Article “Women’s work: entrepreneurs can revitalize the global economy”

Posted on | April 14, 2010 | No Comments

Toronto – Canadian companies have the power to drive the world’s economic recovery by propelling women into leadership positions and investing in female entrepreneurs, according to Ernst & Young’s report, Scaling up: why women-owned businesses can recharge the global economy.

“Women own and operate up to one-third of all private companies around the world and are the fastest-growing segment of the small-business sector,” says Colleen McMorrow, National Director of the Ernst & Young Entrepreneur Of The Year Awards. “This is strong evidence that women are becoming increasingly instrumental in creating new jobs and jump-starting the economy.”

Scaling up brings together compelling research suggesting that investing in women entrepreneurs can play a pivotal role in accelerating economic recovery:

- The number of self-employed women in Canada has surged 50% since the early 1990s – to about 800,000 currently.

- The number of women-owned businesses is growing 60% faster than those run by men, according to CIBC World Markets Inc.

- Women in Canada make up a larger share of the self-employed than in any other country, according to data from the Organization for Economic Co-Operation and Development.

- Women in Canada own and/or operate 30% of all firms, according to the Bank of Montreal’s Institute for Small Business.

McMorrow says that Canada has made significant progress in narrowing the gender gap and efforts continue in support of women’s in equality in education, wages, political empowerment and economic participation. As the journey towards equality continues, there are many immediate opportunities for women to be supported and recognized for their entrepreneurial efforts and economic contributions.

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