Public-Private Partnerships Bolster the Economy by Supporting Women’s Businesses

It is no secret that when women owned-businesses blossom and grow, the economy grows too. As cited by the World Economic Forum in their article “How public-private partnerships are empowering women entrepreneurs beyond funding,”: “Research indicates that increasing women’s participation in entrepreneurship and employment could add trillions of dollars to the global gross domestic product, boosting growth by an estimated 20%.” Reaching new heights and spearheading expansion such as this can be and uphill battle, as “women entrepreneurs face a staggering $1.7 trillion global financing gap, highlighting the urgent need for better access to finance, markets and business networks.” As long as the funding gap exists, our efforts will be full steam ahead to closing it.

An insight that the World Economic Forum zeros in on is the concept of Public-private partnerships, which can provide key leverage and untapped opportunities for women business owners. As authors Julia Hakspiel and Laura V Natera state,

“PPPs can be pivotal in closing these gaps so women entrepreneurs can thrive. Gender Parity Accelerators…provide a structured model for PPPs supporting women’s economic participation through workforce and entrepreneurship. By fostering collaboration between governments, businesses and civil society, these accelerators create enabling ecosystems that offer women entrepreneurs crucial tools beyond funding, such as tailored training programmes, inclusive supply chains and policy support to scale their businesses.”

Women entrepreneurship is burgeoning steadily across the globe, as “In 2024, women-established business ownership rates rose from 4.2% to 5.9% across 30 countries, with significant growth in South Korea, China, Saudi Arabia, Lithuania, Puerto Rico and Thailand.” With organizations like wegg® in the mix, the future of these new businesses is bright.

“The most successful entrepreneurs I know are optimistic. It’s part of the job description.”
-Caterina Fake, Founder, Flickr