The GEM 2023/24 Women’s Entrepreneurship Report offers a compelling look into the landscape of female entrepreneurship across the globe. Celebrating 25 years of data collection, the report underscores not just progress but also persistent challenges, painting a picture of resilience, innovation, and the ongoing need for structural support. 

A Rising Force in Entrepreneurship 

The report reveals a significant increase in women’s startup activity over the past two decades. Women’s entrepreneurial rates have jumped from 6.1% to 10.4% across 30 GEM-participating countries, signaling a clear trend: women are seizing business opportunities at an unprecedented rate. This growth is particularly notable in France, the Netherlands, and Hungary, where female startup activity has more than doubled. However, high-income countries continue to exhibit the lowest rates of women’s entrepreneurial participation, exposing the complexities of gender gaps in economic ecosystems. 

High Potential, High Impact 

A striking revelation is that women are increasingly entering high-growth sectors and export-driven businesses. In fact, one in three high-growth-oriented entrepreneurs is a woman, and nearly 40% of startups with significant export activity are female-led. Countries like China, Colombia, and the Netherlands are witnessing a surge in women-led innovations. This dismantles outdated narratives that women-led enterprises are primarily confined to small-scale, low-growth businesses. 

Closing the Gap: Perceptions and Reality 

One of the most insightful aspects of the report is the shift in entrepreneurial perceptions. More women than ever perceive strong business opportunities and express confidence in their entrepreneurial skills. Over the past 20 years, there has been a 79% increase in women recognizing new business opportunities and a 27% rise in confidence in startup skills. However, this optimism is tempered by a 50% increase in fear of failure, highlighting an area where targeted policy interventions can make a meaningful impact. 

The Challenge of Sustainability and Access to Capital 

Women entrepreneurs are leading the charge in sustainability, with higher adoption rates of sustainable business practices in middle- and high-income countries. However, they continue to face significant barriers to funding. Women are 30% less likely than men to have invested in a business and 10% less likely to know an entrepreneur—a crucial factor in accessing networks and capital. Informal business investment rates, however, have surged in some countries, such as Morocco and Venezuela, signaling a positive trend in financial support within emerging economies. 

Policy Implications and the Road Ahead 

The report offers clear policy recommendations: 

• Highlighting Female Role Models: Visibility of successful women in high-growth sectors can challenge stereotypes and inspire more women to pursue entrepreneurship. 
• Enhancing Research and Data Collection: Better data leads to more effective policymaking and helps dispel misconceptions about women’s entrepreneurial contributions. 
• Expanding Inclusive Education and Training: Tailored programs can help women overcome barriers to entry in male-dominated industries. 
• Improving Access to Capital: Governments and private sectors must collaborate to implement gender-conscious investment strategies to close the financing gap.

Commentary: 

”The GEM 2023/24 Women’s Entrepreneurship Report is not just an academic exercise—it is a call to action. The trends indicate that when women are provided with equal access to resources, networks, and policy support, they build businesses that are not only financially successful but also socially impactful. However, structural barriers remain, requiring collective efforts from policymakers, educators, investors, and society at large. 

Women’s entrepreneurship is not just about economic participation—it is about reshaping economies and communities. The question now is: how do we accelerate this momentum and ensure that the next decade of women’s entrepreneurship is one of even greater empowerment and equity? ”