The ‘she-conomy’ registered record growth in 2023, demonstrating the impressive rise of female entrepreneurs across fields traditionally dominated by men. The gender equality movement found a strong ally in the she-conomy, challenging norms and contributing significantly to the global economy. A bright future lies ahead, thanks to the resilience and power of these women.
A notable example of this trend is Bernadette Corbeil, founder of Artemis Construction Group in Missouri. Starting with an interest in construction and infrastructure, she leveraged her academic and professional experience, eventually carving her own niche in the male-dominated industry. Corbeil’s success story, rooted in hard work and passion, continues to inspire other women.
The pandemic seemed to fuel the rise of female entrepreneurs in 2023, findings show. Women-led businesses not only proliferated but outpaced overall industry growth, delivering innovative solutions in a challenging global scenario. Tara Lewis, a trend expert, attributes this to flexible working hours, the lure of independence, and technological advancements, with social media and remote work providing enabling platforms.
Proof of this trend is the 17% increase in new businesses owned by women in 2023
Tangible proof of this trend is the 17% increase in new businesses owned by women in 2023, compared to the previous year. Women represented nearly half of the new business founders in 2023, a significant rise from 29% in 2019. Thus, women’s representation in new businesses has nearly doubled in a span of four years, painting an encouraging picture for gender equity.
The COVID-19 crisis seems to have fuelled the transition from a ‘she-cession’ to a ‘she-conomy’. Women established and maintained more businesses during the pandemic, injecting fresh ideas into the market and demonstrating innovative skills. Pandemic-induced work habits and support for local businesses further benefited these entrepreneurs, improving female representation and financial independence.
The period between 2019 and 2023 witnessed a dramatic increase in female-owned businesses, with growth rates nearly double that of their male counterparts. Particularly in 2023, female entrepreneurship surged four and a half times that of men’s. Thus, the she-conomy in 2023 not only drove economic growth but also significantly advanced gender equality.
