Entrepreneurship                                                                                               

Although Utah ranks well in some elements of women’s entrepreneurship, it ranks low on other metrics and measures. However, there continue to be barriers for women starting businesses nationally, and those that are unique to Utah women more generally. The greatest barriers to women’s entrepreneurship are fair access to capital, access to mentors, access to affordable childcare, and lack of awareness of business training and resources. Even in the face of multiple hurdles, women are establishing businesses that not only generate revenue and employ other Utahns, but also contribute to their quality of life and the prosperity of local and statewide economies. The Entrepreneurship spoke seeks to eliminate these barriers and support Utah women who desire to own and/or operate their own business. To learn more, listen to the spoke leaders discuss the work on this 15-minute podcast.

Spoke Leaders

Bold Vision & Goals

To make Utah a place where more girls and women can thrive, the Entrepreneurship spoke leaders and partners have crafted the vision and goals below. Spoke leadership and UWLP team members are currently working to collect baseline data that will assist in adding numbers to the changes we want to see by 2026 and 2030.

Vision: Lead the nation with the highest concentration of women who own businesses with the most growth and longevity.

Goals: 

1. Increase the number of Utah women-owned businesses from 109,554 in 2019 to 112,500 (2.7% growth) by 2026 and to 115,000 (5% growth) by 2030. This will include employer and non-employer businesses. [Metric Dashboard]
2. Increase the total annual revenue of Utah women-owned non-employer businesses by 3.8% growth by 2026 and 11% growth by 2030. [Metric Dashboard]
3. Increase the percentage of employer businesses of total women-owned businesses from 10.1% in 2019 to 12.6% (2.5% growth) in 2026 and to 16.1% (5% growth) in 2030. [Metric Dashboard]
4. Reduce Utah’s entrepreneurship-rate disparity between men and women. [Metric Dashboard]
   
   1. Improve Utah’s entrepreneurship-rate disparity with an increase to 25% female entrepreneurs (of businesses with more than 1 employee) by 2030. 
   2. Move up in state rankings on WalletHub’s “Entrepreneurship-Rate Disparity” (for businesses with more than 1 employee). 
5. Change Utahns’ agreement (understanding and perceptions) in the following areas: [Metric Dashboard]
   1. If I had the opportunity and resources, I would like to start a business. [Increase women’s agreement by 10% by 2026 and 20% by 2030]
   2. If I started a business, my family and friends would approve/support of my decision. [Increase women’s agreement by 5% by 2026 and 7% by 2030]
   3. If I started a business, it would grow to be big enough to employ others. [Increase women’s agreement by 8% by 2026 and 16% by 2030]
   4. If I were to start a business, I would know how/where to access resources and support. [Increase women’s agreement by 10% by 2026 and 20% by 2030]

Thriving Statement: Women and girls thrive when they experience the aspirations and options to own and operate businesses. This includes equitable access to capital, mentors, and business training and resources, fostering an environment where they can achieve success.

Partners

Working Groups

• Mindset (Aspiration, Encouragement, Support, Role Models)
• Non-Financial Resources (Networks, Community, Tools, Spaces, Childcare)
• Knowledge (Experience, Assistance, Guidance, Mentorship)
• Capital (Bankability, Pipeline, Fair Access)