This Is the Best City in the World for Female Entrepreneurs ✈️
If you're a) female and b) have grand plans of starting your own company, you might want to get your ass to New York (and not just for the pizza, although, obviously.) According a new report by Dell and the Technology and Entrepreneurship Center at Harvard, the Big Apple is best city for businesses owned by women.
Researchers came to this conclusion after digging through stats on 50 cities and considering each location's market, talent, capital, culture, and technology. They measured whether a female entrepreneur operating in a specific city would have access to a market that's big enough for her business to scale and become profitable, as well how straight-forward it would be to access potential customers in that location. Researchers considered the likelihood of women recruiting killer talent to her team, and—the kicker—how difficult it is for women to find investors in each city by considering the number of well-funded, female-run startups currently operating there. And while NYC came out on top, it's still not perfect: The city scored 58.6 out of 100, which means “there’s room for improvement,” according to Jim Diffley, a senior director at IHS, the consulting group that worked with Dell on the study. Apparently technology is one category that really let New York down, as, according to Diffley, “technology costs were lower in Asian and European cities” which became a deterrent to women entrepreneurs. And probably all entrepreneurs, we assume.
Dell commissioned the study to find out why women-owned businesses scale better in some cities compared to others, and discovered that San Francisco, London, Stockholm, Singapore, Toronto, Washington, D.C., Sydney, Paris, and Seattle are all among the top 10 global cities for female founders.
“We wanted to find out why women-owned businesses scale better in one city than in another one,” explained Elizabeth Gore, Dell's entrepreneur-in-residence, adding that even the cities topping the list still have a lot of work to do before they become ideal for female-led companies. “Even the best cities haven’t cracked the code.”
Photo: Sakara Life (A female-led company that's based in New York. . . And hey, things seem to be working out for them!)