Fortunately, we live in a time where female entrepreneurs are gaining recognition for their innovative and socially impactful work. Miller Center alumni like Lesley Marincola (’11) and Shivani Siroya (’12) immediately come to mind.
But, even in 2018, with the proliferation of reporting fueled in this #MeToo and #TimesUp era, we are reminded that our ecosystem remains unequivocally male-dominated. While I will not be discussing the sexist remarks and gender prejudice that still prevails in our society (that’s a story for another day), in this piece, I want to call attention to how empowering women can lead to our sustainable future.
On the job, women make about 80 cents for every dollar as compared to what a man earns. This inequality is even more pronounced when it comes to fundraising. When female founders pitch their ideas to investors for early-stage capital, they receive significantly less—a disparity that averages more than $1 million—than men, according to BCG.
In contrast, according to the same research, businesses founded by women ultimately deliver higher revenue—more than twice as much per dollar invested—than those founded by men. Also on average, more than 11 million U.S. firms are now owned by women, employing nearly 9 million people and generating $1.7 trillion in sales, according to 2017 data from the National Association of Women Business Owners.
What can we do to scale up our work and boost economic gender equality?
Women’s Economic Empowerment as a catalyst for change
Women’s economic empowerment is the highest contributing factor to close the gender gap. It is the most impactful way to build a world where women can exercise personal choice and freedom to make their lives better. Given that women are a majority among economically disadvantaged groups, women’s empowerment is essential to opening doors for equal wage and investment.
According to the World Bank, addressing gender inequalities by focusing on women’s empowerment is not only essential to reduce poverty but is also “Smart Economics”. Better gender equality enhances productivity and improves development and outcomes for future generations. Women represent 40% of the entire global labor force and more than half of the world’s university students. Increasing productivity is directly related to empowering women by making it easy for them to access education, develop competency in a skill set, and pursue opportunities to use their talents
Miller Center’s goal to bring gender parity
Gender parity is a human rights issue and a precondition for, and an indicator of, a sustainable future. As a part of Miller Center’s effort to bring gender-balanced cohorts, a new affinity group of women-led social enterprises has been introduced in our Global Social Benefit Institute (GSBI®) online accelerator program. The goal for this affinity group is to bring more women social entrepreneurs onboard, refine and validate their business and financial models, provide a customized resource library with curated content specific to their businesses, match them with industry-relevant mentors, foster peer-to-peer connections with our alumni, and offer opportunities for their businesses to flourish.
From one woman to all women
Out of all the sustainable development goals of the United Nations, Goal 5, gender equality, has been a major part of my life’s work. Coming from a patriarchal society like Pakistan, I have experienced male dominance first-hand in all spheres of my life. Women in rural, as well as sub-urban areas of Pakistan, have a subordinate position within their communities, even within their own households. Starting from the basic right of education through acquiring the skills needed to get a better-paying job, girls need to shackle multiple barriers to access what is given for granted to men.
Joining Miller Center for Social Entrepreneurship as a Women’s Economic Empowerment Fellow is close to my heart and closer to what I strive to do in my life: building countless opportunities for women all over the world. The idea is to set an example from one woman to all women so our future generations get to see the world where gender is just a classification of human biology.
Let’s make it happen together!