Wells Fargo report indicates that a woman-owned businesses are growing faster than the US business market as a whole. That growth isn’t merely a trend, but a transition in the entrepreneurial economy as more women take up entrepreneurship for the opportunity for financial freedom, mobility, and leadership. Women-owned businesses are now a key part of the economy, creating jobs, innovation and community. Quite simply, a study in 2024 found that the growth rate of women-owned businesses is 3 times faster than the national average for all companies which shows that the entrepreneurial mindset of women is on the rise. This is part of a wider trend towards more women taking senior leadership roles in business.
Women entrepreneurs are growing tremendously in all regions of the world but there is still a need for funding, gender discrimination and policy interventions. In the US alone, nearly 42 percent of companies are women-owned, according to the 2024 State of Women-Owned Businesses Report from American Express. There are more than 1,800 women-owned businesses emerging every day. According to the Global Entrepreneurship Monitor (GEM), 11.8% of women in high-income countries are starting or running a new business, compared with 16.1% of men. Gender inequality is lower in low-income nations where women have higher rates of entrepreneurship out of economic necessity.
According to American Express, women owned 42% of all US small businesses in 2024, representing $1.9 trillion in revenue. Women-owned small businesses occur in numerous fields including retail, healthcare, education, and professional services. Tech, finance and media are the most growth-oriented sectors over the past few years. Women-run small businesses are also more community-minded. Women are also more likely to run socially conscious businesses – offering services that target local demand, or products that support sustainability. In addition, women businesses often generate employment – the proportion of women who work for other women continues to rise.
Women’s Contribution in Tech Perhaps one of the most interesting phenomena in women entrepreneurship is the increase in women working in the tech sector. Even in underrepresented industries like software development, AI, cybersecurity and fintech, women have made great strides. As Luisa Zhou noted, women are starting technology companies more frequently despite obstacles such as a lack of VC capital and a relatively unfriendly industry environment.
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