Connecticut is a Top 10 State for Female Entrepreneurs, Data Shows
/Connecticut ranks as the seventh best state for female entrepreneurs, scoring a 8.34 on a scale of 10. The state boasts a notable business survival rate of 63.49% and healthy ratios of women to men in financial manager positions (1.28) and management roles (0.78). Wix.com analyzed female-to-male ratios across management occupations, top executives, and financial managers as well as business survival rates and more, to assess which states offer the most opportunities for aspiring female entrepreneurs.
The top 10 states for female entrepreneurs, according to the data analysis, are Vermont, Massachusetts, Rhode Island, Maryland, New Mexico, Oregon, Connecticut, Colorado, Maine and Delaware. The cloud-based web development services company Wix.com recently explored the topic undertaking a study revealing which U.S. States offer the most opportunities for aspiring women entrepreneurs.
In contrast, Ohio ranked as the lowest State for female entrepreneurs, with South Dakota, Indiana, Louisiana, and Alabama, comprising the bottom five states.
Fran Pastore, who founded the nonprofit Women’s Business Development Council in Connecticut more than two decades ago, remains a leader in the effort, in Connecticut and beyond, to support, encourage, and assist female entrepreneurs.
Back in 2017, she told Hartford Business Journal “I think that women’s economic equity is the last piece of unfinished business for women in our country.”
WBDC’s reach across Connecticut continues to expand beyond its original home turf of Stamford. Last year, the nonprofit opened a new office in downtown Waterbury, joining regional offices in New London and New Haven. An office in downtown Hartford is now under construction.
Rebecca Tomasis, Growth Expert at Wix.com, commented on the study’s findings with a look toward the future:
“The growth rate of women-owned business from 2019 to 2023 has been remarkable, outpacing their male counterparts by nearly double, according to a new report. Interestingly, while our findings highlight encouraging trends in gender equity within financial management roles across most states, there remains a noticeable disparity in top executive positions, where the female-to-male ratio averages just 0.49.
This gap presents a significant opportunity for progress in leadership roles and underscores the need for continued efforts to support women in breaking through the glass ceiling in America. To continue this momentum, it is essential for states and businesses alike to foster environments that support gender equity and provide opportunities for women to ascend to these higher echelons of leadership. Doing so will not only empower more women in business but also drive broader economic growth and innovation.”
The Wix.com study provides a full data set of the 50 U.S. States addressing female entrepreneur opportunities. Five key factors were included in the analysis:
Female-to-male ratio in management occupations
Female-to-male ratio in top executive roles
Female-to-male ratio in financial manager positions
Total number of companies founded since March 2014
Business survival rates
All data was collected from July 1 to July 10, and is accurate as of then according to Wix. Connecticut’s management occupations (female:male ratio) was 0.78; Top executives (female:male ratio) was 0.52; Top executives (female:male ratio) was 1. 28. The total number of companies per 100K people (since 2014) was 2,043 and the business survival rate was 63.49%.
