For Immediate Release: August 29, 2013
Contact: Beth Dolan
New Research Revealing Economic Clout of Women-Led Business
(Stamford, CT) Fran Pastore, CEO of the Women’s Business Development Council (WBDC) and a member of President Obama’s National Women’s Business Council (NWBC) recently attended the NWBC’s public meeting in San Francisco. The purpose of the meeting was to share with the public the results of months of research conducted by NWBC illustrating the significant economic clout of women-led business. A compelling infographic depicting this important data was also released and reflects Pastore’s belief that women owned businesses are important and significant contributors to our national and more specifically, Connecticut’s economy. Ms. Pastore is one of only sixteen women to serve on the council nationwide. She was nominated by the Connecticut Congressional Delegation for this post and is serving a three year term culminating in March 2014.
This data is currently being shared with The President, Members of Congress and the US Small Business Administration. The research is staggering and the story is just beginning to unfold.
Women have a greater economic impact than most think – 36% of employer firms are either women-owned or women-led. 17.5% of employer businesses are 51% owned by one or more women. Yet, 18.8% of employer firms are at least 30% owned by women and have a woman in a leadership role. When those two numbers are added together, women’s economic impact is much clearer. That makes 36% of employer firms that are either women-owned or women-led. When not focusing on women’s leadership role within a company, the numbers look even better. 42.4% of businesses are at least 30% owned by women. These firms capture 26.1% or $2.6 trillion in receipts.
Successful women-led businesses have a variety of trajectories and strategies for growth. There is no one right way to grow. NWBC’s new research shows that firms with more owners make more money based on median receipts. Additionally, women and men-owned firms that have owners of the other gender perform better when looking at median receipts than firms owned just by men or women. Despite this, women do not take on partners as much as men do; 89% of firms entirely owned by women have just one owner.
As Connecticut’s leading source of education, training and advocacy for women owned businesses, WBDC is a partner to thousands of women led firms in Connecticut. Since 1997 WBDC has served over 11,000 clients resulting in 1,575 businesses launched and 2,500 established businesses assisted. Overall 2,200 jobs have been created with more than $50M in gross revenues annually.
To view the info graphic go to http://www.nwbc.gov/sites/default/files/NWBC_infographic2-web_081213_r1.pdf.
NWBC is a non-partisan federal advisory council created to serve as an independent source of advice and counsel to the President, Congress, and the US Small Business Administration on economic issues of importance to women business owners.
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The Women’s Business Development Council (WBDC) is a nonprofit organization dedicated to economic independence. WBDC is the leader of entrepreneurial and financial training for women in Connecticut and has been educating, empowering and promoting women through entrepreneurship, financial education and expanded career opportunities for 16 years.
For more information visit www.ctwbdc.org or call 203-353-1750