With so many challenges for women entrepreneurs, it’s not easy to start a company. The US Global Entrepreneurship Monitor says that startups founded by a woman receive 8 times less funding than their male counterparts. According to data, only 8.9% of all proposals to angel investor organizations this year came from female entrepreneurs. Considering a mere 16% of all ventures seeking funding are owned by women, it is alarming that only 24% receive angel investment.
It’s not easy out there for a female entrepreneur. But in certain cities, it’s easier to find the resources you need to start your own business. Female entrepreneurs should consider moving to these cities – they’re ranked based on the accessibility of resources and female execs that are already thriving in these cities. They looked at the following points:
- Education level: Studies have shown that getting a higher education correlates with higher levels of entrepreneurial success. They assessed the educated workforce by looking at statistics such as the percentage of the population 25 or older who had completed college.
- Earnings of female workers: To estimate the earning potential for women in each city, they used the median earnings of female full-time workers.
- Presence of female entrepreneurs: The percentage of businesses that are owned by women to measure how friendly each location is to female entrepreneurs.
- Business-friendliness: The number of businesses per 100 residents is an excellent indicator of a city’s entrepreneurial climate.
- Economic state: To test the entrepreneurial environment of a city they checked out the unemployment rates
If you have time to listen, the next few minutes could be life-changing.
You’re probably planning to move into one of the state’s cities or currently living in the aforementioned areas. Just make sure there is a Local Levo chapter nearby!