While EforAll celebrates the impact of women for many reasons, in honor of Women’s History Month, we especially want to recognize the growth and accomplishments of female entrepreneurs and the critical role they play in our economy.
American Express’ 2018 annual State Of Women-Owned Businesses Report found that:
- 4 out of 10 businesses in the United States are women-owned
- Women of color account for 47% of all women-owned businesses
- The estimated 5,824,300 women-of-color-owned businesses employ 2,230,600 people and generate $386.6 billion in revenues.
- From 2007 to 2018, the number of businesses owned by women of color grew 163% — nearly three times the 58% growth rate of women-owned businesses as a whole.
As of 2017, it is estimated that there are now 11.6 million women-owned businesses in the United States. Between 1997 and 2017, the number of women-owned businesses increased by 114%, compared to a 44% increase among all businesses – a growth rate more than 2.5 times the national average.*
When EforAll was founded in 2013, our goal was to foster inclusive entrepreneurship in communities across Massachusetts’ Merrimack Valley. We did this by offering a free Accelerator Program that served the communities of Lowell and Lawrence. Today in 2019, we are proud to say that we currently have six programs across seven communities, and 73% of the 349 startups that have gone through our Accelerator Program are women-owned.
EforAll’s Director of Programs, Shelley Cardoos says, “At EforAll, we are intentional about offering our programs to all entrepreneurs. Our commitment to diversity and inclusion is woven into our staff, mentors, and entrepreneur cohorts, and as a result, we are building a richer EforAll community. EforAll exists because we believe that anyone, regardless of background, education, industry, gender, or zip code, should be given the opportunity, resources, and support, to turn their dream of starting a business into a reality. While making sure the opportunity is open to everyone, we particularly focus our outreach efforts on passionate and hardworking individuals that don’t always have access to resources.”
Unlike other Accelerator Programs, EforAll is open to startups of all industries, and not solely those in traditionally male-dominated fields. EforAll also recognizes that female entrepreneurs are often more likely to ask for help.
According to the Kauffman Foundation:
- Women entrepreneurs have a more nuanced view of risk, identifying more strongly than men as financial risk takers, while remaining concerned about potential pitfalls.
- Women display greater ambitions to become serial entrepreneurs than their male counterparts.
- An increase in the number of women in business leadership positions is correlated with increased business returns and payout ratios.
Do you have an idea or an existing business/non-profit that you want to take to the next level? Check out our Locations tab to find an EforAll program near you!