Dell announced findings of the 2016 Women Entrepreneur Cities Index (WE Cities), revealing the top 25 global cities fostering high potential women entrepreneurs. The Dell Women Entrepreneur Cities Index (WE Cities) is the only global gender-specific index that looks at a city’s ability to attract and foster growth of women-owned firms. Cities, instead of countries, were identified in order to show the impact of local policies and programs in addition to national laws and customs. Extensive data and analysis says that when impediments to female entrepreneurship are removed, there is a dramatic uplift in a city’s economic prospects.
“Innovation and job creation by women entrepreneurs is critical for a thriving global economy, yet our research shows some cities and countries are doing far more than others to encourage and support this important subset of the startup community,” said Karen Quintos, senior vice president and chief marketing officer at Dell. “Our index provides insights to move the conversation with policymakers and city leaders from awareness to action and, in turn, to empower women entrepreneurs to have the greatest economic impact on the world.”
Ranking of top cities for women entrepreneurs
|1. NEW YORK
2. BAY AREA
7. WASHINGTON, DC
14. HONG KONG
18. MEXICO CITY
19. SAO PAULO
Women entrepreneurs are an growing economic backbone
“Women entrepreneurs are our country’s best bet for economic growth,” said Elizabeth Gore, entrepreneur-in-residence for Dell.
“[easy-tweet tweet=”It’s time for women to be politically engaged to ensure the right ecosystems are in place for scale” user=”@feminstitute”]. If politicians and entrepreneurs partner, dynamic policies can be put in place to close the circle and enhance the process from idea to enterprise. WE Cities can be used as a diagnostic tool to help ensure lawmakers are listening to their needs.”
How we found the top 25 cities for women entrepreneurs
Building on the past four years of Dell’s research on HPWE, five important categories of city characteristics were identified: capital, technology, talent, culture and markets. These pillars were organized into two groups – operating environment and enabling environment. The overall rating has 70 indicators, and, of these, 44 have a gender-based component. Individual indicators were weighted based on four criteria: relevance, quality of underlying data, uniqueness in the index and gender component.
Insights behind the numbers
- New York City ranks No. 1 overall among the 25 cities for its ability to attract and support high potential women entrepreneurs with a top-ranked Operating Environment and an Enabling Environment ranked No.5. While New York City ranks No. 1 for Markets and Capital, it is No. 2 in Culture and No. 4 in It tops the list for its performance in Policy Enabling Market Access and is No. 2 for the Frequency & Value of Funding to businesses with women entrepreneurs.
- The Bay Area (consisting of the San Francisco and San Jose metro areas) ranks No. 2 overall, ranking No. 2 for Operating Environment and No. 6 for Enabling Environment. It ranks No. 1 for Talent and No. 2 for Capital & Markets, with a No. 1 rank for Access to Markets and the Frequency & Value of Funding to businesses founded and led by women.
- London ranks No. 3 overall, performing second for Access to Markets, third for the Operating Environment and
- Stockholm and Singapore round out the top five in the overall ranking. Stockholm is No. 1 for the Enabling Environment foundational pillar ranking No. 1 for Technology and No. 9 for Culture.
- Singapore performs in the top third of the 25 cities ranked for Talent, Culture and Technology. About WE Cities
Access to capital is the #1 issue for women entrepreneurs
The study also discovered that [easy-tweet tweet=”Access to capital is still the #1 issue faced by women entrepreneurs, new @Dell study says” user=”@feminstitute”], although the numbers are showing a slight improvement. Creating robust ecosystems with incubators, accelerators and mentors makes a world of difference for entrepreneurs—it’s all about the network. Meanwhile, cultural norms and their policy implications put serious binds on female entrepreneurs.
“Dell’s WE Cities research proves that millions of entrepreneurs are hampered by conditions in their local economies and policies,” said Donna Harris, co-founder and co-CEO of 1776. “Entrepreneurs should be free to live wherever they want and have access to the same incredible resources. Our Union platform brings that idea to reality.” Learn more about WE, the research, and ways Dell is supporting high potential female founders worldwide.