Entrepreneurs, people who start their own businesses, operate all over the world. Generally, these entrepreneurial efforts begin as small businesses that may or may not grow into larger companies over time. The vast majority of entrepreneurs are men. In some cities of the world, however, the possibility of entrepreneurs being women is higher. This article looks more closely at cities with more women entrepreneurs.
Female-owned companies around the world
The global average for female entrepreneurs is 18%. This percentage indicates that for every 100 company, only 18 is owned by women. This low percentage is largely due to the fact that networking, recognition and funding opportunities are generally more difficult for women to obtain, which makes it more difficult for them to start their own business. In this list of 21 cities with the highest percentage of women entrepreneurs, about half (11 to be exact) is equal to or higher than the global average.
Furthermore, 7 of the cities on this list are located in the United States, where at least 47% of the workforce is women. Four of these US cities are in the first positions 4. Between 2007 and 2012, the number of female-owned companies in this country increased by 27.5%, adding about 1 million businesses to the economy here. Today, about 9.9 companies in the United States are female-owned.
City with the highest percentage of women entrepreneurs
At the top is Chicago, which has a 30% rate of start-ups owned by women. This number makes Chicago the most likely place in the world for a woman to start a business. One of the reasons for such a high percentage of women in entrepreneurship here may be due to the resources available in this city. A number of non-profit organizations are dedicated to mentoring women in the business world, holding networking conventions and helping women secure business loans.
Following this city is Boston, Massachusetts, where 29% of all businesses are owned by women. In fact, the municipal government runs a program here called Women Entrepreneurs Boston (WE-BOS). This program works to bring together women from all business environments so that they can network and share information, skills and technical assistance. Research shows that entrepreneurs are more likely to succeed if they have a support system in place. The Boston government has recognized this need.
- Silicon Valley
Silicon Valley in California occupies 3rd in terms of having the highest percentage of female entrepreneurs. In this city, 24% of all business is owned by women. Despite this significant percentage, women in Silicon Valley continue to be underrepresented in the technology sector, which constitutes the vast majority of economic activities here. Only 7% of women-led female entrepreneurs here receive venture capital funding, an important component in starting a new business.
The chart published below offers a glimpse of the 21 major cities in the world with the highest percentage of women entrepreneurs.
Which cities around the world have the most female entrepreneurs?
|degree||City||Percentage of start-ups founded by women|
|14||New York City||16|