and start supporting the women within their communities.

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