WOMEN’S ENTERPRISE CAN AID ECONOMIC RECOVERY SAYS GOVERNMENT TASK FORCE
Women’s Enterprise Task Force emphasises the importance of women’s enterprise to fuel the upturn.
The Women’s Enterprise Task Force will mark International Women’s Day by highlighting the contribution that women’s enterprise makes to the economy - estimated at £130 billion per annum. The Task Force believes that women’s enterprise can be one of a number of enablers for economic recovery and is calling upon private and public sectors to support women in business during the recession by providing clearly targeted support through access to finance and procurement opportunities.
The Task Force’s message will be endorsed at a gathering of more than 100 guests from the UK, Canada, and the US, who will join together in London to mark International Women’s Day at the task force event, which is co-hosted by the High Commission of Canada. The keynote address by Vera Baird QC, MP, Solicitor General, will focus on the importance of protecting the critical role of women in business during the economic downturn and the work of the Government Equalities Office.
Other speakers including Co-Chairs of the Women’s Enterprise Task Force, Pam Alexander and Dr Glenda Stone, will highlight the work that is being done to influence policy and to support women directly. Senior officials from the High Commission of Canada, the Embassy of the United States of America and the Association of US Women’s Business Centres will highlight the international dimension of this day, speaking on encouraging women to trade internationally to access new markets.
Commenting on the state of women in the recession, Pam Alexander and Dr Glenda Stone, Co-Chairs of the Women’s Enterprise Task Force said: “Current labour force data indicates that levels of female employment are declining fast, especially in regions and sectors most hit by the current economic crisis. Some women will consider self-employment a good opportunity. Interim findings from our research on women’s enterprise in the recession suggest that, while women are aware of the difficult environment that they are working in, their flexible low cost and low debt business models are attracting new business from larger companies interested in leaner, high quality suppliers.”
During the past months, Real Help Now for Business and more recently Real Help Now for Women have demonstrated the Government’s commitment to helping businesses in the recession. In addition, a number of Regional Development Agencies have taken inspiration from the successful US Women’s Business Centre model, launching regional pilots providing tailored business support to help women entrepreneurs to start and/or sustain their businesses.
In the USA, the Women's Business Act 1988 put in place long-term infrastructure to support women's enterprise development and since then women's business ownership has increased significantly. Around 30% of all US businesses are majority female owned, whereas the figure in the UK is around 16%.
Minister for Economic Competitiveness and Small Business, Shriti Vadera said: "There are 20% more people in enterprise in the US than in Britain, and the majority of that gap is made up of women. Getting more women entrepreneurs is an economic issue not just an equality issue. If we were to match US levels of women’s enterprise there would be 900,000 new businesses in the UK. "There is a wealth of untapped talent and economic opportunity that could significantly boost the economy in these uncertain times. The Government is supporting women in enterprise and the Task Force is part of a commitment to do this".
Vera Baird, Solicitor General, said: "Running a business gives women control and allows them to balance their work and family life. Women’s enterprise is a solution for women, a solution for families and a solution for the economy."
Business woman Alice Edgcumbe-Rendle agrees that more women are likely to seek tailored business support during the recession. ”Having run a business for 20 years, I worked through the last recession and learnt a lot from that experience. I recognised the onset of this current downturn a few years ago, giving me a chance to put my affairs in order,” Alice admits. “It won’t be so easy for those who don’t have this experience.”
The Women’s Enterprise Task Force was established by Gordon Brown in 2006, in order to advocate for and increase the quantity, growth and success of women’s enterprise in the UK. Task Force members view women’s enterprise as one of a number of key enablers of economic recovery that requires tailored and continued support from both Government and the private sector.
Notes to Editors:
International Women’s Day is a global celebration of the economic, political and social achievements of women past, present and future and in many countries constitutes a public holiday. It is celebrated annually on 8th March. For more information visit www.internationalwomensday.com
The Women’s Enterprise Task Force priorities include gender-disaggregated business data, access to finance and technology, women-friendly business support, supplier diversity in public and private sector procurement, and positive promotion of women-owned business issues in the media.
Regional Development Agencies across the UK provide targeted help to women entrepreneurs and women thinking of starting up a company. Business Link, a business support service funded by the RDAs, and supported by government departments, agencies and local authorities, offers real and local help for businesses online, by phone and face-to-face.
There is unequivocal evidence that women-owned businesses start with lower levels of overall capitalization and debt and are much less likely to use external sources of finance. Women starting up in business will tend to provide a more immediate contribution to the economy as around one in five women come into self-employment from unemployment compared with around one in fifteen for men.