Global Entrepreneurship Monitor Releases New Research Highlighting Women's Entrepreneurship Trends Across the Globe

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Research Team Recommends Policy Actions to Better Support Female Entrepreneurs

London, UK (18 November 2022) – The new Global Entrepreneurship Monitor (GEM)  2021/2022 Women’s Entrepreneurship Report showed that startup rates for women dropped by 15% from 2019 to 2020, and held constant in 2021. Women also experienced sharper declines than men in their intentions to start a business within three years and overall startup rates in 2020, but not in upper-middle income countries.


These report findings are based on a trend analysis of women’s entrepreneurship across 50 countries and shed light on the actions policymakers can take to support female entrepreneurs.  The report highlights the gender composition of startups, pandemic impacts on male and female entrepreneurs and structural and environmental inequalities that need to be addressed on a policy level. Authored by nine GEM National Team researchers from eight countries, the report is based on data collected from the GEM Adult Population Survey (APS) and the GEM National Expert Survey (NES) in 2021.  

“GEM is the only global research source that collects data on entrepreneurship directly from the source – entrepreneurs,” said GEM Executive Director Aileen Ionescu-Somers. "Applying a well-informed gender lens to the evidence points policymakers and program leaders toward more effective tailor-made solutions to address the barriers to business startup and growth for women entrepreneurs.”


“Women represent two out of every five early-stage entrepreneurs,” added Amanda Elam, lead author of the report and a research fellow at the Diana International Research Institute at Babson College, a founding organization and global sponsor of GEM. “Entrepreneurship is a part of the economy where women are continuing to take an active role. It’s important for educators, leaders and policymakers to understand the drivers of gender differences in this critical market activity.” 


Other key findings from the report include:

  • Globally, women represent about one in three high growth entrepreneurs and one in three innovation entrepreneurs focused on national and international markets. 
  • Women in upper-middle income countries represent some of the most innovative, high growth entrepreneurs in the world, at parity with men for international market focus.
  • Business exit rates for women rose from 2.9% to 3.6% over the two-year pandemic period, in contrast to the higher rates for men (3.5% to 4.4%). Women in upper-middle income countries showed the largest pandemic impact on business exit with a 74% increase from 2019 to 2021, compared to 34% for men.
  • Almost half of women entrepreneurs surveyed worldwide are involved in the Wholesale/Retail sector and one in five women entrepreneurs in the Government and Social Services sector (18.5% women versus 10.1% men). However, only 2.7% of women compared to 4.7% of men are starting businesses in Information, Computers, and Technology (ICT), the sector that draws the majority of venture capital dollars worldwide.
  • In every country surveyed, women were much less active in business than men and tended to make much smaller related investments. The most significant gender differences were found in lower income countries, while women in upper-middle income countries were closest to gender parity. 
  • National experts generally rated the enabling environment for women entrepreneurs very poorly in most countries. This may explain why women have a slightly lower perception of entrepreneurship as a career choice compared to men. Countries with the highest expert ratings also saw the highest levels of entrepreneurial intentions. 

The report provides guidance for policymakers and program leaders that will help address the barriers to business startup and growth for women entrepreneurs:

1. Women entrepreneurs are underrepresented in traditionally male-dominated sectors. To counter this, policymakers can provide support to women entrepreneurs equally in all sectors and countries, especially in male-dominated sectors where negative stereotypes are triggered. 

2. Women represent 1 in 3 high potential entrepreneurs, so policy programming is needed to mobilize financing and other support toward the sectors where women are currently active. 

3. As academic research suggests that women are just as likely as men to succeed when starting similar businesses in comparable industry sectors, structural barriers can be more directly addressed to debunk negative stereotypes about women entrepreneurs. 

4. National Experts taking part in the research agree that there is currently little cultural support for female entrepreneurs. It is important to celebrate and promote successful women founders as role models.

In addition to GEM global sponsor Babson College, the research is also made possible thanks to report sponsors Cartier Women’s Initiative, the School of Management Fribourg (HEG-FR) and the Women Entrepreneurs Finance Initiative (We-Fi).


Download the report and register for the report launch webinar.


More Information

To explore future collaboration possibilities with GEM around women’s entrepreneurship, contact GEM Executive Director Aileen Ionescu-Somers ([email protected]).

If you are a journalist and would like to interview a GEM women’s entrepreneurship researcher, contact Kevin Anselmo (Tel: +1 919 260 0035 / [email protected]).  


About GEM
Global Entrepreneurship Monitor (GEM) is a consortium of national country teams, primarily associated with top academic institutions, that carries out survey-based research on entrepreneurship around the world. GEM is the only global research source that collects data on entrepreneurship directly from individual entrepreneurs! GEM’s Adult Population Survey (APS) provides analysis on the characteristics, motivations and ambitions of individuals starting businesses, as well as social attitudes towards entrepreneurship. The National Expert Survey (NES) looks at the national context in which individuals start businesses.


In numbers, GEM is:


- 23 years of data

- 150,000+ interviews a year

- 100+ economies

- 500+ specialists in entrepreneurship research

- 300+ academic and research institutions

- 200+ funding institutions


GEM began in 1999 as a joint project between Babson College (USA) and London Business School (UK). The consortium has become the richest resource of information on entrepreneurship, publishing a range of global, national and 'special topic' reports on an annual basis.


About Babson College, GEM Global Sponsor

Babson College prepares and empowers entrepreneurial leaders who create, grow, and steward sustainable economic and social value everywhere. We shape the entrepreneurial leaders our world needs most: those with strong functional knowledge, skills, and vision to navigate change, accommodate ambiguity, surmount complexity, and motivate teams in organizations of all types and sizes. An international leader in entrepreneurship education recognized globally by U.S. News & World Report, our undergraduate, graduate, executive programs, and partnership opportunities are tailored to the needs of our world. 


GEM Report Sponsors

Cartier Women’s Initiative
The Cartier Women's Initiative is an annual international entrepreneurship program that aims to drive change by empowering women impact entrepreneurs. Founded by Cartier in 2006, the program is open to women-run and women-owned businesses from any country and sector that aim to have a strong and sustainable social and/or environmental impact. 

School of Management Fribourg (HEG-FR)
HEG-FR is a trilingual public business school located in Fribourg, Switzerland and a member of the University of Applied Sciences and Arts of Western Switzerland (HES-SO). Its Institute of Small and Medium Enterprises houses the Swiss chapter of GEM research, which is headed by Professor Rico Baldegger, Ph.D, in collaboration with other colleagues from institutions such as SUPSI Manno in Ticino, Switzerland.  More information is at


Women Entrepreneurs Finance Initiative (We-Fi)
The Women Entrepreneurs Finance Initiative (We-Fi), a financial intermediary facility (FIF) housed in the World Bank Group, is a groundbreaking partnership that aims to unlock financing for women-led/owned businesses (WSMEs) in developing countries. We-Fi’s partners include 14 donor governments, six multilateral development banks as implementing partners, and numerous other stakeholders in the public and private sector around the world. Within five years of its launch in 2017, We-Fi has allocated $354 million to programs. These allocations are mobilizing an additional $3.5 billion, which far exceeds We-Fi’s initial goal of mobilizing one billion dollars to support women entrepreneurs. 


To date, the We-Fi portfolio has encompassed activities in nearly 60 countries. We-Fi programs have benefitted over 50,000 WSMEs with financial and non-financial support. Financial service providers supported by We-Fi facilitated over $1.2 billion in financing to WSMEs. Sponsoring GEM research provides We-Fi with an overview of the gaps in the current entrepreneurial landscape.