At the 9th annual Dell Women Entrepreneur Network Summit (DWEN) in Toronto, Dell is unveiling new diagnostic tools for local governments and policymakers to help enable women entrepreneurs to succeed.
Built on the findings of the 2017 Women Entrepreneur Cities (WE Cities) Index Dell, with research partner IHS Markit developed deep-dive analysis’ on the barriers and opportunities for women entrepreneurs accessing capital and leveraging technology to scale. Dell also developed ten city blueprints designed to spotlight actions a city can take to improve the ecosystem for women entrepreneurs.
“Women’s entrepreneurship rates rose globally by 13 percent in 2017, reflecting broader momentum of increased female representation across the public and private sectors in many regions around the world. However, access to capital and technology, as well as cultural and political barriers, continue to limit the success of women-owned businesses,” said Karen Quintos, executive vice president and chief customer officer at Dell. “With the release of the WE City Deep Dives and Blueprints, leaders and policymakers can confidently move from ‘analysis to action,’ accelerating positive change that allows women entrepreneurs to thrive – which benefits local communities, wider society and the global economy.”
“According to extensive data and analysis, when barriers to women entrepreneurship are removed, there is a dramatic uplift in a city’s economic prospects,” said Cris Turner, vice president of Government Affairs at Dell. “The WE City Deep Dives and Blueprints offer insights on what cities on the list can learn from one-another and encourage political action to attract and support women entrepreneurs at the local level.”
The WE City Blueprints look at areas of strength and areas of improvement to provide city leaders and policymakers with data-driven research and recommendations on how to foster high-potential women entrepreneurs. Blueprint cities include Boston, London, Sydney, Tokyo and Singapore. “Being the only Asian city that made it to the Top 10 of all the cities measured, Singapore holds huge promise and opportunity for women entrepreneurs. We believe that by highlighting these differences and successes via the WE City Deep Dives and Blueprints, we can collectively improve the landscape for high-potential women entrepreneurs,” said Eric Goh, Vice President, Singapore Enterprise Business, Dell EMC.
WE City Capital and Technology Deep Dives
Capital and technology are critical for scaling any business, but women face unique challenges with both. In 2017, only 2% of venture funding went to female founders. Based on the qualitative analysis of the WE Cities Index and insights from members of the DWEN network, many women entrepreneurs are not leveraging innovative technologies to scale their businesses.
WE Cities Ranking and Methodology
Built on the past six years of Dell research on HPWE, cities were ranked on five important characteristics: capital, technology, talent, culture and markets. These pillars were organised into two groups — operating environment and enabling environment. The overall rating is based on 72 indicators; 45 of these, nearly two-thirds, 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.
Key APJ findings as follows:
• Access and use of technology varies widely across cities, but in general, Western cities and highly developed Asian cities outperform the rest. In APJ, Hong Kong (#5) and Singapore (#10) made it to the top 10 cites under the Technology pillar.
• Sydney is a benchmark city recognised as an emerging global entrepreneurship centre and ranks #23 in the Technology pillar.
• Obtaining capital to start or expand a business is one of the biggest obstacles for women entrepreneurs. San Francisco greatly outperforms the other cities but in APJ, Singapore (#7) and Beijing (#10) made it to the top 10 cities under the Capital pillar.
Note: Kuala Lumpur is ranked 41