June 22, 2016
Being an entrepreneur can be hard – but especially if you come from a marginalized background, the road to successful entrepreneurship can be even more difficult. Even though there’s been a rise of female entrepreneurs moving to run their own businesses, it can still be difficult for female entrepreneurs to find their footing within business.
However, support for women entrepreneurs can come down to being in the right city.
The Growing Need for Female Entrepreneurial Support
According to a study conducted and commissioned by Capital One’s Future Edge initiative, women-owned businesses have experienced a significant increase (and high levels of support) in 25 different cities across the nation. Looking at female-owned companies between 2007 and 2012, the study helps to answer important questions about how crucial support and environment play a role in helping to grow businesses by marginalized entrepreneurs.
So what cities topped the list? According to the study, New York City was the best city for female entrepreneurs to be settled into. At a close second was Los Angeles, followed by Chicago, Houston, and Dallas to close out the top five cities.
Here are the top 25 cities that are best for female entrepreneurs.
How This Will Affect Entrepreneurial Growth to Come
The research also explored the differences of support and growth in comparison to male entrepreneurs in the same cities. The study found that there was a 35.6 percent difference in growth for New York City-based female entrepreneurs, compared to male entrepreneurs’ 8 percent growth in the same time period. Across most of the top cities listed, female entrepreneurial growth more than doubled that of male entrepreneurial growth in the same time and area.
So what does that mean for emerging female entrepreneurs? The time has never been better in these top cities across the nation for female entrepreneurs to make a stand. As representation and inclusion within business and tech are expanding, the data supports that this isn’t just a fickle industry trend. In fact, it could be the key for business as we know it to stay adaptable and relevant for changing markets.
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