Worldwide, women operate more than a quarter of all private businesses and start companies at nearly twice the rate of men, finds Ernst & Young. But despite early robust growth, they aren’t reaching their potential.
To help women entrepreneurs, the firm launched a new program in Canada — Entrepreneurial Winning Women.
While other programs for women-owned firms are focused more on helping women start businesses, it provides support to help grow and expand their ventures, says Ernst & Young.
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“We saw an important opportunity to bridge the missing middle — those second-stage entrepreneurs at a crucial stage of growth who often can’t readily find the tools needed to continue to scale up — and help them make their way toward market leadership,” says Carrie Marchitto, Ernst & Young’s leader of Entrepreneurial Winning Women in Canada.
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Specifically, the program helps women achieve five crucial things:
1. Think big and be bold
2. Build a public profile
3. Work on the business, rather than in it
4. Establish key advisory networks
5. Evaluate financing for expansion
The program is in its sixth year in the U.S. According to a recent study conducted by Babson College, revenues of U.S. program participants’ companies have grown almost 50% each year, while creating jobs at an average rate of more than 25% annually.