Women-led businesses thrive, helping UK economy
Today is International Women’s Day and, to mark the event, student body Founders4Schools (F4S) and tech recruitment company Mortimer Spinks have released a report which highlights the importance of female entrepreneurship to the UK economy.
According to the findings, 1,279 women-led companies have made a total contribution of £25.9 billion to the economy. Meanwhile, businesses led by women are successfully increasing their profits year-on-year. In fact, over the past 12 months, 1,283 female-led businesses, with an annual turnover between £1 million and £250 million, grew at a median rate of 17 per cent.
Technology has been one of the sectors that has benefited most from businesses with female leaders, as the highest average growth of 121 per cent came from 82 women-led companies in this field. These same companies combined also had a turnover of £339 million.
Kayleigh McHale, of Mortimer Spinks, said: “Women-led businesses made huge contributions to the UK economy in the past year, across a wide variety of industry sectors – with phenomenal growth in tech.
“Given what we know about female underrepresentation in technology, the importance of growth achieved by women-led tech businesses cannot be overstated. We must encourage more female students and women to pursue careers in tech to help the UK reach its economic goals.
“Our report in partnership with F4S, highlights the fact that women build impactful and dynamic technology businesses that scale – debunking the idea that women always seek to lead ‘lifestyle businesses’.”