While women represent roughly half of the global population, their contribution to the global GDP stands at only 37%. Encouraging more women to pursue entrepreneurship is not merely a matter of equity; it holds the potential to significantly boost global economic development.
Understanding the unique motivations and aspirations of female entrepreneurs is crucial in encouraging their increased participation. The Global Entrepreneurship Monitor (GEM) 2022/23 Women’s Entrepreneurship Report: Challenging Bias and Stereotypes conducted surveys across 49 countries, involving approximately 175,000 respondents, to shed light on this issue.
The findings showed six significant global trends among female entrepreneurs. An examination of these trends not only provides insights into creating more opportunities for aspiring women entrepreneurs but also highlights how such endeavors could lead to local, regional, and even global economic advantages for all.
Here's a dive into some key trends:
1. More Women are Saying "Yes" to Entrepreneurship
- Globally, around 163 million women started businesses in recent years. This signifies a growing spirit of enterprise among women.
2. Women in Tech: Shattering Glass Ceilings
- Traditionally male-dominated, the tech sector is seeing a rise in women entrepreneurs. Companies like Sprout Social and Rent the Runway, founded by female leaders, are making waves in the tech world.
3. Social Impact at the Forefront
Women are increasingly drawn to businesses that address social or environmental concerns.
A report by the Global Entrepreneurship Monitor (GEM) suggests women entrepreneurs are 5% more likely to be innovation-driven than men. This points towards a focus on creating positive societal impact.
4. High-Growth Aspirations
The ambition level is high! A quarter of women entrepreneurs globally aim to grow their businesses to employ over six people within five years. This indicates a focus on building scalable ventures.
Challenges At Present
It’s important to acknowledge that despite the progress, challenges still persist. Financial limitations and societal expectations can create hurdles for female entrepreneurs. However, the trends point towards a brighter future for women in the business world.
