Between 1997 and 2017, the number of women-owned businesses increased by 114%, a rate 2.5 times higher than the national average.
–State of Women-Owned Business Report, American Express
Today, women influence about 80% of buying decisions and control $20 trillion of consumer spending, yet globally women hold only 24% of C-level roles. Both of these numbers are growing every year, and the Crowned team couldn’t be happier about that fact. Women own 4 out of every 10 businesses in the U.S, and Crowned is one of those businesses, founded by Francesca Coronado.
Here at Crowned, women’s entrepreneurship is close to our hearts as a female-founded and operated business. While female-founded businesses only account for 4.6% of all firms as of 2018, the rate at which women are starting businesses has increased by 58 percent since 2007.
In 2018, $38.9 billion was invested in companies with a female founder, representing 17% of venture dollars funded globally. This is nearly double the amount from 2017, which saw $19.8 billion invested into companies with a female founder.
This trend is bound to continue with more women, especially women of color, starting businesses at a continuously growing rate. Female entrepreneurs are a diverse, and happy bunch. Businesses owned by women of color grew by 163% between 2007 and 2018.
This Women’s Entrepreneurship Day, we want to highlight the importance of supporting women-owned businesses by sharing some of our own personal favorites.
Lume Deodorant (pronounced loo-mee) is a product I absolutely love. Not only is it a natural deodorant that actually works, but it was also developed by Shannon Klingman MD, an OB/GYN, who got tired of status-quo deodorants on the market. As an OB/GYN, Dr. Klingman was interested to find out the root cause of body odor, not only in our pits but also on our most sensitive “lady parts.” After seeing far too many diagnoses’ of bacterial vaginosis in women, who were then prescribed antibiotics that didn’t clear up the issue, Dr. Klingman went to work to study why odor happens and how to stop it before it starts. You could call Lume a “pre-odorant” rather than a de-odorant really!
Her brand is now one of the top deodorant brands on the market, with an ever-growing subscription-based following. Her products are well-loved by women and men alike in her quest to end stinkiness.
“I SAW HOW BODY ODOR—WHATEVER THE SOURCE—WAS UNDERMINING THE CONFIDENCE AND SELF-WORTH OF WOMEN AND MEN EVERYWHERE.” – Shannon Klingman MD
Lorna Jane Clarkson is my choice. She’s the owner of Lorna Jane Active and inspires women to be fearless! She inspires me because she empowers women to be confident in who they are and that being who you are meant to be doesn’t have to look like anyone else. Her motto is: Move, Nourish and Believe – Moving every day, Nourishing from the inside out and Believing that anything is possible. She started her business when she was a fitness instructor in 1989, making custom workout wear for her students. This quickly and unexpectedly turned into one of the first activewear empires. We can thank Lorna Jane Clarkson for popularizing fashionable athletic wear that millions of women love enough to wear outside the gym! In fact, Lorna Jane coined the term “activewear,” and has spent the last 30 years keeping her finger on the pulse of not only her customer needs but also the “needs of society as a whole” to work towards making activewear a staple of every woman’s wardrobe.
I’m always on the lookout for female-founded brands (Glossier, AWAY, Heist, Schmidt’s Deodorant), and am perpetually inspired by female entrepreneurs. I grew up watching the rise of powerful women like Oprah and Martha Stewart, and I’m always excited to hear about female-founded companies (and am elated to work for one!)
Women have faced staggering hurdles to get to where we are today, and it’s important to me to remember the women who blazed the trail. Madam C. J. Walker (Sarah Breedlove), the daughter of freed slaves, was an African-American entrepreneur, philanthropist, and activist. Walker was the wealthiest African-American businesswoman and the wealthiest self-made woman in America at the time of her death in 1919, with a net worth of over $1 million. She overcame some pretty insane odds, starting her business in her late 30s after questioning her physical ability to do hard labor washing laundry into her golden years. Her success is largely attributed to her marketing savvy and the ability to set the tone for the fledgling African-American women’s beauty sector. She was one of the first modern Lady Bosses!
Written by: Betty Bair