The Steady Rise of Women Entrepreneurs
While the war of words continues about women cracking the boys' club of Silicon Valley, female entrepreneurs are starting 1,288 new businesses each day -- double the rate from only three years ago. The 2014 State of Women-Owned Businesses Report commissioned by American Express OPEN, estimates more than 9.1 million women-owned businesses in the U.S. (compared to 8.6 million in 2013) that generate more than $1.4 trillion in revenues and employ 7.9 million people.
"The report clearly shows that women are choosing the path of entrepreneurship at record rates," said Randi Schochet, vice president of brand strategy and activation, American Express OPEN. "Imagine the economic impact if more of these new ventures were transformed into thriving businesses. This is why American Express OPEN remains so passionately dedicated to helping women entrepreneurs become successful business owners."
The states with the fastest growth of women-owned firms over the past 17 years? Georgia (118%), Texas (98%), North Carolina (81%) and Mississippi (81%).
The states with the highest combined economic clout for women-owned firms – a measurement averaging the rankings in growth in number, revenues and employment of women-owned businesses from 1997-2014 are (in order): North Dakota, District of Columbia, Nevada, Arizona (tied for fourth) and Georgia (tied for fourth).