The progress and achievement of women entrepreneurs and women-owned businesses is flourishing. The third edition of the Mastercard (Diversity Inc #8) Index of Women, released in November, shows that female entrepreneurs globally are making big strides—particularly in the United States, New Zealand and Canada, according to the report.
Mastercard’s Index tracks data at three levels: Women’s Advancement Outcomes, Knowledge Assets & Financial Access, and Supporting Entrepreneurial Factors.
It’s not a secret that women are pushing today’s economies beyond where they’ve been before.
“Women-owned and led businesses are strong catalysts for economic growth, improving the lives of everyone. With this study, we are shining a light on those under-represented because even today, inequality and exclusion still hold women back,” said Ann Cairns, Executive Vice Chairman at Mastercard, in a statement.
In particular, women of color have been driving the economy, according to The 2019 State of Women-Owned Business Report. This report looked at “sidepreneurs,” which are part-time entrepreneurs.
The growth of sidepreneur businesses was twice as highfor nonwhite women-owned businesses than all sidepreneur businesses (65%) between 2014 and 2019.The report also found that Black women led the growth of part-time businesses.
MasterCard has other initiatives in the United States to help women-owned businesses start and grow, including programs like Start Path and Create & Cultivate. MasterCard has global reach as well. In Africa and South East Asia, Mastercard has programs like Jaza Duka and the Mastercard Farmer Network.
“At Mastercard, we believe good ideas come from everywhere. Now is the time for governments and organizations to power together to support women to advance their businesses by eradicating gender-bias and ensuring greater access to education and financial inclusion,” Cairns said in a statement.