Women-led businesses often remain smaller in scale and less impactful in economic contributions compared to their male counterparts, with a focus on local markets, as highlighted by data from Latvia and studies by OECD and the World Bank.
Recent global data shows that businesses led by women tend to be smaller in terms of revenue, employee count, and growth rates compared to those run by men. The OECD and the World Bank have researched that while women-owned enterprises constitute about one-third of all businesses, their contribution to national gross domestic product is disproportionately low, primarily due to their limited scale. Women generally attract less investment and grow at a slower pace despite having strong business fundamentals.
In Latvia, the situation mirrors global trends, as the country boasts many entrepreneurial and educated women who have established businesses in areas like technology, design, education, and consulting. However, a significant number of these companies remain confined to the local or Baltic markets. This is not due to a lack of demand or potential but rather because the decision to expand is perceived as too risky for many female entrepreneurs. This hesitance can stifle growth and limit the impact these businesses could have both locally and internationally.
To address these challenges with a focus on empowerment and overcoming perceived risks, the upcoming women's economic empowerment conference, "Novatore Impact Summit," scheduled for March 5, is expected to explore ways for women to find resources within themselves and gain the courage to think and act on a broader scale. This conference aims to foster dialogue and provide strategies to help women-led businesses not only thrive locally but also venture into global markets, thus enhancing their economic contributions.
