Business creation has exploded over the past two years, as millions of Americans have taken the bull by the horns and launched their own companies. The uptick in entrepreneurship has been particularly robust among the nation’s women, according to newly released data.
Since the late 1990s, women-owned businesses have skyrocketed, jumping a whopping 114 percent, American Express reported from its annual report. This translates to an average of 849 new businesses per day that women are launching.
“849 businesses are launched by women every day.”
Women aren’t just beginning companies, they’re also succeeding while doing it. Reported recently by USA Today, the University of Connecticut found that in the last five years of its college venture competitions, the majority of those that won prize money had at least one woman owner. This occurred even though only about 18 percent of the participating companies in these competitions were women-owned.
Boom in businesses launched by minority women
Minority women have also become more entrepreneurial, the American Express study found. Indeed, in the previous 20 years, there’s been a 467 percent increase in the number of firms helmed by women of color, from African-Americans and Latinas to Asians, Native Americans and Pacific Islanders.
“We’re encouraged to see the amount of female-owned businesses in the U.S. has more than doubled in 20 years,” noted Susan Sobbott, president of global commercial payments at American Express. “Championing women-owned businesses strengthens our economy, individual communities and helps inspire the next generation of female entrepreneurs.”
Perhaps unsurprisingly, women have found success regardless of where their companies have been situated. Tracing back to 1997, Nevada has seen the largest increase in women business owners with the highest earnings, the study found, beating out the District of Columbia, South Dakota, North Dakota and Georgia.
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