Support for female entrepreneurs could boost UK economy, says report

Providing more help for early-stage female entrepreneurs could help to boost the UK economy by £100 billion, according to a report compiled by Deloitte for the Women’s Business Council.

Recent research showed that there are fewer women (less than six per cent) engaging in entrepreneurial activities compared to men (more than ten per cent).

The report found that increasing the number of female entrepreneurs to ten per cent would help to boost the overall economic contribution of female-led businesses, bringing it to over £180 billion by 2025.

Challenges

The report surveyed over 20 successful female entrepreneurs throughout the UK to identify the challenges that women face when setting up their own business, and the barriers that prevent them from becoming successful.

It found that despite an increase in the number of start-ups over the past five years, the number of females of working age engaging in entrepreneurial activity has fallen over the same time period.

Longevity rates for female-led businesses were also found to be lower than those of male-led businesses.

Deloitte Vice Chair and co-author of the report Denis Woulfe commented on the findings, stating that whilst there have been many “fantastic examples” of start-ups led by women, statistics show that “much of the potential remains untapped.”

Training

Minister for Women, Equalities and Family Justice Caroline Dinenage said that the barriers preventing women from starting and growing a business must be broken down.

“The Government is supporting business women by sponsoring mentoring roadshows and offering bespoke training, as well as providing start-up loans to help women achieve their entrepreneurial dreams,” she said.