2024 Wells Fargo Impact of Women-Owned Business Report

Women-owned businesses continue to fuel the economy, representing 39.1% of all businesses – over 14 million – employing 12.2 million workers, and generating $2.7 trillion in revenue. 

According to the 2024 Wells Fargo Impact of Women-Owned Business Report, in partnership with Ventureneer, CoreWoman, and Women Impacting Public Policy (WIPP), the number of women-owned businesses between 2019 and 2023 increased at nearly double the rate of those owned by men; and from 2022 to 2023, the rate of growth increased to 4.5 times.

Access the report here.

Connect to More

Wells Fargo is starting a new wave of support through Connect to More, a business mentoring partnership with the Nasdaq Entrepreneurial Center. 

This new effort will focus on mentoring 500 women-owned businesses throughout the next 12 months. The businesses will receive access to expertise and specialized resources. The Nasdaq Entrepreneurial Center will provide women entrepreneurs support through its Milestone Mapping Coaching Circles.

Read on to learn more.

News of Interest: Woman-Owned Businesses Show Strength, Versatility and Growth

According to the annual survey by the Women Presidents' Organization and sponsored by Wells Fargo, it shows 76% of companies have maintained or grown their employee base.

Women Presidents have shown they can adjust to the changing economic climate. Results from the surveyed membership indicate 82% of multi-million dollar business owners have positive outlooks and experienced company growth in 2011, according to the annual economic survey by the Women Presidents' Organization (WPO), the premier peer advisory organization for women entrepreneurs.  Despite the economic downturn, 42% of these CEOs and presidents were able to give their employees raises while, 49% maintained current employee salaries.

Other interesting facts surveyed by WPO:

• 58% of member businesses have grown since joining; 75% of these believe WPO has helped them grow
• 80% believe the WPO helps manage business concerns in the current economic climate
• 72% believe their WPO chapter is the most valuable resource that WPO provides

Read more here.