Currently in the UK women start businesses at less than half the rate of men. Increasing the number of women-owned businesses would therefore have a significant impact on the UK's economic performance as more businesses lead to increased productivity and wealth creation. In fact, it has been estimated that if women were to set up a business at the same rate as men, there would be 150,000 extra start-ups per year. 
 
There is a strong economic case for trying to engage more women in self-employment:

• There are indications that female-owned businesses are more innovative than male-owned businesses. They are more likely to use new technology and to be providing a product or service that is new to the market (GEM 2002-2003).
• Around a quarter of self-employed women (24%) have a degree or equivalent, compared with 18% of self-employed men. Research shows that more highly qualified entrepreneurs grow their businesses at a faster rate.
• More women than men work part-time to juggle other responsibilities such as caring for children or elder relatives. An Equal Opportunities Commission (EOC) investigation into part-time and flexible learning has found evidence that the experience of women working part-time make a major contribution to the UK's low productivity. The EOC estimated that 80% (a fifth of the working age population) of part-time workers are working below their potential (ESF Operational Programme analysis). Self-employment offers women the opportunity to work flexibly whilst fully utilising their skills and experience.
• Around one in five women come into self-employment from unemployment compared with around one in fifteen for men.
• Women in small business ownership make an estimated £50-70 Billion annual contribution to the gross value added by business

For more information about women's enterprise see the Prowess website.