More women than ever are starting new businesses in the South West, new research has found.
A total of 7,454 businesses were started by women in the region last year – a figure that has more than doubled since 2018 – according to the Rose Review Progress Report 2022.
Nationally, more than 140,000 UK businesses were founded by all-female teams in 2021 and that figure is growing by a third every year.
The proportion of businesses started by young women is growing faster than any other age group, with 16-25 year olds setting up more than 14,000 new UK businesses in 2021.
Alison Rose, CEO of NatWest and author of the report, said, “We have seen real progress since 2019. Securing more funding for women entrepreneurs and unlocking their untapped potential remains a priority in our industry.
“But women are still not getting all the support they need and the pandemic risks stalling progress, so we need to go further to meet the Rose Review’s goals.”
The Treasury first commissioned Ms. Rose to conduct an independent review of women entrepreneurs in 2019. The Rose review initially pointed out that if women start and grow new businesses at the same rate as men, up to $250 billion pounds of new value could be added in the UK. economy.
The latest results, compiled by data firm mnAI, reveal that women-founded businesses account for a record share of new businesses, outpacing the growth of men-led businesses for the first time.
“The data shows that more women than ever are creating new businesses and we need to tap into that potential,” said Ms. Rose, who called on more financial institutions to commit to change and funding.
The report says 134 institutions with nearly £1 billion in investment power have now signed up to the Investing in Women Code – a commitment by financial services firms to improve access for female entrepreneurs tools, resources and funding.
Rose Review’s initiatives have seen tens of thousands of entrepreneurs across the UK benefit from funding, advice and mentorship schemes, while thousands of students have received business training, resulting in significant year-over-year growth in female-led start-ups.
But research conducted for the Rose Review shows the impact of Covid-19 risks is holding back progress. It suggests that despite the rapid growth of female-led start-ups, female entrepreneurs have spent twice as much time on family responsibilities during the pandemic as their male counterparts, and their businesses are less likely to recover.
In response, Rose Review board members announced additional measures to strengthen support for women entrepreneurs, including:
the launch of a national Women Backing Women campaign by the Women Angel Investment Taskforce to help women become business angels;
expanded programs to provide networking and mentorship opportunities and other direct support to hundreds of thousands of Women Founders over the next three years;
a recruitment drive, with the personal commitment of Ms. Rose and Business Minister Paul Scully, to encourage even more institutions to sign up to the Investing in Women Code.
Mr Scully added: “We are making the UK the best place in the world to start and grow a business, and that means unleashing the entrepreneurial talents of everyone across the country.
“This report shows that women are breaking the entrepreneurial glass ceiling, which is a huge step forward in ensuring that our economy and society make the best use of all our talents. I look forward to the further progress this year will bring through the Investing in Women Code, Seed Loans and more. »
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