Worldwide, women operate more than a quarter of all private businesses and start companies at nearly twice the rate of men, finds Ernst & Young. But despite early robust growth, they aren’t reaching their potential.
To help female entrepreneurs, the firm has launched a new program in Canada, Entrepreneurial Winning Women.
While other programs for women-owned firms are focused more on helping women start businesses, it provides support to help grow and expand their ventures, says Ernst & Young.
Nominations are open until June 30 for the 2014 PROFIT/Chatelaine W100 ranking of Canada’s Top Female Entrepreneurs
“We saw an important opportunity to bridge the missing middle — those second-stage entrepreneurs at a crucial stage of growth who often can’t readily find the tools needed to continue to scale up — and help them make their way toward market leadership,” says Carrie Marchitto, Ernst & Young’s leader of Entrepreneurial Winning Women in Canada.
Specifically, the program helps women achieve five crucial things:
- Think big and be bold
- Build a public profile
- Work on the business, rather than in it
- Establish key advisory networks
- Evaluate financing for expansion
The program is in its sixth year in the U.S. According to a recent study conducted by Babson College, revenues of U.S. program participants’ companies have grown almost 50% each year, while creating jobs at an average rate of more than 25% annually.
Originally appeared in Advisor