“In the future, there will be no women leaders – there will just be leaders”
Last year for Women’s history month, we highlighted women’s contributions as employees, students, consumers, leaders of social causes, and family members. This year we focus on women’s resilience and continued growth as business leaders and entrepreneurs, with an emphasis on the tremendous contributions of Women of Color.
Over the past year, the women’s movement has gained tremendous momentum globally. From the Women’s marches in January to Saudi women gaining the right to drive and the #metoo movement, we continue to see women from diverse communities rising up together against silence and inequality. Of note is the pivotal role that African American women played in the defeat of accused child perpetrator, Roy Moore, in Alabama.
In spite of often degrading rhetoric and mounting obstacles, “nevertheless, she persisted” is a slogan that resonates with women around the world. International Women’s day 2018 launched the #PressforProgress campaign encouraging continued momentum for global activism on women’s rights. Additionally, we see high school women raising their voices to advocate for safety and against gun violence, on behalf of their peers.
We have also seen a connection between activism and women in business with the #TimesUp campaign. As women remain active on the political platform, the past 20 years reveal strong evidence for the continued trend of women as a critical driving economic force. Some US-based facts from the 2017 State of Women-Owned Businesses Report show:
- There are currently an estimated 11.6 million women-owned businesses in the US accounting for 39% of all US businesses.
- These companies employ ~9 million people and generate ~$1.7B in revenues
- The number of women-owned businesses has grown 114% over the past decade as compared to the overall national rate for all businesses at 44% growth.
- The growth rate of firms owned by Women of Color grew an exponentially larger rate of 467%.
- In the past 20 years, an average of 849 net new women-owned businesses were added daily to the economy – this is largely in thanks to Women of Color who turned to entrepreneurship in large numbers.
- This role was forced out of unequitable conditions (e.g., larger pay gap compared to White women, higher unemployment rates, long term unemployment) as opposed to a desire to enter into the open market.
- Ethnic/racial minority women account for 46% of all women-owned business.
- As of 2017, African Americans owned 19% of all women-owned business; Latinas owned 17%; Asian Americans owned 9%; 1.4% are owned by Native American/Alaska Natives; and 0.3% mare owned by Native Hawaiian/Pacific Islanders.
Women of Color face additional obstacles in the workplace compared to their White peers. According to the 2017 Women in the Workplace Survey, Women of Color hold fewer positions of power, are less likely to be promoted, and more likely to leave the workforce without replacement. Despite these odds, we continue to see Women of Color, in business and across many sectors, breaking the glass barrier like never before.
We encourage you to recognize and learn more about a few of the prominent Women of Color in technology today who are making their mark. Not only have these women persevered to positions of leadership, they have also done their part to pave the way for younger generations:
- Eliana Murilla, Head of Multicultural Marketing at Google
- Alex Hisaka, Head of Global Content Marketing, LinkedIn
- Bozoma Saint John, Head of Global Consumer Marketing for Apple
- Felicia C. Guilty, Channel Officer, Worldwide Public Sector for Microsoft
CLOSING THOUGHTS
Women entrepreneurs, with their ambition, tenacity, and perseverance, are an expanding sector of the economic growth in this country. Their businesses, often considered part of the service sector, Health care/Social Assistance and Professional/Scientific/Technical Services, and other services such as nail solons and pet-care services—are essential and meet many needs. It can be anticipated that women of all ages and dimensions of diversity will continue to be a force as business owners. They are exemplars to other women and men alike.
* Woman-owned businesses are defined as businesses that are at least 51% owned, operated, and controlled by one or more females.