Description
Detailed outline pertaining to special report womens entrepreneurship.
AUTHORS
DONNA KELLEY
CANDIDA BRUSH
PATRICIA GREENE
MIKE HERRINGTON
ABDUL ALI
PENNY KEW
SPECIAL REPORT
Women’s
Entrepreneurship
1
GEM WOMEN’ S SPECI AL REPORT
2015
ACKNOWLEDGEMENTS
The authors express our gratitude to all participating GEM 2013 and 2014 national teams: Algeria, Angola, Argentina,
Australia, Austria, Barbados, Belgium, Belize, Bolivia, Bosnia & Herzegovina, Botswana, Brazil, Burkina Faso, Cameroon,
Canada, Chile, China, Colombia, Costa Rica, Croatia, Czech Republic, Denmark, Ecuador, El Salvador, Estonia, Finland,
France, Georgia, Germany, Ghana, Greece, Guatemala, Hungary, India, Indonesia, Iran, Ireland, Israel, Italy, Jamaica,
Japan, Kazakhstan, Republic of Korea, Kosovo, Kuwait, Latvia, Libya, Lithuania, Luxembourg, Macedonia, Malawi,
Malaysia, Mexico, Netherlands, Nigeria, Norway, Panama, Peru, Philippines, Poland, Portugal, Puerto Rico, Qatar,
Romania, Russia, Singapore, Slovakia, Slovenia, South Africa, Spain, Suriname, Sweden, Switzerland, Taiwan, Thailand,
Trinidad and Tobago, Turkey, Uganda, United Kingdom, United States, Uruguay, Vietnam, Zambia.
Women’s
Entrepreneurship
SPECIAL REPORT
2
GEM WOMEN’ S SPECI AL REPORT
ABOUT THE AUTHORS
Penny Kew is a qualified veterinarian as well as holding
an MSc in Tropical Veterinary Medicine from Edinburgh
University. As a Rhodes Scholar, she obtained a
first-class Honours degree in English Language and
Literature, as well as an MSc in Comparative and
International Education, from Oxford University. She
has been involved in the area of education and training
since 1997. Penny has been involved in a number of the
South African GEM reports: she was principal researcher
and author on the 2008, 2009 and 2010 reports and
since then has been involved on a consultancy as well
as editing basis. She has co-authored a number of
special reports on entrepreneurship - most recently on
the ASEAN region, and on youth entrepreneurship.
Donna Kelley is a Professor of Entrepreneurship at
Babson College, and holds the Frederic C. Hamilton Chair
of Free Enterprise. Prof. Kelley is a board member of the
Global Entrepreneurship Research Association (GERA),
the oversight board of GEM, and leader of the GEM
U.S. team. She has co-authored GEM reports on global
entrepreneurship, ambitious and innovative entrepreneurs,
women’s entrepreneurship, entrepreneurship education
and training, and entrepreneurship in the U.S., Korea,
and Africa. She has presented GEM at the United Nations,
the U.S. State Department, the World Bank, and for
many other organizations. Besides teaching a variety of
entrepreneurship courses at Babson College, Prof. Kelley
has taught seminars and courses at top universities in China
and Korea, and worked in Bandung, Indonesia as a Fulbright
Specialist. She received her Ph.D. in Management from
Rensselaer Polytechnic Institute. Her early career involved
work as a chemist and in entrepreneurial ventures in the
health/ftness, computer hardware and education felds
Patricia G. Greene is the Paul T. Babson Chair in
Entrepreneurial Studies at Babson College where she
formerly served frst as Dean of the Undergraduate
School and later as Provost. Greene’s current assignment
at Babson is to serve as the academic director for the
Goldman Sachs 10,000 Small Businesses and 10,000
Women programs. Dr. Greene is a founding member of
the Diana Project, a research group dedicated to studying
women business owners and their businesses. Her
latest co-authored book is Teaching Entrepreneurship,
a Practice Based Approach. She loves to talk about
Mike Herrington is the Executive Director of GEM and
formerly Director of the UCT Centre for Innovation and
Entrepreneurship (CIE) at the UCT Graduate School of
Business. He is a recognised entrepreneur, having started
four businesses – one in New Zealand and three in South
Africa. He was responsible for starting the CIE and has
taught entrepreneurship at all levels both at the business
school and within the University of Cape Town more
broadly for more than a decade. His leading activities
are in the areas of entrepreneurship, business planning,
internationalisation of business and venture capital.
Dr Abdul Ali’s research, teaching, and consulting
focus on entrepreneurial marketing, new product
management, marketing analytics, marketing strategy
and marketing high-tech products. His work has appeared
in numerous journals. He has been a member of the
US Global Entrepreneurship Monitor (GEM) team since
2008 and has also written chapters on Innovation and
Entrepreneurship in the United States GEM Executive
Reports. He was an Area Editor of Marketing and
Entrepreneurship for the Journal of Asia Business Studies
from Fall, 2006 to Spring 2014.
Dr Candida Brush is Franklin W. Olin Distinguished
Chair in Entrepreneurship at Babson College and serves
as Vice Provost of Global Entrepreneurial Leadership.
Professor Brush is well known for her pioneering research
in women’s entrepreneurship, and is a co-founder of
the Diana Project an international research consortium
investigating women’s access to growth capital
internationally. She was named the 2007 recipient of the
FSF - Swedish Research Foundation International Award
for Outstanding Research Contributions in the Field of
Entrepreneurship. Her research investigates resource
acquisition, strategy and fnancing of new ventures.
PENNY KEW
DONNA KELLEY
PATRICIA GREENE
MIKE HERRINGTON
ABDUL ALI
CANDIDA BRUSH
entrepreneurship, sharing her views on how to change the
way the world does business with anyone who will listen.
Her latest entrepreneurial endeavor is as a co-owner of
Artworks, a specialty store in Gettysburg, PA.
3
GEM WOMEN’ S SPECI AL REPORT
CONTENTS
4 LIST OF FIGURES AND TABLES
8 EXECUTIVE SUMMARY
10 INTRODUCTION
CHAPTER 1: Women’s participation
in entrepreneurship across multiple
phases of activity
14 1.1 Participation in entrepreneurship
across multiple phases of activity
15 1.1.1.Entrepreneurial intention
17 1.1.2.Early-stage entrepreneurial activity
19 1.1.3.Changes in TEA rates from 2012
20 1.1.4.Established business activity
22 1.1.5.Business closure
23 1.2. A comparative overview of
female entrepreneurial activity
ENTREPRENEURS’ STORIES
25 VALRIE GRANT (JAMAICA):
GEOTECHVISION ENTERPRISES LTD
27 GEORGIA BEATTIE (MELBOURNE, AUSTRALIA):
LUPE WINES AND SINGLE SERVICE PACKAGING
CHAPTER 2: Characteristics of
women entrepreneurs
29 2.1 Age
30 2.2 Education level
30 2.3 Motivation
35 2.4 Teams
ENTREPRENEUR’S STORY
37 NINH THI TY (VIETNAM):
HO GUOM GARMENTS AND
CHIEN THANG GARMENTS
CHAPTER 3: Societal attitudes and the
infuence on women’s entrepreneurial behavior
39 3.1 Knowing an entrepreneur
41 3.2 Opportunity perceptions
43 3.3 Capabilities perceptions
43 3.4 Changes in opportunity and
capabilities perceptions from 2012
45 3.5 Fear of failure
45 3.6 A comparative overview of
female entrepreneurial attitudes
ENTREPRENEURS’ STORIES
49 ANJA STAEGE-THYLMANN (GERMANY): STYLE CATS
50 VERONICA MOLINA (ECUADOR): ECLIPSOFT
CHAPTER 4: Women’s
entrepreneurship impact
51 4.1 Industry sector
53 4.2 Job creation
56 4.3 Innovation
57 4.4 Changes in job expectations and
innovation from 2012
57 4.5 International sales
58 4.6 A comparative overview of
female entrepreneurial impact
60 4.7 The relationship between GEM and
WEF gender gap indicators
ENTREPRENEUR’S STORY
63 AMEERA SAFTER (SOUTH AFRICA):
KO KREATIV PROJECTS
65 CONCLUSIONS
69 APPENDIX A:
Entrepreneurship profiles of economies
covered in the report, by region
152 APPENDIX B:
The GEM model and methodology
4
GEM WOMEN’ S SPECI AL REPORT
LIST OF FIGURES
Figure 1 - Percentage of Adults Intending To Start a Business
in Factor- and Effciency-Driven Economies, by Region and
Gender
Figure 2 - Percentage of Adults Intending To Start a Business
in Innovation-Driven Economies, by Region and Gender
Figure 3 - TEA Rates for Factor- and Effciency-Driven
Economies, by Region and Gender
Figure 4 - TEA Rates for Innovation-Driven Economies, by
Region and Gender
Figure 5 -Established Business Ownership in Factor- and
Effciency-Driven Economies, by Region and Gender
Figure 6 - Established Business Ownership in Innovation-
Driven Economies, by Region and Gender
Figure 7 - Business Closure in Factor- and Effciency-Driven
Economies, by Region and Gender
Figure 8 - Business Closure in Innovation-Driven Economies,
by Region and Gender
Figure 9 - Multiphase Analysis of Activity, by Development
Level
Figure 10 - Multiphase Analysis of Activity, for Factor- and
Effciency-Driven Regions
Figure 11 - Multiphase Analysis of Activity, for Innovation-
Driven Regions
Figure 12 - Female TEA Rates, by Age Cohort and Region
Figure 13 - Proportion of Entrepreneurs with Post-Secondary
Degree of Higher Level of Education for Factor and
Effciency-Driven Economies, by Region and Gender
Figure 14 - Proportion of Female Entrepreneurs with
Post-Secondary Degree of Higher Level of Education for
Innovation-Driven Economies, by Region and Gender
Figure 15 - Percentage of Entrepreneurs with Opportunity
Motive for Factor- and Effciency-Driven Economies, by
Region and Gender
Figure 16 - Percentage of Entrepreneurs with Opportunity
Motive for Innovation-Driven Economies, by Region and
Gender
Figure 17 - Regional Patterns in Relationship between TEA
Rates and Opportunity-Motivation
Figure 18 - Percentage of Entrepreneurs Starting in Teams
of Three or More for Factor -and Effciency-Driven Countries,
by Region and Gender
Figure 19 - Percentage of Entrepreneurs Starting in Teams
of Three or More for Innovation-Driven Countries, by Region
and Gender
Figure 20- Relationship Between Team Size and Job
Aspirations
Figure 21 - Percentage of Adults Who Personally Know an
Entrepreneur in Factor- and Effciency-Driven Economies, by
Region and Gender
Figure 22 - Percentage of Adults Who Personally Know an
Entrepreneur in Innovation-Driven Economies, by Region and
Gender
Figure 23 - Relationship between Knowing an Entrepreneur
and Female TEA Rates
Figure 24 - Percentage of Adults Who Perceive Opportunities
in Factor- and Effciency-Driven Economies, by Region and
Gender
Figure 25 - Percentage of Adults Who Perceive Opportunities
in Innovation-Driven Economies, by Region and Gender
Figure 26 - Relationship Between Female Opportunity
Perception and TEA Rates
Figure 27 - Percentage of Adults who Perceive They Have
Capabities to Start a Business In Factor- and Effciency-
Driven Economies, by Region and Gender
Figure 28 - Percentage of Adults Who Perceive They
Have Capabities to Start a Business In Innovation-Driven
Economies, by Region and Gender
Figure 29 - Relationship Between Female Capabilities
Perception and TEA Rates
Figure 30 - Fear of failure Rates Among Those Seeing
Opportunities in Factor- and Effciency-Driven Economies, by
Region and Gender
Figure 31 - Fear of Failure Rates Among Those Seeing
Opportunities in Innovation-Driven Economies, by Region
and Gender
LIST OF FIGURES AND TABLES
5
GEM WOMEN’ S SPECI AL REPORT
Figure 32 - Analysis of Entrepreneurial Attitudes, by
Development Level
Figure 33 - Analysis of Entrepreneurial Attitudes for Factor
and Effciency-Driven Economies
Figure 34 - Analysis of Entrepreneurial Attitudes for
Innovation-Driven Economies
Figure 35 - Early-Stage Entrepreneurial Activity, by Industry
Sector and Gender
Figure 36 - Female Early-Stage Entrepreneurial Activity across
Industry Sectors in Factor- and Effciency-Driven Regions
Figure 37 - Female Early-Stage Entrepreneurial Activity across
Industry Sectors in Innovation-Driven Regions
Figure 38 - Percentage of Entrepreneurs with 6+ Job
Projections in Factor- and Effciency-Driven Economies, by
Region and Gender
Figure 39 - Percentage of Entrepreneurs with 6+ Job
Projections an Innovation-Driven Economies, by Region and
Gender
Figure 40 - Percentage of Entrepreneurs with Innovative
Products/Services in Factor- and Effciency-Driven Economies,
By Region and Gender
Figure 41 - Percentage of Entrepreneurs with Innovative
Products/Services in Innovation-Driven Economies, by Region
and Gender
Figure 42 - Percentage of Entrepreneurs with Strong
International Orientation in Factor- and Effciency-Driven
Economies, by Region and Gender
Figure 43 - Percentage of Entrepreneurs with Strong
International Orientation in Innovation-Driven Economies, by
Region and Gender
Figure 44 - Analysis of Entrepreneurial Impact, by
Development Level
Figure 45 - Analysis of Entrepreneurial Impact, for Factor- and
Effciency-Driven Economies
Figure 46 - Analysis of Entrepreneurial Impact, For Innovation-
Driven Economies
Figure 47 - Diagram of Clusters Based on GEM
Entrepreneurship Indicators
Figure 48: Conventional Model of National Economic
Growth
Figure 49: Model of Entrepreneurship Processes Affecting
National Economic Growth
Figure 50: The GEM Conceptual Framework used in GEM
Surveys up to 2014
Figure 51: The GEM Conceptual Framework
Figure 52: The Entrepreneurship Process and GEM
Operational Defnitions
LIST OF TABLES
Table 1 - GEM Economies by Geographic Region and
Economic Development Level
Table 2 - Entrepreneurial Intentions (Average) by Region and
Gender
Table 3 - TEA Rates (Average) By Region and Gender
(Percentage of Adult Population for Each Gender Involved In
TEA)
Table 4 - Percentage Change in Female TEA Rates and
Female/Male TEA Ratio From 2012
Table 5 – Average Rates for Opportunity Motivated TEA, by
Region and Gender
Table 6 – Percentage Change in Female Rates and Female/
Male Ratio from 2012 for Societal Perceptions About
Opportunities and Capabilities
Table 7 – Percentage Change in Female Rates and Female/
Male Ratio from 2012 for Job Expectations and Innovation
Table 8 – Cluster Members (grouping of 75 economies)
Table 9 – Hierarchical Cluster Analysis
6
GEM WOMEN’ S SPECI AL REPORT
EXECUTIVE SUMMARY
O
ver the past decade and around the world,
women have made substantial progress in
health and education, as well as in political and
economic arenas. This broad span of gender
equity progress is most encouraging. It is occurring at a time
when entrepreneurship is recognized as critical to economic
development and sustainability worldwide. Given the global
challenge of employment, it is imperative to enable women,
who comprise half the global population, to participate
constructively in the economic activities of their countries or
regions. Entrepreneurship development is a key element in
strategies that allow economies to beneft from the talents,
energy and ideas – the productive potential – that women
bring to the labor market.
In order to continue to inform the global discussion
on the scale, scope, practice and impact of women’s
entrepreneurship, this special report presents a
comprehensive overview of women’s entrepreneurship,
drawing on current and longitudinal data captured
through the work of the Global Entrepreneurship Monitor
research consortium. This report covers 83 economies:
73 economies that participated in the 2014 GEM cycle,
and 10 economies included in the survey of 2013 but
not of 2014. Therefore, this report covers all economies
participating in GEM since the last report, which was
based on the 2012 cycle.
The GEM Special Report: Women’s Entrepreneurship
offers an in-depth view of women who start and run
businesses around the world. It provides a broadly
global and comprehensively detailed foundation to guide
future research, policy decision-making and the design
of initiatives and programs to enhance awareness
and participation in women’s entrepreneurship.
The report facilitates understanding of women’s
AUTHORS
DONNA KELLEY
CANDIDA BRUSH
PATRICIA GREENE
MIKE HERRINGTON
ABDUL ALI
PENNY KEW
SPECIAL REPORT
Women’s
Entrepreneurship
7
GEM WOMEN’ S SPECI AL REPORT
entrepreneurship by researchers, policy-makers,
educators and practitioners. The ultimate aim is to
foster an environment that: encourages women to see
entrepreneurship as a viable career option; equips them
with the tools to create the type and quality of business
each wishes to build; and creates awareness among
stakeholders who will support their efforts.
The report provides information on female entrepreneurship
rates and gender gaps in the following key areas:
? Participation at multiple phases of activity
? Characteristics and motivations of women
entrepreneurs
? Societal attitudes about entrepreneurship
? Impact indicators among entrepreneurs
Unique features of this report include: assessments
of the percentage change in rates and gender gap for
key indicators among 61 economies featured in reports
for 2012 and 2014; and analyses of the relationship
between gender gap indicators, measured by the
World Economic Forum, and GEM entrepreneurship
rates. The report also highlights comparisons across
economic development levels and regional groups for
multiple indicators on activity, attitudes, and impact.
Additionally, the appendix offers an in-depth look at the
entrepreneurship profile of each economy the
report covers.
KEY FINDINGS
ENTREPRENEURSHIP ACTIVITY
Among 61 economies (out of 83) featured in this report
and also in the previous report based on 2012 data,
overall Total Early-Stage Entrepreneurship Activity
(TEA) rates have increased by 7% since 2012, and the
gender gap (ratio of women to men participating in
entrepreneurship) has narrowed by 6%. TEA rates and
gender gap ratios saw positive upward movement in three
regions: factor- and effciency-driven Asia, Latin America
and the Caribbean and innovation-driven Europe.
The 83 economies examined in this report show
substantial differences in women’s TEA rates, ranging
from a high of 41% in Nigeria and Zambia to a low of
2% in Suriname and Japan. In 10 economies, women
are as likely as men, or more likely than men, to be
entrepreneurs. These economies come from three
regions: El Salvador and Brazil in Latin America and
the Caribbean; Vietnam, Indonesia, Malaysia and the
Philippines in Southeast Asia; and Zambia, Nigeria,
Uganda and Ghana in Africa. In contrast, women in
many efficiency-driven European and innovation-driven
Asian economies exhibit TEA rates less than half those
of men. These low female participation rates contribute
to low overall TEA rates in these regions. The gender
gap is greatest in Turkey, where there are three female
entrepreneurs for every 10 male entrepreneurs.
Africa’s high female TEA rates are fuelled by a high
proportion of women who intend to start a business in the
near future. In a number of regions, women are approaching
gender equity in entrepreneurial intentions, notably Latin
America and the Caribbean, Africa, the Middle East, and
Asia and Oceania (factor- and effciency-driven). The Middle
East however, despite high intentions, exhibits among the
lowest regional averages for TEA and among the largest
regional gender gaps.
The difference between TEA and established business
rates is minimal for innovation-driven economies, while
factor- and efficiency-driven economies show half the
level of established business activity relative to TEA.
This suggests greater demand for entrepreneurship in
developing economies than in developed economies,
with comparatively fewer enterprises making it to the
mature stage. Innovation-driven economies exhibit less
demand for entrepreneurship, but those who start are
more likely to start sustainable businesses, and/or the
environment enables this sustainability.
ENTREPRENEUR CHARACTERISTICS
The factor- and effciency-driven regions tend toward
younger entrepreneurs, with the 25-34 age groups having
the highest rates. This is also the case in North America,
while the remaining innovation-driven regions show the
highest entrepreneurship rates among 35-44 year-olds.
The education level of entrepreneurs is approaching
gender parity; 33% of women entrepreneurs in the
economies studied have a secondary degree or higher
level of education, versus 36% of men entrepreneurs.
Among entrepreneurs in most economies of efficiency-
driven Europe and innovation-driven regions, women are
more likely than men to have this level of education.
The gender gap in the percentage of entrepreneurs with
opportunity motivations is relatively low in every region.
In the innovation-driven Middle East economies, women
are proportionately more likely to have opportunity
motives, but the TEA gender gap suggests that few start
relative to men and rarely out of necessity.
This report adds evidence to research emphasizing the
value of starting in teams. The GEM fndings suggest
that economies with a higher percentage of women
entrepreneurs starting in teams of three or more also have
a greater proportion of those with job creation ambitions.
The highest prevalence of women entrepreneurs operating
in teams was in the innovation-driven Middle East (27%) and
innovation-driven Asia and Oceania (24%) regions. Teams
were especially rare among women entrepreneurs in factor-
and effciency-driven Asia (7%), Africa (11%), and Latin
America and the Caribbean (11%).
8
GEM WOMEN’ S SPECI AL REPORT
ATTITUDES
High female TEA rates in an economy are associated with
the likelihood that women in society know an entrepreneur.
It may be the case that where more entrepreneurs are
present in an economy, women will commonly know one.
However, affliations with entrepreneurs can offer role
models, advice, contacts and support, which may explain
why economies with many women who know entrepreneurs
are also likely to have high female startup rates. Many
European economies exhibit an interesting fnding, reporting
low female entrepreneurship rates, but many women in
society who know entrepreneurs.
Female TEA rates are also high where women hold strong
perceptions about the presence of opportunities for starting
a business. The gender difference for this indicator is
relatively narrow (40% for women versus 45% for men),
and in a number of factor- and effciency-driven economies,
women are slightly more likely than men to perceive good
business opportunities. Among the 61 economies featured
in both this report and the 2012 report, Europe, Israel
and the United States saw increased female opportunity
perceptions, but with less change to the gender ratio.
In Asia, opportunity perceptions were noticeably lower,
especially among innovation-driven economies.
This report shows a strong positive association between
capability perceptions and TEA rates among women.
The fndings also reveal a noticeable gender gap in this
indicator (46% for women versus 59% for men). Opportunity
perceptions are refective of the external environment;
these often shift with changing conditions in an economy.
Capability perceptions, on the other hand, are more
refective of one’s self-perceptions, which are more stable
or slowly changing. Evidence of this can be seen in the
comparison of 61 economies that showed little change in
capability perceptions from that reported in 2012.
Fear of failure among women is lowest in African economies,
which, along with many Asian economies, shows fear of
failure rates among women are often equal to or lower than
that of men. Wider gender gaps appear in the majority of
economies of effciency-driven Europe and Latin America
and the Caribbean. Fear of failure may be infuenced by such
factors as the perceived risks associated with the typical
business one may start, or the extent to which women
believe there will be negative consequences, or few other
choices for income, if their businesses don’t work out.
IMPACT
More than two-thirds of women entrepreneurs operate in
the consumer-oriented sector, with around three-fourths
of women entrepreneurs competing in these types of
businesses in Africa, in factor- and effciency-driven Asia,
and in Latin America and the Caribbean. By comparison,
45% of men entrepreneurs compete in this sector. Distinct
results can be seen in effciency-driven Europe, which shows
a comparatively balanced distribution of sectors among
women entrepreneurs. Among innovation-driven economies,
North America and Europe exhibit a high prevalence (over
one-fourth) of women entrepreneurs in the knowledge-
intensive business services sector.
Job creation aspirations among women are high in
effciency-driven Europe, a region of relatively low TEA rates.
This suggests that this region has fewer entrepreneurs who
are, on average, more likely to grow and employ others.
Although innovation-driven economies typically show
a higher proportion of entrepreneurs with job creation
aspirations, this report shows that women in factor- and
effciency-driven economies report less difference from
innovation-driven economies on this measure, compared to
other impact indicators.
Women entrepreneurs in nearly half of the economies in
the GEM sample report equal or higher innovation levels
than men entrepreneurs. In almost three-quarters of the
economies in effciency-driven Europe, female entrepreneurs
report higher levels of innovation than male entrepreneurs;
this may, in part, be attributed to the fact that there
are proportionately more educated women (than men)
entrepreneurs in this region. In Chile and India, more than
half of women entrepreneurs believe they offer innovative
products or services.
Since the 2012 report, the proportion of female
entrepreneurs with 6+ job aspirations and innovative
offerings has declined among 61 economies (by 9% from
2012 for job aspirations and 6% from 2012 for innovation).
However, this decline was also seen in male entrepreneurs;
as a result there was little or no change in the gender
ratios overall for these indicators. In factor- and effciency-
driven Asia, and in effciency-driven Europe and Israel, both
the rates and the gender ratio around job expectations
have declined. However, the rates and the gender ratio
around innovation have improved, suggesting a focus
towards innovation, but lower expectations for job creation.
Innovation-driven Asia saw declines in both job aspirations
and innovation, while the United States showed positive
improvements in both indicators.
Factor- and effciency-driven Asia, and also Africa, report
low international orientation among women entrepreneurs
in most economies. In contrast, women entrepreneurs
across Europe display particularly high levels of
internationalization.
Analyses of TEA rates with gender gap indicators measured
by WEF, show that the rate of female entrepreneurship
activity increases signifcantly with greater parity in
economic participation, but decreases signifcantly with
greater educational attainment. This indicates that the more
women participate in the economy relative to men, the more
likely they are to be entrepreneurs. However, where women
achieve a higher level of education than men, they start
businesses less frequently.
9
GEM WOMEN’ S SPECI AL REPORT
IMPLICATIONS
1. Women matter to economic development – they invest
in their communities, educate their children, and pay back
the benefts they receive by helping others. This report
has revealed improvements in female entrepreneurship
rates and gender gaps in 61 economies in no more than
two years. Other results show gender equity in many
regions and in indicators such as education and innovation
levels. Greater awareness of the importance and nature
of women’s entrepreneurship and programs addressing
these efforts may have already contributed to progress in
this activity. Continued efforts are essential everywhere,
while regional variations imply distinct needs and levels of
emphasis in different parts of the world.
2. Environmental conditions and constraints weigh
differently on the sexes. This continues to be the biggest
challenge women face worldwide. Subtle biases exist in
many societies that suggest women have lower ambitions or
are less capable, or that running businesses is inappropriate
for them. This can, for example, inhibit their ability to gain
access to growth capital.
1
These biases need to be identifed
and eliminated so women entrepreneurs have the same
opportunities as men to grow their businesses.
3. Higher TEA rates are often found in less developed
economies, where women are highly likely to participate
in the workforce. Many women in these economies pursue
entrepreneurial endeavors to provide for their families,
generally through basic types of consumer-focused
businesses – both products and services. As such, they can
be considered the basic engine of their local economies.
However, they still face constraints in sustaining their
businesses. Entrepreneurship is a multiphase endeavor
that implies a need not only for facilitating women to start
ventures, but also helping them maintain them into maturity.
4. Improvements in education provide quality career
choices for women, whether it is work as an employee,
or the launch of high impact entrepreneurial ventures.
Education programs that equip women with the ability to
start and grow businesses provide career options they can
consider at any point in their lives.
5. The advantage of teams may depend on the type
of business started, cultural/social norms and other
conditions. However, given that women who start in teams
are more likely to have higher impact with their businesses,
it is imperative to provide opportunities for women
entrepreneurs to start with co-founders.
6. While women are nearly equally likely as men to
recognize the presence of opportunities around them,
gender gaps are apparent in capability perceptions and
1http://www.goldmansachs.com/citizenship/10000women/news-and-
events/10kwprogressreport.html.
fear of failure. Capabilities are rooted in both education and
in social support. Economies with initiatives that increase
visibility and access to role models are likely to encourage
women entrepreneurs to start and grow businesses.
Programs that enhance skills and competencies for women
entrepreneurs, and other initiatives such as mentoring and
advising, should include developing and assessing women’s
confdence to take advantage of opportunities and building
their capacity for managing risk.
7. Access to fnancing at all stages of business
development for women entrepreneurs is essential, but
should also recognize progress in a business, and in society,
that shift fnancing needs. For example, a challenge for
women in moving from micro businesses to small and
medium-sized businesses requires a change from fnancing
sources such as micro-fnance to normal banking conditions
where there is often bias in the lending process.
2
8. Women entrepreneurs participate heavily in the
consumer-oriented sector, which is considered easier to
enter, but more diffcult to sustain because of low entry
barriers and high competitiveness. But increasingly,
businesses in foods, textiles and other areas are becoming
more important, especially given the rise of challenges
around food, clothing and other basic needs, as well as
movements to buy local. To the extent women are starting
businesses in sectors where greater social problems might
exist, they are well positioned to grow and have impact.
9. Women in factor- and effciency-driven economies
report less difference from innovation-driven economies
on job aspirations, compared to other impact indicators.
This could reveal the growth opportunities existing in
still-developing markets, which suggest the need to
support high-impact female businesses in regions where
environmental constraints may weigh heavily. At the same
time, this fnding might suggest that more traditional
bureaucratic societies limit entrepreneurial aspirations
in the developed world, implying a particular need to
address these constraints.
2http://www.goldmansachs.com/citizenship/10000women/news-and-
events/10kwprogressreport.html.
Women entrepreneurs in
nearly half of the economies in
the GEM sample report equal
or higher innovation levels
than men entrepreneurs.
10
GEM WOMEN’ S SPECI AL REPORT
INTRODUCTION
O
ver the past decade and around the world,
women have made substantial progress in
health and education, as well as in political
and economic arenas. The Global Gender
Gap Report 2014 by the World Economic Forum shows
that 35 countries have closed the gender gap in health
and survival, while other countries have closed the gap
in education.
1
Similarly, 37 countries have closed the
political empowerment gender gap, including many in
the Middle East, North Africa and Asia Pacific.
2
1http://reports.weforum.org/global-gender-gap-report-2014/part-1/the-global-
gender-gap-index-results-in-2014/.
2 Ibid.
Globally, women play a major role in driving the world
economy, controlling about $20 trillion in annual
consumer spending, a number expected to rise to
nearly $28 trillion in the next fve years.
3
Women now
make up 40% of the global workforce. They are earning
professional degrees in record numbers, and companies
have implemented programs to remove organization-
structure biases in order to support women’s full
participation in leadership.
4
In the United States, women
3https://hbr.org/2009/09/the-female-economy.
4http://www.catalystwomen.org, Carter & Silva, 2010, HBRF.
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GEM WOMEN’ S SPECI AL REPORT
hold almost 52% of all professional level jobs.
5
In 2014,
the number of women CEOs in Fortune 500 companies
reached an all-time high, with 24 women leading some of
America’s top companies, up from 20 the previous year,
and greater than at any time since Fortune magazine
started compiling executive gender numbers in 1998,
when only one woman led a Fortune 500 company.
6
This progress toward gender equity is most encouraging.
It is occurring at a time when entrepreneurship
is recognized worldwide as critical to economic
development and sustainability. Entrepreneurs create
jobs for themselves and enrich stakeholders, including
employees, investors, suppliers, and organizations
they work with. They benefit their societies by creating
solutions to social problems, introducing innovations
that help people live better lives, and launching new
industries and reviving mature ones.
Given the global challenge of employment, it is
imperative to enable women, who comprise half the
global population, to participate constructively in
the economic activities of their countries or regions.
Entrepreneurship development is a key element in
strategies that allow economies to benefit from the
talents, energy and ideas – the productive potential –
that women bring to the labor market.
According to the World Employment and Social Outlook:
Trends 2015 report (the WESO report) by the ILO,
gender gaps persist in the labor market. Overall, women
compared to men continue to suffer from higher rates of
unemployment, are less likely to participate in the labor
force for economic and cultural reasons, and face higher
risks of vulnerable employment, with conditions such
as inadequate earnings, difficult work circumstances
and lack of consideration for workers’ rights. The WESO
report highlights specific economic benefits of increased
female participation in the labor force.
7
? Economies with high female labor-force participation
rates are more resilient and experience slowdowns of
economic growth less often.
? Female labor-force participation is a powerful anti-
poverty device: where household income derives from
the paid work of more than one household member;
particularly when these members work in different sectors
or occupations, the risk for a household to lose all income
due to an adverse macroeconomic event is lessened.
5 Warner, J. 2014. The Women’s Leadership Gap, Center for American Progress.
6http://fortune.com/2014/06/03/number-of-fortune-500-women-ceos-
reaches-historic-high/.
7 World Employment and Social Outlook: Trends 2015, International Labour
Organization, Geneva, Switzerland, 2015.
? Gender gaps in labor-force participation indicate
substantial loss in income and economic development.
Countries and regions with the largest gaps incur
income losses of up to 30% of GDP per capita.
8
Strong evidence demonstrates that women’s
entrepreneurship matters greatly for societal
development and prosperity. The World Bank shows
that female entrepreneurs contribute substantially to
economic growth and poverty reduction around the
world. Despite obstacles such as lack of capital and
strict social constraints, women continue to launch and
grow businesses.
9
A recent analysis from the Goldman Sachs 10,000
Women initiative shows that women entrepreneurs
participating in the program from 43 developing
countries dramatically expanded their businesses. The
businesses grew employment an average of 50% within
six months after program completion, and revenues
increased by 480% within 18 months post-program.
Eighty-seven percent of participants mentored other
women entrepreneurs in their communities.
10
Other studies support the Goldman Sachs approach
to creating economic and social value by investing in
women entrepreneurs. A recent study found that women
are likely to invest 90 cents of every dollar they earn
in human resources, meaning their family’s education,
health and nutrition, compared to 30 or 40 cents for
men.
11
Women entrepreneurs are likely to contribute to
family education and invest in their communities using
profits from their businesses.
12
This report presents a comprehensive overview of
women’s entrepreneurship, drawing on current and
longitudinal data captured through the work of the
Global Entrepreneurship Monitor research consortium.
It continues the purpose embedded in prior GEM
women’s reports to inform the global discussion on
the scale, scope, practice and impact of women’s
entrepreneurship.
8 Global Employment Trends 2014: Risk of a jobless recovery? International
Labour Organization, Geneva, Switzerland, 2014.
9http://web.worldbank org WBSITE/EXTERNAL/TOPICS/EXTGENDER/0,,con-
tentMDK:23392638~pagePK:210058~piPK:210062~theSitePK:336868,00.html.
10 Investing in the Power of Women; Progress Report on the Goldman Sachs
10,000 Women Initiative, Developed by Babson College, Wellesley, MA, 2014.
11 Vanderbrug, J., The Global Rise of Women Entrepreneurs. Capital Acumen,
Issue 25.
12http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTGENDER/0,,con-
tentMDK:23392638~pagePK:210058~piPK:210062~theSitePK:336868,00.html.
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GEM WOMEN’ S SPECI AL REPORT
THE GLOBAL ENTREPRENEURSHIP MONITOR
AND OBJECTIVES OF THIS REPORT
S
ince its frst survey in 1999, the Global
Entrepreneurship Monitor (GEM) has gained
widespread recognition as the most informative
and authoritative longitudinal study of
entrepreneurship in the world. In the 16 years since its
inception, GEM has measured entrepreneurship in over
100 economies, covering all geographic regions and
economic development levels. The 2014 survey alone
assessed entrepreneurship across an estimated 72% of
the world’s population and 90% of the world’s GDP.
GEM provides a comprehensive view of entrepreneurship
around the globe by measuring the attitudes of a
population, and also the motivations, characteristics,
and ambitions of individuals involved in various
phases and types of entrepreneurial activity. Data
harmonization allows comparison of different economies
and helps guide the formulation of effective and
targeted policies aimed at stimulating entrepreneurship.
Appendix B contains further information about the GEM
Consortium and its methodology.
This GEM Special Report: Women’s Entrepreneurship
continues a biannual assessment of women’s
entrepreneurship by GEM researchers. The report covers
83 economies: 73 economies that participated in the
2014 GEM cycle and 10 economies included in the
survey of 2013 but not of 2014. Therefore, the report
covers all economies participating in GEM since the
last report, which was based on the 2012 cycle. A list
of these economies grouped by region and economic
development level appears in Table 1.
GEM research recognizes that geography and culture,
as well as level of economic development, may explain
patterns in the rate and nature of entrepreneurship,
as well as societal attitudes regarding this activity.
The report groups economies by geographic location
and economic development level, addressing culture
throughout the discussion. With regard to the stages
of economic development, GEM classifies economies
as factor-driven, efficiency-driven or innovation-
driven, categories used by the World Economic Forum
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GEM WOMEN’ S SPECI AL REPORT
in its annual Global Competitiveness Report. This
classification is based on the level of GDP per capita
and the share of exports of primary goods to total
exports (Schwab and Salari-Martin, 2014).
1
1 Factor-driven economies are countries in the early stages of economic
development, typically with a large agricultural sector. The majority of the population
tends to live in rural areas. Industrial activity often depends on extraction of
natural resources. Migration from rural to peri-industrial areas may feed necessity-
based entrepreneurship, as surplus workers are forced into self-employment to
make a living. In efficiency-driven economies, as the industrial sector develops,
higher productivity is achieved through economies of scale and development of
financial institutions. Increasing productivity, combined with the opening up of
an independent supply of financial capital from the emerging banking sector,
expands opportunities for the development of small-scale and medium-sized
manufacturing sectors. Innovation-driven economies are mature, characterized by
a gradual shift to an expanding service sector catering to needs of an increasingly
affluent population. The industrial sector evolves and experiences improvements in
variety and sophistication. This is typically associated with increasing research and
development, knowledge intensity and innovation.
Data in this report, collected in annual surveys administered
by GEM National Teams, were analyzed with a focus on
women’s involvement in entrepreneurship. The report
provides information on female rates and gender gaps in the
following key areas:
? Participation at multiple phases of activity
? Characteristics and motivations of women
entrepreneurs
? Societal attitudes about entrepreneurship
? Impact indicators among entrepreneurs
Unique features of the report include assessments of
the percentage change in rates and gender gap for key
indicators among 61 economies featured in this report and
the 2012 report; and analyses of the relationship between
gender gap indicators, measured by the World Economic
Forum, and GEM entrepreneurship rates. The report
compares indicators of activity, attitudes and impact across
economic development levels and regional groups. Appendix
A profles entrepreneurship in each economy covered.
Implications of the GEM data may help policy-makers
produce more informed decisions about how to increase
venture development among entrepreneurs.
Table 1: GEM Economies by Geographic Region and Economic Development Level
Africa
Algeria*, Angola, Botswana, Burkina Faso, Cameroon, Ghana*, Libya*,
Malawi*, Nigeria*, South Africa, Uganda, Zambia*
Middle East:
(Innovation-
Driven)
Israel*, Kuwait, Qatar
Latin America &
Caribbean
Argentina, Barbados, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica,
Ecuador, El Salvador, Guatemala, Jamaica, Mexico, Panama, Peru, Puerto
Rico, Suriname, Trinidad & Tobago, Uruguay
Asia & Oceania:
(Factor- and
Efficiency-
Driven)
China, India, Indonesia, Iran, Kazakhstan, Malaysia, Philippines, Thailand,
Vietnam
Asia & Oceania:
(Innovation-
Driven)
Australia, Japan, Republic of Korea*, Singapore, Taiwan
Europe:
(Efficiency-
Driven)
Bosnia & Herzegovina, Croatia, Estonia, Georgia, Hungary, Kosovo, Latvia,
Lithuania, Macedonia*, Poland, Romania, Russia, Turkey
Europe:
(Innovation-
Driven)
Austria, Belgium, Czech Republic*, Denmark, Finland, France, Germany,
Greece, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal,
Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom
North America Canada, United States
*Participated in GEM 2013
But Not in GEM 2014 Cycle
KEY:
Factor-Driven Economies
E?ciency-Driven Economies
Innovation-Driven Economies
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GEM WOMEN’ S SPECI AL REPORT
1.1 PHASES OF ENTREPRENEURSHIP
GEM examines entrepreneurial activity as a continuous
process rather than a single event. The Adult Population
Survey (APS) is designed to allow measurement
and assessment of individual participation across a
range of phases comprising entrepreneurial activity:
entrepreneurial intentions, nascent and new business
activity, established business ownership, and business
discontinuance.
CHAPTER 1
Women’s participation in
entrepreneurship across
multiple phases of activity
Potential entrepreneurs need to identify opportunities
for starting a business and, to varying degrees, believe
that they have the necessary skills, knowledge and
experience to do so. However, perceiving an opportunity
and having the skills to pursue it does not necessarily
lead to intentions to start a business. Individuals will
assess the opportunity costs, risks and rewards of
starting a business versus the availability of employment
preferences and options. GEM therefore acknowledges
that entrepreneurs may be motivated by either necessity
15
GEM WOMEN’ S SPECI AL REPORT
(a lack of better job choices) or opportunity (choosing to
pursue an entrepreneurial opportunity).
In addition, potential entrepreneurs will also consider the
degree to which the environment for entrepreneurship
is suffciently enabling and supportive. In this manner,
population-level attitudes signal not only the presence of
potential entrepreneurs, but also the extent to which society
will support their efforts. Chapter 3 assesses societal
attitudes and their link to entrepreneurial activity.
1.1.1 ENTREPRENEURIAL INTENTIONS
GEM defnes entrepreneurial intentions as the percentage
of the adult population between 18-64 years (excluding
individuals already engaged in any stage of entrepreneurial
activity) who intend to start a business within the next three
years. GEM consistently shows a close relationship between
entrepreneurial intentions and actual startups. Therefore,
if policy-makers and service providers are to stimulate and
support new generations of women entrepreneurs, they will
need to foster entrepreneurial intentions in their regions and
identify and reduce factors that inhibit this phase of the cycle.
Table 2: Entrepreneurial Intentions (Average) by Region and Gender
Region
Entrepreneurial Intentions
(Female)
Entrepreneurial Intentions
(Male)
Ratio Female/Male
Latin America & Caribbean 30 33 0.91
Africa 47 52 0.90
Asia & Oceania (Factor-
and Efficiency-Driven)
22 26 0.85
Europe (Efficiency-Driven) 15 24 0.62
Middle East (Innovation-
Driven)
41 46 0.89
Asia & Oceania
(Innovation-Driven)
12 16 0.75
Europe (Innovation-Driven) 10 15 0.67
North America 13 20 0.65
GEM Average 22 29 0.76
GEM defnes entrepreneurial
intentions as the percentage
of the adult population
between 18-64 years who
intend to start a business
within the next three years.
Female intentions are highest overall in African, Latin
American and Middle Eastern economies (Table 1.2).
These three regions, as well as Asia and Oceania (factor-
and efficiency-driven), are the strongest performers in
gender equity. Efficiency-driven European economies
show the lowest female-to-male ratios.
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GEM WOMEN’ S SPECI AL REPORT
Within regions, individual economies vary considerably in
female entrepreneurial intentions (Figures 1 and 2).
Africa shows generally high intentions among women
across the region, with the exception of South Africa.
Latin America and the Caribbean show sizeable
differences in female intentions among the economies.
In Suriname, Barbados and Kuwait, women exhibit higher
rates of entrepreneurial intention than men. In Turkey and
Belgium, on the other hand, women are less than half
as likely as men to express entrepreneurial intentions;
in Norway and Japan, women are one-third as likely as
men to intend to start a business. Given the importance
of having a healthy supply of ready entrepreneurs in a
society, these fndings raise questions about the type
of support and encouragement women need in order to
develop entrepreneurial intentions.
South Africa
Algeria
Ghana
Nigeria
Angola
Burkina Faso
Zambia
Cameroon
Libya
Uganda
Botswana
Malawi
India
Malaysia
China
Thailand
Kazakhstan
Vietnam
Iran
Indonesia
Philippines
Russia
Estonia
Kosovo
Georgia
Poland
Hungary
Lithuania
Bosnia & Herzegovina
Croatia
Turkey
Latvia
Romania
Macedonia
Suriname
Belize
Barbados
Puerto Rico
Brazil
Mexico
El Salvador
Uruguay
Panama
Argentina
Costa Rica
Jamaica
Trinidad & Tobago
Guatemala
Chile
Ecuador
Colombia
Bolivia
Peru
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10% 20% 30% 40% 50% 0% 60% 70%
Figure 1: Percentage of Adults Intending to Start a Business in Factor- and
E?ciency-Driven Economies, by Region and Gender
Figure 2: Percentage of Adults Intending to Start a Business in Innovation-Driven
Economies, by Region and Gender
*With two exceptions: Puerto Rico and Trinidad and Tobago are Innovation-
Driven (this holds for all other charts).
Intentions Female
Intentions Female
Intentions Male
Intentions Male
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10% 20% 30% 40% 50% 60%
10% 20% 30% 40% 50% 60%
Japan
Australia
Republic of Korea
Singapore
Taiwan
Norway
Ireland
Denmark
United Kingdom
Sweden
Finland
Belgium
Germany
Switzerland
Spain
Austria
Netherlands
Greece
Slovenia
Italy
Czech Republic
Portugal
France
Luxembourg
Slovakia
Israel
Kuwait
Qatar
Canada
United States
10% 20% 30% 40% 50% 0% 60% 70%
0%
0%
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GEM WOMEN’ S SPECI AL REPORT
1.1.2 EARLY-STAGE
ENTREPRENEURSHIP ACTIVITY
A central indicator of GEM is the Total Early-stage
Entrepreneurship Activity (TEA) rate, which measures the
percentage of the adult population (18 to 64 years) in
the process of starting a business and those who have
recently started one. This indicator measures individuals
at two phases of the entrepreneurship process: nascent
entrepreneurs who have not paid salaries or wages for more
than three months, and new business owners who have
moved beyond the nascent stage and paid salaries and
wages for more than three but fewer than 42 months.
TEA rates for women are highest in factor-driven economies
where GDP per capita is low. Differences exist within
this development phase however; for example, factor-
driven African economies show both high rates of female
entrepreneurship and high female-to-male ratios, while
those in northern Africa exhibit low female rates and low
female-to-male ratios.
Rates decrease in effciency-driven economies as
GDP per capita increases. This could be attributed to
expanding industrialization. Large established frms play
an increasingly important role in the economy, providing
stable employment for a growing number of people as
a viable alternative to self-employment, thus displacing
potential entrepreneurial activity. Contrasting results
appear at this level of development between Latin
America, which shows higher female rates and gender
parity, and effciency-driven Europe, which exhibits lower
rates and wider gender gaps.
Innovation-driven economies have greater availability of
resources and more affuent markets, which may stimulate
an increase in opportunity motivated entrepreneurship.
At the same time, more jobs are available with existing
organizations; and many people will prefer jobs as
employees. Employment benefts such as health care, family
leave, pensions, and job protection reduce preferences for
entrepreneurship.
Another factor influencing TEA rates is the level of
unemployment. Necessity-based entrepreneurship
activity rises with higher levels of unemployment, as
established companies and the formal economy are
unable to meet demand for jobs. Opportunity-based
entrepreneurship, on the other hand, often declines in
times of high unemployment, as those with jobs hesitate
to start businesses in an uncertain environment when
conditions such as contractions in financial markets and
reduced consumer spending pose additional risks. Four
southern European economies offer an example where
stalled recovery from recession affected jobs. Italy
shows low female TEA rates compared to the regional
average; and Spain, Portugal and Greece exhibit higher
TEA levels, but a low proportion due to opportunity.
Chapter 2 provides additional discussion on opportunity-
based entrepreneurship.
The ratio of female-to-male participation in early-stage
entrepreneurial activity refects differences in culture and
customs regarding women’s participation in the economy. It
also signals other factors such as the extent to which women
need to generate income for their families, the availability
of good job alternatives for women, and policies and
Table 3: TEA Rates (Average) by Region and Gender (Percentage of Adult Population for Each Gender Involved in TEA)
Region Female TEA Rate Male TEA Rate Ratio Female/Male
Africa 25 26 0.96
Asia & Oceania (Factor- and
Efficiency-Driven)
14 15 0.93
Latin America & Caribbean 15 19 0.79
Europe (Efficiency-Driven) 6 13 0.46
North America 11 16 0.69
Middle East (Innovation-
Driven)
8 14 0.57
Europe (Innovation-Driven) 5 9 0.55
Asia & Oceania (Innovation-
Driven)
6 11 0.54
GEM Average 11 16 0.69
18
GEM WOMEN’ S SPECI AL REPORT
practices that affect genders differently. Culturally, family
roles and responsibilities may encourage or discourage
women. Worldwide, women are expected to have primary
responsibility for child care, two to 10 times more than men,
and for elder care as well. Similarly, women devote one to
three hours more per day to housework than do men.
1
Among factor- and effciency-driven economies (Table 3
and Figure 3), Africa and Southeast Asia show the highest
gender equality in TEA. Both regions have a number of
economies where women are more likely to be involved in
early-stage entrepreneurial activity than men. In Africa, high
gender parity in TEA contributes to high overall TEA rates
in the region. Zambia, Nigeria, Uganda and Ghana exhibit
higher TEA rates among females than males.
Southeast Asia is remarkable for its high level of gender
equity, although it has lower overall TEA rates than Africa.
In four of the fve Southeast Asian economies (Malaysia,
Indonesia, Philippines and Vietnam), women are more
likely than men to engage in early-stage entrepreneurial
activity. In Thailand, women are almost as likely as men to
be entrepreneurs. At the other end of the scale, in almost
two-thirds of effciency-driven European countries, women
have TEA rates less than half those of men. Low female
participation rates contribute to low overall TEA rates.
Innovation-driven economies display low gender parity for
TEA, possibly resulting from factors such as availability of
jobs and women’s preference for work as employees, higher
family incomes that allow some to stay out of the workforce,
or unequal access to resources. And, as in other economic
development phases, women bear responsibility for most
dependent care of young and old. On the other hand, higher
family incomes and availability of employment options
may also suggest that women who start businesses are
motivated by opportunity.
In stark contrast to factor- and effciency-driven Asia and
Oceania, innovation-driven Asian economies show markedly
low rates of female participation. In three of the fve Asian
economies, women have TEA rates less than half those of
men. In Japan, women are less than one-fourth as likely as
men to be entrepreneurs.
Low female TEA rates and female-to-male ratios in
innovation-driven Europe are consistent with many of the
effciency-driven European countries. This suggests that
regional characteristics, rather than economic development
level, are important factors contributing to the low level
of entrepreneurial activity. A notable outlier in Europe is
Switzerland, where women are slightly more likely than
men to engage in entrepreneurship activity. In Israel, lower
female than male participation reduces overall rates.
1 Facts and Figures: Economic Empowerment.http://www.unwomen.org/en/
what-we-do/economic-empowerment/facts-and-figures.
Algeria
South Africa
Libya
Burkina Faso
Angola
Malawi
Ghana
Botswana
Cameroon
Uganda
Nigeria
Zambia
India
Malaysia
Iran
Kazakhstan
China
Indonesia
Vietnam
Philippines
Thailand
Kosovo
Russia
Macedonia
Bosnia & Herzegovina
Croatia
Hungary
Poland
Georgia
Romania
Lithuania
Estonia
Turkey
Latvia
Suriname
Belize
Puerto Rico
Costa Rica
Argentina
Barbados
Trinidad & Tobago
Uruguay
Colombia
Panama
Guatemala
Jamaica
Brazil
Mexico
El Salvador
Chile
Bolivia
Peru
Ecuador
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Figure 3: TEA Rates for Factor- and Ef ficiency-Driven Economies, by
Region and Gender
Female TEA (% of Adult Female Population)
Male TEA (% of Adult Male Population)
5% 10% 15% 20% 25% 0% 30% 35% 40%
5% 10% 15% 20% 25% 0% 30% 35% 40%
19
GEM WOMEN’ S SPECI AL REPORT
Japan
Republic of Korea
Taiwan
Singapore
Australia
Belgium
Italy
Sweden
Denmark
Germany
Norway
France
Czech Republic
Ireland
Slovenia
Spain
Finland
Luxembourg
Greece
Austria
Switzerland
Netherlands
Slovakia
United Kingdom
Portugal
Israel
Kuwait
Qatar
Canada
United States
1.1.3 CHANGES IN TEA RATES FROM 2012
Sixty-one economies featured in this report were also
covered in the previous GEM 2012 Women’s Report.
2
For several key indicators, an analysis was made of the
percentage change from 2012 in rates and in female-to-
male ratios. On average, female TEA rates increased 7%
over 2012 for these economies. In addition, the ratio of
female-to-male TEA rates improved 6%. Impressive gains
may be seen in the Asia in factor- and efficiency-driven
region. TEA rates also moved up in innovation-driven
Europe, as did the ratio of female-to-male TEA. Notably,
many developed European countries have created
initiatives and programs to stimulate startup activity
among women, and researchers are publishing studies
on women’s entrepreneurship in this region; both
appear to be reflected in the positive changes noted. In
contrast, innovation-driven Asia shows a decline in both
female TEA rates and the gender ratio for TEA. This is of
concern because this region already exhibits low female
TEA rates and low gender equality.
2 Kelley, D., Brush, C., Greene, P., and Litovsky, Y. (2013). Global
Entrepreneurship Monitor (GEM) 2012 Women’s Report. London: Global
Entrepreneurship Research Association. See list of countries below.
Figure 4: TEA Rates for Innovation-Driven Economies, by Region and Gender
Female TEA (% of Adult Female Population)
Male TEA (% of Adult Male Population)
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V
E
N
M
I
D
D
L
E
E
A
S
T
I
N
N
O
V
A
T
I
O
N
-
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V
E
N
N
O
R
T
H
A
M
E
R
I
C
A
5% 10% 15% 0% 20%
5% 10% 15% 0% 20%
Africa
Algeria,* Angola, Botswana, Ghana,*
Malawi,* Nigeria,* South Africa,
Uganda, Zambia*
Middle East Israel*
Latin America &
Caribbean
Argentina, Barbados, Belize, Bolivia,
Brazil, Chile, Colombia, Costa Rica,
Ecuador, El Salvador, Guatemala,
Jamaica, Mexico, Panama, Peru, Puerto
Rico, Suriname, Trinidad & Tobago,
Uruguay
Asia & Oceania: China, Iran, Malaysia, Thailand
Asia & Oceania:
Japan, Republic of Korea,* Singapore,
Taiwan
Europe:
Bosnia and Herzegovina, Croatia,
Estonia, Hungary, Latvia, Lithuania,
Macedonia,* Poland, Romania,
Russia, Turkey
Europe:
Austria, Belgium, Denmark,
Finland, France, Germany, Greece,
Ireland, Italy, Netherlands, Norway,
Portugal, Slovakia, Slovenia, Spain,
Sweden, Switzerland, United
Kingdom
North America United States
*This Report uses 2013 Data for These Economies; Di?erence Measured is
Therefore One Year
20
GEM WOMEN’ S SPECI AL REPORT
1.1.4 ESTABLISHED BUSINESS ACTIVITY
The level of established business ownership indicates the
sustainability of entrepreneurship efforts in an economy.
Established businesses have moved beyond the nascent
and new phases, and they contribute to a country’s
economy through ongoing introduction of new products
and processes and a stable employment base. The GEM
2010 Global Report argues that advances in economic
development require business activities exhibiting both
dynamism and stability, i.e., nascent/new and established
businesses. Dynamism ensures continuing renewal
Libya
South Africa
Botswana
Algeria
Angola
Cameroon
Malawi
Burkina Faso
Zambia
Nigeria
Ghana
Uganda
India
Iran
Malaysia
Kazakhstan
Philippines
China
Indonesia
Vietnam
Thailand
Kosovo
Croatia
Russia
Bosnia & Herzegovina
Turkey
Lithuania
Estonia
Poland
Macedonia
Hungary
Romania
Georgia
Latvia
Puerto Rico
Suriname
Panama
Costa Rica
Belize
Colombia
Mexico
Uruguay
Argentina
Guatemala
Trinidad & Tobago
Peru
Barbados
Bolivia
Chile
El Salvador
Jamaica
Ecuador
Brazil
A
S
I
A
/
O
C
E
A
N
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A
F
A
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T
O
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A
N
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F
F
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Y
-
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V
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N
E
U
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P
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E
F
F
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Y
-
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A
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A
L
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A
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A
/
C
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B
B
E
A
N
15% 20% 25% 30% 35% 0% 10% 5%
Figure 5: Established Business Ownership in Factor- and E?ciency-Driven
Economies, by Region and Gender
*With Two Exceptions: Puerto Rico and Trinidad and Tobago
are Innovation-Driven
Established Business Female
Established Business Male
15% 20% 25% 30% 35% 0% 10% 5%
Table 4: Percentage Change in Female TEA Rates and Female/Male TEA Ratio
from 2012
Region
Female
TEA
TEA Ratio
F/M
Africa -5% 10%
Asia & Oceania (Factor-
and Efficiency-Driven)
23% 14%
Europe (Efficiency-Driven) 5% 0%
Latin America & Caribbean 16% 4%
Asia & Oceania
(Innovation-Driven)
-5% -10%
Europe (Innovation-Driven) 13% 13%
Israel* 20% -33%
United States 7% -1%
Overall Average: All 61
Economies
7% 6%
21
GEM WOMEN’ S SPECI AL REPORT
Figure 6: Established Business Ownership in Innovation-Driven
Economies, by Region and Gender
Established Business Female
Established Business Male
6% 8% 10% 12% 14% 4% 2% 16%
Singapore
Japan
Republic of Korea
Australia
Taiwan
France
Belgium
Denmark
Slovenia
Italy
Luxembourg
Germany
Czech Republic
Norway
Slovakia
Finland
United Kingdom
Sweden
Portugal
Spain
Ireland
Austria
Netherlands
Greece
Switzerland
Qatar
Kuwait
Israel
United States
Canada
6% 8% 10% 12% 14% 0% 4% 2% 16%
A
S
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A
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O
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A
N
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N
N
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V
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P
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N
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V
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N
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N
M
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D
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A
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A
of ideas in a society, while stability allows enterprises
with the most promise to survive and grow. Thus, while
early-stage entrepreneurship is important for creating
dynamism in economic activity, established businesses
are important for preserving stability.
The level of established business activity in factor- and
efficiency-driven economies (Figure 5) is similar to TEA
level, with Africa showing the highest rates and highest
gender equality. This is in line with research by Bardasi
et al. (2007), whose analysis of enterprise survey data
in Africa found that businesses already operating show
no significant difference in performance and productivity
under male or female entrepreneurs. Bardasi et al.
suggest that Africa has “considerable hidden growth
potential in its women, and tapping into that potential …
can make a substantial difference for Africa’s growth
and poverty reduction.”
3
Thailand has the highest rate of established business
activity in Asia for both women and men. Both genders
show established business rates higher than TEA rates,
an indication of business sustainability. In Vietnam,
where TEA rates are the same for both genders, the rate
of established women entrepreneurs is 1.2 times higher
than for men.
In efficiency-driven Europe, established business rates
among women are low, and women in almost two-thirds
of economies have established business rates less than
half those of men. Libya, Botswana, Panama, Costa Rica
and Puerto Rico have low female established business
rates and low female TEA rates. In economies where
TEA rates are higher than established business rates,
women may face substantial challenges to sustain their
businesses. On the other hand, this could indicate that
startup activity has recently increased, whether from
need or opportunity (which will show up in future years
as increased established business activity).
Among innovation-driven economies in Asia and Europe,
low established business rates among women reflect
low startup rates. Low TEA levels signal fewer nascent
and new businesses to feed mature business activity in
these economies. Of concern, however, in innovation-
driven Europe, is that the gender gap for established
business activity is substantially wider than for TEA
activity. In more than half the economies in this region,
female established business rates are less than half
those for males. In terms of TEA, the same holds true
for only one-fifth of economies in the region. Among
Middle Eastern economies, Qatar’s established business
rate for women is much lower than female TEA (1.4%
compared to TEA of around 10%).
3 Bardasi, E., Blackden, M., and Guzman, J.C. “Gender, Entrepreneurship and
Competitiveness in Africa,” Africa Competitiveness Report 2007, World Economic
Forum, Geneva Switzerland.
0%
22
GEM WOMEN’ S SPECI AL REPORT
1.1.5 BUSINESS CLOSURE
The rate of business closure may serve as another
indicator of entrepreneurship sustainability in
an economy. Reasons for business closure vary,
including lack of proftability, problems accessing
fnance, running out of working capital, and change
of mind or lifestyle by an owner on how she is
earning income or spending time. Thus, closure may
not necessarily equate to failure.
In most African economies, women report higher
rates of business closure than men (Figure 7). Many
African countries have strong cultural practices
that traditionally impose restrictions on women and
their behavior. Gender stereotyping places higher
domestic burdens on women (household chores and
family responsibilities), which may contribute to the
higher rate of business closure among women in this
region. Malawi has particularly high business closure
rates for both genders — more women have closed a
business in the last year than are starting or running
a new business. Other economies such as Uganda,
Cameroon and the Philippines also have relatively
high business closure rates, which in turn refect
their high startup rates.
Entrepreneurship is inherently risky, and a certain
level of business closure is inevitable when there
are numerous startups. However, an excessively
high business closure rate could mean that few
entrepreneurs are starting viable businesses, or
that they are unable or do not intend to sustain
these businesses. In addition, the entrepreneurship
environment may not be suffciently supportive
or enabling. This is a particular concern in areas
where there is high necessity. Necessity-based
businesses are generally highly liquid, requiring low
amounts of capital to start and being relatively easy
to close. In regions characterized by high poverty
and chronic underemployment, it is not unusual
to fnd a self-employed person supporting a large
family and enabling those around her/him to have
a better life. The liquidity of the business supports
that pathway. This could be a positive factor to the
extent that women can easily get started or shift to
better opportunities, but problematic to the extent
that women are constrained in these efforts.
For innovation-driven economies, low business
closure rates may reflect a lack of dynamism
— there are few closures because there have
been few startups (Figure 8). In such economies,
fewer women than men are closing businesses,
consistent with gender gaps in TEA. Kuwait
has particularly high business closure rates for
both genders; more entrepreneurs have closed
a business in the last year than are starting or
running a new business.
Algeria
Libya
South Africa
Nigeria
Angola
Ghana
Burkina Faso
Zambia
Botswana
Cameroon
Uganda
Malawi
India
China
Vietnam
Malaysia
Kazakhstan
Thailand
Iran
Indonesia
Philippines
Poland
Latvia
Russia
Estonia
Georgia
Macedonia
Lithuania
Hungary
Bosnia & Herzegovina
Croatia
Romania
Kosovo
Turkey
Suriname
Trinidad & Tobago
Puerto Rico
Barbados
Brazil
Costa Rica
Colombia
Belize
Guatemala
Argentina
Uruguay
Panama
Mexico
Chile
Jamaica
Bolivia
Peru
Ecuador
El Salvador
15% 20% 25% 30% 10% 5%
15% 20% 25% 30% 10% 5%
A
S
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A
/
O
C
E
A
N
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F
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F
F
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F
F
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0%
0%
Figure 7: Business Closure in Factor- and E?ciency-Driven Economies, by Region
and Gender
*With Two Exceptions: Puerto Rico and Trinidad and Tobago
are Innovation-Driven
Business Closure Female
Business Closure Male
23
GEM WOMEN’ S SPECI AL REPORT
Figure 8: Business Closure in Innovation-Driven Economies, by Region and Gender
*With Two Exceptions: Puerto Rico and Trinidad and Tobago
are Innovation-Driven
Business Closure Female
Business Closure Male
Japan
Singapore
Republic of Korea
Australia
Taiwan
Ireland
Slovenia
Norway
United Kingdom
France
Finland
Belgium
Switzerland
Germany
Luxembourg
Denmark
Spain
Austria
Netherlands
Czech Republic
Sweden
Portugal
Greece
Italy
Slovakia
Qatar
Israel
Kuwait
Canada
United States
A
S
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6% 8% 10% 4% 2% 0%
1.2 A COMPARATIVE OVERVIEW OF
FEMALE ENTREPRENEURIAL ACTIVITY
The spider diagrams below provide a multiphase
analysis of women’s entrepreneurial activity, by
development level and region.
Female entrepreneurship activity is lower, on average,
for innovation-driven economies. The greatest difference
appears in earliest stages of the entrepreneurship
process, and the difference between rates for TEA
and established business is minimal: TEA 6% versus
established business 5%. For factor- and efficiency-
driven economies, TEA at 15% is nearly twice the
established business rate of 8%. This suggests greater
demand for entrepreneurship in developing economies,
with comparatively fewer enterprises having made it to
a mature stage. Innovation-driven economies see less
demand for entrepreneurship, but are more likely to
start sustainable businesses, and/or the environment
enables sustainability.
Entrepreneurship is
inherently risky, and a
certain level of business
closure is inevitable
when there are
numerous startups.
Figure 9: Multiphase Analysis of Activity, by Development Level
Overall Average: Factor and Ef ficiency-Driven Regions (unweighted)
30%
25%
20%
10%
5%
15%
0%
Female TEA
(% of Adult
Female Population)
Intentions female
Established Business Female
Overall Average: Innovation-Driven Regions (unweighted)
Business Closure
Female
6% 8% 10% 4% 2% 0%
24
GEM WOMEN’ S SPECI AL REPORT
Africa reports higher overall female activity compared
to other factor- and efficiency-driven regions. In
particular, entrepreneurial intentions are much higher
than for other economies at this development level. It
must be noted that Africa differs from the other three
regions in that it consists of predominantly factor-driven
economies (South Africa is the only efficiency-driven
economy in the region). Other regions are all or nearly
all efficiency-driven.
Activity rates for women in Latin America are close
to the overall average for less-developed economies.
Asia/Oceania also exhibits results close to the overall
average, except for lower intentions. This could imply
either or both of the following: that few women want or
need to start, relative to actual entrepreneurial activity;
or that for every women who has intended to start a
business, there is a high likelihood this has translated
to action. Efficiency-driven Europe has low TEA rates,
particularly compared to the average for economies
at this development level. The average TEA rate for
efficiency-driven Europe lies around 40% of the average
for the factor and efficiency development levels.
Figure 10: Multiphase Analysis of Activity, for Factor- and E?ciency-Driven Regions Figure 11: Multiphase Analysis of Activity, for Innovation-Driven Regions
The average TEA rate for
effciency-driven Europe lies
around 40% of the average
for the factor and effciency
development levels.
Latin Am./Carib.
Asia/Oceania FD/ED Africa
Europe ED
50%
40%
20%
10%
30%
0%
Female TEA
(% of Adult
Female Population)
Intentions Female
Established
Business Female
Business
Closure Female
Overall
40%
20%
10%
30%
0%
Female TEA
(% of Adult
Female Population)
Intentions Female
Established
Business Female
Business
Closure Female
North America
Asia/Oceania ID
Middle East ID
Overall Europe ID
Among innovation-driven regions, Asia and Europe
show results close to the overall development-level
average. Intentions, however, are especially low in
Europe, which indicates a small base of potential
women entrepreneurs. North America is also close to
the averages for innovation-driven economies, except for
higher than average TEA rates. The Middle East shows a
very high level of intentions among women, suggesting
a large base of potential future entrepreneurs. Startup
activity among women in this region is slightly higher
than average, but there is a low rate of established
business activity and high levels of business closure.
High current startup activity may not have translated to
an increase in mature business ownership. Some initial
efforts may not work out, so there will be more closures
than typical.
25
GEM WOMEN’ S SPECI AL REPORT
ENTREPRENEURS’ STORIES
Valrie Grant (Jamaica):
GeoTechVision Enterprises Ltd
V
alrie Grant has a Bachelor’s Degree in Geology,
a Master of Science Degree in GIS and
Environment, and over 15 years’ experience
in the geospatial sciences. She has also
pursued studies in entrepreneurship. In late 2008,
Valrie established GeoTechVision, the only female-owned
and operated geographic information systems (GIS)
company in the Caribbean region. “I had worked for
more eight years as a geospatial analyst, government
employee and spatial technologies consultant for a
wide range of public and private organisations in the
Caribbean when I realised that spatial intelligence
can offer tremendous benefits to governments and
businesses alike, but was not being fully utilised,” she
says. Geospatial intelligence is the science of visually
displaying geographic data that can provide substantial
benefits to Caribbean businesses, agencies and
government ministries by helping them to plan better
and make more informed decisions. Solutions to the
growing challenges of economic development, resource
management, climate change and disaster management
can all be enhanced with geospatial information.
Based in Jamaica, the company opened an additional
offce in Guyana in January 2012. The company
also provides services through partner relationships
established across the Caribbean, Canada and Israel.
The GeoTechVision team is a cadre of qualifed and
experienced professionals providing clients with high-end
IT and geospatial consultancy services, solutions and
products. These include consulting and advisory services,
GIS and ICT technical services, and human capital training
and development. “GeoTechVision focuses on delivering
value through innovative solutions!” says Valrie. “Our deep
knowledge of the business market and the technologies,
combined with unparalleled professional expertise, allows
GeoTechVision to offer reliable, affordable and customised
services and solutions.”
Valrie’s mother was self-employed and her father was a
businessman, providing her with a strong foundation for
her entrepreneurial journey. “I was strongly influenced
by my mother when deciding to go the entrepreneurship
route,” she notes. “I try to model elements of my life
after the spirit of my mother. The contributions of
26
GEM WOMEN’ S SPECI AL REPORT
Caribbean GIS champions like Jacqueline da Costa,
Cecille Blake, Nadine Brown, Earl Edwards and Silburn
Clarke have also inspired me.”
Valrie has faced numerous challenges during her
entrepreneurial journey. “As female business owners,
we have the disadvantage that many in the business
community look at tradition and cultural norms. Men are
seen as business leaders, bigger risk takers than women,
and so sometimes there is hesitation to give females
equal opportunities,” she notes. She has had to work
harder and put in extra effort to ensure that she is able to
offer an edge in order to stand out, especially in her male-
dominated feld. The competition is tough for a woman in
her industry. She believes that overcoming these hurdles
has strengthened her character. “Through persistence,
you can get your foot in the door and thereafter the work
recommends itself,” she says. However, sometimes being
a woman works to your advantage, she believes, as there
are now more networking programmes for women, people
promoting women in business, workshops targeting
women and more recognition programmes. These help to
level the playing feld.
being important, because although we were the smallest
company involved in the project, we executed and
delivered months ahead of all the other companies.”
Valrie and her business have been recipients of several
recognition awards. These include the University of
West Indies (UWI) Première Leadership Award (2000),
the Jamaica GIS Entrepreneur Award (2012), and the
NCB Nation Builder Award for the Woman in Business
Category (2013). The latter is presented to an innovative
female business owner with a track record of leadership
and social responsibility. GeoTechVision also received
the NCB Nation Builder Award for Region 1 in the
category of Innovation (2013). GeoTechVision won
the Technology Innovation Centre Client of the Year in
2013 and 2014 and also copped the Top Client Award
for 2014. Valrie was awarded the Business Excellence
Forum (BEF) Americas 2014 Female Entrepreneur of the
Year and GeoTechVision won the Caribbean Exporter of
the Year Special Award for Excellence in Services Export
2014. She was also the Jamaica Chamber of Commerce
(JCC) Young Entrepreneur of the Year in 2014.
As an entrepreneur, Valrie believes in helping other
entrepreneurs. Having been selected as a business
enabler for the Infodev World Bank Business Incubator
Clinic, she is currently forming a non-proft organisation
that will provide business incubator services in Guyana.
Valrie is also an accredited facilitator with the World
Bank’s Infodev Women Innovators in the Caribbean
Network (WINC), empowered to deliver the accelerator
programme in the Caribbean. She is the current president
of the Women Entrepreneurs Network Caribbean
(WENC) Guyana Chapter. She is also the Women’s
Entrepreneurship Day Ambassador for Guyana 2015.
Valrie is not one to rest on her laurels and a number of
plans for the future are already in the pipeline. The company
is in the process of expanding. In the short term, this
includes more geospatial applications for everyday use,
exploring innovative uses of Unmanned Aerial Vehicles in
the Caribbean, providing more engineering-type service
offerings and establishing new strategic partnerships, while
at the same time augmenting their own internal governance
models to better manage their growth. Longer term plans
include obtaining fnancing for further expansion, entering
new markets, introducing new delivery channels (such as
online training) and diversifying their offerings, including
potential ventures in renewable energy and agro-industry.
Valrie’s advice for potential entrepreneurs: “Having
the right educational background and experience is
sometimes not enough. Female business owners have to
offer an edge to stand out. Competition builds strength
of character as you recognise that with persistence, you
can get your foot in the door. Never believe you can do it
alone, though. It is important to collaborate to innovate!”
www.geotechvision.com
She has also faced a significant personal challenge
during her startup. Just four months after starting
GeoTechVision, with no staff and operating from a
virtual office, she underwent a major medical procedure.
Her business was on hold for six months. Funds
earmarked for her business had to be diverted to her
medical expenses. She spent her recovery time writing
proposals, building relationships and forming alliances
and was back in the Caribbean building GeoTechVision
by September 2009.
“Our major business success to date was probably
expanding GeoTechVision in the Caribbean despite the
harsh economic climate by establishing GeoTechVision
Guyana Inc. as an external company registered in
Guyana in January 2012,” she says. “Another success
was being selected as one of four companies to provide
tablets and services in the eLearning Jamaica Tablet in
Schools Project. This particular project stands out as
There are now more
networking programmes for
women, people promoting
women in business, workshops
targeting women and more
recognition programmes.
27
GEM WOMEN’ S SPECI AL REPORT
ENTREPRENEURS’ STORIES
Georgia Beattie (Melbourne,
Australia): Lupe Wines and
Single Service Packaging
G
eorgia’s entrepreneurial journey started in
2008 while she was on a one-year exchange
from RMIT Australia to Babson College, USA.
One morning, in her first week of classes,
the stock market crashed. “I was wondering why there
weren’t any students in class,” she says. “It turned
out that most of my classmates were already running
businesses and were far more commercially advanced
than my peers in Australia. It was here that I realised
that I could make an impact and change the world. I
could achieve anything if I put my mind to it and created
a plan.”
Professor Michael Caslin taught the Babson Social
Enterprise course and it was here that she learned that
starting a business is so much more than just making
money. “The businesses we create will shape the next
generation,” she notes. “We have an obligation to be
contributing to our city, country and ultimately create a
better world.”
©2015 Business Essentials Media Productions Pty Ltd
Her affuent female peers
from high school have gone
on to be lawyers, doctors
and bankers. These are
conservative and respected/
paid professions. However,
she feels that it is very
diffcult to have a voice in a
large company and rarely
does this career path lead to
extraordinary things.
Georgia’s business idea came to her while she was
standing in a drink queue for 30 minutes at a music
festival in Australia. When she finally got to the front of
the line, she was frustrated when she was told that she
could not order a wine because of glass safety laws. So
they legally couldn’t serve wine because it had not yet
been innovated. She realized that the rest of the alcohol
industry had done a great job keeping up with consumer
trends and demands. Beer, which also started out in
750ml bottles, is now packaged in single-serving sized
28
GEM WOMEN’ S SPECI AL REPORT
cans and bottles. Bars and liquor stores are filled with
hundreds of varieties of ready-to-drink premixed spirits
in both cans and bottles. Why not wine?
Her business produces single serve wine in a plastic
‘glass’. They have offices in Japan, Korea and Taiwan
and service sports stadiums, many hotel minibars and
airlines in Australia. “In the stadium scenario, we reduce
the carbon footprint for these events by removing the
glass bottle from the equation. It is a legal requirement
that beverages are served in plastic recepticles for
safety so we are fast-tracking that. It’s my way of
contributing to a better future,” she adds.
Early next year (2016), her company will be launching a
world first – a single-serving sparkling wine glass. They
have partnered with packaging companies in Australia,
Argentina, the USA, Europe and Japan in order to have a
global wine offering.
She believes that she is fortunate to have had an
education and upbringing where equality is expected
from the world. “My hard-working mother taught me
this,” she says. “Sexism doesn’t exist in our family – if a
male doesn’t want to do business with me, it’s because
of my product, not my gender. However equality doesn’t
matter if females aren’t participating. When women
aren’t sitting at the table there is an imbalance. A
masculine and feminine approach to any industry is
different and complimentary. Chinese philosophers
describe it as yin and yang.”
Her affluent female peers from high school have gone
on to be lawyers, doctors and bankers. These are
conservative and respected/paid professions. However,
she feels that it is very difficult to have a voice in a
large company and rarely does this career path lead
to extraordinary things. “I believe that if you have
come from the luxury of a good education, it is your
responsibility to go out and use this platform to create a
better world,” she asserts. “We need to convince women
that entrepreneurship is not only a worthy career, but
a place that desperately needs female participation to
foster growth and innovation.”
www.beattiewines.com
29
GEM WOMEN’ S SPECI AL REPORT
CHAPTER 2
Characteristics of
women entrepreneurs
G
EM’s focus on individual-level participation
enables the examination of a range of
demographic and other characteristics
about entrepreneurs. With this information,
it is possible to assess the level of inclusiveness in an
economy — in other words, the extent to which various
groups (for example, those categorized by age, gender
or education) engage in entrepreneurial activity. With
regard to the focus of this report, assessment of such
characteristics may enhance knowledge and identify
gaps in women’s entrepreneurship. This information can
help policy-makers target effective interventions
to increase women’s participation and productivity in
the economy.
2.1 AGE
Age-related patterns of entrepreneurship activity are
relatively consistent around the world for both genders.
The prevalence of early-stage entrepreneurship tends
to be relatively low in the 18-24 year-old cohort. It
peaks among 25-34 year-olds, and then declines as age
increases. Figure 12 indicates that this pattern holds true
on average for female entrepreneurs in all factor- and
effciency-driven regions, as well as in North America.
The remaining innovation-driven regions do not show
this marked upward spike in the 25-34 year-old age
group. In innovation-driven Asia and Oceania, the highest
prevalence of female TEA is among the 35-44 year-olds.
30
GEM WOMEN’ S SPECI AL REPORT
Age is particularly interesting to consider within the
context of other societal attributes, such as youth
unemployment and cultural mores surrounding working
mothers and provision of income for elders. The lowest
female youth TEA rates can be seen in four innovation-
driven economies: Japan and Korea in Asia, and Norway
and Finland in Europe. These countries report TEA rates
of less than 1% among 18-24 year-olds. This could be due
to high rates of women in college at this age. However,
many European countries show higher female youth rates
relative to average TEA rates across all age groups. In
Slovakia and Greece, for example, the female youth TEA
rate is more than 70% higher than the average TEA rate.
Senior entrepreneurship may be reduced by factors
that include retirement, poor health or cultural
expectations such as caring for grandchildren. On the
other hand, a lack of work options or pensions and a
need for income could spur entrepreneurship among the
older population, as well as enterprising seniors with
experience, resources and networks that enable them
to launch viable businesses. In two innovation-driven
European countries, Portugal and Belgium, older women
entrepreneurs (55-64 years old) are rare — less than 1%
of the female population. The Philippines, on the other
hand, has a high senior entrepreneurship rate among
women — 30% versus an overall TEA rate of 21%.
2.2 EDUCATION LEVEL
An educated workforce, appropriately skilled and
with the capacity for innovation, is vital to an
economy’s competitiveness, productivity and growth.
It is reasonable to believe that education will have a
positive influence on individual self-efficacy and self-
confidence, thereby increasing the chances these
individuals will not only start businesses, but also
have the ability to navigate competitive and changing
business environments. Of course, not all education is
directly relevant to entrepreneurship, but GEM reports
consistently show that entrepreneurs have higher levels
of education than non-entrepreneurs. This is consistent
with findings from the Goldman Sachs 10,000 Women’s
project, which shows that training and education
do make a difference for women in less developed
economies. Education and training are likely to result
in business growth in sales and employees, as well as
stronger self-confidence and leadership skills.
4
Across the sample as a whole, there is encouraging
gender parity in terms of the proportion of
entrepreneurs with a post-secondary or higher level of
education. A third of female and male entrepreneurs
(33% and 36% respectively) fall into this category. In
many developing economies, particularly efficiency-
driven Europe, there are proportionately more educated
women entrepreneurs than men. This is even more so
for innovation-driven economies, where the majority
show higher proportions of female entrepreneurs with
post-secondary or higher levels of education than males.
Some economies with high levels of education among
female entrepreneurs also have low TEA rates, for
example Libya, Malaysia, Russia and Puerto Rico. This
suggests that in some economies, entrepreneurship
is undertaken by the educated, but is less available or
attractive to those with lower education levels.
2.3 MOTIVATION
The relative prevalence of opportunity motivated versus
necessity-motivated entrepreneurship activity provides
useful insights into why women enter entrepreneurship.
Necessity-based, early-stage entrepreneurship activity
is defined as the percentage of those driven by having
no better choice for work. Opportunity-based early-stage
4 Investing in the Power of Women; Progress Report on the Goldman Sachs
10,000 Women Initiative, Babson College, Wellesley, MA, 2014.
30%
25%
20%
15%
10%
5%
0%
35%
Africa
Asia/Oceania Factor and E?ciency-Driven
Europe E?ciency-Driven
Latin America/Caribbean
Asia/Oceania Innovation-Driven
Europe Innovation-Driven
Middle Eastern Innovation-Driven
North America
Female TEA
(18-24)
Female TEA
(25-34)
Female TEA
(35-44)
Female TEA
(45-54)
Female TEA
(55-64)
Figure 12: Female TEA Rates, by Age Cohort and Region
31
GEM WOMEN’ S SPECI AL REPORT
Republic of Korea
Japan
Singapore
Taiwan
Australia
Italy
Netherlands
Czech Republic
Austria
Norway
Slovakia
Switzerland
Portugal
Finland
Germany
Spain
United Kingdom
Luxembourg
Greece
Sweden
Slovenia
Denmark
France
Belgium
Ireland
Kuwait
Qatar
Israel
United States
Canada
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
M
I
D
D
L
E
E
A
S
T
E
R
N
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
N
O
R
T
H
A
M
E
R
I
C
A
0%
0%
10%
10%
20%
20%
30%
30%
40%
40%
50%
50%
60%
60%
80%
80%
90%
90%
100%
100%
70%
70%
Burkina Faso
Malawi
Uganda
Ghana
South Africa
Cameroon
Zambia
Angola
Botswana
Nigeria
Algeria
Libya
Indonesia
India
China
Thailand
Vietnam
Philippines
Iran
Kazakhstan
Malaysia
Kosovo
Romania
Croatia
Bosnia & Herzegovina
Macedonia
Turkey
Estonia
Georgia
Latvia
Hungary
Poland
Lithuania
Russia
Guatemala
Brazil
Mexico
El Salvador
Costa Rica
Jamaica
Colombia
Suriname
Ecuador
Bolivia
Peru
Panama
Uruguay
Belize
Trinidad & Tobago
Argentina
Chile
Barbados
Puerto Rico
A
F
R
I
C
A
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
-
A
N
D
E
F
F
I
C
I
E
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
Figure 13: Proportion of Entrepreneurs with Post-Secondary Degree or Higher Level
of Education for Factor- and E?ciency-Driven Economies, by Region and Gender
Figure 14: Proportion of Female Entrepreneurs with Post-Secondary Degree or
Higher Level of Education for Factor- and E?ciency-Driven Economies, by Region
and Gender
Female Female
Male Male
10%
10%
20%
20%
30%
30%
40%
40%
50%
50%
60%
60%
80%
80%
90%
90%
70%
70%
0%
0%
32
GEM WOMEN’ S SPECI AL REPORT
Table 5: Average Rates for Opportunity Motivated TEA, by Region and Gender
Region
Female
Opportunity
Motivated
TEA (%)
Male
Opportunity
Motivated
TEA (%)
Ratio
Female/
Male
Africa 69 73 0.95
Asia &
Oceania
(Factor- and
Efficiency-
Driven)
69 73 0.95
Latin
America &
Caribbean
70 78 0.90
Europe
(Efficiency-
Driven)
57 63 0.90
Middle East
(Innovation-
Driven)
83 77 1.08
Asia &
Oceania
(Innovation-
Driven)
77 78 0.99
Europe
(Innovation-
Driven)
73 78 0.94
North
America
74 82 0.90
GEM
Average
68 73 0.93
entrepreneurship activity describes the percentage of
those who are motivated to pursue opportunity. This
includes taking advantage of a business opportunity or
having a job, but seeking a better opportunity. Although
necessity entrepreneurship is important in enabling
women to create income-generating businesses when
needed, opportunity-driven entrepreneurs are important
to an economy for their greater potential impact on
dimensions such as job creation aspirations.
In general, opportunity motivations among female
entrepreneurs are encouragingly high in all regions
except efficiency-driven Europe. In this region, the
opportunity motivated proportion of female TEA is more
than 10 percentage points below the overall average
for the sample. Although female entrepreneurs in the
GEM sample are less likely than male entrepreneurs to
be motivated by opportunity, the gender differential is
small across all regions (Table 5). In the Middle East,
women are more likely than men to be motivated by
opportunity, while in innovation-driven Asia, women are
as likely as men to be engaged in opportunity motivated
entrepreneurship. Generally, economies in these regions
have low gender parity in TEA. Combined with the
high rate of opportunity-based entrepreneurship, this
suggests that women have a low likelihood of starting
businesses compared to men; and when they do, it’s
because they choose to pursue an opportunity, rather
than being pushed into it out of need.
Within the regions, individual economies show variation in
the proportion of opportunity motivations among women
entrepreneurs (Figures 15 and 16). Among factor- and
effciency-driven economies, Nigeria and Uganda have
high female opportunity motivations combined with high
female TEA rates (higher than male rates), showing that
women are highly motivated to act on opportunities. In
Libya, although there are high proportions of opportunity
motivations among women entrepreneurs, women start at
less than half the rate for men.
A contrast may be seen in low opportunity motives
among women entrepreneurs in Bosnia and
Herzegovina, Macedonia and Kosovo. These economies
exhibit low female TEA rates, suggesting that women
rarely engage in startups, and when they do, it is
generally out of necessity. The Philippines, on the other
hand, shows high levels of female entrepreneurship
activity, over 30% higher than that of males. However,
there is a considerable gender gap in motivation.
Women entrepreneurs in this country are over
one-fourth less likely than men to be motivated
by opportunity. The Philippines is a factor-driven
country with one of the highest unemployment rates
in Southeast Asia. High competition for low level job
opportunities in the formal sector means that women,
especially in poorer communities, are often forced into
necessity-based entrepreneurship because they lack
options for sustainable livelihoods.
33
GEM WOMEN’ S SPECI AL REPORT
Malawi
Cameroon
Zambia
Ghana
Botswana
Burkina Faso
Angola
South Africa
Algeria*
Nigeria
Uganda
Libya
Philippines
China
Iran
India
Kazakhstan
Vietnam
Indonesia
Malaysia
Thailand
Macedonia
Bosnia & Herzegovina
Georgia
Croatia
Kosovo
Russia
Hungary
Poland
Turkey
Romania
Lithuania
Estonia
Latvia
Guatemala
Argentina
Colombia
Jamaica
Suriname
Brazil
El Salvador
Ecuador
Panama
Bolivia
Chile
Barbados
Mexico
Costa Rica
Uruguay
Puerto Rico
Peru
Belize
Trinidad & Tobago
A
F
R
I
C
A
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
-
A
N
D
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
0%
0%
10%
10%
20%
20%
30%
30%
40%
40%
50%
50%
60%
60%
80%
80%
90%
90%
70%
70%
Figure 15: Percentage of Entrepreneurs with Opportunity Motive for Factor- and
E?ciency-Driven Economies, by Region and Gender
Figure 16: Percentage of Entrepreneurs with Opportunity Motive for Innovation-
Driven Economies, by Region and Gender *With Two Exceptions: Puerto Rico and Trinidad and Tobago are Innovation-
Driven
Female TEA Opportunity (% TEA Females) Female TEA Opportunity (% TEA Females)
Male TEA Opportunity (% TEA Males) Male TEA Opportunity (% TEA Males)
Republic of Korea
Japan
Australia
Singapore
Taiwan
Greece
Belgium
Ireland
Spain
Slovenia
Slovakia
Portugal
Switzerland
Czech Republic
Germany
France
Finland
Sweden
Austria
Netherlands
Norway
Italy
United Kingdom
Luxembourg
Denmark
Israel
Qatar
Kuwait
Canada
United States
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
N
O
R
T
H
A
M
E
R
I
C
A
M
I
D
D
L
E
E
A
S
T
E
R
N
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
0% 10% 20% 30% 40% 50% 60% 80% 90% 70%
0% 10% 20% 30% 40% 50% 60% 80% 90% 70%
34
GEM WOMEN’ S SPECI AL REPORT
Among innovation-driven economies, gender differences
in opportunity motivation are generally low. Greece is
an exception – only half of women entrepreneurs in
this economy are opportunity motivated, compared to
two-thirds of male entrepreneurs, and women are less
likely than men to start businesses than men. Similarly,
Belgium reports low opportunity motivation (55%)
among women entrepreneurs, and also has the lowest
female TEA rates among the innovation-driven European
economies. This suggests that women in both Greece
and Belgium are only apt to start a business when they
need income and have few other options. On the other
hand, the three Middle East economies all report female
opportunity-motivation rates higher than those of their
male counterparts.
Figure 17 shows distinct regional patterns in the
relationship between TEA rates and opportunity motives
among women. Low TEA rates may be seen in several
European economies, with economic development
level dividing them based on opportunity motives. High
opportunity drives high TEA rates in Thailand, while
necessity drives high rates in Malawi.
Malawi
Ghana
Uganda
Nigeria
Burkina Faso
South Africa
Zambia
Algeria
Botswana
Cameroon
Angola
Libya
China
Malaysia
Vietnam
India
Philippines
Indonesia
Kazakhstan
Thailand
Iran
Macedonia
Poland
Russia
Hungary
Romania
Lithuania
Estonia
Latvia
Georgia
Turkey
Kosovo
Croatia
Bosnia & Herzegovina
Suriname
Brazil
Jamaica
Puerto Rico
El Salvador
Trinidad & Tobago
Ecuador
Costa Rica
Peru
Panama
Guatemala
Mexico
Barbados
Belize
Bolivia
Chile
Argentina
Colombia
Uruguay
A
F
R
I
C
A
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
-
A
N
D
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
0%
0%
5%
5%
10%
10%
15%
15%
20%
20%
25%
25%
30%
30%
40%
40%
35%
35%
Figure 18: Percentage of Entrepreneurs Starting in Teams of Three or More for
Factor- and E?ciency-Driven Countries, by Region and Gender
3+ Founders Female
3+ Founders Male
Across the GEM sample, about
two-thirds of entrepreneurs
own one-person businesses.
Women entrepreneurs are
slightly more likely, overall,
to display single-person
ownership (68%, compared to
62% for men).
Low TEA High TEA
High
Opportunity
Italy, Sweden,
Denmark,
Norway
Thailand
Low Opportunity Macedonia,
Bosnia &
Herzegovina,
Croatia
Malawi
Figure 17: Regional Patterns in Relationship Between TEA Rates and
Opportunity-Motivation
35
GEM WOMEN’ S SPECI AL REPORT
Figure 19: Percentage of Entrepreneurs Starting in Teams of Three or More for
Innovation-Driven Countries, by Region and Gender
3+ Founders Female
3+ Founders Male
Australia
Republic of Korea
Japan
Taiwan
Singapore
Germany
Sweden
Switzerland
Slovakia
Slovenia
Denmark
Austria
Ireland
France
Netherlands
Czech Republic
Greece
Norway
United Kingdom
Finland
Portugal
Italy
Spain
Luxembourg
Belgium
Israel
Qatar
Kuwait
United States
Canada
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
N
O
R
T
H
A
M
E
R
I
C
A
M
I
D
D
L
E
E
A
S
T
E
R
N
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
0%
0%
10%
10%
20%
20%
30%
30%
40%
40%
50%
50%
60%
60%
2.4 TEAMS
Most businesses start with one owner. Across the GEM
sample, about two-thirds of entrepreneurs own one-
person businesses. Women entrepreneurs are slightly
more likely, overall, to display single-person ownership
(68%, compared to 62% for men). Although there is no
gender discrepancy in the percentage for two owners,
women are over 20% less likely than men to have
businesses with three or more founders.
Ownership characteristics vary considerably across
regions. In efficiency-driven Europe, women exhibit
characteristics similar to those of men in the percentage
of entrepreneurs having one, two, three or more owners.
In many of the remaining regions, however, women are
more likely to be running single-founder businesses,
indicating a tendency to operate on their own. Africa
and factor- and efficiency-driven Asia have the highest
percentage of female single-owner entrepreneurs (three-
quarters), as well as the highest gender disparity in this
respect. In the Middle East, just under half (49%) of
female entrepreneurs have single-owner businesses.
The highest average prevalence of teams of three or
more women entrepreneurs was in the Middle East
(27%) and innovation-driven Asia (24%), double the
overall average. High levels of teamwork among women
(as well as high levels relative to men) are seen in a
number of economies (Figures 18 and 19): Libya, Iran,
Kosovo, Croatia and Bosnia and Herzegovina among
factor- and efficiency-driven economies; and Singapore,
Luxembourg and Belgium among innovation-driven
economies. On the other hand, teams of three or more
were rare among women entrepreneurs in factor- and
efficiency-driven Asia (7%), as well as in Africa and Latin
America and the Caribbean (11%).
Africa and factor- and
efficiency-driven Asia have
the highest percentage
of female single-owner
entrepreneurs (three-
quarters), as well as the
highest gender disparity in
this respect.
36
GEM WOMEN’ S SPECI AL REPORT
Figure 20: Relationship Between Team Size and Job Aspirations
Figure 20 suggests a positive relationship between team
size and job creation, highlighting the value of businesses
with three or more owners. This is consistent with evidence
from entrepreneurship literature indicating that businesses
with teams of three to fve owners are more likely to grow
and succeed than businesses with only one or two owners.
5
5 Beckman, C.M., Burton, M.D. and O’Reilly, C., 2007. “Early Teams: The Impact
of Team Demography on VC Financing and Going Public,” Journal of Business
Venturing, 22:2, 147-173.
y = 1,0469x + 0,0936
R² = 0,3733
%
T
E
A
F
e
m
a
l
e
:
E
x
p
e
c
t
s
6
+
J
o
b
s
% TEA with 3+ Founders
0,8
0,7
0,6
0,5
0,4
0,3
0,2
0,1
0
0 0,05 0,1 0,15 0,2 0,25 0,3 0,35 0,4 0,45
37
GEM WOMEN’ S SPECI AL REPORT
M
rs Ninh Thi Ty, president of two
companies, is recognised as a highly
successful business woman in the
garment field in Vietnam. She started
her career with the Ho Guom Garment Joint Stock
Company. The company was established in 1992 and
Mrs Ty initially had only a small and old workshop with
around 220 employees and 120 machines. “Working
time was divided into two shifts, since the area of the
workshop was only 400m
2
. The workshop was always
unprofitable and sometimes the workers were not paid
their salaries on time,” she recalls.
ENTREPRENEURS’ STORIES
Ninh Thi Ty (Vietnam):
Ho Guom Garments and
Chien Thang Garments
This situation improved when she offcially became
director of the enterprise. With a combination of
enormous effort, as well as her skill and abilities, she
brought a new vitality to the factory. By the time Ho
Guom Company was equitised in 2000, the situation had
changed markedly. By then, Ho Guom Co had a total of
10 factories located in different provinces in the north
of Vietnam. The area of these factories currently ranges
from 30,000m
2
to 60,000m
2
and Mrs Ty manages nearly
6 000 people (of which 80% are women). “Over the past
10 years, Ho Guom Garment Company has been regarded
by government and other organisations as a big and
38
GEM WOMEN’ S SPECI AL REPORT
fast-growing company in the garment feld,” she notes.
Her success was crowned when she was awarded the
highest medal by the Vietnamese National President –
the only woman in the garment industry to receive such
an honour.
Under the leadership of Mrs Ty, Ho Guom Company
achieved a consistently high growth rate each year.
As a result VINATEX (The Vietnam National Textile and
Garment Corporation) requested that she take over
Chien Thang Garment Joint Stock Company in 2006.
Chien Thang Company was a garment company with
a 40-year history and had been one of the strongest
factories belonging to VINATEX. However, the company
had fallen into dire straits, burdened by a large loan.
At least four strong directors from VINATEX had been
sent to take over the company, but the situation had not
improved, and the company faced imminent bankruptcy.
“There were many difficulties that that I faced when
taking on this new mission,” says Mrs Ty. But armed
with her innate determination, she step-by-step began
to resolve the situation. After three years, the Chien
Thang Company was able to repay a substantial loan
to the bank and had started to register a small profit.
Currently, under her management, the company’s
production is stable and they continue to expand their
number of factories.
In addition to her involvement in the garment industry,
Mrs Ty is starting to invest in real estate. A 29-floor
building named ‘Ho Guom Plaza’ – which includes
offices, apartments and a shopping centre – has already
been completed.
“I believe that the secret of success as an entrepreneur
is to always keep trying and not to drop out. Especially,
don’t be afraid to face up to diffculties,” she says. Mrs Ty
always encourages and provides opportunities for young
people to help them develop their abilities. “I’ve always
trained and employed a lot of young people and many
of them are now in key positions in my companies,” she
says. “Some have moved on to other companies, but may
have opened their own successful businesses.”
www.mayhoguom.com.vn and www.chigamex.com.vn
I believe that the secret of
success as an entrepreneur
is to always keep trying
and not to drop out.
Especially, don’t be afraid
to face up to diffculties.
39
GEM WOMEN’ S SPECI AL REPORT
CHAPTER 3
Societal attitudes and
their influence on women’s
entrepreneurship behavior
T
he GEM model recognizes entrepreneurial
attitudes, activity and aspiration as dynamic,
interactive components of national entrepreneurial
environments. Entrepreneurship activity does not
take place in a vacuum, and entrepreneurial attitudes
and perceptions play an important part in creating an
entrepreneurial culture. People with positive attitudes
may become future entrepreneurs. Existing entrepreneurs
rely on encouragement and support from people in their
societies who regard their efforts positively, and who will
participate in making their activities successful.
GEM measures individuals’ perceptions of their
entrepreneurial ability, whether they believe there are
many startup opportunities around them, whether those
seeing opportunities feel constrained to start by fear
of failure, and the extent to which their social networks
include entrepreneurs.
“The entrepreneurship process is a complex endeavor
carried out by people living in specifc cultural and social
conditions. For this reason, the positive or negative
perceptions that society has about entrepreneurship
can strongly infuence the motivations of people to
enter entrepreneurship. If the economy in general has
a positive attitude toward entrepreneurship, this can
generate cultural and social support, fnancial and
business assistance, and networking benefts that
will encourage and facilitate potential and existing
entrepreneurs.” (GEM 2012 Global Report, page 18)
40
GEM WOMEN’ S SPECI AL REPORT
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
A
N
D
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
A
F
R
I
C
A
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
Libya
South Africa
Botswana
Algeria
Cameroon
Ghana
Burkina Faso
Uganda
Angola
Zambia
Malawi
Nigeria
India
Iran
Thailand
Philippines
Malaysia
Vietnam
China
Kazakhstan
Indonesia
Turkey
Georgia
Croatia
Bosnia & Herzegovina
Romania
Macedonia
Hungary
Lithuania
Latvia
Poland
Russia
Estonia
Kosovo
Puerto Rico
Colombia
Guatemala
Argentina
Uruguay
Brazil
Ecuador
Suriname
Panama
Costa Rica
El Salvador
Trinidad & Tobago
Jamaica
Barbados
Bolivia
Chile
Mexico
Peru
Belize
10% 20% 30% 40% 50% 0% 60% 70% 70%
10% 20% 30% 40% 50% 0% 60% 70% 70%
Figure 21: Percentage of Adults Who Personally Know an Entrepreneur in Factor-
and E?ciency-Driven Economies, by Region and Gender
Figure 22: Percentage of Adults Who Personally Know an Entrepreneur in
Innovation-Driven Economies, by Region and Gender
Know a Female Entrepreneur Know a Female Entrepreneur
Know a Male Entrepreneur Know a Male Entrepreneur
Japan
Singapore
Republic of Korea
Australia
Taiwan
Belgium
Germany
Czech Republic
Italy
Greece
Switzerland
Portugal
Norway
United Kingdom
Ireland
Netherlands
Denmark
Luxembourg
Spain
Austria
France
Sweden
Slovenia
Slovakia
Finland
Qatar
Israel
Kuwait
United States
Canada
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
M
I
D
D
L
E
E
A
S
T
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
N
O
R
T
H
A
M
E
R
I
C
A
20% 30% 0% 10% 40% 50%
20% 30% 0% 10% 40% 50%
41
GEM WOMEN’ S SPECI AL REPORT
Although the rise of interest in female entrepreneurship
is a recognized trend around the world, the rate of
participation in entrepreneurship by women still varies
considerably among economies and geographic regions.
According to the OECD (2004), women have lower
participation rates in entrepreneurship as they face more
social and cultural constraints than men. These obstacles
include higher levels of domestic responsibility, lower
levels of education (particularly in developing countries),
lack of female role models in the business sector, fewer
business-oriented networks in their communities, lack
of capital and assets, lower status in society and a
culturally-induced lack of assertiveness and confdence
in their ability to succeed in business. These factors may
prevent women from perceiving, as well as acting on,
entrepreneurial opportunities.
3.1 KNOWING AN ENTREPRENEUR
In many African and Asia and Oceania (factor and
efficiency-driven) economies, more than half the women
in these societies know an entrepreneur personally
(Figure 21). In the Philippines and Zambia, women are
slightly more likely to know an entrepreneur compared
to men, while in Vietnam, Nigeria and Belize women are
almost as likely as men to know an entrepreneur. Japan
(12%) and Belgium (15%) have the lowest prevalence
of women knowing an entrepreneur (Figure 22). These
two economies also have the lowest female TEA rates in
their respective regions (Figure 4).
In economies with high TEA rates, more individuals
know an entrepreneur, as Figure 23 shows. In these
cases, where there are more entrepreneurs, it is likely
that individuals will have personal contact with one. But
contact with entrepreneurs can also provide people with
motivation, advice, contacts and other benefits, leading
to higher interest and success in entrepreneurship.
Women’s lower rates of knowing an entrepreneur mean
that they are potentially disadvantaged from the start of
the entrepreneurship process, having fewer inspirational
role models (which could affect their willingness to
engage in entrepreneurship activity), as well as limited
access to relevant networks, mentorship opportunities
and advice.
Figure 23: Relationship Between Knowing an Entrepreneur and Female TEA Rates
y = 1,0469x + 0,0936
R² = 0,3733
%
T
E
A
F
e
m
a
l
e
:
E
x
p
e
c
t
s
6
+
J
o
b
s
% TEA with 3+ Founders
0,8
0,7
0,6
0,5
0,4
0,3
0,2
0,1
0
0 0,05 0,1 0,15 0,2 0,25 0,3 0,35 0,4 0,45
Contact with entrepreneurs
can also provide people with
motivation, advice, contacts
and other benefts, leading to
higher interest and success in
entrepreneurship.
42
GEM WOMEN’ S SPECI AL REPORT
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
A
N
D
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
A
F
R
I
C
A
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
0%
South Africa
Libya
Botswana
Algeria
Burkina Faso
Cameroon
Angola
Ghana
Uganda
Malawi
Zambia
Nigeria
Iran
Kazakhstan
China
India
Vietnam
Malaysia
Thailand
Indonesia
Philippines
Croatia
Bosnia & Herzegovina
Hungary
Russia
Lithuania
Romania
Poland
Georgia
Turkey
Latvia
Macedonia
Estonia
Kosovo
Puerto Rico
Argentina
Suriname
Barbados
Costa Rica
Uruguay
Guatemala
Panama
El Salvador
Mexico
Belize
Jamaica
Trinidad & Tobago
Brazil
Bolivia
Ecuador
Peru
Chile
Colombia
10% 20% 30% 40% 50% 60% 70% 80% 90%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Figure 24: Percentage of Adults Who Perceive Opportunities in Factor- and
E?ciency-Driven Economies, by Region and Gender
Opportunity Perceptions Female Opportunity Perceptions Female
Opportunity Perceptions Male Opportunity Perceptions Male
Figure 25: Percentage of Adults Who Perceive Opportunities in Innovation-Driven
Economies, by Region and Gender
Japan
Republic of Korea
Singapore
Taiwan
Australia
Slovenia
Greece
Spain
Portugal
Slovakia
Czech Republic
Italy
France
Ireland
Belgium
Germany
Luxembourg
United Kingdom
Netherlands
Switzerland
Austria
Finland
Denmark
Norway
Sweden
Kuwait
Israel
Qatar
United States
Canada
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
M
I
D
D
L
E
E
A
S
T
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
N
O
R
T
H
A
M
E
R
I
C
A
0% 10% 30% 40% 60% 80% 90% 90%
0% 10% 30% 40% 60% 80% 90% 90%
In a number of factor-
and effciency-driven
economies, women are
slightly more likely to
perceive good business
opportunities in their area.
43
GEM WOMEN’ S SPECI AL REPORT
3.2 OPPORTUNITY PERCEPTION
In general, there is little difference between the genders
in the rate of perceived opportunities (the average for
females is 40%, compared to 45% for males: Figures
24 and 25). In a number of factor- and efficiency-driven
economies, women are slightly more likely to perceive
good business opportunities in their area: Zambia, the
Philippines, Latvia, Kosovo, Panama, El Salvador and
Peru. Among the innovation-driven economies, Kuwait
shows higher rates of perceived opportunity among
women compared to men. Notably high rates of female
Figure 26: Relationship Between Female Opportunity Perception and TEA Rates
y = 0,4323x - 0,0351
R² = 0,4457
F
e
m
a
l
e
T
E
A
(
%
o
f
A
d
u
l
t
F
e
m
a
l
e
P
o
p
u
l
a
t
i
o
n
)
Knowing an Entrepreneur (% Female Adult Population)
0,45
0,4
0,35
0,3
0,25
0,2
0,15
0,1
0,05
0
0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8 0,9
Beliefs about capabilities
are more refective of
self-perceptions. They
indicate individuals’
confdence that they have
the knowledge, skills and
experience required to
start a new business.
opportunity perceptions may be seen in Denmark (57%),
Norway (58%) and Sweden (68%); these results are at
odds with their low female TEA rates (a mere 4%, as
shown in Figure 4).
The scatterplot (Figure 26) shows the relationship
between opportunity perceptions in society and TEA
rates among women. The positive relationship between
these indicators highlights the importance of postive
attitudes in stimulating entrepreneurship activity.
3.3 CAPABILITIES PERCEPTIONS
While opportunity perceptions demonstrate people’s
views of the environment around them, beliefs about
capabilities are more reflective of self-perceptions.
They indicate individuals’ confidence that they have the
knowledge, skills and experience required to start a new
business. As Figure 27 shows, over half of women in
nearly every economy in Africa and Latin America believe
they have the ability to start a business.
In general, capabilities perceptions show a greater
gender difference than opportunity perceptions. In
the GEM sample as a whole, 46% of women believe
they have the required skills and knowledge to start
a business, compared to 59% of men. At the regional
level, the results show marked divergence (Figures 27
and 28). Among factor- and efficiency-driven regions,
many economies show female capability rates that are
equal or nearly equal to those of men: in particular,
Nigeria and Ghana. A number of Latin American and
Caribbean economies also show low gender differentials
44
GEM WOMEN’ S SPECI AL REPORT
Figure 28: Percentage of a Adults Who Perceive They Have Capabities to Start a
Business in Innovation-Driven Economies, by Region and Gender
(most notably, Belize and El Salvador) as well as the
Philippines, Vietnam and Indonesia in Southeast Asia.
Gender gaps appear across the innovation-driven
economies. Japan has low capabilities perceptions
among women, scarcely more than a quarter of the
level of men, while women in Korea, France, and Israel
have just over half the level of capabilities perceptions
compared to men.
The scatterplot (Figure 29) shows the strong relationship
between capabilities perceptions and TEA. This
relationship is even stronger than for opportunity
perceptions and TEA. This re-enforces the importance of
assessing capabilities, particularly in light of the gender
gap revealed in many economies.
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
A
N
D
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
A
F
R
I
C
A
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
South Africa
Libya
Algeria
Angola
Botswana
Burkina Faso
Cameroon
Zambia
Uganda
Ghana
Nigeria
Malawi
China
India
Malaysia
Thailand
Kazakhstan
Iran
Indonesia
Vietnam
Philippines
Lithuania
Russia
Georgia
Hungary
Estonia
Croatia
Bosnia & Herzegovina
Romania
Poland
Macedonia
Latvia
Turkey
Kosovo
Puerto Rico
Brazil
Colombia
Mexico
Costa Rica
Argentina
Panama
Guatemala
Chile
Uruguay
Barbados
Peru
Belize
Ecuador
El Salvador
Suriname
Bolivia
Trinidad & Tobago
Jamaica
20% 30% 0% 10% 40% 50% 70% 80% 60% 90%
20% 30% 0% 10% 40% 50% 70% 80% 60% 90%
Figure 27: Percentage of Adults Who Perceive They Have Capabities to Start a
Business in Factor- and E?ciency-Driven Economies, by Region and Gender
Opportunity Perceptions Female
Opportunity Perceptions Male
20% 30% 10% 40% 50% 70% 60%
Japan
Singapore
Republic of Korea
Taiwan
Australia
Belgium
Norway
France
Denmark
Sweden
Italy
Germany
Finland
Luxembourg
Switzerland
Czech Republic
Netherlands
Ireland
United Kingdom
Slovenia
Portugal
Greece
Austria
Slovakia
Spain
Israel
Qatar
Kuwait
Canada
United States
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
M
I
D
D
L
E
E
A
S
T
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
M
N
O
R
T
H
A
M
E
R
I
C
A
0%
20% 30% 10% 40% 50% 70% 60% 0%
Capability Perceptions Female
Capability Perceptions Male
45
GEM WOMEN’ S SPECI AL REPORT
3.4 CHANGES IN OPPORTUNITY AND
CAPABILITIES PERCEPTIONS FROM 2012
Across the 61 economies featured in this report and
the 2012 report, perceptions about opportunities and
capabilities changed little overall from 2012 (Table 6).
Europe, Israel and the United States saw increased
female opportunity perceptions, but with less change to
the gender ratio. In Asia, opportunity perceptions were
noticeably lower, especially among innovation-driven
economies in this region.
For the most part, capability perceptions changed
little at the regional level. To some extent, capability
perceptions are more reflective of one’s belief about
one’s self, and this may change little over time. On the
other hand, whether some see opportunities around
them may depend more on the environment, with shifts
over time that can vary among regions.
3.5 FEAR OF FAILURE
Fear of failure can be influenced by intrinsic personality
traits, as well as by societal norms and regulations.
For the risk-averse person, the downside risk of
failure can outweigh the most promising opportunities
or expectations, even if potential returns are
considerably higher than the next best alternative. In
some economies, the legal and social ramifications
of business failure may act as a strong deterrent,
increasing fear of failure and reducing the pool of
potential entrepreneurs.
Figure 29: Relationship Between Female Capabilities Perception and TEA Rates
In general, women are more risk-averse than men in
terms of entrepreneurial behavior. In the GEM sample
as a whole, 41% of women who perceive opportunities
would be prevented from starting a business due to
fear of failure, compared to 34% of men. Women’s
generally lower confidence in their own abilities is likely
to contribute to their higher rates of fear of failure in a
business context.
y = 0,4021x - 0,0681
R² = 0,5981
F
e
m
a
l
e
T
E
A
Capabilities Perceptions (% Female Adult Population)
0,45
0,4
0,35
0,3
0,25
0,2
0,15
0,1
0,05
0
0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8 0,9
Women are more risk-
averse than men in terms
of entrepreneurial behavior.
In the GEM sample as a
whole, 41% of women who
perceive opportunities
would be prevented from
starting a business due to
fear of failure, compared to
34% of men.
46
GEM WOMEN’ S SPECI AL REPORT
Figure 30 shows fear of failure rates for factor- and
efficiency-driven economies. In many Asian and
African economies, women show a high degree of risk-
willingness; fear of failure rates in these economies are
often equal to or lower than for men. South Africa is an
exception in the region with female fear of failure rates
over a third higher than for males. In efficiency-driven
Europe, and Latin America and the Caribbean, only
two economies show equal fear of failure rates among
women and men, Kosovo and Mexico. Otherwise, gender
gaps exist in most economies throughout these regions.
In Lithuania and Panama, women display up to 50%
greater fear of failure levels. Coupled with low rates of
perceived capabilities among women, the relatively high
fear of failure rates among women in efficiency-driven
Europe are cause for concern and likely contribute to the
low female TEA rates in the region.
Among innovation-driven economies (Figure 31), Asia
reports few gender gaps in fear of failure. Greater gaps
are apparent in Europe, particularly Switzerland, Austria
and Germany, countries with close borders. This may, in
part, be attributable to the fact that fear of failure tends
to be more common in developed economies, where the
greater prevalence of alternative career options may
create the impression that people have more to lose by
forgoing these other opportunities.
Table 6: Percentage Change in Female Rates and Female/Male Ratio from 2012 for Societal Perceptions About Opportunities and Capabilities
Region
Female Opportunity
Perceptions
Opportunity
Perceptions Ratio
F/M
Female Capability
Perceptions
Capability
Perceptions Tatio
F/M
Africa 0% -1% -2% 1%
Asia/Oceania
(Factor- and
Efficiency-Driven)
-2% -2% 1% -10%
Europe (Efficiency-
Driven)
16% 1% 3% 1%
Latin America/
Caribbean
-1% 5% 4% 6%
Asia/Oceania
(Innovation-Driven)
-17% -10% -1% -6%
Europe (Innovation-
Driven)
10% 0% 0% 2%
Israel* 50% -2% 19% -7%
United States 21% 6% -2% 4%
Overall Average: All
61 Economies
4% 0% 1% 1%
In effciency-driven
Europe, and Latin America
and the Caribbean, only
two economies show
equal fear of failure rates
among women and men,
Kosovo and Mexico.
47
GEM WOMEN’ S SPECI AL REPORT
Figure 30: Fear of Failure Rates Among Those Seeing Opportunities in Factor-
and E?ciency-Driven Economies, by Region and Gender
Figure 31: Fear of Failure Rates Among Those Seeing Opportunities in Innovation-
Driven Economies, by Region and Gender
Fear of Failure Female
Fear of Failure Female
Fear of Failure Male
Fear of Failure Male
20% 30% 10% 40% 50% 60% 0%
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
A
N
D
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
A
F
R
I
C
A
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
Uganda
Nigeria
Malawi
Zambia
Botswana
Burkina Faso
Ghana
Cameroon
South Africa
Algeria
Angola
Libya
Malaysia
China
Iran
India
Kazakhstan
Philippines
Indonesia
Thailand
Vietnam
Kosovo
Georgia
Turkey
Bosnia & Herzegovina
Macedonia
Russia
Latvia
Croatia
Hungary
Romania
Estonia
Lithuania
Poland
Suriname
Panama
Trinidad & Tobago
Barbados
Peru
Mexico
Jamaica
Uruguay
Chile
Argentina
Puerto Rico
Belize
Colombia
Guatemala
Ecuador
Costa Rica
Bolivia
Brazil
El Salvador
20% 30% 10% 40% 50% 60% 0%
Singapore
Japan
Taiwan
Republic of Korea
Australia
Norway
United Kingdom
Switzerland
Netherlands
Slovenia
Sweden
France
Denmark
Czech Republic
Ireland
Finland
Spain
Austria
Portugal
Luxembourg
Belgium
Slovakia
Germany
Italy
Greece
Qatar
Kuwait
Israel
United States
Canada
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
M
I
D
D
L
E
E
A
S
T
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
N
O
R
T
H
A
M
E
R
I
C
A
20% 30% 10% 40% 50% 60% 0% 70%
20% 30% 10% 40% 50% 60% 0% 70%
Figure 32: Analysis of Entrepreneurial Attitudes, by Development Level
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Overall Average: Innovation-Driven Regions (unweighted)
Opportunity
Perceptions Female
Capability
Perceptions
Female
Know an
Entrepreneur
Female
Fear of Failure Female
60%
50%
40%
20%
10%
30%
0%
48
GEM WOMEN’ S SPECI AL REPORT
3.6 A COMPARATIVE OVERVIEW OF
FEMALE ENTREPRENEURIAL ATTITUDES
The spider diagrams above provide an analysis of women’s
entrepreneurial attitudes, by development level and region.
Similar to the analysis of entrepreneurship activity, women
in many less-developed economies have the most positive
levels of perceived entrepreneurship capabilities, suggesting
a higher level of confdence among women in less-developed
regions. However, individuals in economies at different
stages of development are likely to have different kinds of
businesses in mind. This would suggest that the perception
of what is considered an opportunity and the capabilities
required to create and manage this entrepreneurial
opportunity in factor- or effciency-driven economies could
differ substantially from these perceptions in innovation-
driven economies. This is reinforced by the fnding that the
average innovation-driven entrepreneur registers higher
potential impact, which would generally require a higher
level of capabilities.
Across the four attitude measures (Figure 33), Africa
and efficiency-driven Europe are on opposite sides of
the overall average, with the former registering high
perceptions and the latter showing low perceptions
among women. Latin America is closest to the average,
except for having slightly higher female capability
perceptions. Asia is close to average on knowing
an entrepreneur and fear of failure, but is low on
opportunity and capability perceptions among women.
North America and the Middle East have higher than
average opportunity and capability perceptions,
indicating positive views of entrepreneurship among
women. On the other hand, these indicators are low
Figure 33: Analysis of Entrepreneurial Attitudes for Factor- and
E?ciency-Driven Economies
Figure 34: Analysis of Entrepreneurial Attitudes for Innovation-Driven Economies
Opportunity Perceptions Female
Latin Am./Carib.
Africa Asia/Oceania FD/ED
Europe ED
Capability
Perceptions
Female
Know an
Entrepreneur
Female
Fear of Failure Female
60%
50%
40%
20%
10%
30%
0%
70%
North America
Europe ID Asia/Oceania ID
Middle East ID
60%
50%
40%
20%
10%
30%
0%
Opportunity Perceptions Female
Capability
Perceptions
Female
Know an
Entrepreneur
Female
Fear of Failure Female
Overall
for Asia and average for Europe. Fear of failure varies
little among the regions, with the possible exception
of low fear of failure in North America. Knowing an
entrepreneur also shows relatively low variation,
with slightly fewer women than average knowing an
entrepreneur in Asia and slightly more reporting this in
the Middle East.
49
GEM WOMEN’ S SPECI AL REPORT
ENTREPRENEURS’ STORIES
Anja Staege-Thylmann
(Germany): stylecats
O
ne thing had always been clear to Anja: at some
point, she would own a cat. Then the time came.
Whilst visiting an animal shelter on a sudden
impulse, she became a cat owner. “Fortunately,”
she says, “otherwise I would probably not have had the idea
to create a new collection of furniture and accessories for
cats and humans – with stylecats
®
.”
The germ of the concept was born when she was looking for
a scratching post and was shocked by what she describes
as monstrosities among our modern furniture. “I started
developing my own ideas,” she says. “Maybe a combination
of furniture and function? Straightforward and high-quality?
Could this be a business idea that would appeal to other pet
owners, too?”
She outlined drafts, had prototypes produced, and
spent time looking for strategic partners. Careful market
analyses followed. In the fve years since then, several
collections of cat furniture and modern accessories have
been created – featuring an innovative, modest design,
ready for serial production and offered online.
Although today stylecats
®
is a successful developer,
manufacturer and distributor, the business started
off slowly and without any external capital. Sales grew
consistently and increased by over 100% year by year.
The careful development, the examination of adequate,
certifed materials (all made in Germany), and, moreover,
the focus on regional partners for production proved most
favourable. Right in the middle of this process she gave
birth to her son, who is now three years old. “Being an
online retailer is a huge advantage in this regard.” She
notes. “I can work and make decisions fexibly and I am
not bound to a rigid working-hours model. In theory, I could
operate from anywhere in the world. This knowledge gives
me a sense of freedom.”
As an entrepreneur, she takes her business responsibilities
seriously. “The service concept takes top priority for
stylecats
®
,” she asserts. “I address my customers individually
and in a professional manner, dealing with enquires and
accommodating their desires. To me this is a matter of course
– however, nowadays it is worth mentioning.”
Anja is satisfed if her customers – and, of course, this also
includes the cats – are satisfed, because then she knows
that she has a good product on her hands. Her complaint
rate, amounting to a mere 0.02 %, speaks for itself.” The
clear design language of our furniture, as well as the
interchangeability of the materials used, is appealing as well
as useful and practical,” she says. A clear indication of the
success of the concept is that the number of orders from
abroad – especially from Switzerland, Austria and Belgium
– is constantly rising. Exclusive home and living magazines
have also featured articles on her company. “I would like
thank hannoverimpuls GmbH for their support,” she adds.
What makes her particularly proud? At the end of last
year, stylecats
®
received the Plus X Award 2015 in the
category High Quality and Design for their first collection,
as well as for the category Bestes Produkt 2015/2016
(Best Product 2015/2016). “My first reaction was that
this was a contradiction in terms – a scratching post
cannot win a design award! Yet it is possible – with
stylecats
®
,” she recalls.
“It was about time a new face was put on cat furniture,”
she concludes. “The merger of interior design for cats
and humans had proved to be successful.” She feels that
her dream of becoming the Europe-wide number one
company for modern cat furniture is drawing closer. “After
20 years, I quit my job in a large corporation. And what
will next year bring?”
www.stylecats.de
50
GEM WOMEN’ S SPECI AL REPORT
ENTREPRENEURS’ STORIES
Veronica Molina (Ecuador):
Eclipsoft
V
eronica Molina, an IT system engineer
with an MBA, is the owner of ECLIPSOFT.
She worked for seven years for MACOSA,
an Ecuadorian company developer and
exporter of banking software for several Latin
American countries. Veronica returned to Ecuador in
2001 with a new business idea: to develop an SMS
service platform as a new communications channel
for the banking industry. This was shortly after the
Ecuadorian banking crisis, but in spite of this, in 2002
Veronica founded Eclipsoft, a company focused on
mobile banking solutions, in the city of Guayaquil. Her
partners in the new venture were her husband and a
former classmate.
Veronica. “We offered an innovative platform that would
allow them to regain the lost confdence. It was the best
time to get into the market.”
Today, Eclipsoft has offces in Guayaquil and Quito, and
20 employees, of which 60% are women, mostly young
professionals in management and fnance. The remaining
employees are young professionals in ICT. Eclipsoft
serves mostly the domestic market: 56% corporate, 16%
banking, and 28% education, in terms of the number of
customers. The three cellular operators in the country
(America Movil, Movistar and CNT) are among their
strategic partners. They are starting internationalisation
efforts, through building alliances with companies in
Panama to explore the SMS platform market there.
“We are growing. Eclipsoft is not only a place to earn a
salary, but a place to grow together,” she enthuses.
Eclipsoft combines passion defending new ideas, timing
in developing them, but mostly seeing opportunities
where others see barriers. Veronica believes that being
a woman was an advantage, helping the company to
develop better empathy with its clients. “Success as an
entrepreneur lies in having the right balance between
professional and family roles, relying on your family and,
above all, trusting your intuition,” she says.
The beginning was not easy; there were no similar
platforms in Latin America and with the ’99 banking
crisis still fresh in people’s minds, it was impossible
to get any type of funding. “It was very difficult to ask
people to believe in something that didn’t exist yet,
and only our faith that this might work kept us moving
forward,” she says. The initial investment of US$15,000
came from the partners’ own savings. That was enough
to set up a computer centre, hire staff and survive for a
year while they continued developing the platform.
“Some people thought we were crazy. Many had their
bank accounts frozen or tried to get their money out of the
country. For us, it was an opportunity. The fnancial sector
was so depressed that banks needed to fnd solutions
that would allow them to reactivate their business,” says
We offered an innovative
platform that would
allow them to regain the
lost confdence. It was
the best time to get into
the market.
51
GEM WOMEN’ S SPECI AL REPORT
CHAPTER 4
WOMEN’S
ENTREPRENEURSHIP IMPACT
G
EM recognizes that entrepreneurs have
differing impacts on their societies. Key to
economic development and growth are the
mix of industries, job creation potential,
level of innovation and international competitiveness.
This section focuses on these factors with respect to
women entrepreneurs.
4.1 INDUSTRY SECTOR
Figure 35 shows the distribution of early-stage
entrepreneurship activity according to industry
sector and gender. The extractive sector is based
on natural resources and includes agriculture,
forestry, fishing and mining; the transforming sector
involves the manufacturing of goods and is generally
capital-intensive, but it may also be labor-intensive,
including construction, manufacturing, transportation,
communication, utilities and wholesale distribution;
business services target the business customer and
generally rely on greater knowledge intensity, which
includes finance, insurance and real estate; and the
consumer sector serves customers directly through
products and services that include retail, motor vehicles,
lodging and restaurants, personal services, education
and recreational services.
52
GEM WOMEN’ S SPECI AL REPORT
A substantial majority (more than two-thirds) of early-
stage entrepreneurship activity by women is in the
consumer services sector. Reasons for this range
from differences in laws that restrict the types of
jobs that women are permitted to engage in, to the
fact that women have limited access to owning land
or being able to engage in agricultural activities. In
addition, women have less access to startup funding,
which is a hindrance to launching an asset-based or
manufacturing-based businesses.
1
Proportionately,
women entrepreneurs are about half as likely as men
entrepreneurs to be involved in the transforming sector
and over 40% less likely to be active in the business
services sector.
Barriers to entry into the consumer sector, including
skills and capital required, tend to be lower. As a result,
this is often an over-traded sector populated by low-
profit-margin businesses; high levels of competition for
limited markets can threaten the sustainability of these
businesses. Additionally, the consumer sector may be
particularly vulnerable in periods of economic slowdown.
The fact that a high proportion of women-owned TEA
entities are concentrated in such a vulnerable sector is
likely to be a contributory factor in the generally lower
rates of female established business ownership.
The distribution of women’s early-stage entrepreneurship
activity according to industry sector varies considerably
when disaggregated by geographic region and phase of
economic development (Figures 36 and 37). Among factor-
and effciency-driven regions, Africa, Asia and Oceania, and
1 Facts and Figures: Economic Empowerment.http://www.unwomen.org/en/
what-we-do/economic-empowerment/facts-and-figures.
Figure 35: Early-Stage Entrepreneurship Activity, by Industry Sector and Gender
INDUSTRY PARTICIPATION FEMALE TEA % INDUSTRY PARTICIPATION MALE TEA %
Extractive
Sector
Transforming
Sector
Business
Services Sector
Consumers, Culture
and Society Sector
6%
9%
16%
29%
10%
17%
68%
45%
Latin America show a similar pattern. In these regions, a
considerable majority (around three-quarters) of women
entrepreneurs are in the consumer-oriented services
sector, with the transforming sector showing moderate
participation. Women in Africa are most likely to report
involvement in the extractive sector (at 9%, three times that
of women in the other two regions).
Effciency-driven Europe shows a markedly different
pattern of industry sector participation. Although women
in this region report low TEA rates, they demonstrate a
more balanced profle with regard to industry sector. Less
than half of women entrepreneurs in this region are in the
consumer services sector, while a quarter are active in
the transforming sector. In line with their access to more
sophisticated markets, women in effciency-driven Europe
Effciency-driven Europe shows
a markedly different pattern
of industry sector participation.
Although women in this
region report low TEA rates,
they demonstrate a more
balanced profle with regard
to industry sector.
53
GEM WOMEN’ S SPECI AL REPORT
show the highest rate of involvement in the business
services sector by a substantial margin (around three
times that of other factor- and effciency driven regions).
Conversely, two African economies (Malawi and Ghana)
and two Latin American and Caribbean economies (El
Salvador and Jamaica) report less than 1% of female
entrepreneurs competing in the business services sector.
Among the innovation-driven regions, Europe and North
America show a similar pattern, exhibiting diversity in
sector participation by women entrepreneurs. These
two regions have the highest prevalence of women-
owned enterprises (more than a quarter) in the
business services sector, as well as representation in
the transforming sector. Northern European economies
(Norway, Denmark and Sweden) and Germany report
high participation in business services (around a third
Figure 36: Female Early-Stage Entrepreneurship Activity Across Industry Sectors in Factor- and E?ciency-Driven Regions
AFRICA AVERAGE (UNWEIGHTED)
ASIA/OCEANIA FACTOR- AND EFFICIENCY-DRIVEN
AVERAGE (UNWEIGHTED)
EUROPE EFFICIENCY-DRIVEN AVERAGE (UNWEIGHTED)
LATIN AMERICA/CARIBBEAN AVERAGE (UNWEIGHTED)
Extractive
Sector
Transforming
Sector
Business
Services Sector
Consumers, Culture
and Society Sector
73%
74% 76%
44%
9%
3% 3%
14%
13%
16% 14%
23% 5%
7%
7%
19%
of female entrepreneurs), while few participate in this
sector in innovation-driven Asia and Oceania. Greece
stands out for having many transforming entrepreneurs
(over a third of female entrepreneurs).
4.2 JOB ASPIRATIONS
A key focus in the development strategies of most
countries is to facilitate growth that is sustainable and
inclusive for the purposes of generating widespread
employment and reducing poverty. The job creation
potential of entrepreneurs is thus a crucial factor.
This report measures the proportion of early-stage
entrepreneurs who expect to have six or more employees
in the next five years. While many entrepreneurs may
not achieve their expressed growth potential, several
studies have found an association between these
54
GEM WOMEN’ S SPECI AL REPORT
projections and actual venture growth.
2
It should also be
noted that entrepreneurs who do not aspire to grow their
businesses are less likely to do so successfully. Figures
38 and 39 indicate the percentage of entrepreneurs,
disaggregated by gender, with these growth aspirations
within the designated regions.
Economies in Latin America and the Caribbean show
considerable variation in female growth aspirations,
ranging from no women entrepreneurs anticipating this
2 Baum, J.R., Locke, E.A., & Smith, K.G. (2001). “A multidimensional model of
venture growth,” Academy of Management Journal, 44(2), 292-303.
Wiklund, J., and Shepherd, D. (2003). “Aspiring for, and achieving growth: The
moderating role of resources and opportunities,” Journal of Management Studies,
40(8), 1919-1941.
Stam, E., and Wennberg, K. (2009). “The roles of R&D in new firm growth,” Small
Business Economics, 33, 77-89.
employment level in Suriname to 60% indicating this level
in Colombia. Although effciency-driven Europe has among
the lowest TEA rates in the sample, this region in general
reports higher proportions of female entrepreneurs with
6+ job aspirations. This suggests that entrepreneurship
in this region is more selective, with fewer women starting
businesses, but having a more positive outlook and
greater ambition to grow their businesses.
The innovation-driven economies also show considerable
variation in job creation aspirations. In Finland, women
entrepreneurs are as likely as men to have growth
aspirations. In addition, there are several innovation-
driven countries where female entrepreneurs are more
likely than male entrepreneurs to project creating six or
more jobs: Belgium (1.5 times), Kuwait (1.4 times) and
Luxembourg (1.25 times). For Belgium and Luxembourg,
however, there are fewer women entrepreneurs relative
to men, leading to a lower percentage of growth-oriented
entrepreneurs relative to the overall population.
Figure 37: Female Early-Stage Entrepreneurship Activity Across Industry Sectors in Innovation-Driven Regions
ASIA/OCEANIA INNOVATION-DRIVEN AVERAGE (UNWEIGHTED)
MIDDLE EAST INNOVATION-DRIVEN AVERAGE (UNWEIGHTED)
EUROPE INNOVATION-DRIVEN AVERAGE (UNWEIGHTED)
NORTH AMERICA AVERAGE (UNWEIGHTED)
Extractive
Sector
Transforming
Sector
Business
Services Sector
Consumers, Culture
and Society Sector
68%
63%
54%
53%
1%
1%
5%
5%
18%
15%
14%
16%
13%
21%
27%
26%
55
GEM WOMEN’ S SPECI AL REPORT
Figure 38: Percentage of Entrepreneurs With 6+ Job Projections in Factor- and
E?ciency-Driven Economies, by Region and Gender
Malawi
Algeria
Zambia
Uganda
Ghana
Burkina Faso
Cameroon
South Africa
Nigeria
Botswana
Libya
Angola
Philippines
Thailand
Indonesia
Malaysia
Vietnam
India
China
Iran
Kazakhstan
Bosnia & Herzegovina
Estonia
Poland
Lithuania
Hungary
Georgia
Macedonia
Russia
Latvia
Kosovo
Romania
Turkey
Croatia
Suriname
El Salvador
Peru
Puerto Rico
Guatemala
Panama
Brazil
Ecuador
Jamaica
Costa Rica
Bolivia
Barbados
Mexico
Belize
Argentina
Trinidad & Tobago
Uruguay
Chile
Colombia
0%
0%
10%
10%
20%
20%
30%
30%
40%
40%
50%
50%
60%
60%
70%
70%
A
F
R
I
C
A
A
S
I
A
/
O
C
E
A
N
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A
F
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F
F
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C
Y
-
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V
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N
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U
R
O
P
E
E
F
F
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C
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N
C
Y
-
D
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V
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N
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A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
Figure 39: Percentage of Entrepreneurs With 6+ Job Projections in Innovation-
Driven Economies, by Region and Gender
Japan
Republic of Korea
Australia
Singapore
Taiwan
Italy
Denmark
Netherlands
Austria
Greece
Switzerland
Norway
Finland
Spain
United Kingdom
France
Belgium
Sweden
Portugal
Ireland
Germany
Czech Republic
Slovakia
Slovenia
Luxembourg
Israel
Qatar
Kuwait
Canada
United States
0%
0%
10%
10%
20%
20%
30%
30%
40%
40%
50%
50%
60%
60%
80%
80%
70%
70%
A
S
I
A
/
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C
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A
N
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N
N
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N
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H
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A
In Kuwait there is more gender parity, so women
entrepreneurs are likely to have a higher number who
are growth-oriented. However, the potential job-creation
impact of these entrepreneurs must be evaluated in
terms of Kuwait’s particularly high business closure
rates for both genders (Figure 8) – more entrepreneurs
in Kuwait have closed a business in the last year than
are starting or running a new business, suggesting a
prevalence of high potential, but also of high risk.
56
GEM WOMEN’ S SPECI AL REPORT
4.3 INNOVATION
Innovation and entrepreneurship are closely connected
concepts. Highly innovative entrepreneurs disrupt
market equilibrium by introducing new product-market
combinations that create new needs among customers
and drive out less productive firms as their innovations
advance the production frontier. Furthermore, innovation
goes beyond merely creating novel products and
services. To commercialize innovation, entrepreneurs
need to identify new market niches and develop creative
ways to offer, deliver and promote their products. All of
this requires awareness of competitive offerings, as well
as the ability to incorporate this knowledge into distinct
products and services. Innovation capabilities are
thus important to the ability of an economy to become
competitive, particularly in higher-productivity sectors.
Figure 40: Percentage of Entrepreneurs with Innovative Products and Services in
Factor- and E?ciency-Driven Economies, by Region and Gender
Algeria
Uganda
Zambia
Ghana
Cameroon
Burkina Faso
Nigeria
Angola
Botswana
Libya
South Africa
Malawi
Iran
Vietnam
Indonesia
Malaysia
China
Kazakhstan
Thailand
Philippines
India
Bosnia & Herzegovina
Russia
Romania
Croatia
Georgia
Macedonia
Lithuania
Hungary
Estonia
Poland
Kosovo
Latvia
Turkey
Suriname
El Salvador
Jamaica
Peru
Panama
Brazil
Trinidad & Tobago
Ecuador
Mexico
Belize
Argentina
Costa Rica
Barbados
Guatemala
Bolivia
Uruguay
Colombia
Puerto Rico
Chile
0% 10% 20% 30% 40% 50%
A
F
R
I
C
A
A
S
I
A
/
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C
E
A
N
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A
F
A
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F
F
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U
R
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P
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F
F
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A
/
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A
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B
B
E
A
N
60%
0% 10% 20% 30% 40% 50% 60%
GEM assesses innovation among entrepreneurs by
combining two main variables with respect to the
entrepreneur’s products or services: the degree of
newness they represent to customers, and the extent to
which competitors are not offering the same products
or services. The high level of gender parity revealed
in the results on innovation is encouraging. Women
entrepreneurs in nearly half of the economies in the GEM
sample report equal or higher innovation levels than men
entrepreneurs. Chile and India have the highest levels of
female innovation – in both of these economies, more
than half the women entrepreneurs believe they offer
innovative products or services. In India, low female TEA
rates are to some extent offset by this high proportion
of innovation. Chile, however, has both high female
TEA rates and also the highest proportion of innovation
among women entrepreneurs (58%).
From a regional perspective, women entrepreneurs
in efficiency-driven Europe are particularly innovative
(Figure 40). They report higher levels of innovation than
male entrepreneurs in almost three-quarters of the
economies in this region. These high innovation rates
may, in part, be attributed to the fact that there are
proportionately more educated women entrepreneurs in
efficiency-driven European economies, compared to men
entrepreneurs (as shown in Figure 13).
They report higher levels
of innovation than male
entrepreneurs in almost
three-quarters of the
economies in this region.
57
GEM WOMEN’ S SPECI AL REPORT
Figure 41: Percentage of Entrepreneurs with Innovative Products/Services in
Innovation-Driven Economies, by Region and Gender
4.4 CHANGES IN JOB EXPECTATIONS AND
INNOVATION FROM 2012
With regard to changes from 2012 for 61 economies,
Table 7 shows that the proportion of female
entrepreneurs with 6+ job aspirations and innovative
offerings has declined (by 9% for the former and 6%
for the latter). However, this decline was also seen in
male entrepreneurs; as a result there was little or no
change in the overall gender ratios for these indicators.
Factor- and efficiency-driven Asia, and also efficiency-
driven Europe and Israel, show an interesting pattern
where female rates and the gender ratio around job
expectations have declined, but female rates and the
gender ratio around innovation have improved. This
suggests a shift toward innovation, but a diminishing
emphasis on job creation.
Innovation-driven Asia, which also experienced a decline in
TEA rate and gender ratio, exhibited declines in rates and
gender ratios for both job expectations and innovation. The
United States generally showed the opposite result, with
positive improvements on both indicators.
4.5 INTERNATIONAL SALES
For many entrepreneurs, internationalization is a
means to access larger and more diverse markets. In
economies with large and relatively affluent internal
markets, there may be less incentive for early-stage
entrepreneurs to reach out to international markets. The
ability to sell internationally is influenced by a range of
factors: for example, the ability to conduct supply and
distribution activities through the Internet, particularly to
the extent that this facilitates international trade. Schott
et al. (2015) found that only 35% of young women used
the Internet to sell products and services, compared to
48% of young men.
3
GEM regards entrepreneurs who aim to have more than
25% of customers from international markets as having a
strong international orientation (Figures 42 and 43). The
Latin American and Caribbean region shows high variation
in this indicator among its economies. Very few female
entrepreneurs in Brazil are internationally oriented, while
nearly half in Suriname are. This, of course, refects size
differences among these countries, with Brazil having a
much larger internal market than Suriname.
Less variation is exhibited in factor- and effciency-driven
Asia, where international orientation is low across the
region for both genders. Africa also reports fairly low
levels of international orientation, with the exception of
3 Schott, T., Kew, P., and Cheraghi, M. (2015). Future Potential: a GEM
Perspective on Youth Entrepreneurship 2015. London: Global Entrepreneurship
Research Organisation.
Japan
Republic of Korea
Singapore
Taiwan
Australia
Italy
Portugal
Germany
Netherlands
Finland
United Kingdom
Norway
Greece
Sweden
Spain
Switzerland
Czech Republic
Slovenia
Slovakia
Belgium
Austria
France
Luxembourg
Denmark
Ireland
Israel
Qatar
Kuwait
Canada
United States
0% 10% 20% 30% 40% 50% 60%
0% 10% 20% 30% 40% 50% 60%
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R
I
C
A
Innovation-driven Asia, which
also experienced a decline
in TEA rate and gender ratio,
exhibited declines in rates
and gender ratios for both job
expectations and innovation.
58
GEM WOMEN’ S SPECI AL REPORT
Table 7: Percentage Change in Female Rates and Female/Male Ratio From 2012 for Job Expectations and Innovation
Region
Percent female
TEA with 6+ Job
Expectations
6+ Job Expectation
Ratio F/M
Percent Female TEA
With Innovations
Innovation Ratio F/M
Africa -12% 34% -17% 4%
Asia & Oceania
(Factor- and
Efficiency-Driven)
-13% -6% 29% 17%
Europe (Efficiency-
Driven)
-18% -15% 2% 13%
Latin America &
Caribbean
4% -2% -10% 8%
Asia & Oceania
(Innovation-Driven)
-8% -12% -27% -40%
Europe (Innovation-
Driven)
-3% 5% -8% -2%
Israel* -38% -28% 24% 12%
United States 21% 0% 12% 8%
Overall Average: All
61 Economies
-9% 0% -6% 2%
South Africa. South African women entrepreneurs not
only have high internationalization levels, but also are
30% more likely than men entrepreneurs to display strong
international orientation.
Across the European region, women display particularly
high levels of internationalization – most notably
Kosovo, Luxembourg, Belgium and Hungary. Surprisingly,
there are few internationally oriented female
entrepreneurs relative to male entrepreneurs in the
United Kingdom – female entrepreneurs are only one-
fifth as likely as male entrepreneurs to display strong
international orientation.
4.6 A COMPARATIVE OVERVIEW OF
IMPACT CHARACTERISTICS AMONG WOMEN
ENTREPRENEURS
The spider diagrams on the following pages provide an
analysis of four impact characteristics among women
entrepreneurs, by development level and region.
Although there are fewer female entrepreneurs in the
innovation-driven economies, they exhibit, on average,
greater impact than do female entrepreneurs in factor- and
effciency-driven economies. There are large differences
in terms of industry sector participation: 23% of women
entrepreneurs in innovation-driven economies are
active in the business services sector, compared to 9%
for factor- and effciency-driven economies. Women in
innovation-driven economies are also more likely to be
innovative and international. However, the factor- and
effciency-driven economies report job creation aspirations
nearly equal to that of the innovation-driven economies,
which could reveal the growth opportunities existing in
markets that are still developing. At the same time, formal
bureaucratic practices in developing economies may limit
entrepreneurial aspirations.
In effciency-driven Europe, despite fewer women
entrepreneurs, these economies have entrepreneurs
with higher potential impact, particularly in terms of
job creation aspirations. Conversely, Africa reveals high
female entrepreneurship activity, but scores lower than
the overall average on all impact indicators. Other regions
have strengths in certain impact variables. Asia shows a
high level of innovation, but less international focus. Latin
America is close to the average for international focus and
innovation, but shows lower business services involvement
and job expectations.
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GEM WOMEN’ S SPECI AL REPORT
Figure 42: Percentage of Entrepreneurs with Strong International Orientation in
Factor- and E?ciency-Driven Economies, by Region and Gender
Figure 43: Percentage of Entrepreneurs With Strong International Orientation in
Innovation-Driven Economies, by Region and Gender
Figure 44: Analysis of Entrepreneurial Impact by Development Level
Burkina Faso
Uganda
Malawi
Cameroon
Ghana
Botswana
Libya
Nigeria
Zambia
Angola
Algeria
South Africa
Philippines
Vietnam
Thailand
Iran
Malaysia
India
China
Indonesia
Kazakhstan
Russia
Poland
Bosnia & Herzegovina
Turkey
Estonia
Lithuania
Georgia
Macedonia
Hungary
Romania
Latvia
Croatia
Kosovo
Brazil
Ecuador
Guatemala
Trinidad & Tobago
El Salvador
Argentina
Bolivia
Costa Rica
Jamaica
Mexico
Peru
Colombia
Puerto Rico
Panama
Chile
Uruguay
Belize
Barbados
Suriname
0% 10% 20% 30% 40% 50%
A
F
R
I
C
A
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
-
A
N
D
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
L
A
T
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N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
60%
0% 10% 20% 30% 40% 50% 60%
Japan
Australia
Taiwan
Republic of Korea
Singapore
United Kingdom
Slovakia
Denmark
Finland
Netherlands
Norway
Italy
Spain
Czech Republic
Slovenia
Portugal
France
Greece
Ireland
Germany
Austria
Sweden
Switzerland
Belgium
Luxembourg
Israel
Qatar
Kuwait
United States
Canada
0% 10% 20% 30% 40% 50% 60%
0% 10% 20% 30% 40% 50% 60%
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
M
I
D
D
L
E
E
A
S
T
E
R
N
I
N
N
O
V
A
T
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O
N
-
D
R
I
V
E
N
N
O
R
T
H
A
M
E
R
I
C
A
% TEA International
Female
Innovation Female
% TEA Female:
Expects 6+ Jobs
Female TEA, % Business Ser vices Sector
Overall Average: Innovation-Driven Regions (Unweighted)
Overall Average: Factor and Ef ficiency-Driven Regions (Unweighted)
0.3
0.25
0.2
0.15
0.1
0.05
0
60
GEM WOMEN’ S SPECI AL REPORT
Figure 45: Analysis of Entrepreneurial Impact for Factor- and Efficiency-
Driven Economies
Among the innovation-driven regions, North America
shows high levels on all impact indicators except for
internationalization, which is slightly lower than the
overall average for this development level. Middle
East economies have high internationalization levels,
combined with very high job aspirations – twice the level
in Europe. Asia and Oceania shows low participation
among women entrepreneurs in the business services
sector, as well as low innovation levels.
4.7 THE RELATIONSHIP BETWEEN
GEM AND WEF GENDER GAP INDICATORS
Institutions and macro-economic factors exert important
influence on entrepreneurship rates for both women
and men. This section examines the gender gap relative
to social, economic and political factors and women’s
participation in entrepreneurship. Since 2006, the World
Economic Forum (WEF) Global Gender Gap Report has
assessed the magnitude of gender-based disparities
across four categories: economic participation and
opportunity, educational attainment, health and survival,
and political empowerment. The report examines the
gap in these outcome variables between men and
women, rating economies according to gender equality.
The highest score is 1 (equality), and the lowest possible
score is 0 (inequality). As a rating approaches a value
of 1, it means that parity has been achieved between
women and men with respect to that variable.
GEM data were analyzed with data from the WEF
2013 and 2014 Global Gender Gap Reports for 75
North America
Europe ID Asia/Oceania ID
Middle East ID
Overall
economies that were measured by both organizations.
In order to facilitate a deeper understanding of how
entrepreneurship is related to the four measures in the
WEF Gender Gap Report, a hierarchical cluster analysis
method was used to identify groups of economies that
share similar entrepreneurship characteristics in the
female population. The economies were grouped into
homogenous segments based on several dimensions
of entrepreneurship – entrepreneurial intentions, total
entrepreneurship activity rate, established business
rate, opportunity-driven entrepreneurship activity,
entrepreneurship activity in the business services
sector, hiring aspirations, international orientation, and
innovation. The resultant clusters were then compared
across the four empowerment variables assessed in the
WEF reports.
The cluster analysis suggests four groupings among the 75
economies (see Figure 47 and Table 8):
1. Innovative. Low entrepreneurial intention economies
with a high level of innovation and new ventures in the
business service sector;
2. High activity. High rates of early-stage activity, and
lower levels of job creation aspirations and innovation;
3. High aspiration. High job aspirations with
predominantly average ratings on all other metrics; and
4. High impact. High international orientation, job creation
aspirations and innovation with lower early-stage activity.
Figure 46: Analysis of Entrepreneurial Impact for
Innovation-Driven Economies
Innovation Female
Female TEA, % Business Ser vices Sector
% TEA Female: Expects
6+ Jobs
% TEA International
Female
50%
40%
30%
20%
10%
0%
Innovation Female
Female TEA, % Business Ser vices Sector
% TEA Female: Expects
6+ Jobs
% TEA International
Female
Latin Am./Carib.
Asia/Oceania FD/ED Africa
Europe Ed
Overall
40%
20%
10%
30%
0%
35%
25%
15%
5%
61
GEM WOMEN’ S SPECI AL REPORT
Table 8: Cluster members (grouping of 75 economies)
Cluster 1 Cluster 2 Cluster 3 Cluster 4
Algeria Bolivia Angola Barbados
Australia Botswana Argentina Belize
Austria Brazil Chile Croatia
Belgium Burkina Faso China Georgia
Canada Ecuador Columbia Greece
Czech Republic El Salvador Costa Rica Hungary
Denmark Ghana Iran Latvia
Estonia Guatemala Kazakhstan Luxembourg
Finland Indonesia Mexico Macedonia
France Jamaica Panama Qatar
Germany Malawi Trinidad & Tobago Romania
India Nigeria Uruguay Singapore
Ireland Peru South Africa
Israel Philippines Suriname
Italy Thailand
Japan Uganda
Republic of Korea Vietnam
Lithuania Zambia
Malaysia
Netherlands
Norway
Poland
Portugal
Russia
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
United States
62
GEM WOMEN’ S SPECI AL REPORT
Table 9 shows averages by cluster on the WEF variables.
Little difference can be seen among the clusters on
educational attainment and health and survival, with high
results overall on both. The innovative cluster #1 scores
higher than others on political empowerment and, with
cluster #4, has a slightly higher educational attainment
score. The high-activity cluster #2 indicates high rates of
entrepreneurship that, on average, has less impact than
entrepreneurship in the other clusters; this cluster shows
slightly lower educational attainment and health scores,
but higher economic participation, especially compared
to cluster #2. This result suggests high participation in
the economy, which includes entrepreneurship; but it also
suggests some constraints that limit the ability for the
average business to have high impact on society.
The high aspiration cluster exhibits a signifcantly lower score
on economic participation. Where overall participation in
the workforce is not common, entrepreneurship may provide
an attractive alternative, and one generally expected to be
worthwhile in offering growth opportunities and a chance to
commercialize innovative solutions. The high impact cluster
shows an even greater tendency toward selectivity, with its low
rates, but high impact; here, women rarely participate in the
political structure of their economies.
The relationship between gender gaps and entrepreneurship
activity was further explored across the 75 economies
using regression analysis. The results suggest that female
entrepreneurship activity rate increases signifcantly with
greater parity in economic participation, but at the same
time decreases signifcantly with greater educational
attainment. This indicates that the more women participate
in the economy relative to men, the more likely they are to
be entrepreneurs. However, where women achieve greater
parity in education, they start businesses less frequently.
This suggests that as women become more educated, they
will have greater access to jobs, and likely in industries that
were not previously available to them at lower education
levels. Women in these economies therefore do not have to
be entrepreneurs; they can be more selective and engage in
higher impact activities when they choose this path. In other
words, as economic participation improves, the quality of
entrepreneurship activity among women improves, while the
quantity decreases.
Table 9: Hierarchical Cluster Analysis
Discriminant Variables (Means of Each Discriminant Variable for Each Segment)
Discriminant
Variable/Cluster
Overall Cluster 1 Cluster 2 Cluster 3 Cluster 4
Economic
Participation
0.682 0.694 0.698 0.626 0.686
Educational
Attainment
0.974 0.989 0.94 0.969 0.989
Health and
Survival
0.973 0.973 0.972 0.975 0.974
Political
Empowerment
0.209 0.266 0.17 0.193 0.146
Figure 47: Diagram of Clusters Based on GEM Entrepreneurship Indicators
Entrepreneurial Intentions
TEA Rate
Established
Business Activity
TEA: Opportunity
TEA: Business
Ser vices Sector
TEA: Expects 6+ Jobs
TEA: International
TEA: Innovation
Cluster 4
Cluster 2 Cluster 1
Cluster 3
0.45
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
63
GEM WOMEN’ S SPECI AL REPORT
S
tarting a business is like “loading a gun with
a passion bullet” says Raymond Ackerman
Academy graduate and director of KO
Ktreativ Projects, Ameera Safter.
Ameera Safter (26 years old) describes herself as a
passionate, vibrant, creative female entrepreneur. She
owns and manages a furniture manufacturing business
that specialises in custom-built free-standing and fitted
furniture, a furniture transportation business and a
workroom that makes up curtains and covers.
“In my mother’s businesses and through her
inspirational life lessons as a single mother, I learned
so much. An amazing lady with so much energy and
passion for life, she unknowingly nurtured me into
becoming an entrepreneur. I definitely picked up my
ENTREPRENEURS’ STORIES
Ameera Safter (South Africa):
Ko Kreativ Projects
entrepreneurial flair from her and decided that starting
and running my own business is what I want to do with
my life,” she says.
Initially, from the age of 20, she worked on her
businesses on a part-time basis. “I wanted to start a
business and at the time the only skill I had was in
beauty therapy. I started hosting pamper parties for
various events, as well as on my own, on a part-time
basis. While working for my dad, I started developing a
different skillset and grew more interested in furniture
manufacturing. I started exploring my own avenues
through making and selling children’s furniture,”
she says. However, she soon realised that in order to
make a success of either one, she needed to focus
and this meant having to choose between beauty and
manufacturing.
Ameera acknowledges that being a woman in the
manufacturing sector has its challenges. “There are
not many young female entrepreneurs going into the
furniture manufacturing sector,” she says. “There is a
huge gap for young female, creative furniture designers
and artisans – I wanted to take the opportunity to fll this
gap and do something different. When I graduated from
the Raymond Ackerman Academy, I wanted to change my
business model. I believed that my husband has a real skill
and talent, and that instead of developing and growing
someone else’s business, he could be growing his own. We
partnered up and started at the very bottom. I became his
cabinet-making assistant – not such a good title to have as
a female in my social culture.
It wasn’t easy for people to accept seeing me using
carpenters’ power tools and dressed in an overall, as I was
expected to be a professional with a good job, or a stay-at-
home wife with a husband in a solid profession. I overcome
this prejudice by showing people that I can and will do what
I want to do without gender limitations, and that alone is
powerful enough to gain respect and inspire other women,
especially the younger generation.”
They have re-branded the company, now called Ko Kreativ
Projects, to develop a professional platform on which
furniture manufacturers can collaborate in an effort to
strategically provide their services directly to the domestic,
corporate and hospitality sectors. “As manufacturers, we
are standing up and showcasing our creative talent, design
and craftsman skill to a broader market, by conceptualising,
designing and crafting unique furniture pieces for creative
interior projects through client and staff collaboration,”
she adds. They have also grown the business to two other
divisions, TNA Furniture Transport as well as The Workroom
of Curtain and Covers.
She makes a heartfelt plea to aspiring entrepreneurs,
advising them to “believe in themselves and their abilities”
and “just work smart”.
“Dream. Be brave. Never be afraid of failure and rejection.
Never stop learning and developing yourself and your
character. Take that risk. Starting a business is like loading
a gun with a passion bullet: you aim, you shoot, you don’t
know if you are going to hit your target, but taking the
chance is well worth it! You won’t know unless you give it
your best shot,” she says.
www.kokreativprojects.co.za
When she heard a radio insert advertising the
entrepreneurial short course hosted by the Raymond
Ackerman Academy (RAA) in Cape Town, she decided it
was what she needed to help her redirect her business
and take it to another level. Ameera says that the
programme taught her valuable lessons, including how
to “fine-tune loose ends” to make a business profitable
and uphold social responsibilities at the same time.
“After all, doing good is good business,” she says.
After completing the programme, she and her husband
Tauriq moved to Johannesburg. Here a joint venture,
Decorize Interiors, was born. “Tauriq is an artisan and
there was no one better than him to come on board
with me as my business partner and teach me what
I needed to know about making quality furniture out
of solid exotic woods,” she says.” There is a demand
for custom-made versatile and functional furniture made
to high quality standards and we were able to meet that
demand. We did well in Johannesburg but creative Cape
Town was calling us back,” she adds.
It was while they were in Gauteng that Ameera and
Tauriq approached the Furniture Technology Centre Trust
(Furntech), which is an established national business
incubator and furniture training centre that offers
innovative business incubation within South Africa in a
bid to assist in job creation in SA’s furniture and wood
products sector. Furntech accepted their application
and provided the husband and wife team with access
to precision machinery, technical mentorship and a
workspace in a Paarden Island workshop back in Cape
Town. In the two years since their return to the Mother City,
their business has grown at a good pace.
There are not many young
female entrepreneurs
going into the furniture
manufacturing sector. There
is a huge gap for young
female, creative furniture
designers and artisans
– I wanted to take the
opportunity to fll this gap
and do something different.
64
GEM WOMEN’ S SPECI AL REPORT
65
GEM WOMEN’ S SPECI AL REPORT
CONCLUSIONS
entrepreneurs. These economies come from three
regions: El Salvador and Brazil in Latin America and
the Caribbean; Vietnam, Indonesia, Malaysia and the
Philippines in Southeast Asia; and Zambia, Nigeria,
Uganda and Ghana in Africa. In contrast, women in
many efficiency-driven European and innovation-driven
Asian economies exhibit TEA rates less than half those
of men. These low female participation rates contribute
to low overall TEA rates in these regions. The gender
gap is greatest in Turkey, where there are three female
entrepreneurs for every 10 male entrepreneurs.
Africa’s high female TEA rates are fuelled by a high
proportion of women who intend to start businesses in the
near future. In a number of regions, women are approaching
gender equity in entrepreneurial intentions, notably Latin
America and the Caribbean, Africa, the Middle East, and
Asia and Oceania (factor- and effciency-driven).
KEY FINDINGS
ENTREPRENEURSHIP ACTIVITY
Among 61 economies (out of 83) featured in this report
and also in the previous report based on 2012 data,
overall TEA rates have increased by 7% since 2012, and
the gender gap (ratio of women to men participating in
entrepreneurship) has narrowed by 6%. TEA rates and
gender gap ratios saw positive upward movement in three
regions: factor- and effciency-driven Asia, Latin America
and the Caribbean and innovation-driven Europe.
The 83 economies examined in this report show
substantial differences in women’s TEA rates, ranging
from a high of 41% in Nigeria and Zambia to a low of
2% in Suriname and Japan. In 10 economies, women
are as likely as men, or more likely than men, to be
66
GEM WOMEN’ S SPECI AL REPORT
The Middle East however, despite high intentions, exhibits
among the lowest regional averages for TEA and among the
largest regional gender gaps.
The difference between TEA and established business
rates is minimal for innovation-driven economies, while
factor- and efficiency-driven economies show half the
level of established business activity relative to TEA.
This suggests greater demand for entrepreneurship in
developing economies than in developed economies,
with comparatively fewer enterprises making it to the
mature stage. Innovation-driven economies exhibit less
demand for entrepreneurship, but those who start are
more likely to start sustainable businesses, and/or the
environment enables this sustainability.
ENTREPRENEUR CHARACTERISTICS
The factor- and effciency-driven regions tend toward
younger entrepreneurs, with the 25-34 age groups having
the highest rates. This is also the case in North America,
while the remaining innovation-driven regions show the
highest entrepreneurship rates among 35-44 year-olds.
The education level of entrepreneurs is approaching
gender parity; 33% of women entrepreneurs in the
economies studied have a secondary degree or higher
level of education versus 36% of men entrepreneurs.
Among entrepreneurs in most economies of efficiency-
driven Europe and innovation-driven regions, women are
more likely than men to have this level of education.
The gender gap in the percentage of entrepreneurs with
opportunity motivations is relatively low in every region.
In the innovation-driven Middle East economies, women
are proportionately more likely to have opportunity
motives, but the TEA gender gap suggests that few start
relative to men and rarely out of necessity.
This report adds evidence to research emphasizing
the value of starting in teams. The GEM findings
suggest that economies with a higher percentage of
women entrepreneurs starting in teams of three or
more also have a greater proportion of those with job
creation ambitions. The highest prevalence of women
entrepreneurs operating in teams was in the innovation-
driven Middle East (27%) and innovation-driven Asia
and Oceania (24%) regions. Teams were especially rare
among women entrepreneurs in factor- and efficiency-
driven Asia (7%), Africa (11%), and Latin America and
the Caribbean (11%).
ATTITUDES
High female TEA rates in an economy are associated
with the likelihood that women in society know an
entrepreneur. It may be the case that where more
entrepreneurs are present in an economy, women
67
GEM WOMEN’ S SPECI AL REPORT
will commonly know one. However, affiliations with
entrepreneurs can offer role models, advice, contacts,
and support, which may explain why economies with
many women who know entrepreneurs are also likely
to have high female startup rates. Many European
economies exhibit an interesting finding, reporting low
female entrepreneurship rates, but many women in
society who know entrepreneurs.
Female TEA rates are also high where women hold
strong perceptions about the presence of opportunities
for starting a business. The gender difference for this
indicator is relatively narrow (40% for women versus
45% for men), and in a number of factor- and efficiency-
driven economies, women are slightly more likely than
men to perceive good business opportunities. Among
the 61 economies featured in both this report and the
2012 report, Europe, Israel and the United States saw
increased female opportunity perceptions, but with
less change to the gender ratio. In Asia, opportunity
perceptions were noticeably lower, especially among
innovation-driven economies.
This report shows a strong positive association between
capability perceptions and TEA rates among women.
The findings also reveal a noticeable gender gap in
this indicator (46% for women versus 59% for men).
Opportunity perceptions are reflective of the external
environment; these often shift with changing conditions
in an economy. Capabilities perceptions, on the other
hand, are more reflective of one’s self-perceptions,
which are more stable or slowly changing. Evidence of
this can be seen in the comparison of 61 economies
that showed little change in capabilities perceptions
from that reported in 2012.
Fear of failure among women is lowest in African
economies, which, along with many Asian economies,
shows fear of failure rates among women that are
often equal to or lower than for men. Wider gender
gaps appear in the majority of economies of efficiency-
driven Europe, and Latin America and the Caribbean.
Fear of failure may be influenced by such factors as the
perceived risks associated with the typical business
one may start, or the extent women believe there will be
negative consequences, or few other choices for income,
if their businesses don’t work out.
IMPACT
More than two-thirds of women entrepreneurs operate
in the consumer-oriented sector, with around three-
fourths of women entrepreneurs competing in these
types of businesses in Africa, in factor- and efficiency-
driven Asia, and in Latin America and the Caribbean.
By comparison, 45% of men entrepreneurs compete in
this sector. Distinct results can be seen in efficiency-
driven Europe, which shows a comparatively balanced
distribution of sectors among women entrepreneurs.
Among innovation-driven economies, North America
and Europe exhibit a high prevalence (over one-fourth)
of women entrepreneurs in the knowledge-intensive
business services sector.
Job creation aspirations among women are high in
effciency-driven Europe, a region of relatively low
TEA rates. This suggests that this region has fewer
entrepreneurs who are, on average, more likely to grow
and employ others. Although innovation-driven economies
typically show a higher proportion of entrepreneurs with
job creation aspirations, this report shows that women
in factor- and effciency-driven economies report less
difference from innovation-driven economies on this
measure, compared to other impact indicators.
Women entrepreneurs in nearly half of the economies
in the GEM sample report equal or higher innovation
levels than men entrepreneurs. In almost three-quarters
of the economies in efficiency-driven Europe, female
entrepreneurs report higher levels of innovation than
male entrepreneurs; this may, in part, be attributed to
the fact that there are proportionately more educated
women (than men) entrepreneurs in this region. In Chile
and India, more than half of women entrepreneurs
believe they offer innovative products or services.
Since the 2012 report, the proportion of female
entrepreneurs with 6+ job aspirations and innovative
offerings has declined among 61 economies (by 9%
from 2012 for job aspirations and 6% from 2012 for
innovation). However, this decline was also seen in
male entrepreneurs; as a result there was little or no
change in the gender ratios overall for these indicators.
In factor- and efficiency-driven Asia, and in efficiency-
driven Europe and Israel, both the rates and the gender
ratio around job expectations have declined. However,
the rates and the gender ratio around innovation have
improved, suggesting a focus toward innovation, but
lower expectations for job creation. Innovation-driven
Asia saw declines in both job aspirations and innovation,
while the United States showed positive improvements
in both indicators.
Factor- and efficiency-driven Asia, and also Africa,
report low international orientation among women
entrepreneurs in most economies. In contrast, women
entrepreneurs across Europe display particularly high
levels of internationalization.
Analyses of TEA rates with gender gap indicators measured
by WEF, shows that the rate of female entrepreneurship
activity increases signifcantly with greater parity in
economic participation, but decreases signifcantly with
greater educational attainment. This indicates that the
more women participate in the economy relative to men,
the more likely they are to be entrepreneurs. However,
where women achieve a higher level of education than
men, they start businesses less frequently.
68
GEM WOMEN’ S SPECI AL REPORT
IMPLICATIONS
1. Women matter to economic development – they
invest in their communities, educate their children,
and pay back the benefits they receive by helping
others. This report has revealed improvements in
female entrepreneurship rates and gender gaps in 61
economies in no more than two years. Other results
show gender equity in many regions and in indicators
such as education and innovation levels. Greater
awareness of the importance and nature of women’s
entrepreneurship and programs addressing these
efforts may have already contributed to progress in this
activity. Continued efforts are essential everywhere,
while regional variations imply distinct needs and levels
of emphasis in different parts of the world.
2. Environmental conditions and constraints weigh
differently on the sexes. This continues to be the
biggest challenge women face worldwide. Subtle
biases exist in many societies that suggest women
have lower ambitions or are less capable, or that
running businesses is inappropriate for them. This
can, for example, inhibit their ability to gain access to
growth capital.
1
These biases need to be identified and
eliminated so women entrepreneurs have the same
opportunities as men do to grow their businesses.
3. Higher TEA rates are often found in less developed
economies, where women are highly likely to participate
in the workforce. Many women in these economies
pursue entrepreneurial endeavors to provide for their
families, generally through basic types of consumer-
focused businesses – both products and services. As
such, they can be considered the basic engine of their
local economies. However, they still face constraints
in sustaining their businesses. Entrepreneurship is a
multiphase endeavor that implies a need for not only
facilitating women to start ventures, but also helping
them maintain them into maturity.
4. Improvements in education provide quality career
choices for women, whether it is work as an employee,
or the launch of high impact entrepreneurial ventures.
Education programs that equip women with the ability to
start and grow businesses provide career options they
can consider at any point in their lives.
5. The advantage of teams may depend on the type
of business started, cultural/social norms and other
conditions. However, given that women who start in
teams are more likely to have higher impact with their
businesses, it is imperative to provide opportunities for
women entrepreneurs to start with co-founders.
1http://www.goldmansachs.com/citizenship/10000women/news-and-
events/10kwprogressreport.html.
6. While women are nearly equally likely as men are to
recognize the presence of opportunities around them,
gender gaps are apparent in capability perceptions and
fear of failure. Capabilities are rooted in both education
and in social support. Economies with initiatives
that increase visibility and access to role models are
likely to encourage women entrepreneurs to start and
grow businesses. Programs that enhance skills and
competencies for women entrepreneurs, and other
initiatives such as mentoring and advising, should
include developing and assessing women’s confidence
to take advantage of opportunities and building their
capacity for managing risk.
7. Access to financing at all stages of business
development for women entrepreneurs is essential,
but should also recognize progress in a business, and
in society, that shift financing needs. For example, a
challenge for women in moving from micro businesses to
small and medium-sized businesses requires a change
from financing sources such as micro-finance to normal
banking conditions, where there is often bias in the
lending process.
2
8. Women entrepreneurs participate heavily in the
consumer-oriented sector, which is considered easier to
enter, but more difficult to sustain because of low entry
barriers and high competitiveness. But increasingly,
businesses in foods, textiles and other areas are
becoming more important, especially given the rise of
challenges around food, clothing and other basic needs,
as well as movements to buy local. To the extent women
are starting businesses in sectors where greater social
problems might exist, they are well positioned to grow
and have impact.
9. Women in factor and efficiency-driven economies
report less difference from innovation-driven economies
on job aspirations, compared to other impact indicators.
This could reveal the growth opportunities existing
in still-developing markets, which suggest the need
to support high impact female businesses in regions
where environmental constraints may weigh heavily.
At the same time, this finding might suggest that more
traditional bureaucratic societies limit entrepreneurial
aspirations in the developed world, implying a particular
need to address these constraints.
2http://www.goldmansachs.com/citizenship/10000women/news-and-
events/10kwprogressreport.html.
69
GEM WOMEN’ S SPECI AL REPORT
APPENDIX A:
Entrepreneurship profiles of economies covered in the report, by region
70
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Africa
ALGERIA
Algerian women shows a high level of intention that is
characteristic of African economies and reflective of high
opportunity perceptions exhibited in its society. However,
this country exhibits low female startup and mature
business activity. Perhaps some explanation lies in lower
capability perceptions and higher fear of failure compared
to the average for women in the Africa region. Women
entrepreneurs are not likely to be major job creators nor
innovators. Yet a high percentage compete in the business
services sector and sell internationally.
Algeria
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
80%
40%
20%
60%
0%
Algeria
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
30%
20%
10%
0%
50%
40%
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Algeria
% Female TEA
Expects 6+ Jobs
% Female TEA in Business
Ser vices Sector
% Female TEA with
Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
25%
20%
10%
5%
15%
0%
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ANGOLA
Angola exhibits slightly lower female activity levels than
the Africa group average, and this is consistent with
somewhat lower capability perceptions and higher fear of
failure. However, women entrepreneurs are highly likely to
have job ambitions, although few compete in the business
services sector. Close to three fourths of the female
population know an entrepreneur personally.
Angola
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
50%
30%
20%
40%
0%
10%
Angola
% Female TEA
Expects 6+ Jobs
% Female TEA in Business
Ser vices Sector
% Female TEA with
Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
50%
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
80%
40%
20%
60%
0%
Angola Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
72
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Botswana
Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
60%
40%
20%
0%
80%
Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Botswana
% Female TEA
Expects 6+ Jobs
% Female TEA in Business
Ser vices Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Botswana
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
60%
40%
20%
0%
80%
BOTSWANA
Botswana shows a high level of intentions and startup
activity among women, but low established business
activity and high closure relative to the average for
Africa. This suggests a high need or opportunity to get
started, but with few sustaining their businesses into
maturity. Women in Botswana have lower opportunity and
capability perceptions, and they are less likely to know
an entrepreneur personally, compared to the average
for this region. At the same time, they exhibit low fear of
failure. Women entrepreneurs in Botswana, however, show
higher impact relative to their African peers with a higher
level of participation in the business services sector and
higher innovation. Job creation ambitions are especially
high compared to the African average, with over 2/3 more
female entrepreneurs projecting 6+ jobs.
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Burkina Faso
Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
30%
20%
10%
0%
40%
50%
Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Burkina Faso
% Female TEA
Expects 6+ Jobs
% Female TEA in Business
Ser vices Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
15%
10%
5%
0%
20%
25%
Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Burkina Faso
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
40%
20%
0%
60%
80%
BURKINA FASO
Burkina Faso tracks fairly closely to the Africa average
on activity, with slightly lower TEA rates but slightly
higher established business rates, and just lower than
average for the region on business closure. This suggests
that many women have sustained their businesses into
maturity. Similarly, societal attitudes among women are
consistent with the average for Africa. The results indicate
that women entrepreneurs serve only domestic markets
and have a low likelihood of growing their businesses.
Business service activity is low but characteristic of the
African region. Innovation levels are also similiar to the
regional average.
74
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Cameroon
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
30%
20%
10%
0%
40%
60%
50%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Cameroon
15%
10%
5%
0%
20%
25%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Cameroon
70%
40%
20%
60%
0%
10%
30%
50%
CAMEROON
Cameroon shows the greatest difference from the Africa
average in its higher TEA rate. Intentions are somewhat
higher. The slightly higher business closure rate may
reflect the higher startup activity. Female attitudes are
close to the Africa average. Although growth orientation
and international markets are less prevalent, innovation
levels and business services sector activity are on par
with the Africa average.
75
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Ghana
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
60%
40%
20%
0%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Ghana
25%
20%
10%
0%
5%
15%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Ghana
100%
80%
40%
0%
20%
60%
GHANA
Female entrepreneurship activity is slightly higher than
the regional average, but what is most distinct relative to
activity in Ghana is the high rate of established business
ownership: over twice that of the Africa average. Business
closure rate is just below the average. Overall this
indicates a high level of activity and sustainability. These
results are supported by positive attitudes, especially
capabilities perceptions, which are ¼ higher than average,
while the other attitudes are similar to the average. All
of the impact factors, however, are low, particularly job
expectations.
76
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
LIBYA
Women in Libya have high intentions to start businesses,
but show little activity beyond this early phase.
Attitudes are less positive compared to Africa averages;
particularly low is the percentage of women who know
an entrepreneur personally. Those starting businesses
show high impact in greater levels of innovation and
job creation, and business services participation and
internationalization are on par with the Africa average.
Libya
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
60%
50%
30%
10%
20%
40%
0%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Libya
50%
40%
20%
0%
10%
30%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Libya
80%
40%
0%
20%
60%
77
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
MALAWI
Women in Malawi have high intentions to start
businesses, and TEA rates are just above the high average
for Africa. However, closure rates are very high, almost
three times the Africa average. High intentions and startup
activity are likely fueled by positive attitudes that outshine
Africa’s averages. Women entrepreneurs are not likely
to compete in business services nor do they anticipate
creating jobs. They serve local markets, but at the same
time believe they have innovative offerings.
Malawi
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
80%
40%
0%
20%
60%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA
with Innovative
Products/Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Malawi
30%
0%
20%
40%
10%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Malawi
100%
80%
40%
0%
20%
60%
78
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
NIGERIA
Nigerian women exhibit high startup and mature business
rates with low closure rates, and highly positive attitudes.
Impact indicators are average for an African country, with
the exception of job expectations, which are over 60%
higher than the Africa average.
Nigeria
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
50%
40%
20%
0%
10%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Nigeria
40%
20%
0%
10%
30%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Nigeria
100%
80%
40%
0%
20%
60%
79
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
SOUTH AFRICA
South Africa has few women participating in
entrepreneurship across all phases of activity, with low
results on attitudes. Women entrepreneurs register just
above the Africa average on business services activity and
job expectations. But more notably, innovation is ¾ higher
than average, and international sales levels are more than
three times the regional average.
South Africa
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
50%
40%
20%
0%
10%
30%
South Africa South Africa Africa Average (unweighted) Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted) Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
40%
20%
0%
10%
30%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
80%
40%
20%
0%
60%
80
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
UGANDA
Women in Uganda participate in entrepreneurship at
all phases, at a higher level than the Africa average.
Particularly notable is the high rate of established
business ownership, at over 1/3 the female population.
These results are consistent with attitudes that are
more positive than the Africa average. Impact indicators,
however, reveal low levels on all those indicators.
Uganda
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
60%
40%
20%
0%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Uganda
10%
15%
25%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Uganda
0%
20%
40%
60%
80%
100%
81
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
ZAMBIA
Female TEA rate is ¾ higher than the Africa average
and the other activity indicators are just above average.
Attitudes are highly positive compared to the average.
Impact indicators are low except for internationalization,
which is about average.
Zambia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
0%
20%
10%
30%
40%
50%
60%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Zambia
10%
15%
25%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Zambia
0%
20%
40%
60%
80%
82
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Asia/Oceania Factor- and E?ciency-Driven
CHINA
Female activity in China is close to the average for the
Asia/Oceania Factor and Efficiency-Driven region. Women
in China are highly likely to know an entrepreneur and they
are less likely than the regional average to be constrained
by fear of failure. However, their capability perceptions
are noticeably low and they are slightly less likely than
average to see opportunities for starting a business. Few
women entrepreneurs compete in business services or
sell internationally; slightly less than average state they
are innovative, but a little more than average project job
expectations.
China
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Asia/Oceania FD and ED Average (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
15%
10%
20%
0%
5%
25%
China
Asia/Oceania FD and ED Average (unweighted)
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
60%
20%
40%
0%
China
Asia/Oceania FD and ED Average (unweighted)
83
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
INDIA
Women in India register low activity across all phases,
despite average opportunity perceptions and fear of
failure. Few women know an entrepreneur personally
compared to the regional average (less than ½) and
capability perceptions are 1/3 lower than average.
Participation in the business services sector is low, as
is international sales, with job expectations just below
average. However, there are many innovative women
entrepreneurs: more than twice the average.
India
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Asia/Oceania FD and ED Average (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
India
Asia/Oceania FD and ED Average (unweighted)
50%
30%
20%
40%
0%
10%
60%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
India
Asia/Oceania FD and ED Average (unweighted)
50%
30%
20%
40%
0%
10%
60%
84
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
INDONESIA
Intentions, TEA and established business activity are
slightly above average among Indonesian women. While
fear of failure is slightly higher than the Asia/Oceania
average, Indonesian women are confident about starting
businesses, with 25% more than average perceiving they
have the needed capabilities. Opportunity perceptions
are 50% higher than average for the region. Two thirds of
women know an entrepreneur personally. International
sales among female entrepreneurs are low, but typical
for the region. Business services activity is just above
average, while innovation is below average. The biggest
difference, from the regional average, however, lies in low
job creation projections.
Indonesia Asia/Oceania FD and ED Average (unweighted)
Overall Average : FD and ED Regions (unweighted)
Female TEA
(% of Adult
Female
Population)
Intentions Female
Established Business
Female
Business
Closure
Female
25%
15%
10%
20%
0%
5%
30%
Overall Average : FD and ED Regions (unweighted)
Indonesia
Asia/Oceania FD and ED Average (unweighted)
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
15%
10%
20%
0%
5%
25%
Overall Average : FD and ED Regions (unweighted)
Indonesia
Asia/Oceania FD and ED Average (unweighted)
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
50%
30%
20%
40%
0%
10%
60%
70%
85
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
IRAN
Iran’s TEA rate among women is slightly lower than
average for the region, with established business activity
registering less than half of the average. While Iranian
women are less likely to see opportunities or to know
an entrepreneur than is typical for Asia/Oceania, they
are more confident about their capabilities and have a
slightly lower fear of failure rate. International rates are
low, but typical for the region, while innovation rates are
a little more than 1/3 the average level for this region.
Women entrepreneurs show a higher than average level of
participation in business services, and reveal an over 55%
higher level of job creation potential.
Iran
Overall Average : FD and ED Regions (unweighted)
Asia/Oceania FD and ED Average (unweighted)
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
25%
15%
10%
20%
0%
5%
30%
Overall Average : FD and ED Regions (unweighted)
Iran Asia/Oceania FD and ED Average (unweighted)
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
15%
10%
20%
0%
5%
25%
30%
Overall Average : FD and ED Regions (unweighted)
Iran Asia/Oceania FD and ED Average (unweighted)
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
50%
30%
20%
40%
0%
10%
60%
86
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
KAZAKHSTAN
Female activity rates are close to the regional average in
Kazakhstan. Capabilities perceptions and fear of failure
are about average, while opportunity perceptions are low,
suggesting a readiness for entrepreneurship that is not
matched with what is being observed in the environment.
Over 60% of women know an entrepreneur. Those
starting businesses show average levels of innovation
and business services activity. Internationalization is
2 ½ times the typical low level for the region, while job
expectations are 1 ½ times the average.
Kazakhstan
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Asia/Oceania FD and ED Average (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
15%
10%
20%
0%
5%
25%
30%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Kazakhstan Asia/Oceania FD and ED Average (unweighted)
30%
20%
40%
0%
10%
50%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Kazakhstan Asia/Oceania FD and ED Average (unweighted)
40%
20%
60%
0%
80%
87
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
MALAYSIA
Malaysian women show low levels of activity, with about
half the average level of intentions and TEA. Opportunity
perceptions among the female population are above
average and fear of failure is below average, yet fewer
than average (20% less) think they have the capabilities to
get started. Women entrepreneurs sell locally, as is typical
for the region, and they show lower levels of innovation.
A contrast can be seen in low job creation potential but
relatively high participation in business services.
Malaysia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Asia/Oceania FD and ED Average (unweighted)
15%
10%
20%
0%
5%
25%
30%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Malaysia Asia/Oceania FD and ED Average (unweighted)
15%
10%
20%
0%
5%
25%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Malaysia Asia/Oceania FD and ED Average (unweighted)
50%
30%
20%
40%
0%
10%
60%
88
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
PHILIPPINES
Intentions and TEA activity are high among women in
the Philippines, but this is accompanied by high levels of
business closure and slightly lower established business
activity. Opportunity perceptions are high, and capabilities
perceptions even more so. Fear of failure is slightly
above average and fewer women than average know
an entrepreneur personally. Few female entrepreneurs
compete in the business services sector and international
sales is nearly nonexistent. Growth expectations are less
than 1/3 the regional average, but innovations levels are a
little higher than average.
Philippines
Female TEA
(% of Adult
Female Population)
Intentions Female
Established
Business Female
Asia/Oceania FD and ED Average (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
30%
20%
40%
0%
10%
50%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Philippines Asia/Oceania FD and ED Average (unweighted)
15%
10%
20%
0%
5%
25%
30%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Philippines Asia/Oceania FD and ED Average (unweighted)
50%
30%
20%
40%
0%
10%
60%
70%
89
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
THAILAND
Thailand shows a high level of TEA and a very high level
of established business activity (over 3 times the regional
average) among women. This is consistent with higher
than average opportunity perceptions, although capability
perceptions are slightly below the regional average and
fewer women know entrepreneurs. Additionally, fear of
failure among women is over 1/3 higher than average.
While innovation levels are average, job expectations,
international sales and participation in the business
services sector are low.
Thailand
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Asia/Oceania FD and ED Average (unweighted)
15%
10%
20%
0%
5%
25%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Thailand Asia/Oceania FD and ED Average (unweighted)
15%
10%
20%
0%
5%
25%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Thailand Asia/Oceania FD and ED Average (unweighted)
50%
30%
20%
40%
0%
10%
60%
90
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
VIETNAM
Activity levels are average except for established business
ownership, which is over 2 ½ times the regional average.
While opportunity perceptions are average for the region,
there is a contrast between high capability perceptions
and high fear failure, suggesting women are confident
about their abilities to start but fear consequences (real
or imagined) if these efforts don’t work out. All impact
factors are lower than average.
Vietnam
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Asia/Oceania FD and ED Average (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
15%
10%
20%
0%
5%
25%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Vietnam Asia/Oceania FD and ED Average (unweighted)
15%
10%
20%
0%
5%
25%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Vietnam Asia/Oceania FD and ED Average (unweighted)
50%
30%
20%
40%
0%
10%
60%
91
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Europe Efficiency-Driven
BOSNIA AND HERZEGOVINA
Activity in Bosnia and Herzegovina is low across all
phases, but in line with averages for the Europe Efficiency-
Driven region. Although women in this country exhibit an
average level of capability perceptions and lower fear
of failure compared to the region overall, they have low
opportunity perceptions. Proportionately, Efficiency-Driven
European entrepreneurs tend to exhibit high impact;
however, Bosnia and Herzegovina shows low levels on all
of these indicators.
Bosnia and Herzegovina
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe ED Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Bosnia and Herzegovina Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Bosnia and Herzegovina Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
92
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
CROATIA
Croatia has low TEA and established business activity
among women, but not much lower than the average
for the region. Low opportunity perceptions may explain
this — at little more than half the regional average.
Where Croatian women entrepreneurs shine, however,
is in their potential impact. While they are less likely to
be innovative, they are internationally oriented and have
high job expectations. Many compete in the business
services sector.
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Croatia Europe ED Average (unweighted)
30%
20%
0%
10%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Croatia Europe ED Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Croatia Europe ED Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
93
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
ESTONIA
Women in Estonia mostly show activity levels typical
for the region, but intentions are only half the regional
average, suggesting a low base of potential entrepreneurs.
This is perhaps reflective of high fear of failure among
women in this economy despite having high opportunity
perceptions. Female entrepreneurs in Estonia are highly
innovative and often compete in business services.
Job expectations, however, are about half the regional
average.
Estonia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe ED Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Estonia Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
40%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Estonia Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
94
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
GEORGIA
Activity among women in Georgia closely follows the
regional average, with intentions slightly lower than
average. Opportunity perceptions are on par with the
region, and fear of failure is relatively low, although
capabilities perceptions are slightly lower than average.
Few women entrepreneurs compete in the business
services sector and they have lower job expectations.
However, internationalization and innovation are close to
the regional average.
Female TEA
(% of Adult
Female
Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Georgia Europe ED Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Georgia Europe ED Average (unweighted)
30%
20%
0%
10%
40%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Georgia Europe ED Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
95
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
HUNGARY
In Hungary, female activity is similar to the regional
averages. However, capability perceptions, and
opportunity perceptions in particular, are low and fear of
failure is high. Job expectations are somewhat lower than
average, while international sales are high.
Hungar y
Female TEA
(% of Adult
Female
Population)
Intentions Female
Established Business
Female
Europe ED Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Hungar y Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
40%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Hungar y Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
96
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
KOSOVO
Activity rates among women in Kosovo are low, including
intentions, TEA and established business activity. This
is despite opportunity perceptions registering twice
the regional average, capability perceptions being 50%
higher than average, and low fear of failure. Female
entrepreneurs show low participation in business services,
but job expectation, innovation, and international sales
levels are among the highest in the factor and efficiency-
driven group.
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Kosovo Europe ED Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Kosovo Europe ED Average (unweighted)
30%
20%
40%
0%
10%
50%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Kosovo Europe ED Average (unweighted)
60%
40%
0%
20%
80%
97
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
LATVIA
Female activity rates in Latvia are higher than average
(intentions, TEA, established businesses), even though
the attitude measures track close to the regional average.
Impact factors are all higher than average.
Latvia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe ED Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Latvia Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Latvia Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
98
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
LITHUANIA
Female activity rates in Lithuania are nearly identical
to the region’s average, but women in this society have
low capability perceptions and high fear of failure. While
somewhat more women entrepreneurs are engaged in the
business services sector compared to the average for the
region, job expectations are lower.
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Lithuania Europe ED Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Lithuania Europe ED Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Lithuania Europe ED Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
Fear of Failure Female
99
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
MACEDONIA
Female entrepreneurship in Macedonia tracks closely with
regional averages on all indicators except for intentions,
which are high, particularly relative to low TEA.
Macedonia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe ED Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Macedonia Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Macedonia Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
100
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
POLAND
Activity rates among women in Poland are close to
regional averages. Fear of failure, however, is nearly
one-third higher than typical for the region. Female
entrepreneurs have lower than average job expectations
and internationalization is less than half the regional
average. But they are innovative and participate frequently
in the business services sector.
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Poland Europe ED Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Poland Europe ED Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Poland Europe ED Average (unweighted)
60%
40%
80%
0%
20%
101
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
ROMANIA
Intentions to start are high among women in Romania,
while other activity rates hover around the regional
average. Fear of failure is high. A higher than average level
of female entrepreneurs participate in business services,
and although they are less innovative compared to what is
typical for the region, they are 40% more likely to project
job expectations of 6 or more employees. International
sales are higher than average.
Romania
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe ED Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Romania Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Romania Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
102
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
RUSSIA
Russia shows low female intentions and startup activity.
Opportunity and capability perceptions are low among
women, although they more often know entrepreneurs
compared to the regional average. Women entrepreneurs
are comparatively less likely to be innovative or
international, but their participation in business services
and growth orientation are nearly at the level of the
regional average.
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Russia Europe ED Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Russia Europe ED Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Russia Europe ED Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
103
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
TURKEY
Intentions and TEA levels are above the regional
average for women in Turkey. Women have higher
than average capability perceptions and lower than
average fear of failure. Innovation levels are high
among women entrepreneurs and job expectations
are 50% higher than average.
Turkey
Female TEA
(% of Adult
Female
Population)
Intentions Female
Established Business
Female
Europe ED Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Turkey Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Turkey Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
104
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Latin America/Caribbean
ARGENTINA
Argentina shows average activity levels for the Latin
America/Caribbean region, with the exception of
somewhat lower TEA rates. Opportunity perceptions are
just 2/3 the average level, and capability perceptions are
below average. Although few sell internationally, women
in Argentina show a higher level of business services
businesses and have relatively high growth ambitions.
Argentina
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Argentina
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
25%
15%
10%
20%
0%
5%
30%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Overall Average : FD and ED Regions (unweighted)
Argentina
Latin/ Am./Carib. Avg (unweighted)
Know an
Entrepreneur
Female
60%
40%
80%
0%
20%
105
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
BARBADOS
Startup activity is lower than the regional average in
Barbados, and intentions are half the regional average.
Perhaps consistent with these levels is the lower
opportunity motivations, despite capability perceptions
coming in about average and fear of failure being low.
Impact factors are close to average, except for sales to
international customers, which is over twice the level
reported for the region overall.
Barbados
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Barbados
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
30%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Barbados
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
106
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
BELIZE
In Belize, intentions and TEA are a little more than 1/3 the
regional average, while established business rates are
half of the average. Capabilities perceptions, however, are
higher than average among the female population. Women
entrepreneurs are over twice as likely to compete in
business services and sell to international customers than
is typical for the region, and job expectations are slightly
higher than average.
Belize
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
30%
25%
15%
10%
20%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Belize
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Belize
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
107
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
BOLIVIA
Women in Bolivia exhibit intentions and TEA rates at about
50% higher levels than the regional average. Opportunity
and capability perceptions are higher than average, yet
fear of failure is higher than typical for the region. Female
entrepreneurs are not likely to sell internationally but they
are more likely than average to say they sell innovative
products or services.
Bolivia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business Clo-
sure Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
50%
40%
30%
20%
0%
10%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Bolivia
Latin/ Am./Carib. Avg (unweighted)
30%
25%
15%
10%
20%
0%
5% Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Bolivia
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
108
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
BRAZIL
Brazil exhibits average TEA rates despite lower than
average intentions. However, established business rates
are higher than typical. Opportunity perceptions are higher
than average, but capability perceptions are 1/3 lower
than the region overall and fear of failure is higher than
average. Female entrepreneurs exhibit low levels on all the
impact indicators.
Brazil
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Brazil
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Brazil
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
25%
15%
10%
20%
0%
5%
30%
109
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
CHILE
Chile shows high levels of female activity; both intentions
and TEA are 50% higher than the regional average. This
activity is reinforced by high perceptions of opportunity
in the environment, even with average levels on the other
attitude indicators. Business services participation and
job expectations are twice the regional average and
innovation levels are over 2 ½ times the average.
Chile
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
50%
30%
20%
40%
0%
10%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Chile
Latin/ Am./Carib. Avg (unweighted)
50%
30%
20%
40%
0%
10%
60%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Chile
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
30% 30%
110
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
COLOMBIA
Female intentions in Colombia are more than 50% higher
than the regional average, although TEA is around average
and established business activity is half the typical
level for the region. Opportunity perceptions are high,
yet capabilities perceptions are lower than average and
fear of failure is higher than average. Few women report
knowing an entrepreneur. International sales are typical
for the region, but the other impact indicators are higher
than average, particularly job expectations, which are over
three times the regional average.
Colombia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
50%
30%
20%
40%
0%
10%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Colombia
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
60%
40%
80%
0%
20%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Colombia
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
111
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
COSTA RICA
TEA activity is lower than average among women in
Costa Rica, and established business rates are one third
the typical level for the region. This is consistent with
relatively low opportunity and capability perceptions and
high fear of failure. Business services participation and
job expectations are just below average, while innovation
levels are average.
Costa Rica
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Costa Rica
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Costa Rica
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
112
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
ECUADOR
Activity levels are high among women in Ecuador.
Intentions are over 50% higher than average, and both
TEA and established business rates are at least twice
the regional average. Closure rates are above average
but perhaps in line with high activity. This high activity
is also consistent with high opportunity and capability
perceptions, although fear of failure is above average. Few
women sell internationally and job expectation are half
the average level, while innovation and business service
activity fall around the average.
Ecuador
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
50%
30%
20%
40%
0%
10%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Ecuador
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
25%
15%
10%
20%
0%
5%
Capability
Perceptions Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Ecuador
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
113
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
EL SALVADOR
Despite lower than average intentions, women in El
Salvador show higher than average TEA rates and twice
the average level of established business activity.
Business closure rates, however, are over twice the
average. Opportunity perceptions are average and
capability perceptions are above average; however,
fear of failure is over 1/3 higher than is typical for the
region. All impact indicators are very low among women
entrepreneurs.
El Salvador
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
El Salvador
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
El Salvador
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
114
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
GUATEMALA
Women in Guatemala show average activity rates, with
intentions higher than the regional average. Opportunity
and capability perceptions fall around the regional
average, although fear of failure is above average and
fewer women know entrepreneurs. Internationalization
and job expectations are below average, but women show
higher than average innovation levels.
Guatemala
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
30%
20%
40%
0%
10%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Guatemala
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Guatemala
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
115
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
JAMAICA
In Jamaica, women exhibit average intentions and TEA
rates, while established business rates are over twice the
average. Attitudes are around average, with the exception
of capability perceptions, which are 30% higher than the
region overall. Impact indicators are below average.
Jamaica
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
30%
20%
40%
0%
10%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Jamaica
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Jamaica
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
116
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
MEXICO
Although intentions among Mexican women are lower than
the regional average, activity rates beyond this phase are
close to the regional averages. Capability perceptions
are lower than typical for the region. Fewer women
entrepreneurs compete in business services but slightly
more than average have job expectations and innovation
levels are typical for the region.
Mexico
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Mexico Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Mexico Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
117
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
PANAMA
Intentions and TEA rates are average for women in
Panama, but established business activity is low. Although
women do not appear to be impacted by fear of failure,
they also show lower than average confidence in their
capabilities. Job expectations and innovation levels are
below average; however, women in this country are slightly
less likely to sell internationally compared to the regional
average.
Mexico
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Panama Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Panama Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
118
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
PERU
Intentions and TEA rates are high among women in Peru—
at least ¾ higher than the region overall. Accompanying
this result is higher than average closure rates. Attitudes
are highly positive among women. Women entrepreneurs
show low job expectations and lower than average
innovation rates.
Female TEA
(% of Adult
Female Population)
Intentions Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Peru
Established Business
Female
50%
30%
20%
40%
0%
10%
60%
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
% Female TEA Expects
6+ Jobs
Peru
25%
15%
10%
20%
0%
5%
Capability
Perceptions Female
Opportunity
Perceptions Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
Fear of Failure Female
Peru
60%
40%
80%
0%
20%
119
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
PUERTO RICO
Intentions and TEA rates among women in Puerto Rico are
just above half the level for the Latin America/Caribbean
region. Few women are running established businesses.
Opportunity and capability perceptions are at low levels,
while few women know entrepreneurs. Job expectations
hover around 1/3 the regional level, but innovation levels
are 75% higher than the average for the region.
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
Puerto Rico
Female TEA
(% of Adult
Female Population)
25%
15%
10%
20%
0%
5%
30%
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
Puerto Rico
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
Opportunity
Perceptions Female
Fear of Failure Female
Puerto Rico
60%
40%
80%
0%
20%
120
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
SURINAME
Female activity is very low across all phases in Suriname,
even though women are confident in their abilities to start
and have low fear of failure. However, consistent with
this low activity are low opportunity perceptions. Impact
indicators are very low except for high international sales.
Suriname
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Suriname
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
50%
30%
20%
40%
0%
10%
Capability
Perceptions Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Suriname
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
121
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
TRINIDAD AND TOBAGO
Female activity is generally close to the regional average
in Trinidad and Tobago, while the female population
expresses positive attitudes about entrepreneurship.
Although female entrepreneurs show low innovation and
internationalization, growth expectations are higher than
average.
Trinidad and Tobago
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
30%
35%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Trinidad and Tobago Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
30%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Trinidad and Tobago Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
122
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
URUGUAY
Female activity levels are somewhat below the regional
average in Uruguay, likely reflected in lower than average
opportunity perceptions, despite average capability
perceptions and fear of failure. All impact indicators,
however, are higher than average, particularly job
expectations, which are more than twice as high as
typically reported in Latin America/Caribbean.
Uruguay
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Uruguay Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Uruguay Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
123
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Asia/Oceania Innovation-Driven
AUSTRALIA
Australia shows higher levels of TEA and established
business activity than is typical for the Asia/Oceania
innovation-driven region. Opportunity and capability
perceptions are twice the regional average, while fear
of failure is somewhat higher. Women entrepreneurs
are over twice as likely to compete in business services
compared to the average for the region and they exhibit
high innovation levels.
Australia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Asia/Oceania ID Average (unweighted)
Business
Closure
Female
Overall Average : Innovation-Driven Regions (unweighted)
10%
6%
4%
8%
0%
2%
12%
14%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : Innovation-Driven Regions (unweighted)
Australia
Asia/Oceania ID Average (unweighted)
% Female TEA
International
Sales
25%
15%
10%
20%
0%
5%
30%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : Innovation-Driven Regions (unweighted)
Australia
Asia/Oceania ID Average (unweighted)
50%
30%
20%
40%
0%
10%
124
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
JAPAN
Few women are starting or intending to start businesses in
Japan currently, but established business ownership levels
are close to the regional average and few women report
having closed a business in the past year. Opportunity
and capability perceptions are low, although fear of failure
levels are about normal for Asia/Oceania. Impact factors
are all lower than average.
Japan
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : Innovation-Driven Regions (unweighted)
Asia/Oceania ID Average (unweighted)
10%
6%
4%
8%
0%
2%
12%
14%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : Innovation-Driven Regions (unweighted)
Japan Asia/Oceania ID Average (unweighted)
25%
15%
10%
20%
0%
5%
30%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : Innovation-Driven Regions (unweighted)
Japan Asia/Oceania ID Average (unweighted)
50%
30%
20%
40%
0%
10%
125
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
REPUBLIC OF KOREA
Korea shows slightly lower than average female TEA rates,
consistent with opportunity perceptions that are less than
half the regional average. Women entrepreneurs exhibit
low levels on the impact factors, with the exception of an
average level of internationalization.
Republic of Korea
Asia/Oceania ID Average (unweighted)
Overall Average : Innovation-Driven Regions (unweighted)
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
10%
6%
4%
8%
0%
2%
12%
14%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : Innovation-Driven Regions (unweighted)
Republic of Korea
Asia/Oceania ID Average (unweighted)
25%
15%
10%
20%
0%
5%
30%
Overall Average : Innovation-Driven Regions (unweighted)
Republic of Korea
Asia/Oceania ID Average (unweighted)
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
50%
30%
20%
40%
0%
10%
126
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
SINGAPORE
Singapore exhibits average levels of TEA and intentions,
although established business activity is low. Opportunity
and capability perceptions are lower than the regional
average. Job expectations among women entrepreneurs
are somewhat higher than average for the region. Not
surprising, given the small economy, internationalization
rates are twice the average for innovation-driven Asia/
Oceania.
Singapore
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : Innovation-Driven Regions (unweighted)
Asia/Oceania ID Average (unweighted)
10%
6%
4%
8%
0%
2%
12%
14%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : Innovation-Driven Regions (unweighted)
Singapore
Asia/Oceania ID Average (unweighted)
10%
20%
0%
30%
40%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : Innovation-Driven Regions (unweighted)
Singapore Asia/Oceania ID Average (unweighted)
50%
30%
20%
40%
0%
10%
127
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
TAIWAN
Activity levels among women in Taiwan are average or
above average for the Asia/Oceania region. Opportunity
perceptions are more than 50% higher than average.
Innovation levels among women entrepreneurs are
higher than average, but more impactful is the job
expectations indicator, which is nearly 2/3 greater than
the regional average.
Taiwan
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Asia/Oceania ID Average (unweighted)
Business
Closure
Female
Overall Average : Innovation-Driven Regions (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female
TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : Innovation-Driven Regions (unweighted)
Taiwan
Asia/Oceania ID Average (unweighted)
50%
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : Innovation-Driven Regions (unweighted)
Taiwan Asia/Oceania ID Average (unweighted)
50%
30%
20%
40%
0%
10%
128
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Europe Innovation-Driven
AUSTRIA
Female TEA and established business rates are slightly
above average in Austria, and opportunity and capability
perceptions are above average for an innovation-driven
European economy. While job expectations are little
more than half the level of a typical economy in this
region, innovation and internationalization are higher
than average.
Austria
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average: ID Regions (unweighted)
Austria Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Austria Europe Innovation-Driven Average (unweighted)
50%
30%
20%
40%
0%
10%
129
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
BELGIUM
Female activity rates are below average in Belgium, and
this is reflective of less positive attitudes—particularly
capabilities perceptions, which are 2/3 the average
level for the region. In addition, little more than half the
proportion of women know an entrepreneur compared
to the regional average. Impact indicators among
women entrepreneurship are high, however, particularly
internationalization, which is more than twice the average
level for innovation-driven Europe.
Belgium
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Belgium Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Belgium Europe Innovation-Driven Average (unweighted)
50%
30%
20%
40%
0%
10%
60%
130
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
CZECH REPUBLIC
Female activity levels are close to average in the Czech
Republic, although fewer than average women see
opportunities or know entrepreneurs. Although women
entrepreneurs are less international than their European
peers, they are nearly 50% more likely to have job
expectations of 6 or more employees in the next five
years.
Czech Republic
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Overall Average: ID Regions (unweighted)
Czech Republic Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Czech Republic Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
131
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
DENMARK
Denmark shows female activity rates that nearly reach
the regional average. Women in this country are 2/3
more likely to see opportunities for starting a business,
but are less likely to perceive they have the capabilities
to do so, compared to the typical innovation-driven
European economy. Although both job expectations
and internationalization are less than half the regional
average, women are more likely than average to
participate in business services and nearly 50% more
likely to have innovative products or services.
Denmark
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Denmark Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Denmark Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
132
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
FINLAND
Female activity rates are close to average in Finland.
Women are more likely than the average innovation-driven
European economy to know an entrepreneur and to see
opportunities for starting a business. Impact factors,
however, are somewhat lower than the region average,
particular internationalization, which is less than half the
average level.
Finland
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average: ID Regions (unweighted)
Finland
Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Finland
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
133
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
FRANCE
Female activity rates are slightly lower than average in
France, and this is consistent with lower opportunity
and capability perceptions than is typical for the region.
Innovation levels among women entrepreneurs, however,
are more than 1/3 higher than the innovation-driven
Europe average.
France
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
France Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
France Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
134
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
GERMANY
Female activity levels in Germany nearly reach the regional
average. Capabilities perceptions among women are
slightly below average, while fear of failure is higher than
average. Among women entrepreneurs, innovation levels
are 2/3 the average for the region, but the other impact
indicators are above average.
Germany
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Overall Average: ID Regions (unweighted)
Germany Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Germany Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
135
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
GREECE
Greece exhibits average levels of female intentions and
TEA, while established business ownership is nearly twice
the average for an innovation-driven European economy.
Opportunity perceptions in the female population are little
more than half the average level, while ¾ of women seeing
opportunity state they would be constrained from starting
due to fear of failure—over 50% higher than average. With
the exception of average levels of internationalization,
impact indicators are lower than average for women
entrepreneurs in Greece.
Greece
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Greece Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Greece Europe Innovation-Driven Average (unweighted)
60%
40%
80%
0%
20%
136
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
IRELAND
While TEA is nearly average, established business activity
is slightly above average among women in Ireland.
Attitudes also show mixed results, with opportunity
perceptions slightly lower and capability perceptions
slightly higher than is typical in innovation-driven Europe.
Job expectation among women entrepreneurs are higher
than the regional average and innovation levels are 50%
higher than average.
Ireland
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average: ID Regions (unweighted)
Ireland Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
50%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Ireland Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
137
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
ITALY
TEA and established business rates are just below
average in Italy, likely reflecting low opportunity and
capability perceptions in the female population, as well as
high fear of failure. Women entrepreneurs show lower than
average levels on all impact indicators, particularly job
expectations.
Italy
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Italy Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Italy Europe Innovation-Driven Average (unweighted)
60%
40%
80%
0%
20%
138
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
LUXEMBOURG
Luxembourg shows higher than average female intentions
but average TEA and established business activity
just below average. Attitude measures in the female
population are close to the average for an innovation-
driven European economy. Women entrepreneurs are
more than twice as likely to have job expectations of 6 or
more employees in five years compared to the average
for the region, internationalization is over 2 ½ time the
average, and innovation levels are high.
Luxembourg
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
Overall Average: ID Regions (unweighted)
Luxembourg Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
50%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Luxembourg
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
139
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
NETHERLANDS
Female TEA and established business rates are
above average in the Netherlands, reflective of higher
opportunity perceptions and lower fear of failure
compared to the innovation-driven European average.
Job expectations and internationalization show half the
levels of the regional average, and innovation levels are
also comparatively lower. Women entrepreneurs are
more likely than average to participate in the business
services sector.
Netherlands
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female
TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Netherlands Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Netherlands Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
140
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
NORWAY
Despite low intentions, female activity rates are close
to average in Norway. Opportunity perceptions are
high among women and fear of failure is low; however,
fewer women perceive they have the capabilities for
entrepreneurship compared to the average innovation-
driven European economy. Job expectations, innovation
and internationalization are lower than the regional
average among women entrepreneurs, although they
show higher than typical levels of business services
participation.
Nor way
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Overall Average: ID Regions (unweighted)
Nor way Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Nor way Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
141
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
PORTUGAL
Women in Portugal show somewhat higher levels of
activity despite low opportunity perceptions, although
capabilities are higher than the regional average.
Innovation rates among women entrepreneurs are less
than 2/3 the average for the innovation-driven European
economies and business services activity is lower than
average. Growth ambitions, however, are above the
average for the region.
Portugal
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Portugal Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of
Failure
Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Portugal Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
142
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
SLOVAKIA
Female Intentions and TEA levels are above average in
Slovakia while established business rates fall around
the average level for the innovation-driven European
economies. While more women know entrepreneurs and
believe they have the capabilities to start a business
compared to the regional average, opportunity perceptions
are low and fear of failure is above average. Comparatively
few women entrepreneurs sell internationally, yet many
participate in the business services sector and 50% more
have job expectations of 6 or more employees in the next
5 years compared to the regional average.
Slovakia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Slovakia Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
Overall Average: ID Regions (unweighted)
Slovakia Europe Innovation-Driven Average (unweighted)
143
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
SLOVENIA
Female TEA and established business rates are just below
the average for the innovation-driven European region. But
while a higher level than average proportion of women in
this country know an entrepreneur, believe they have the
capabilities to start a business, and are undeterred by
fear of failure, few believe there are good opportunities
around them. Women entrepreneurs are less international
than their European peers. But they are 2/3 more likely to
project employing 6 or more people in the next 5 years.
Slovenia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Slovenia Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Slovenia Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
144
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
SPAIN
Female activity rates are about average in Spain.
Women in this country, however, have low opportunity
perceptions, despite having high beliefs about their
capabilities compared to the average for innovation-
driven Europe. Internationalization is lower than
average, with levels on the other impact factors falling
around the average for the region.
Spain
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Overall Average: ID Regions (unweighted)
Spain Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Spain Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
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SWEDEN
In Sweden, female activity rates are close to the averages
for the innovation-driven European region. Opportunity
perceptions among women in this country are twice
the regional average, while fear of failure is just below
average. Capabilities perceptions, however, run somewhat
lower than typical. Women entrepreneurs participate more
often than their European peers in the business services
sector, and they more often sell internationally.
Sweden
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Sweden Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Sweden Europe Innovation-Driven Average (unweighted)
60%
40%
80%
0%
20%
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SWITZERLAND
Switzerland shows slightly higher female activity rates
compared to the innovation-driven European average. This
is reflective of higher opportunity perceptions and lower
fear of failure compared to the regional average. Although
job expectations are lower than average in this country,
women entrepreneurs are comparatively likely to sell
internationally.
Switzerland
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
Overall Average: ID Regions (unweighted)
Switzerland
Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Switzerland Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
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UNITED KINGDOM
Female TEA rates in the UK are somewhat higher than
average, consistent with positive attitudes in the female
population. Few women entrepreneurs sell internationally
and innovation levels and business services participation
are slightly below average.
United Kingdom
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
United Kingdom Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
United Kingdom Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
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Middle East Innovation-Driven
ISRAEL
Israel shows average TEA and established business rates,
but low capability perceptions and high fear of failure.
While opportunity perceptions are slightly lower than the
average of the three Middle Eastern economies, they are
still higher than the overall average for the innovation-
driven economies. Job expectations are lower than Kuwait
in the Middle East, but on par with the innovation-driven
economies. Internationalization, however, is low whether
making comparisons within the region or the broader
development-level group.
Israel
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Middle East Average (unweighted)
Business
Closure
Female
Overall Average : ID Regions (unweighted)
50%
30%
20%
40%
0%
10%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Middle East Average (unweighted)
% Female TEA
International
Sales
Overall Average : ID Regions (unweighted)
Israel
50%
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Middle East Average (unweighted)
Know an
Entrepreneur
Female
Overall Average : ID Regions (unweighted)
Israel
50%
30%
20%
40%
0%
10%
60%
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KUWAIT
Despite the fact that half of the female population in
Kuwait intend to start a business, TEA and established
business levels are average and one out of ten women
has closed a business in the previous year. Compared
to its Middle East and other developed peers, Kuwait
shows high female capability perceptions. Over 2/3
women entrepreneurs have job expectations of 6 or
more employees in the next five years, much higher than
the regional and overall developed economy average.
International sales are above average.
Kuwait
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Middle East Average (unweighted)
Business
Closure
Female
Overall Average : ID Regions (unweighted)
50%
30%
20%
40%
0%
10%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Middle East Average (unweighted)
% Female TEA
International
Sales
Overall Average : ID Regions (unweighted)
Kuwait
60%
40%
80%
0%
20%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Middle East Average (unweighted)
Know an
Entrepreneur
Female
Overall Average : ID Regions (unweighted)
Kuwait
50%
30%
20%
40%
0%
10%
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QATAR
Over half the female population in Qatar intend to
start a business in the next three years. TEA rates are
above average, but few women are running established
businesses. Women exhibit high opportunity and
capability perceptions and low fear of failure. Job
expectations are lower than Kuwait, but just above the
overall innovation-driven group average.
Qatar
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Middle East Average (unweighted)
Business
Closure
Female
Overall Average : ID Regions (unweighted)
50%
30%
20%
40%
0%
10%
60%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Middle East Average (unweighted)
% Female TEA
International
Sales
Overall Average : ID Regions (unweighted)
Qatar
50%
30%
20%
40%
0%
10%
60%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Middle East Average (unweighted)
Know an
Entrepreneur
Female
Overall Average : ID Regions (unweighted)
Qatar
50%
30%
20%
40%
0%
10%
60%
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North America
CANADA
Canada exhibits higher female TEA and established
business rates than the average innovation-driven
economy. Opportunity and capability perceptions are over
50% higher than the innovation-driven average and fear of
failure is lower. Business services activity and innovation
levels are somewhat higher in Canada compared to its
development-level peers.
UNITED STATES
The United States shows higher female TEA rates than
the innovation-driven average, and slightly higher than
Canada. However, established business activity is
average for an innovation-driven economy, and this level
is lower than in Canada. Capability perceptions are more
than 2/3 higher than the innovation-driven average,
and slightly higher than Canada reports. However,
opportunity perceptions are slightly lower than Canada,
although 40% higher than the innovation-driven average.
Job expectations and innovation levels among women
entrepreneurs are higher in the United States than in
Canada or the average innovation-driven economy.
Canada
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
United States
Business
Closure
Female
Overall Average: Innovation-Driven Regions (unweighted)
15%
5%
10%
0%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
United States
% Female TEA
International
Sales
Overall Average: Innovation-Driven Regions (unweighted)
Canada
50%
30%
20%
40%
0%
10%
Opportunity
Perceptions Female
Fear of Failure Female
United States
Know an
Entrepreneur
Female
Overall Average: Innovation-Driven Regions (unweighted)
Canada
50%
30%
20%
40%
0%
10%
60%
Capability
Perceptions
Female
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APPENDIX B:
THE GEM MODEL AND METHODOLOGY
London Business School (Michael Hay) and the other from
Babson College (Bill Bygrave) in the United States. In the
late 1900s there was no recognized international research
that focused on entrepreneurship and the word was not a
household name as it is today. The frst published reports
came out in 1999 and involved just 10 countries, eight
from the OECD, Japan and the United States. Since then,
the consortium of GEM countries has grown substantially
to where over 100 economies are participating from
all levels of economic development and in almost all
geographic regions. The GEM study now represents
between 70% and 75% of the world’s population and
approximately 90% of the world’s GDP. It can now claim
to be truly global and to be the most authoritative and
informative study on entrepreneurship in the world today.
Only a few areas of the globe are not represented such as
certain countries in mid/central Asia, a few countries in
Southeast Asia and some from West and Central Africa.
A
cademics and policy makers agree that
entrepreneurs, and the new businesses
they establish, play a critical role in the
development and well-being of their
societies. As such, there is increased appreciation for
and acknowledgement of the role played by new and
small businesses in an economy. GEM contributes
to this recognition with longitudinal studies and
comprehensive analyses of entrepreneurial attitudes
and activity across the globe. Since its inception
in 1997 by scholars at Babson College and London
Business School, GEM has developed into one of the
world’s leading research consortia concerned with
improving our understanding of the relationships
between entrepreneurship and national development.
GEM is a worldwide study on entrepreneurship that was
frst conceptualized in 1997 by two academics, one from
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
THE GEM CONCEPTUAL FRAMEWORK
Since its inception, the GEM survey was conceptualized
to explore the interdependency between
entrepreneurship and economic development. During
the last 16 years, this conceptual framework and
the basic definitions have evolved gradually without
compromising the comparability of the collected
information, but bringing more clarity to assumed
relationships. This process was supported by the work
of a number of researchers who, using GEM data,
contributed to building an entrepreneurship paradigm
(Alvarez et al., 2014, Bosma, 2013, Levie and Autio,
2008, Reynolds et al, 2015).
The starting definition for entrepreneurship still remains
valid, being:
“any attempt at new business or new venture creation,
such as self-employment, a new business organization,
or the expansion of an existing business, by an
individual, a team of individuals, or an established
business” (Reynolds, P. et al, 1999, p. 3).
The three questions which originally opened the way
to the GEM survey (Reynolds, P. et al, 1999, p. 3) were
formulated as follows:
? Does the level of entrepreneurship activity vary
between countries, and if so, to what extent?
? Does the level of entrepreneurship activity affect a
country’s rate of economic growth and prosperity?
? What makes a country entrepreneurial and what
factors influence entrepreneurship activity?
In order to answer these questions, GEM had to depart
from the conventional approach of thinking about
national economic growth. This led to the development
of a new conceptual framework, which has been through
a series of adjustments since its inception in 1999.
The GEM conceptual framework, as identified in 1999
(Figure 49), in contrast to conventional model of
Figure 48: Conventional model of national economic growth
Source: Reynolds, P. D., M. Hay, S.M. Camp, Global Entrepreneurship Monitor, 1999 Executive Report, p. 9
Figure 49: Model of entrepreneurship processes a?ecting national economic growth
Source: Reynolds, P. D., M. Hay, S.M. Camp, Global Entrepreneurship Monitor, 1999 Executive Report, p. 10
This starting framework (Figure 49) subsequently incorporated the findings and insights derived from numerous
GEM surveys and years of GEM research, evolving into the GEM Conceptual Framework as presented in Figure 50.
The GEM survey was
conceptualized to explore the
interdependency between
entrepreneurship and
economic development.
General
National
Framework
Conditions
Social,
Cultural,
Polical
Context
National
Economic
Growth
(GDP, Jobs)
Major Established Firms
(Primary Economy)
Micro, Small and Medium Firms
(Secondary Economy)
Business
Dynamics
General
National
Framework
Conditions
Social,
Cultural,
Polical
Context
National
Economic
Growth
(GDP, Jobs)
Entrepreneurial Opportunities
Entrepreneurial Capacity
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Figure 50: The GEM Conceptual Framework used in GEM surveys up to 2014
national economic growth (Figure 48), depicted the
basic assumption that national economic growth is
the result of the personal capabilities of individuals,
wherever they are located (regardless of the size of
businesses or if they are self-employed), to identify and
seize opportunities, and that this process takes place
in interaction with the environment (social, cultural and
political) in which these individuals are located.
This starting framework (Figure 49) subsequently
incorporated the findings and insights derived from
numerous GEM surveys and years of GEM research,
evolving into the GEM Conceptual Framework as
presented in Figure 50.
The most recent revision of the GEM conceptual
framework entailed opening the “black box” entitled
Social
Cultural
Political
Context
From other
available
sources
From GEM
National Expert
Surveys (NES)
Established firms
Employee
Entrepreneurial
Activity
From GEM Adult
Population
Surveys (APS)
Entrepreneurship profile
Attitudes:
Perceived opportunities and
capabilities; fear of failure;
status of entrepreneurship
Activity:
Opportunity/necessity-driven,
Early-stage; Inclusiveness;
Industry; Exits
Aspirations:
Growth, innovation
International orientation
Social value creation
From GEM Adult
Population
Surveys (APS)
Socio-
Economic
Development
(Jobs,
innovation,
social value)
Basic requirements
? Institutions
? Infrastructure
? Macroeconomic stability
? Health and primary education
Efficiency enhancers
? Higher education and training
? Goods market efficiency
? Labor market sophistication
? Technological readiness
? Market size
Innovation and
entrepreneurship
? Entrepreneurial finance
? Government policy
? Government entrepreneurship
? Entrepreneurship education
? R&D transfer
? Internal market openness
? Physical infrastracture for
entrepreneurship
? Commercial, legal
infrastructure for
entrepreneurship
? Cultural and social norms
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
“Entrepreneurship Profle” (as presented in Figure 50).
From the beginning of conducting GEM surveys the
implicit assumption of mutual relationships between
attitudes, aspirations and activities was built into the
conceptual framework, but without spelling out the nature
of these relationships. In the revised GEM conceptual
framework (depicted in Figure 51) this “black box” has
been opened to allow for testing of the characteristics
of the assumed relationships between social values,
personal attributes and various forms of entrepreneurship
activity. This work was carried out by members of the
GEM Research and Innovation Advisory Committee (RIAC).
The components of the revised GEM Conceptual
Framework are:
Figure 51: The GEM Conceptual Framework
SOCIAL, CULTURAL, POLITICAL AND
ECONOMIC CONTEXT
As in the previous GEM model, this is defined according
to the twelve pillars of competitiveness derived from the
World Economic Forum’s Global Competitiveness Index,
and the nine components of GEM’s Entrepreneurship
Framework Conditions (see Table 9). These will affect
countries differently, depending on the stage of
economic development at which the countries are, i.e.
although all of the pillars will be important to each
economy, the pillars of competitiveness which are of
most importance to a factor-driven economy will differ
from those that will be most important in an efficiency-
driven economy.
Social, cultural, political,
economic context
National
framework
conditions
Outcome (Socio-economic development)
Entrepreneurial output
(new jobs, new value added)
Social values towards
entrepreneurship
Individual attributes
(psychological,
demographic,
motivation)
Entrepreneurial activity
? By phases of organisational life cycle
? Nascent, new, established,
discontinuation
? Types of activity:
- High growth,
- innovative,
- Internationalization
? Sectors of activity:
- TEA,
- SEA,
- EEA
Entrepreneurial
framwork
conditions
Basic requirements
Efficiancy enhancers
Innovation and business
sophistication
+
_
+
_
+
_
+
_
+
_
+
_
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Table 9: Social, cultural, political and economic context and economic development phases
From other available sources
From GEM National
Expert Surveys (NES)
Economic development phases
National Framework Conditions,
based on World Economic Forum
pillars for profiling economic
development phases
Entrepreneurship Framework
Conditions
Basic requirements – key to
resource-driven economies
? Institutions
? Infrastructure
? Macroeconomic stability
? Health and primary education
Efficiency enhancers – key to
efficiency-driven economies
? Higher education and training
? Goods market efficiency
? Labor market efficiency
? Financial market sophistication
? Technological readiness
? Market size
Innovation and sophistication
factors – key for innovation-driven
economies
? Business sophistication
? Innovation
? Entrepreneurial finance
? Government policy
? Government entrepreneurship
programs
? R&D transfer
? Internal market openness
? Physical infrastructure for
entrepreneurship
? Commercial and legal
infrastructure
for entrepreneurship
? Cultural and social norms
It is important to note that all components of the
environment in which women and men act entrepreneurially
(or cannot act proactively and innovatively) are mutually
dependent. This dependency demands a holistic approach
not only in research but also in designing appropriate
policies for building a supportive environment in which
entrepreneurial behavior can fourish.
SOCIAL VALUES TOWARD
ENTREPRENEURSHIP
This includes aspects such as the extent to which
society values entrepreneurship as a good career
choice; whether entrepreneurs have high societal
status; and the extent to which media attention to
entrepreneurship is contributing to the development of a
positive entrepreneurial culture.
INDIVIDUAL ATTRIBUTES
This includes different demographic factors (such
as gender, age, geographic location); psychological
factors (including perceived capabilities, perceived
opportunities, fear of failure); and motivational
aspects (necessity versus opportunity based ventures,
improvement-driven ventures).
ENTREPRENEURSHIP ACTIVITY
This is defned according to the phases of the life cycle
of entrepreneurial ventures (nascent, new business,
established business, discontinuation); according to type of
activity (high growth, innovation, internationalization); and
sector of activity (Total Early-stage Entrepreneurship Activity
– TEA, Social Entrepreneurship Activity - SEA, Employee
Entrepreneurship Activity – EEA).
In all the conceptual frameworks, the basic assumption
has remained unchanged – namely, that entrepreneurship
activity is an output of the interaction of an individual’s
perception of an opportunity and capacity (motivation
and skills) to act upon this opportunity, AND the distinct
conditions of the environment in which the individual is
located. The GEM survey of entrepreneurship (based on
individuals) complements other major business creation
surveys by providing unique information on individuals
(attributes, values, activities) and their interaction with the
environment in practicing entrepreneurship behavior (pro-
activeness, innovativeness and responsible choices).
It is clear, therefore, that GEM continues to focus on
contributing to global economic development through
surveying / researching entrepreneurship, which helps
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
to improve research-based education and research-
based formulation of public policies in the feld of
entrepreneurship. In order to achieve this, GEM has three
key objectives:
? to determine the extent to which entrepreneurship
activity infuences economic growth within individual
economies;
? to identify factors which encourage and/or hinder
entrepreneurship activity (especially the relationships
between national entrepreneurship conditions, social
values, personal attributes and entrepreneurship
activity); and
? to guide the formulation of effective and targeted
policies aimed at enhancing entrepreneurship capacity
within individual countries.
Over the years, GEM surveys have confrmed that the level
of entrepreneurship activity varies among countries at
a fairly constant rate. A crucial point confrmed by GEM
research is that it takes time and consistency in policy
interventions in order to enhance and develop the factors
which contribute to entrepreneurship activity. Surveys
also confrmed that entrepreneurship activity, in different
forms (nascent, startup, employee entrepreneurship),
is positively correlated with economic growth, but that
this relationship differs according to phases of economic
development (Acs and Amorós, 2008; Van Stel et al.,
2005; Wennekers et al., 2010).
GEM’s role as one of the world’s leading research
consortia concerned with improving the understanding
of the relationships between entrepreneurship and
national development is confirmed by recent policy
interventions around the world. These are focused
on components of the GEM conceptual framework:
environment (entrepreneurship framework conditions),
individual capacity for identifying and exploiting
opportunities, and society’s capacity to develop
an entrepreneurial culture. A recent report on
entrepreneurial ambition and innovation (WEF-GEM,
2015) highlights the cases of Colombia and Chile,
economies that have put in place several public and
private initiatives to enhance their entrepreneurship
ecosystems (Drexler and Amorós, 2015).
Total Early-Stage Entrepreneurial Activity (TEA)
Figure 1.5: The entrepreneurship process and GEM operational de?nitions
Source: GEM Global Report 2014
Individual attributes
? Gender
? Age
? Motivation
Industry
?Sector
Impact
? Business growth
? Innovation
? Internationalization
Nascent
entrepreneur:
involved in
setting up a
business
Owner-manager of
a new business
(up to 3.5 years
old)
Discontinuation of
business
Owner-
manager
of an
established
business
(up to 3.5
years old)
Early-stage entrepreneurship pro?le
Potential
entrepreneur:
opportunities,
knowledge and
skills
Conception Firm Birth Persistence
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HOW GEM MEASURES ENTREPRENEURSHIP
GEM measures individual participation across multiple
phases of the entrepreneurship process, providing
insights into the level of engagement in each stage. This
is important because societies may have varying levels of
participation at different points in this process; however,
a healthy entrepreneurial society needs people active in
all phases. For example, in order to have startups in a
society, there must be potential entrepreneurs. Later in
the process, people that have started businesses must
have the ability and the support to enable them to sustain
their businesses into maturity. Figure 1.5 presents an
overview of the entrepreneurial process and the GEM
operational defnitions.
GEM’s multiphase measures of entrepreneurship are
given below:
Potential entrepreneurs – those that see opportunities in
their environments, have the capabilities to start businesses
and are undeterred by fear of failure.
Intentional entrepreneurs – those who intend to start a
business in the future (in the next three years).
Nascent entrepreneurs – those who have taken steps to
start a new business, but have not yet paid salaries or
wages for more than three months.
New entrepreneurs – those who are running new
businesses that have been in operation for between 3
months and 42 months.
Established business owners – those who are running a
mature business, in operation for more than 42 months.
Discontinued entrepreneurs – those who, for whatever
reason, have exited from running a business in the
past year.
GEM’s individual-level focus enables a more
comprehensive account of business activity than firm-
level measures of formally registered businesses. In
other words, GEM captures both informal and formal
activity. This is important because in many societies,
the majority of entrepreneurs operate in the informal
sphere. In addition, GEM’s emphasis on individuals
provides an insight into who these entrepreneurs are: for
example, their demographic profiles, their motivations
for starting ventures, and the ambitions they have for
their businesses. GEM also assesses broader societal
attitudes about entrepreneurship, which can indicate
the extent to which people are engaged in or willing to
participate in entrepreneurship activity, and the level
of societal support for their efforts. The GEM database
allows for the exploration of individual or business
characteristics, as well as the causes and consequences
of new business creation.
In order to provide for reliable comparisons across
countries, GEM data is obtained using a research design
that is harmonized over all participating countries. The
data is gathered on an annual basis from two main
sources:
1. ADULT POPULATION SURVEY (APS)
The key entrepreneurship indicators are measured in
the Adult Population Survey (APS). Academic teams in
each participating economy administer and oversee
this survey, which is conducted using a random
representative sample of at least 2 000 adults between
the ages of 18 and 64 years. The surveys are conducted
at the same time every year (between May and July)
using a standardized questionnaire provided by the GEM
Global Data Team. The questionnaire is translated into
local languages, and back-translated for a validity check.
The individual countries only gain access to the data once
the raw data has been analyzed by experts for quality
assurance, checking and uniform statistical calculations.
As the GEM research design harmonizes the data, it is
possible to conduct reliable cross national and intra country
comparisons over time.
2. NATIONAL EXPERTS SURVEY (NES)
The National Expert Survey (NES) provides
information on the local environment faced by startup
entrepreneurs. Information is gathered about the nine
Entrepreneurship Framework Conditions: financing
for entrepreneurs, government policies, governmental
programs, entrepreneurship education and training,
research and development transfer, commercial and
professional infrastructure, internal market openness,
physical and services infrastructure and social and
cultural norms.
The GEM global data set is open source after 3 years and it
can be reached at www.gemconsortium.org .
Besides the annual surveys based on collecting data
through Adult Population Survey and National Expert
Survey instruments, GEM conducts in-depth surveys on
special topics, by adding specifc questions to the standard
APS questionnaire. This rich seam of GEM data has
been analyzed and presented in a number of separate
publications (www.gemconsortium.org):
? On fnancing, in 2004 and 2006
? On women and entrepreneurship, in 2005, 2006,
2007, 2009, 2010, 2012, 2015
? On high expectation entrepreneurship,
on high-growth entrepreneurship, on high impact
entrepreneurship, in 2005, 2007, 2011
? On innovation confdence index – EU funded project,
in 2007, 2008, 2009
? On social entrepreneurship, in 2009
? On education and training, in 2010
? On youth, in 2013, 2015
? On entrepreneurial employee activity, in 2013
? On sub-Saharan Africa, in 2013, 2014 (on youth)
? On Entrepreneurship, competitiveness and
development, 2015
? On Southeast Asia, 2015
doc_705818743.pdf
Detailed outline pertaining to special report womens entrepreneurship.
AUTHORS
DONNA KELLEY
CANDIDA BRUSH
PATRICIA GREENE
MIKE HERRINGTON
ABDUL ALI
PENNY KEW
SPECIAL REPORT
Women’s
Entrepreneurship
1
GEM WOMEN’ S SPECI AL REPORT
2015
ACKNOWLEDGEMENTS
The authors express our gratitude to all participating GEM 2013 and 2014 national teams: Algeria, Angola, Argentina,
Australia, Austria, Barbados, Belgium, Belize, Bolivia, Bosnia & Herzegovina, Botswana, Brazil, Burkina Faso, Cameroon,
Canada, Chile, China, Colombia, Costa Rica, Croatia, Czech Republic, Denmark, Ecuador, El Salvador, Estonia, Finland,
France, Georgia, Germany, Ghana, Greece, Guatemala, Hungary, India, Indonesia, Iran, Ireland, Israel, Italy, Jamaica,
Japan, Kazakhstan, Republic of Korea, Kosovo, Kuwait, Latvia, Libya, Lithuania, Luxembourg, Macedonia, Malawi,
Malaysia, Mexico, Netherlands, Nigeria, Norway, Panama, Peru, Philippines, Poland, Portugal, Puerto Rico, Qatar,
Romania, Russia, Singapore, Slovakia, Slovenia, South Africa, Spain, Suriname, Sweden, Switzerland, Taiwan, Thailand,
Trinidad and Tobago, Turkey, Uganda, United Kingdom, United States, Uruguay, Vietnam, Zambia.
Women’s
Entrepreneurship
SPECIAL REPORT
2
GEM WOMEN’ S SPECI AL REPORT
ABOUT THE AUTHORS
Penny Kew is a qualified veterinarian as well as holding
an MSc in Tropical Veterinary Medicine from Edinburgh
University. As a Rhodes Scholar, she obtained a
first-class Honours degree in English Language and
Literature, as well as an MSc in Comparative and
International Education, from Oxford University. She
has been involved in the area of education and training
since 1997. Penny has been involved in a number of the
South African GEM reports: she was principal researcher
and author on the 2008, 2009 and 2010 reports and
since then has been involved on a consultancy as well
as editing basis. She has co-authored a number of
special reports on entrepreneurship - most recently on
the ASEAN region, and on youth entrepreneurship.
Donna Kelley is a Professor of Entrepreneurship at
Babson College, and holds the Frederic C. Hamilton Chair
of Free Enterprise. Prof. Kelley is a board member of the
Global Entrepreneurship Research Association (GERA),
the oversight board of GEM, and leader of the GEM
U.S. team. She has co-authored GEM reports on global
entrepreneurship, ambitious and innovative entrepreneurs,
women’s entrepreneurship, entrepreneurship education
and training, and entrepreneurship in the U.S., Korea,
and Africa. She has presented GEM at the United Nations,
the U.S. State Department, the World Bank, and for
many other organizations. Besides teaching a variety of
entrepreneurship courses at Babson College, Prof. Kelley
has taught seminars and courses at top universities in China
and Korea, and worked in Bandung, Indonesia as a Fulbright
Specialist. She received her Ph.D. in Management from
Rensselaer Polytechnic Institute. Her early career involved
work as a chemist and in entrepreneurial ventures in the
health/ftness, computer hardware and education felds
Patricia G. Greene is the Paul T. Babson Chair in
Entrepreneurial Studies at Babson College where she
formerly served frst as Dean of the Undergraduate
School and later as Provost. Greene’s current assignment
at Babson is to serve as the academic director for the
Goldman Sachs 10,000 Small Businesses and 10,000
Women programs. Dr. Greene is a founding member of
the Diana Project, a research group dedicated to studying
women business owners and their businesses. Her
latest co-authored book is Teaching Entrepreneurship,
a Practice Based Approach. She loves to talk about
Mike Herrington is the Executive Director of GEM and
formerly Director of the UCT Centre for Innovation and
Entrepreneurship (CIE) at the UCT Graduate School of
Business. He is a recognised entrepreneur, having started
four businesses – one in New Zealand and three in South
Africa. He was responsible for starting the CIE and has
taught entrepreneurship at all levels both at the business
school and within the University of Cape Town more
broadly for more than a decade. His leading activities
are in the areas of entrepreneurship, business planning,
internationalisation of business and venture capital.
Dr Abdul Ali’s research, teaching, and consulting
focus on entrepreneurial marketing, new product
management, marketing analytics, marketing strategy
and marketing high-tech products. His work has appeared
in numerous journals. He has been a member of the
US Global Entrepreneurship Monitor (GEM) team since
2008 and has also written chapters on Innovation and
Entrepreneurship in the United States GEM Executive
Reports. He was an Area Editor of Marketing and
Entrepreneurship for the Journal of Asia Business Studies
from Fall, 2006 to Spring 2014.
Dr Candida Brush is Franklin W. Olin Distinguished
Chair in Entrepreneurship at Babson College and serves
as Vice Provost of Global Entrepreneurial Leadership.
Professor Brush is well known for her pioneering research
in women’s entrepreneurship, and is a co-founder of
the Diana Project an international research consortium
investigating women’s access to growth capital
internationally. She was named the 2007 recipient of the
FSF - Swedish Research Foundation International Award
for Outstanding Research Contributions in the Field of
Entrepreneurship. Her research investigates resource
acquisition, strategy and fnancing of new ventures.
PENNY KEW
DONNA KELLEY
PATRICIA GREENE
MIKE HERRINGTON
ABDUL ALI
CANDIDA BRUSH
entrepreneurship, sharing her views on how to change the
way the world does business with anyone who will listen.
Her latest entrepreneurial endeavor is as a co-owner of
Artworks, a specialty store in Gettysburg, PA.
3
GEM WOMEN’ S SPECI AL REPORT
CONTENTS
4 LIST OF FIGURES AND TABLES
8 EXECUTIVE SUMMARY
10 INTRODUCTION
CHAPTER 1: Women’s participation
in entrepreneurship across multiple
phases of activity
14 1.1 Participation in entrepreneurship
across multiple phases of activity
15 1.1.1.Entrepreneurial intention
17 1.1.2.Early-stage entrepreneurial activity
19 1.1.3.Changes in TEA rates from 2012
20 1.1.4.Established business activity
22 1.1.5.Business closure
23 1.2. A comparative overview of
female entrepreneurial activity
ENTREPRENEURS’ STORIES
25 VALRIE GRANT (JAMAICA):
GEOTECHVISION ENTERPRISES LTD
27 GEORGIA BEATTIE (MELBOURNE, AUSTRALIA):
LUPE WINES AND SINGLE SERVICE PACKAGING
CHAPTER 2: Characteristics of
women entrepreneurs
29 2.1 Age
30 2.2 Education level
30 2.3 Motivation
35 2.4 Teams
ENTREPRENEUR’S STORY
37 NINH THI TY (VIETNAM):
HO GUOM GARMENTS AND
CHIEN THANG GARMENTS
CHAPTER 3: Societal attitudes and the
infuence on women’s entrepreneurial behavior
39 3.1 Knowing an entrepreneur
41 3.2 Opportunity perceptions
43 3.3 Capabilities perceptions
43 3.4 Changes in opportunity and
capabilities perceptions from 2012
45 3.5 Fear of failure
45 3.6 A comparative overview of
female entrepreneurial attitudes
ENTREPRENEURS’ STORIES
49 ANJA STAEGE-THYLMANN (GERMANY): STYLE CATS
50 VERONICA MOLINA (ECUADOR): ECLIPSOFT
CHAPTER 4: Women’s
entrepreneurship impact
51 4.1 Industry sector
53 4.2 Job creation
56 4.3 Innovation
57 4.4 Changes in job expectations and
innovation from 2012
57 4.5 International sales
58 4.6 A comparative overview of
female entrepreneurial impact
60 4.7 The relationship between GEM and
WEF gender gap indicators
ENTREPRENEUR’S STORY
63 AMEERA SAFTER (SOUTH AFRICA):
KO KREATIV PROJECTS
65 CONCLUSIONS
69 APPENDIX A:
Entrepreneurship profiles of economies
covered in the report, by region
152 APPENDIX B:
The GEM model and methodology
4
GEM WOMEN’ S SPECI AL REPORT
LIST OF FIGURES
Figure 1 - Percentage of Adults Intending To Start a Business
in Factor- and Effciency-Driven Economies, by Region and
Gender
Figure 2 - Percentage of Adults Intending To Start a Business
in Innovation-Driven Economies, by Region and Gender
Figure 3 - TEA Rates for Factor- and Effciency-Driven
Economies, by Region and Gender
Figure 4 - TEA Rates for Innovation-Driven Economies, by
Region and Gender
Figure 5 -Established Business Ownership in Factor- and
Effciency-Driven Economies, by Region and Gender
Figure 6 - Established Business Ownership in Innovation-
Driven Economies, by Region and Gender
Figure 7 - Business Closure in Factor- and Effciency-Driven
Economies, by Region and Gender
Figure 8 - Business Closure in Innovation-Driven Economies,
by Region and Gender
Figure 9 - Multiphase Analysis of Activity, by Development
Level
Figure 10 - Multiphase Analysis of Activity, for Factor- and
Effciency-Driven Regions
Figure 11 - Multiphase Analysis of Activity, for Innovation-
Driven Regions
Figure 12 - Female TEA Rates, by Age Cohort and Region
Figure 13 - Proportion of Entrepreneurs with Post-Secondary
Degree of Higher Level of Education for Factor and
Effciency-Driven Economies, by Region and Gender
Figure 14 - Proportion of Female Entrepreneurs with
Post-Secondary Degree of Higher Level of Education for
Innovation-Driven Economies, by Region and Gender
Figure 15 - Percentage of Entrepreneurs with Opportunity
Motive for Factor- and Effciency-Driven Economies, by
Region and Gender
Figure 16 - Percentage of Entrepreneurs with Opportunity
Motive for Innovation-Driven Economies, by Region and
Gender
Figure 17 - Regional Patterns in Relationship between TEA
Rates and Opportunity-Motivation
Figure 18 - Percentage of Entrepreneurs Starting in Teams
of Three or More for Factor -and Effciency-Driven Countries,
by Region and Gender
Figure 19 - Percentage of Entrepreneurs Starting in Teams
of Three or More for Innovation-Driven Countries, by Region
and Gender
Figure 20- Relationship Between Team Size and Job
Aspirations
Figure 21 - Percentage of Adults Who Personally Know an
Entrepreneur in Factor- and Effciency-Driven Economies, by
Region and Gender
Figure 22 - Percentage of Adults Who Personally Know an
Entrepreneur in Innovation-Driven Economies, by Region and
Gender
Figure 23 - Relationship between Knowing an Entrepreneur
and Female TEA Rates
Figure 24 - Percentage of Adults Who Perceive Opportunities
in Factor- and Effciency-Driven Economies, by Region and
Gender
Figure 25 - Percentage of Adults Who Perceive Opportunities
in Innovation-Driven Economies, by Region and Gender
Figure 26 - Relationship Between Female Opportunity
Perception and TEA Rates
Figure 27 - Percentage of Adults who Perceive They Have
Capabities to Start a Business In Factor- and Effciency-
Driven Economies, by Region and Gender
Figure 28 - Percentage of Adults Who Perceive They
Have Capabities to Start a Business In Innovation-Driven
Economies, by Region and Gender
Figure 29 - Relationship Between Female Capabilities
Perception and TEA Rates
Figure 30 - Fear of failure Rates Among Those Seeing
Opportunities in Factor- and Effciency-Driven Economies, by
Region and Gender
Figure 31 - Fear of Failure Rates Among Those Seeing
Opportunities in Innovation-Driven Economies, by Region
and Gender
LIST OF FIGURES AND TABLES
5
GEM WOMEN’ S SPECI AL REPORT
Figure 32 - Analysis of Entrepreneurial Attitudes, by
Development Level
Figure 33 - Analysis of Entrepreneurial Attitudes for Factor
and Effciency-Driven Economies
Figure 34 - Analysis of Entrepreneurial Attitudes for
Innovation-Driven Economies
Figure 35 - Early-Stage Entrepreneurial Activity, by Industry
Sector and Gender
Figure 36 - Female Early-Stage Entrepreneurial Activity across
Industry Sectors in Factor- and Effciency-Driven Regions
Figure 37 - Female Early-Stage Entrepreneurial Activity across
Industry Sectors in Innovation-Driven Regions
Figure 38 - Percentage of Entrepreneurs with 6+ Job
Projections in Factor- and Effciency-Driven Economies, by
Region and Gender
Figure 39 - Percentage of Entrepreneurs with 6+ Job
Projections an Innovation-Driven Economies, by Region and
Gender
Figure 40 - Percentage of Entrepreneurs with Innovative
Products/Services in Factor- and Effciency-Driven Economies,
By Region and Gender
Figure 41 - Percentage of Entrepreneurs with Innovative
Products/Services in Innovation-Driven Economies, by Region
and Gender
Figure 42 - Percentage of Entrepreneurs with Strong
International Orientation in Factor- and Effciency-Driven
Economies, by Region and Gender
Figure 43 - Percentage of Entrepreneurs with Strong
International Orientation in Innovation-Driven Economies, by
Region and Gender
Figure 44 - Analysis of Entrepreneurial Impact, by
Development Level
Figure 45 - Analysis of Entrepreneurial Impact, for Factor- and
Effciency-Driven Economies
Figure 46 - Analysis of Entrepreneurial Impact, For Innovation-
Driven Economies
Figure 47 - Diagram of Clusters Based on GEM
Entrepreneurship Indicators
Figure 48: Conventional Model of National Economic
Growth
Figure 49: Model of Entrepreneurship Processes Affecting
National Economic Growth
Figure 50: The GEM Conceptual Framework used in GEM
Surveys up to 2014
Figure 51: The GEM Conceptual Framework
Figure 52: The Entrepreneurship Process and GEM
Operational Defnitions
LIST OF TABLES
Table 1 - GEM Economies by Geographic Region and
Economic Development Level
Table 2 - Entrepreneurial Intentions (Average) by Region and
Gender
Table 3 - TEA Rates (Average) By Region and Gender
(Percentage of Adult Population for Each Gender Involved In
TEA)
Table 4 - Percentage Change in Female TEA Rates and
Female/Male TEA Ratio From 2012
Table 5 – Average Rates for Opportunity Motivated TEA, by
Region and Gender
Table 6 – Percentage Change in Female Rates and Female/
Male Ratio from 2012 for Societal Perceptions About
Opportunities and Capabilities
Table 7 – Percentage Change in Female Rates and Female/
Male Ratio from 2012 for Job Expectations and Innovation
Table 8 – Cluster Members (grouping of 75 economies)
Table 9 – Hierarchical Cluster Analysis
6
GEM WOMEN’ S SPECI AL REPORT
EXECUTIVE SUMMARY
O
ver the past decade and around the world,
women have made substantial progress in
health and education, as well as in political and
economic arenas. This broad span of gender
equity progress is most encouraging. It is occurring at a time
when entrepreneurship is recognized as critical to economic
development and sustainability worldwide. Given the global
challenge of employment, it is imperative to enable women,
who comprise half the global population, to participate
constructively in the economic activities of their countries or
regions. Entrepreneurship development is a key element in
strategies that allow economies to beneft from the talents,
energy and ideas – the productive potential – that women
bring to the labor market.
In order to continue to inform the global discussion
on the scale, scope, practice and impact of women’s
entrepreneurship, this special report presents a
comprehensive overview of women’s entrepreneurship,
drawing on current and longitudinal data captured
through the work of the Global Entrepreneurship Monitor
research consortium. This report covers 83 economies:
73 economies that participated in the 2014 GEM cycle,
and 10 economies included in the survey of 2013 but
not of 2014. Therefore, this report covers all economies
participating in GEM since the last report, which was
based on the 2012 cycle.
The GEM Special Report: Women’s Entrepreneurship
offers an in-depth view of women who start and run
businesses around the world. It provides a broadly
global and comprehensively detailed foundation to guide
future research, policy decision-making and the design
of initiatives and programs to enhance awareness
and participation in women’s entrepreneurship.
The report facilitates understanding of women’s
AUTHORS
DONNA KELLEY
CANDIDA BRUSH
PATRICIA GREENE
MIKE HERRINGTON
ABDUL ALI
PENNY KEW
SPECIAL REPORT
Women’s
Entrepreneurship
7
GEM WOMEN’ S SPECI AL REPORT
entrepreneurship by researchers, policy-makers,
educators and practitioners. The ultimate aim is to
foster an environment that: encourages women to see
entrepreneurship as a viable career option; equips them
with the tools to create the type and quality of business
each wishes to build; and creates awareness among
stakeholders who will support their efforts.
The report provides information on female entrepreneurship
rates and gender gaps in the following key areas:
? Participation at multiple phases of activity
? Characteristics and motivations of women
entrepreneurs
? Societal attitudes about entrepreneurship
? Impact indicators among entrepreneurs
Unique features of this report include: assessments
of the percentage change in rates and gender gap for
key indicators among 61 economies featured in reports
for 2012 and 2014; and analyses of the relationship
between gender gap indicators, measured by the
World Economic Forum, and GEM entrepreneurship
rates. The report also highlights comparisons across
economic development levels and regional groups for
multiple indicators on activity, attitudes, and impact.
Additionally, the appendix offers an in-depth look at the
entrepreneurship profile of each economy the
report covers.
KEY FINDINGS
ENTREPRENEURSHIP ACTIVITY
Among 61 economies (out of 83) featured in this report
and also in the previous report based on 2012 data,
overall Total Early-Stage Entrepreneurship Activity
(TEA) rates have increased by 7% since 2012, and the
gender gap (ratio of women to men participating in
entrepreneurship) has narrowed by 6%. TEA rates and
gender gap ratios saw positive upward movement in three
regions: factor- and effciency-driven Asia, Latin America
and the Caribbean and innovation-driven Europe.
The 83 economies examined in this report show
substantial differences in women’s TEA rates, ranging
from a high of 41% in Nigeria and Zambia to a low of
2% in Suriname and Japan. In 10 economies, women
are as likely as men, or more likely than men, to be
entrepreneurs. These economies come from three
regions: El Salvador and Brazil in Latin America and
the Caribbean; Vietnam, Indonesia, Malaysia and the
Philippines in Southeast Asia; and Zambia, Nigeria,
Uganda and Ghana in Africa. In contrast, women in
many efficiency-driven European and innovation-driven
Asian economies exhibit TEA rates less than half those
of men. These low female participation rates contribute
to low overall TEA rates in these regions. The gender
gap is greatest in Turkey, where there are three female
entrepreneurs for every 10 male entrepreneurs.
Africa’s high female TEA rates are fuelled by a high
proportion of women who intend to start a business in the
near future. In a number of regions, women are approaching
gender equity in entrepreneurial intentions, notably Latin
America and the Caribbean, Africa, the Middle East, and
Asia and Oceania (factor- and effciency-driven). The Middle
East however, despite high intentions, exhibits among the
lowest regional averages for TEA and among the largest
regional gender gaps.
The difference between TEA and established business
rates is minimal for innovation-driven economies, while
factor- and efficiency-driven economies show half the
level of established business activity relative to TEA.
This suggests greater demand for entrepreneurship in
developing economies than in developed economies,
with comparatively fewer enterprises making it to the
mature stage. Innovation-driven economies exhibit less
demand for entrepreneurship, but those who start are
more likely to start sustainable businesses, and/or the
environment enables this sustainability.
ENTREPRENEUR CHARACTERISTICS
The factor- and effciency-driven regions tend toward
younger entrepreneurs, with the 25-34 age groups having
the highest rates. This is also the case in North America,
while the remaining innovation-driven regions show the
highest entrepreneurship rates among 35-44 year-olds.
The education level of entrepreneurs is approaching
gender parity; 33% of women entrepreneurs in the
economies studied have a secondary degree or higher
level of education, versus 36% of men entrepreneurs.
Among entrepreneurs in most economies of efficiency-
driven Europe and innovation-driven regions, women are
more likely than men to have this level of education.
The gender gap in the percentage of entrepreneurs with
opportunity motivations is relatively low in every region.
In the innovation-driven Middle East economies, women
are proportionately more likely to have opportunity
motives, but the TEA gender gap suggests that few start
relative to men and rarely out of necessity.
This report adds evidence to research emphasizing the
value of starting in teams. The GEM fndings suggest
that economies with a higher percentage of women
entrepreneurs starting in teams of three or more also have
a greater proportion of those with job creation ambitions.
The highest prevalence of women entrepreneurs operating
in teams was in the innovation-driven Middle East (27%) and
innovation-driven Asia and Oceania (24%) regions. Teams
were especially rare among women entrepreneurs in factor-
and effciency-driven Asia (7%), Africa (11%), and Latin
America and the Caribbean (11%).
8
GEM WOMEN’ S SPECI AL REPORT
ATTITUDES
High female TEA rates in an economy are associated with
the likelihood that women in society know an entrepreneur.
It may be the case that where more entrepreneurs are
present in an economy, women will commonly know one.
However, affliations with entrepreneurs can offer role
models, advice, contacts and support, which may explain
why economies with many women who know entrepreneurs
are also likely to have high female startup rates. Many
European economies exhibit an interesting fnding, reporting
low female entrepreneurship rates, but many women in
society who know entrepreneurs.
Female TEA rates are also high where women hold strong
perceptions about the presence of opportunities for starting
a business. The gender difference for this indicator is
relatively narrow (40% for women versus 45% for men),
and in a number of factor- and effciency-driven economies,
women are slightly more likely than men to perceive good
business opportunities. Among the 61 economies featured
in both this report and the 2012 report, Europe, Israel
and the United States saw increased female opportunity
perceptions, but with less change to the gender ratio.
In Asia, opportunity perceptions were noticeably lower,
especially among innovation-driven economies.
This report shows a strong positive association between
capability perceptions and TEA rates among women.
The fndings also reveal a noticeable gender gap in this
indicator (46% for women versus 59% for men). Opportunity
perceptions are refective of the external environment;
these often shift with changing conditions in an economy.
Capability perceptions, on the other hand, are more
refective of one’s self-perceptions, which are more stable
or slowly changing. Evidence of this can be seen in the
comparison of 61 economies that showed little change in
capability perceptions from that reported in 2012.
Fear of failure among women is lowest in African economies,
which, along with many Asian economies, shows fear of
failure rates among women are often equal to or lower than
that of men. Wider gender gaps appear in the majority of
economies of effciency-driven Europe and Latin America
and the Caribbean. Fear of failure may be infuenced by such
factors as the perceived risks associated with the typical
business one may start, or the extent to which women
believe there will be negative consequences, or few other
choices for income, if their businesses don’t work out.
IMPACT
More than two-thirds of women entrepreneurs operate in
the consumer-oriented sector, with around three-fourths
of women entrepreneurs competing in these types of
businesses in Africa, in factor- and effciency-driven Asia,
and in Latin America and the Caribbean. By comparison,
45% of men entrepreneurs compete in this sector. Distinct
results can be seen in effciency-driven Europe, which shows
a comparatively balanced distribution of sectors among
women entrepreneurs. Among innovation-driven economies,
North America and Europe exhibit a high prevalence (over
one-fourth) of women entrepreneurs in the knowledge-
intensive business services sector.
Job creation aspirations among women are high in
effciency-driven Europe, a region of relatively low TEA rates.
This suggests that this region has fewer entrepreneurs who
are, on average, more likely to grow and employ others.
Although innovation-driven economies typically show
a higher proportion of entrepreneurs with job creation
aspirations, this report shows that women in factor- and
effciency-driven economies report less difference from
innovation-driven economies on this measure, compared to
other impact indicators.
Women entrepreneurs in nearly half of the economies in
the GEM sample report equal or higher innovation levels
than men entrepreneurs. In almost three-quarters of the
economies in effciency-driven Europe, female entrepreneurs
report higher levels of innovation than male entrepreneurs;
this may, in part, be attributed to the fact that there
are proportionately more educated women (than men)
entrepreneurs in this region. In Chile and India, more than
half of women entrepreneurs believe they offer innovative
products or services.
Since the 2012 report, the proportion of female
entrepreneurs with 6+ job aspirations and innovative
offerings has declined among 61 economies (by 9% from
2012 for job aspirations and 6% from 2012 for innovation).
However, this decline was also seen in male entrepreneurs;
as a result there was little or no change in the gender
ratios overall for these indicators. In factor- and effciency-
driven Asia, and in effciency-driven Europe and Israel, both
the rates and the gender ratio around job expectations
have declined. However, the rates and the gender ratio
around innovation have improved, suggesting a focus
towards innovation, but lower expectations for job creation.
Innovation-driven Asia saw declines in both job aspirations
and innovation, while the United States showed positive
improvements in both indicators.
Factor- and effciency-driven Asia, and also Africa, report
low international orientation among women entrepreneurs
in most economies. In contrast, women entrepreneurs
across Europe display particularly high levels of
internationalization.
Analyses of TEA rates with gender gap indicators measured
by WEF, show that the rate of female entrepreneurship
activity increases signifcantly with greater parity in
economic participation, but decreases signifcantly with
greater educational attainment. This indicates that the more
women participate in the economy relative to men, the more
likely they are to be entrepreneurs. However, where women
achieve a higher level of education than men, they start
businesses less frequently.
9
GEM WOMEN’ S SPECI AL REPORT
IMPLICATIONS
1. Women matter to economic development – they invest
in their communities, educate their children, and pay back
the benefts they receive by helping others. This report
has revealed improvements in female entrepreneurship
rates and gender gaps in 61 economies in no more than
two years. Other results show gender equity in many
regions and in indicators such as education and innovation
levels. Greater awareness of the importance and nature
of women’s entrepreneurship and programs addressing
these efforts may have already contributed to progress in
this activity. Continued efforts are essential everywhere,
while regional variations imply distinct needs and levels of
emphasis in different parts of the world.
2. Environmental conditions and constraints weigh
differently on the sexes. This continues to be the biggest
challenge women face worldwide. Subtle biases exist in
many societies that suggest women have lower ambitions or
are less capable, or that running businesses is inappropriate
for them. This can, for example, inhibit their ability to gain
access to growth capital.
1
These biases need to be identifed
and eliminated so women entrepreneurs have the same
opportunities as men to grow their businesses.
3. Higher TEA rates are often found in less developed
economies, where women are highly likely to participate
in the workforce. Many women in these economies pursue
entrepreneurial endeavors to provide for their families,
generally through basic types of consumer-focused
businesses – both products and services. As such, they can
be considered the basic engine of their local economies.
However, they still face constraints in sustaining their
businesses. Entrepreneurship is a multiphase endeavor
that implies a need not only for facilitating women to start
ventures, but also helping them maintain them into maturity.
4. Improvements in education provide quality career
choices for women, whether it is work as an employee,
or the launch of high impact entrepreneurial ventures.
Education programs that equip women with the ability to
start and grow businesses provide career options they can
consider at any point in their lives.
5. The advantage of teams may depend on the type
of business started, cultural/social norms and other
conditions. However, given that women who start in teams
are more likely to have higher impact with their businesses,
it is imperative to provide opportunities for women
entrepreneurs to start with co-founders.
6. While women are nearly equally likely as men to
recognize the presence of opportunities around them,
gender gaps are apparent in capability perceptions and
1http://www.goldmansachs.com/citizenship/10000women/news-and-
events/10kwprogressreport.html.
fear of failure. Capabilities are rooted in both education and
in social support. Economies with initiatives that increase
visibility and access to role models are likely to encourage
women entrepreneurs to start and grow businesses.
Programs that enhance skills and competencies for women
entrepreneurs, and other initiatives such as mentoring and
advising, should include developing and assessing women’s
confdence to take advantage of opportunities and building
their capacity for managing risk.
7. Access to fnancing at all stages of business
development for women entrepreneurs is essential, but
should also recognize progress in a business, and in society,
that shift fnancing needs. For example, a challenge for
women in moving from micro businesses to small and
medium-sized businesses requires a change from fnancing
sources such as micro-fnance to normal banking conditions
where there is often bias in the lending process.
2
8. Women entrepreneurs participate heavily in the
consumer-oriented sector, which is considered easier to
enter, but more diffcult to sustain because of low entry
barriers and high competitiveness. But increasingly,
businesses in foods, textiles and other areas are becoming
more important, especially given the rise of challenges
around food, clothing and other basic needs, as well as
movements to buy local. To the extent women are starting
businesses in sectors where greater social problems might
exist, they are well positioned to grow and have impact.
9. Women in factor- and effciency-driven economies
report less difference from innovation-driven economies
on job aspirations, compared to other impact indicators.
This could reveal the growth opportunities existing in
still-developing markets, which suggest the need to
support high-impact female businesses in regions where
environmental constraints may weigh heavily. At the same
time, this fnding might suggest that more traditional
bureaucratic societies limit entrepreneurial aspirations
in the developed world, implying a particular need to
address these constraints.
2http://www.goldmansachs.com/citizenship/10000women/news-and-
events/10kwprogressreport.html.
Women entrepreneurs in
nearly half of the economies in
the GEM sample report equal
or higher innovation levels
than men entrepreneurs.
10
GEM WOMEN’ S SPECI AL REPORT
INTRODUCTION
O
ver the past decade and around the world,
women have made substantial progress in
health and education, as well as in political
and economic arenas. The Global Gender
Gap Report 2014 by the World Economic Forum shows
that 35 countries have closed the gender gap in health
and survival, while other countries have closed the gap
in education.
1
Similarly, 37 countries have closed the
political empowerment gender gap, including many in
the Middle East, North Africa and Asia Pacific.
2
1http://reports.weforum.org/global-gender-gap-report-2014/part-1/the-global-
gender-gap-index-results-in-2014/.
2 Ibid.
Globally, women play a major role in driving the world
economy, controlling about $20 trillion in annual
consumer spending, a number expected to rise to
nearly $28 trillion in the next fve years.
3
Women now
make up 40% of the global workforce. They are earning
professional degrees in record numbers, and companies
have implemented programs to remove organization-
structure biases in order to support women’s full
participation in leadership.
4
In the United States, women
3https://hbr.org/2009/09/the-female-economy.
4http://www.catalystwomen.org, Carter & Silva, 2010, HBRF.
11
GEM WOMEN’ S SPECI AL REPORT
hold almost 52% of all professional level jobs.
5
In 2014,
the number of women CEOs in Fortune 500 companies
reached an all-time high, with 24 women leading some of
America’s top companies, up from 20 the previous year,
and greater than at any time since Fortune magazine
started compiling executive gender numbers in 1998,
when only one woman led a Fortune 500 company.
6
This progress toward gender equity is most encouraging.
It is occurring at a time when entrepreneurship
is recognized worldwide as critical to economic
development and sustainability. Entrepreneurs create
jobs for themselves and enrich stakeholders, including
employees, investors, suppliers, and organizations
they work with. They benefit their societies by creating
solutions to social problems, introducing innovations
that help people live better lives, and launching new
industries and reviving mature ones.
Given the global challenge of employment, it is
imperative to enable women, who comprise half the
global population, to participate constructively in
the economic activities of their countries or regions.
Entrepreneurship development is a key element in
strategies that allow economies to benefit from the
talents, energy and ideas – the productive potential –
that women bring to the labor market.
According to the World Employment and Social Outlook:
Trends 2015 report (the WESO report) by the ILO,
gender gaps persist in the labor market. Overall, women
compared to men continue to suffer from higher rates of
unemployment, are less likely to participate in the labor
force for economic and cultural reasons, and face higher
risks of vulnerable employment, with conditions such
as inadequate earnings, difficult work circumstances
and lack of consideration for workers’ rights. The WESO
report highlights specific economic benefits of increased
female participation in the labor force.
7
? Economies with high female labor-force participation
rates are more resilient and experience slowdowns of
economic growth less often.
? Female labor-force participation is a powerful anti-
poverty device: where household income derives from
the paid work of more than one household member;
particularly when these members work in different sectors
or occupations, the risk for a household to lose all income
due to an adverse macroeconomic event is lessened.
5 Warner, J. 2014. The Women’s Leadership Gap, Center for American Progress.
6http://fortune.com/2014/06/03/number-of-fortune-500-women-ceos-
reaches-historic-high/.
7 World Employment and Social Outlook: Trends 2015, International Labour
Organization, Geneva, Switzerland, 2015.
? Gender gaps in labor-force participation indicate
substantial loss in income and economic development.
Countries and regions with the largest gaps incur
income losses of up to 30% of GDP per capita.
8
Strong evidence demonstrates that women’s
entrepreneurship matters greatly for societal
development and prosperity. The World Bank shows
that female entrepreneurs contribute substantially to
economic growth and poverty reduction around the
world. Despite obstacles such as lack of capital and
strict social constraints, women continue to launch and
grow businesses.
9
A recent analysis from the Goldman Sachs 10,000
Women initiative shows that women entrepreneurs
participating in the program from 43 developing
countries dramatically expanded their businesses. The
businesses grew employment an average of 50% within
six months after program completion, and revenues
increased by 480% within 18 months post-program.
Eighty-seven percent of participants mentored other
women entrepreneurs in their communities.
10
Other studies support the Goldman Sachs approach
to creating economic and social value by investing in
women entrepreneurs. A recent study found that women
are likely to invest 90 cents of every dollar they earn
in human resources, meaning their family’s education,
health and nutrition, compared to 30 or 40 cents for
men.
11
Women entrepreneurs are likely to contribute to
family education and invest in their communities using
profits from their businesses.
12
This report presents a comprehensive overview of
women’s entrepreneurship, drawing on current and
longitudinal data captured through the work of the
Global Entrepreneurship Monitor research consortium.
It continues the purpose embedded in prior GEM
women’s reports to inform the global discussion on
the scale, scope, practice and impact of women’s
entrepreneurship.
8 Global Employment Trends 2014: Risk of a jobless recovery? International
Labour Organization, Geneva, Switzerland, 2014.
9http://web.worldbank org WBSITE/EXTERNAL/TOPICS/EXTGENDER/0,,con-
tentMDK:23392638~pagePK:210058~piPK:210062~theSitePK:336868,00.html.
10 Investing in the Power of Women; Progress Report on the Goldman Sachs
10,000 Women Initiative, Developed by Babson College, Wellesley, MA, 2014.
11 Vanderbrug, J., The Global Rise of Women Entrepreneurs. Capital Acumen,
Issue 25.
12http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTGENDER/0,,con-
tentMDK:23392638~pagePK:210058~piPK:210062~theSitePK:336868,00.html.
12
GEM WOMEN’ S SPECI AL REPORT
THE GLOBAL ENTREPRENEURSHIP MONITOR
AND OBJECTIVES OF THIS REPORT
S
ince its frst survey in 1999, the Global
Entrepreneurship Monitor (GEM) has gained
widespread recognition as the most informative
and authoritative longitudinal study of
entrepreneurship in the world. In the 16 years since its
inception, GEM has measured entrepreneurship in over
100 economies, covering all geographic regions and
economic development levels. The 2014 survey alone
assessed entrepreneurship across an estimated 72% of
the world’s population and 90% of the world’s GDP.
GEM provides a comprehensive view of entrepreneurship
around the globe by measuring the attitudes of a
population, and also the motivations, characteristics,
and ambitions of individuals involved in various
phases and types of entrepreneurial activity. Data
harmonization allows comparison of different economies
and helps guide the formulation of effective and
targeted policies aimed at stimulating entrepreneurship.
Appendix B contains further information about the GEM
Consortium and its methodology.
This GEM Special Report: Women’s Entrepreneurship
continues a biannual assessment of women’s
entrepreneurship by GEM researchers. The report covers
83 economies: 73 economies that participated in the
2014 GEM cycle and 10 economies included in the
survey of 2013 but not of 2014. Therefore, the report
covers all economies participating in GEM since the
last report, which was based on the 2012 cycle. A list
of these economies grouped by region and economic
development level appears in Table 1.
GEM research recognizes that geography and culture,
as well as level of economic development, may explain
patterns in the rate and nature of entrepreneurship,
as well as societal attitudes regarding this activity.
The report groups economies by geographic location
and economic development level, addressing culture
throughout the discussion. With regard to the stages
of economic development, GEM classifies economies
as factor-driven, efficiency-driven or innovation-
driven, categories used by the World Economic Forum
13
GEM WOMEN’ S SPECI AL REPORT
in its annual Global Competitiveness Report. This
classification is based on the level of GDP per capita
and the share of exports of primary goods to total
exports (Schwab and Salari-Martin, 2014).
1
1 Factor-driven economies are countries in the early stages of economic
development, typically with a large agricultural sector. The majority of the population
tends to live in rural areas. Industrial activity often depends on extraction of
natural resources. Migration from rural to peri-industrial areas may feed necessity-
based entrepreneurship, as surplus workers are forced into self-employment to
make a living. In efficiency-driven economies, as the industrial sector develops,
higher productivity is achieved through economies of scale and development of
financial institutions. Increasing productivity, combined with the opening up of
an independent supply of financial capital from the emerging banking sector,
expands opportunities for the development of small-scale and medium-sized
manufacturing sectors. Innovation-driven economies are mature, characterized by
a gradual shift to an expanding service sector catering to needs of an increasingly
affluent population. The industrial sector evolves and experiences improvements in
variety and sophistication. This is typically associated with increasing research and
development, knowledge intensity and innovation.
Data in this report, collected in annual surveys administered
by GEM National Teams, were analyzed with a focus on
women’s involvement in entrepreneurship. The report
provides information on female rates and gender gaps in the
following key areas:
? Participation at multiple phases of activity
? Characteristics and motivations of women
entrepreneurs
? Societal attitudes about entrepreneurship
? Impact indicators among entrepreneurs
Unique features of the report include assessments of
the percentage change in rates and gender gap for key
indicators among 61 economies featured in this report and
the 2012 report; and analyses of the relationship between
gender gap indicators, measured by the World Economic
Forum, and GEM entrepreneurship rates. The report
compares indicators of activity, attitudes and impact across
economic development levels and regional groups. Appendix
A profles entrepreneurship in each economy covered.
Implications of the GEM data may help policy-makers
produce more informed decisions about how to increase
venture development among entrepreneurs.
Table 1: GEM Economies by Geographic Region and Economic Development Level
Africa
Algeria*, Angola, Botswana, Burkina Faso, Cameroon, Ghana*, Libya*,
Malawi*, Nigeria*, South Africa, Uganda, Zambia*
Middle East:
(Innovation-
Driven)
Israel*, Kuwait, Qatar
Latin America &
Caribbean
Argentina, Barbados, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica,
Ecuador, El Salvador, Guatemala, Jamaica, Mexico, Panama, Peru, Puerto
Rico, Suriname, Trinidad & Tobago, Uruguay
Asia & Oceania:
(Factor- and
Efficiency-
Driven)
China, India, Indonesia, Iran, Kazakhstan, Malaysia, Philippines, Thailand,
Vietnam
Asia & Oceania:
(Innovation-
Driven)
Australia, Japan, Republic of Korea*, Singapore, Taiwan
Europe:
(Efficiency-
Driven)
Bosnia & Herzegovina, Croatia, Estonia, Georgia, Hungary, Kosovo, Latvia,
Lithuania, Macedonia*, Poland, Romania, Russia, Turkey
Europe:
(Innovation-
Driven)
Austria, Belgium, Czech Republic*, Denmark, Finland, France, Germany,
Greece, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal,
Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom
North America Canada, United States
*Participated in GEM 2013
But Not in GEM 2014 Cycle
KEY:
Factor-Driven Economies
E?ciency-Driven Economies
Innovation-Driven Economies
14
GEM WOMEN’ S SPECI AL REPORT
1.1 PHASES OF ENTREPRENEURSHIP
GEM examines entrepreneurial activity as a continuous
process rather than a single event. The Adult Population
Survey (APS) is designed to allow measurement
and assessment of individual participation across a
range of phases comprising entrepreneurial activity:
entrepreneurial intentions, nascent and new business
activity, established business ownership, and business
discontinuance.
CHAPTER 1
Women’s participation in
entrepreneurship across
multiple phases of activity
Potential entrepreneurs need to identify opportunities
for starting a business and, to varying degrees, believe
that they have the necessary skills, knowledge and
experience to do so. However, perceiving an opportunity
and having the skills to pursue it does not necessarily
lead to intentions to start a business. Individuals will
assess the opportunity costs, risks and rewards of
starting a business versus the availability of employment
preferences and options. GEM therefore acknowledges
that entrepreneurs may be motivated by either necessity
15
GEM WOMEN’ S SPECI AL REPORT
(a lack of better job choices) or opportunity (choosing to
pursue an entrepreneurial opportunity).
In addition, potential entrepreneurs will also consider the
degree to which the environment for entrepreneurship
is suffciently enabling and supportive. In this manner,
population-level attitudes signal not only the presence of
potential entrepreneurs, but also the extent to which society
will support their efforts. Chapter 3 assesses societal
attitudes and their link to entrepreneurial activity.
1.1.1 ENTREPRENEURIAL INTENTIONS
GEM defnes entrepreneurial intentions as the percentage
of the adult population between 18-64 years (excluding
individuals already engaged in any stage of entrepreneurial
activity) who intend to start a business within the next three
years. GEM consistently shows a close relationship between
entrepreneurial intentions and actual startups. Therefore,
if policy-makers and service providers are to stimulate and
support new generations of women entrepreneurs, they will
need to foster entrepreneurial intentions in their regions and
identify and reduce factors that inhibit this phase of the cycle.
Table 2: Entrepreneurial Intentions (Average) by Region and Gender
Region
Entrepreneurial Intentions
(Female)
Entrepreneurial Intentions
(Male)
Ratio Female/Male
Latin America & Caribbean 30 33 0.91
Africa 47 52 0.90
Asia & Oceania (Factor-
and Efficiency-Driven)
22 26 0.85
Europe (Efficiency-Driven) 15 24 0.62
Middle East (Innovation-
Driven)
41 46 0.89
Asia & Oceania
(Innovation-Driven)
12 16 0.75
Europe (Innovation-Driven) 10 15 0.67
North America 13 20 0.65
GEM Average 22 29 0.76
GEM defnes entrepreneurial
intentions as the percentage
of the adult population
between 18-64 years who
intend to start a business
within the next three years.
Female intentions are highest overall in African, Latin
American and Middle Eastern economies (Table 1.2).
These three regions, as well as Asia and Oceania (factor-
and efficiency-driven), are the strongest performers in
gender equity. Efficiency-driven European economies
show the lowest female-to-male ratios.
16
GEM WOMEN’ S SPECI AL REPORT
Within regions, individual economies vary considerably in
female entrepreneurial intentions (Figures 1 and 2).
Africa shows generally high intentions among women
across the region, with the exception of South Africa.
Latin America and the Caribbean show sizeable
differences in female intentions among the economies.
In Suriname, Barbados and Kuwait, women exhibit higher
rates of entrepreneurial intention than men. In Turkey and
Belgium, on the other hand, women are less than half
as likely as men to express entrepreneurial intentions;
in Norway and Japan, women are one-third as likely as
men to intend to start a business. Given the importance
of having a healthy supply of ready entrepreneurs in a
society, these fndings raise questions about the type
of support and encouragement women need in order to
develop entrepreneurial intentions.
South Africa
Algeria
Ghana
Nigeria
Angola
Burkina Faso
Zambia
Cameroon
Libya
Uganda
Botswana
Malawi
India
Malaysia
China
Thailand
Kazakhstan
Vietnam
Iran
Indonesia
Philippines
Russia
Estonia
Kosovo
Georgia
Poland
Hungary
Lithuania
Bosnia & Herzegovina
Croatia
Turkey
Latvia
Romania
Macedonia
Suriname
Belize
Barbados
Puerto Rico
Brazil
Mexico
El Salvador
Uruguay
Panama
Argentina
Costa Rica
Jamaica
Trinidad & Tobago
Guatemala
Chile
Ecuador
Colombia
Bolivia
Peru
A
S
I
A
/
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C
E
A
N
I
A
F
A
C
T
O
R
A
N
D
E
F
F
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C
I
E
N
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
A
F
R
I
C
A
L
A
T
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N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
10% 20% 30% 40% 50% 0% 60% 70%
Figure 1: Percentage of Adults Intending to Start a Business in Factor- and
E?ciency-Driven Economies, by Region and Gender
Figure 2: Percentage of Adults Intending to Start a Business in Innovation-Driven
Economies, by Region and Gender
*With two exceptions: Puerto Rico and Trinidad and Tobago are Innovation-
Driven (this holds for all other charts).
Intentions Female
Intentions Female
Intentions Male
Intentions Male
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
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O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
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N
M
I
D
D
L
E
E
A
S
T
I
N
N
O
V
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T
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O
N
-
D
R
I
V
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N
N
O
R
T
H
A
M
E
R
I
C
A
10% 20% 30% 40% 50% 60%
10% 20% 30% 40% 50% 60%
Japan
Australia
Republic of Korea
Singapore
Taiwan
Norway
Ireland
Denmark
United Kingdom
Sweden
Finland
Belgium
Germany
Switzerland
Spain
Austria
Netherlands
Greece
Slovenia
Italy
Czech Republic
Portugal
France
Luxembourg
Slovakia
Israel
Kuwait
Qatar
Canada
United States
10% 20% 30% 40% 50% 0% 60% 70%
0%
0%
17
GEM WOMEN’ S SPECI AL REPORT
1.1.2 EARLY-STAGE
ENTREPRENEURSHIP ACTIVITY
A central indicator of GEM is the Total Early-stage
Entrepreneurship Activity (TEA) rate, which measures the
percentage of the adult population (18 to 64 years) in
the process of starting a business and those who have
recently started one. This indicator measures individuals
at two phases of the entrepreneurship process: nascent
entrepreneurs who have not paid salaries or wages for more
than three months, and new business owners who have
moved beyond the nascent stage and paid salaries and
wages for more than three but fewer than 42 months.
TEA rates for women are highest in factor-driven economies
where GDP per capita is low. Differences exist within
this development phase however; for example, factor-
driven African economies show both high rates of female
entrepreneurship and high female-to-male ratios, while
those in northern Africa exhibit low female rates and low
female-to-male ratios.
Rates decrease in effciency-driven economies as
GDP per capita increases. This could be attributed to
expanding industrialization. Large established frms play
an increasingly important role in the economy, providing
stable employment for a growing number of people as
a viable alternative to self-employment, thus displacing
potential entrepreneurial activity. Contrasting results
appear at this level of development between Latin
America, which shows higher female rates and gender
parity, and effciency-driven Europe, which exhibits lower
rates and wider gender gaps.
Innovation-driven economies have greater availability of
resources and more affuent markets, which may stimulate
an increase in opportunity motivated entrepreneurship.
At the same time, more jobs are available with existing
organizations; and many people will prefer jobs as
employees. Employment benefts such as health care, family
leave, pensions, and job protection reduce preferences for
entrepreneurship.
Another factor influencing TEA rates is the level of
unemployment. Necessity-based entrepreneurship
activity rises with higher levels of unemployment, as
established companies and the formal economy are
unable to meet demand for jobs. Opportunity-based
entrepreneurship, on the other hand, often declines in
times of high unemployment, as those with jobs hesitate
to start businesses in an uncertain environment when
conditions such as contractions in financial markets and
reduced consumer spending pose additional risks. Four
southern European economies offer an example where
stalled recovery from recession affected jobs. Italy
shows low female TEA rates compared to the regional
average; and Spain, Portugal and Greece exhibit higher
TEA levels, but a low proportion due to opportunity.
Chapter 2 provides additional discussion on opportunity-
based entrepreneurship.
The ratio of female-to-male participation in early-stage
entrepreneurial activity refects differences in culture and
customs regarding women’s participation in the economy. It
also signals other factors such as the extent to which women
need to generate income for their families, the availability
of good job alternatives for women, and policies and
Table 3: TEA Rates (Average) by Region and Gender (Percentage of Adult Population for Each Gender Involved in TEA)
Region Female TEA Rate Male TEA Rate Ratio Female/Male
Africa 25 26 0.96
Asia & Oceania (Factor- and
Efficiency-Driven)
14 15 0.93
Latin America & Caribbean 15 19 0.79
Europe (Efficiency-Driven) 6 13 0.46
North America 11 16 0.69
Middle East (Innovation-
Driven)
8 14 0.57
Europe (Innovation-Driven) 5 9 0.55
Asia & Oceania (Innovation-
Driven)
6 11 0.54
GEM Average 11 16 0.69
18
GEM WOMEN’ S SPECI AL REPORT
practices that affect genders differently. Culturally, family
roles and responsibilities may encourage or discourage
women. Worldwide, women are expected to have primary
responsibility for child care, two to 10 times more than men,
and for elder care as well. Similarly, women devote one to
three hours more per day to housework than do men.
1
Among factor- and effciency-driven economies (Table 3
and Figure 3), Africa and Southeast Asia show the highest
gender equality in TEA. Both regions have a number of
economies where women are more likely to be involved in
early-stage entrepreneurial activity than men. In Africa, high
gender parity in TEA contributes to high overall TEA rates
in the region. Zambia, Nigeria, Uganda and Ghana exhibit
higher TEA rates among females than males.
Southeast Asia is remarkable for its high level of gender
equity, although it has lower overall TEA rates than Africa.
In four of the fve Southeast Asian economies (Malaysia,
Indonesia, Philippines and Vietnam), women are more
likely than men to engage in early-stage entrepreneurial
activity. In Thailand, women are almost as likely as men to
be entrepreneurs. At the other end of the scale, in almost
two-thirds of effciency-driven European countries, women
have TEA rates less than half those of men. Low female
participation rates contribute to low overall TEA rates.
Innovation-driven economies display low gender parity for
TEA, possibly resulting from factors such as availability of
jobs and women’s preference for work as employees, higher
family incomes that allow some to stay out of the workforce,
or unequal access to resources. And, as in other economic
development phases, women bear responsibility for most
dependent care of young and old. On the other hand, higher
family incomes and availability of employment options
may also suggest that women who start businesses are
motivated by opportunity.
In stark contrast to factor- and effciency-driven Asia and
Oceania, innovation-driven Asian economies show markedly
low rates of female participation. In three of the fve Asian
economies, women have TEA rates less than half those of
men. In Japan, women are less than one-fourth as likely as
men to be entrepreneurs.
Low female TEA rates and female-to-male ratios in
innovation-driven Europe are consistent with many of the
effciency-driven European countries. This suggests that
regional characteristics, rather than economic development
level, are important factors contributing to the low level
of entrepreneurial activity. A notable outlier in Europe is
Switzerland, where women are slightly more likely than
men to engage in entrepreneurship activity. In Israel, lower
female than male participation reduces overall rates.
1 Facts and Figures: Economic Empowerment.http://www.unwomen.org/en/
what-we-do/economic-empowerment/facts-and-figures.
Algeria
South Africa
Libya
Burkina Faso
Angola
Malawi
Ghana
Botswana
Cameroon
Uganda
Nigeria
Zambia
India
Malaysia
Iran
Kazakhstan
China
Indonesia
Vietnam
Philippines
Thailand
Kosovo
Russia
Macedonia
Bosnia & Herzegovina
Croatia
Hungary
Poland
Georgia
Romania
Lithuania
Estonia
Turkey
Latvia
Suriname
Belize
Puerto Rico
Costa Rica
Argentina
Barbados
Trinidad & Tobago
Uruguay
Colombia
Panama
Guatemala
Jamaica
Brazil
Mexico
El Salvador
Chile
Bolivia
Peru
Ecuador
A
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Figure 3: TEA Rates for Factor- and Ef ficiency-Driven Economies, by
Region and Gender
Female TEA (% of Adult Female Population)
Male TEA (% of Adult Male Population)
5% 10% 15% 20% 25% 0% 30% 35% 40%
5% 10% 15% 20% 25% 0% 30% 35% 40%
19
GEM WOMEN’ S SPECI AL REPORT
Japan
Republic of Korea
Taiwan
Singapore
Australia
Belgium
Italy
Sweden
Denmark
Germany
Norway
France
Czech Republic
Ireland
Slovenia
Spain
Finland
Luxembourg
Greece
Austria
Switzerland
Netherlands
Slovakia
United Kingdom
Portugal
Israel
Kuwait
Qatar
Canada
United States
1.1.3 CHANGES IN TEA RATES FROM 2012
Sixty-one economies featured in this report were also
covered in the previous GEM 2012 Women’s Report.
2
For several key indicators, an analysis was made of the
percentage change from 2012 in rates and in female-to-
male ratios. On average, female TEA rates increased 7%
over 2012 for these economies. In addition, the ratio of
female-to-male TEA rates improved 6%. Impressive gains
may be seen in the Asia in factor- and efficiency-driven
region. TEA rates also moved up in innovation-driven
Europe, as did the ratio of female-to-male TEA. Notably,
many developed European countries have created
initiatives and programs to stimulate startup activity
among women, and researchers are publishing studies
on women’s entrepreneurship in this region; both
appear to be reflected in the positive changes noted. In
contrast, innovation-driven Asia shows a decline in both
female TEA rates and the gender ratio for TEA. This is of
concern because this region already exhibits low female
TEA rates and low gender equality.
2 Kelley, D., Brush, C., Greene, P., and Litovsky, Y. (2013). Global
Entrepreneurship Monitor (GEM) 2012 Women’s Report. London: Global
Entrepreneurship Research Association. See list of countries below.
Figure 4: TEA Rates for Innovation-Driven Economies, by Region and Gender
Female TEA (% of Adult Female Population)
Male TEA (% of Adult Male Population)
A
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5% 10% 15% 0% 20%
5% 10% 15% 0% 20%
Africa
Algeria,* Angola, Botswana, Ghana,*
Malawi,* Nigeria,* South Africa,
Uganda, Zambia*
Middle East Israel*
Latin America &
Caribbean
Argentina, Barbados, Belize, Bolivia,
Brazil, Chile, Colombia, Costa Rica,
Ecuador, El Salvador, Guatemala,
Jamaica, Mexico, Panama, Peru, Puerto
Rico, Suriname, Trinidad & Tobago,
Uruguay
Asia & Oceania: China, Iran, Malaysia, Thailand
Asia & Oceania:
Japan, Republic of Korea,* Singapore,
Taiwan
Europe:
Bosnia and Herzegovina, Croatia,
Estonia, Hungary, Latvia, Lithuania,
Macedonia,* Poland, Romania,
Russia, Turkey
Europe:
Austria, Belgium, Denmark,
Finland, France, Germany, Greece,
Ireland, Italy, Netherlands, Norway,
Portugal, Slovakia, Slovenia, Spain,
Sweden, Switzerland, United
Kingdom
North America United States
*This Report uses 2013 Data for These Economies; Di?erence Measured is
Therefore One Year
20
GEM WOMEN’ S SPECI AL REPORT
1.1.4 ESTABLISHED BUSINESS ACTIVITY
The level of established business ownership indicates the
sustainability of entrepreneurship efforts in an economy.
Established businesses have moved beyond the nascent
and new phases, and they contribute to a country’s
economy through ongoing introduction of new products
and processes and a stable employment base. The GEM
2010 Global Report argues that advances in economic
development require business activities exhibiting both
dynamism and stability, i.e., nascent/new and established
businesses. Dynamism ensures continuing renewal
Libya
South Africa
Botswana
Algeria
Angola
Cameroon
Malawi
Burkina Faso
Zambia
Nigeria
Ghana
Uganda
India
Iran
Malaysia
Kazakhstan
Philippines
China
Indonesia
Vietnam
Thailand
Kosovo
Croatia
Russia
Bosnia & Herzegovina
Turkey
Lithuania
Estonia
Poland
Macedonia
Hungary
Romania
Georgia
Latvia
Puerto Rico
Suriname
Panama
Costa Rica
Belize
Colombia
Mexico
Uruguay
Argentina
Guatemala
Trinidad & Tobago
Peru
Barbados
Bolivia
Chile
El Salvador
Jamaica
Ecuador
Brazil
A
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15% 20% 25% 30% 35% 0% 10% 5%
Figure 5: Established Business Ownership in Factor- and E?ciency-Driven
Economies, by Region and Gender
*With Two Exceptions: Puerto Rico and Trinidad and Tobago
are Innovation-Driven
Established Business Female
Established Business Male
15% 20% 25% 30% 35% 0% 10% 5%
Table 4: Percentage Change in Female TEA Rates and Female/Male TEA Ratio
from 2012
Region
Female
TEA
TEA Ratio
F/M
Africa -5% 10%
Asia & Oceania (Factor-
and Efficiency-Driven)
23% 14%
Europe (Efficiency-Driven) 5% 0%
Latin America & Caribbean 16% 4%
Asia & Oceania
(Innovation-Driven)
-5% -10%
Europe (Innovation-Driven) 13% 13%
Israel* 20% -33%
United States 7% -1%
Overall Average: All 61
Economies
7% 6%
21
GEM WOMEN’ S SPECI AL REPORT
Figure 6: Established Business Ownership in Innovation-Driven
Economies, by Region and Gender
Established Business Female
Established Business Male
6% 8% 10% 12% 14% 4% 2% 16%
Singapore
Japan
Republic of Korea
Australia
Taiwan
France
Belgium
Denmark
Slovenia
Italy
Luxembourg
Germany
Czech Republic
Norway
Slovakia
Finland
United Kingdom
Sweden
Portugal
Spain
Ireland
Austria
Netherlands
Greece
Switzerland
Qatar
Kuwait
Israel
United States
Canada
6% 8% 10% 12% 14% 0% 4% 2% 16%
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A
of ideas in a society, while stability allows enterprises
with the most promise to survive and grow. Thus, while
early-stage entrepreneurship is important for creating
dynamism in economic activity, established businesses
are important for preserving stability.
The level of established business activity in factor- and
efficiency-driven economies (Figure 5) is similar to TEA
level, with Africa showing the highest rates and highest
gender equality. This is in line with research by Bardasi
et al. (2007), whose analysis of enterprise survey data
in Africa found that businesses already operating show
no significant difference in performance and productivity
under male or female entrepreneurs. Bardasi et al.
suggest that Africa has “considerable hidden growth
potential in its women, and tapping into that potential …
can make a substantial difference for Africa’s growth
and poverty reduction.”
3
Thailand has the highest rate of established business
activity in Asia for both women and men. Both genders
show established business rates higher than TEA rates,
an indication of business sustainability. In Vietnam,
where TEA rates are the same for both genders, the rate
of established women entrepreneurs is 1.2 times higher
than for men.
In efficiency-driven Europe, established business rates
among women are low, and women in almost two-thirds
of economies have established business rates less than
half those of men. Libya, Botswana, Panama, Costa Rica
and Puerto Rico have low female established business
rates and low female TEA rates. In economies where
TEA rates are higher than established business rates,
women may face substantial challenges to sustain their
businesses. On the other hand, this could indicate that
startup activity has recently increased, whether from
need or opportunity (which will show up in future years
as increased established business activity).
Among innovation-driven economies in Asia and Europe,
low established business rates among women reflect
low startup rates. Low TEA levels signal fewer nascent
and new businesses to feed mature business activity in
these economies. Of concern, however, in innovation-
driven Europe, is that the gender gap for established
business activity is substantially wider than for TEA
activity. In more than half the economies in this region,
female established business rates are less than half
those for males. In terms of TEA, the same holds true
for only one-fifth of economies in the region. Among
Middle Eastern economies, Qatar’s established business
rate for women is much lower than female TEA (1.4%
compared to TEA of around 10%).
3 Bardasi, E., Blackden, M., and Guzman, J.C. “Gender, Entrepreneurship and
Competitiveness in Africa,” Africa Competitiveness Report 2007, World Economic
Forum, Geneva Switzerland.
0%
22
GEM WOMEN’ S SPECI AL REPORT
1.1.5 BUSINESS CLOSURE
The rate of business closure may serve as another
indicator of entrepreneurship sustainability in
an economy. Reasons for business closure vary,
including lack of proftability, problems accessing
fnance, running out of working capital, and change
of mind or lifestyle by an owner on how she is
earning income or spending time. Thus, closure may
not necessarily equate to failure.
In most African economies, women report higher
rates of business closure than men (Figure 7). Many
African countries have strong cultural practices
that traditionally impose restrictions on women and
their behavior. Gender stereotyping places higher
domestic burdens on women (household chores and
family responsibilities), which may contribute to the
higher rate of business closure among women in this
region. Malawi has particularly high business closure
rates for both genders — more women have closed a
business in the last year than are starting or running
a new business. Other economies such as Uganda,
Cameroon and the Philippines also have relatively
high business closure rates, which in turn refect
their high startup rates.
Entrepreneurship is inherently risky, and a certain
level of business closure is inevitable when there
are numerous startups. However, an excessively
high business closure rate could mean that few
entrepreneurs are starting viable businesses, or
that they are unable or do not intend to sustain
these businesses. In addition, the entrepreneurship
environment may not be suffciently supportive
or enabling. This is a particular concern in areas
where there is high necessity. Necessity-based
businesses are generally highly liquid, requiring low
amounts of capital to start and being relatively easy
to close. In regions characterized by high poverty
and chronic underemployment, it is not unusual
to fnd a self-employed person supporting a large
family and enabling those around her/him to have
a better life. The liquidity of the business supports
that pathway. This could be a positive factor to the
extent that women can easily get started or shift to
better opportunities, but problematic to the extent
that women are constrained in these efforts.
For innovation-driven economies, low business
closure rates may reflect a lack of dynamism
— there are few closures because there have
been few startups (Figure 8). In such economies,
fewer women than men are closing businesses,
consistent with gender gaps in TEA. Kuwait
has particularly high business closure rates for
both genders; more entrepreneurs have closed
a business in the last year than are starting or
running a new business.
Algeria
Libya
South Africa
Nigeria
Angola
Ghana
Burkina Faso
Zambia
Botswana
Cameroon
Uganda
Malawi
India
China
Vietnam
Malaysia
Kazakhstan
Thailand
Iran
Indonesia
Philippines
Poland
Latvia
Russia
Estonia
Georgia
Macedonia
Lithuania
Hungary
Bosnia & Herzegovina
Croatia
Romania
Kosovo
Turkey
Suriname
Trinidad & Tobago
Puerto Rico
Barbados
Brazil
Costa Rica
Colombia
Belize
Guatemala
Argentina
Uruguay
Panama
Mexico
Chile
Jamaica
Bolivia
Peru
Ecuador
El Salvador
15% 20% 25% 30% 10% 5%
15% 20% 25% 30% 10% 5%
A
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0%
0%
Figure 7: Business Closure in Factor- and E?ciency-Driven Economies, by Region
and Gender
*With Two Exceptions: Puerto Rico and Trinidad and Tobago
are Innovation-Driven
Business Closure Female
Business Closure Male
23
GEM WOMEN’ S SPECI AL REPORT
Figure 8: Business Closure in Innovation-Driven Economies, by Region and Gender
*With Two Exceptions: Puerto Rico and Trinidad and Tobago
are Innovation-Driven
Business Closure Female
Business Closure Male
Japan
Singapore
Republic of Korea
Australia
Taiwan
Ireland
Slovenia
Norway
United Kingdom
France
Finland
Belgium
Switzerland
Germany
Luxembourg
Denmark
Spain
Austria
Netherlands
Czech Republic
Sweden
Portugal
Greece
Italy
Slovakia
Qatar
Israel
Kuwait
Canada
United States
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6% 8% 10% 4% 2% 0%
1.2 A COMPARATIVE OVERVIEW OF
FEMALE ENTREPRENEURIAL ACTIVITY
The spider diagrams below provide a multiphase
analysis of women’s entrepreneurial activity, by
development level and region.
Female entrepreneurship activity is lower, on average,
for innovation-driven economies. The greatest difference
appears in earliest stages of the entrepreneurship
process, and the difference between rates for TEA
and established business is minimal: TEA 6% versus
established business 5%. For factor- and efficiency-
driven economies, TEA at 15% is nearly twice the
established business rate of 8%. This suggests greater
demand for entrepreneurship in developing economies,
with comparatively fewer enterprises having made it to
a mature stage. Innovation-driven economies see less
demand for entrepreneurship, but are more likely to
start sustainable businesses, and/or the environment
enables sustainability.
Entrepreneurship is
inherently risky, and a
certain level of business
closure is inevitable
when there are
numerous startups.
Figure 9: Multiphase Analysis of Activity, by Development Level
Overall Average: Factor and Ef ficiency-Driven Regions (unweighted)
30%
25%
20%
10%
5%
15%
0%
Female TEA
(% of Adult
Female Population)
Intentions female
Established Business Female
Overall Average: Innovation-Driven Regions (unweighted)
Business Closure
Female
6% 8% 10% 4% 2% 0%
24
GEM WOMEN’ S SPECI AL REPORT
Africa reports higher overall female activity compared
to other factor- and efficiency-driven regions. In
particular, entrepreneurial intentions are much higher
than for other economies at this development level. It
must be noted that Africa differs from the other three
regions in that it consists of predominantly factor-driven
economies (South Africa is the only efficiency-driven
economy in the region). Other regions are all or nearly
all efficiency-driven.
Activity rates for women in Latin America are close
to the overall average for less-developed economies.
Asia/Oceania also exhibits results close to the overall
average, except for lower intentions. This could imply
either or both of the following: that few women want or
need to start, relative to actual entrepreneurial activity;
or that for every women who has intended to start a
business, there is a high likelihood this has translated
to action. Efficiency-driven Europe has low TEA rates,
particularly compared to the average for economies
at this development level. The average TEA rate for
efficiency-driven Europe lies around 40% of the average
for the factor and efficiency development levels.
Figure 10: Multiphase Analysis of Activity, for Factor- and E?ciency-Driven Regions Figure 11: Multiphase Analysis of Activity, for Innovation-Driven Regions
The average TEA rate for
effciency-driven Europe lies
around 40% of the average
for the factor and effciency
development levels.
Latin Am./Carib.
Asia/Oceania FD/ED Africa
Europe ED
50%
40%
20%
10%
30%
0%
Female TEA
(% of Adult
Female Population)
Intentions Female
Established
Business Female
Business
Closure Female
Overall
40%
20%
10%
30%
0%
Female TEA
(% of Adult
Female Population)
Intentions Female
Established
Business Female
Business
Closure Female
North America
Asia/Oceania ID
Middle East ID
Overall Europe ID
Among innovation-driven regions, Asia and Europe
show results close to the overall development-level
average. Intentions, however, are especially low in
Europe, which indicates a small base of potential
women entrepreneurs. North America is also close to
the averages for innovation-driven economies, except for
higher than average TEA rates. The Middle East shows a
very high level of intentions among women, suggesting
a large base of potential future entrepreneurs. Startup
activity among women in this region is slightly higher
than average, but there is a low rate of established
business activity and high levels of business closure.
High current startup activity may not have translated to
an increase in mature business ownership. Some initial
efforts may not work out, so there will be more closures
than typical.
25
GEM WOMEN’ S SPECI AL REPORT
ENTREPRENEURS’ STORIES
Valrie Grant (Jamaica):
GeoTechVision Enterprises Ltd
V
alrie Grant has a Bachelor’s Degree in Geology,
a Master of Science Degree in GIS and
Environment, and over 15 years’ experience
in the geospatial sciences. She has also
pursued studies in entrepreneurship. In late 2008,
Valrie established GeoTechVision, the only female-owned
and operated geographic information systems (GIS)
company in the Caribbean region. “I had worked for
more eight years as a geospatial analyst, government
employee and spatial technologies consultant for a
wide range of public and private organisations in the
Caribbean when I realised that spatial intelligence
can offer tremendous benefits to governments and
businesses alike, but was not being fully utilised,” she
says. Geospatial intelligence is the science of visually
displaying geographic data that can provide substantial
benefits to Caribbean businesses, agencies and
government ministries by helping them to plan better
and make more informed decisions. Solutions to the
growing challenges of economic development, resource
management, climate change and disaster management
can all be enhanced with geospatial information.
Based in Jamaica, the company opened an additional
offce in Guyana in January 2012. The company
also provides services through partner relationships
established across the Caribbean, Canada and Israel.
The GeoTechVision team is a cadre of qualifed and
experienced professionals providing clients with high-end
IT and geospatial consultancy services, solutions and
products. These include consulting and advisory services,
GIS and ICT technical services, and human capital training
and development. “GeoTechVision focuses on delivering
value through innovative solutions!” says Valrie. “Our deep
knowledge of the business market and the technologies,
combined with unparalleled professional expertise, allows
GeoTechVision to offer reliable, affordable and customised
services and solutions.”
Valrie’s mother was self-employed and her father was a
businessman, providing her with a strong foundation for
her entrepreneurial journey. “I was strongly influenced
by my mother when deciding to go the entrepreneurship
route,” she notes. “I try to model elements of my life
after the spirit of my mother. The contributions of
26
GEM WOMEN’ S SPECI AL REPORT
Caribbean GIS champions like Jacqueline da Costa,
Cecille Blake, Nadine Brown, Earl Edwards and Silburn
Clarke have also inspired me.”
Valrie has faced numerous challenges during her
entrepreneurial journey. “As female business owners,
we have the disadvantage that many in the business
community look at tradition and cultural norms. Men are
seen as business leaders, bigger risk takers than women,
and so sometimes there is hesitation to give females
equal opportunities,” she notes. She has had to work
harder and put in extra effort to ensure that she is able to
offer an edge in order to stand out, especially in her male-
dominated feld. The competition is tough for a woman in
her industry. She believes that overcoming these hurdles
has strengthened her character. “Through persistence,
you can get your foot in the door and thereafter the work
recommends itself,” she says. However, sometimes being
a woman works to your advantage, she believes, as there
are now more networking programmes for women, people
promoting women in business, workshops targeting
women and more recognition programmes. These help to
level the playing feld.
being important, because although we were the smallest
company involved in the project, we executed and
delivered months ahead of all the other companies.”
Valrie and her business have been recipients of several
recognition awards. These include the University of
West Indies (UWI) Première Leadership Award (2000),
the Jamaica GIS Entrepreneur Award (2012), and the
NCB Nation Builder Award for the Woman in Business
Category (2013). The latter is presented to an innovative
female business owner with a track record of leadership
and social responsibility. GeoTechVision also received
the NCB Nation Builder Award for Region 1 in the
category of Innovation (2013). GeoTechVision won
the Technology Innovation Centre Client of the Year in
2013 and 2014 and also copped the Top Client Award
for 2014. Valrie was awarded the Business Excellence
Forum (BEF) Americas 2014 Female Entrepreneur of the
Year and GeoTechVision won the Caribbean Exporter of
the Year Special Award for Excellence in Services Export
2014. She was also the Jamaica Chamber of Commerce
(JCC) Young Entrepreneur of the Year in 2014.
As an entrepreneur, Valrie believes in helping other
entrepreneurs. Having been selected as a business
enabler for the Infodev World Bank Business Incubator
Clinic, she is currently forming a non-proft organisation
that will provide business incubator services in Guyana.
Valrie is also an accredited facilitator with the World
Bank’s Infodev Women Innovators in the Caribbean
Network (WINC), empowered to deliver the accelerator
programme in the Caribbean. She is the current president
of the Women Entrepreneurs Network Caribbean
(WENC) Guyana Chapter. She is also the Women’s
Entrepreneurship Day Ambassador for Guyana 2015.
Valrie is not one to rest on her laurels and a number of
plans for the future are already in the pipeline. The company
is in the process of expanding. In the short term, this
includes more geospatial applications for everyday use,
exploring innovative uses of Unmanned Aerial Vehicles in
the Caribbean, providing more engineering-type service
offerings and establishing new strategic partnerships, while
at the same time augmenting their own internal governance
models to better manage their growth. Longer term plans
include obtaining fnancing for further expansion, entering
new markets, introducing new delivery channels (such as
online training) and diversifying their offerings, including
potential ventures in renewable energy and agro-industry.
Valrie’s advice for potential entrepreneurs: “Having
the right educational background and experience is
sometimes not enough. Female business owners have to
offer an edge to stand out. Competition builds strength
of character as you recognise that with persistence, you
can get your foot in the door. Never believe you can do it
alone, though. It is important to collaborate to innovate!”
www.geotechvision.com
She has also faced a significant personal challenge
during her startup. Just four months after starting
GeoTechVision, with no staff and operating from a
virtual office, she underwent a major medical procedure.
Her business was on hold for six months. Funds
earmarked for her business had to be diverted to her
medical expenses. She spent her recovery time writing
proposals, building relationships and forming alliances
and was back in the Caribbean building GeoTechVision
by September 2009.
“Our major business success to date was probably
expanding GeoTechVision in the Caribbean despite the
harsh economic climate by establishing GeoTechVision
Guyana Inc. as an external company registered in
Guyana in January 2012,” she says. “Another success
was being selected as one of four companies to provide
tablets and services in the eLearning Jamaica Tablet in
Schools Project. This particular project stands out as
There are now more
networking programmes for
women, people promoting
women in business, workshops
targeting women and more
recognition programmes.
27
GEM WOMEN’ S SPECI AL REPORT
ENTREPRENEURS’ STORIES
Georgia Beattie (Melbourne,
Australia): Lupe Wines and
Single Service Packaging
G
eorgia’s entrepreneurial journey started in
2008 while she was on a one-year exchange
from RMIT Australia to Babson College, USA.
One morning, in her first week of classes,
the stock market crashed. “I was wondering why there
weren’t any students in class,” she says. “It turned
out that most of my classmates were already running
businesses and were far more commercially advanced
than my peers in Australia. It was here that I realised
that I could make an impact and change the world. I
could achieve anything if I put my mind to it and created
a plan.”
Professor Michael Caslin taught the Babson Social
Enterprise course and it was here that she learned that
starting a business is so much more than just making
money. “The businesses we create will shape the next
generation,” she notes. “We have an obligation to be
contributing to our city, country and ultimately create a
better world.”
©2015 Business Essentials Media Productions Pty Ltd
Her affuent female peers
from high school have gone
on to be lawyers, doctors
and bankers. These are
conservative and respected/
paid professions. However,
she feels that it is very
diffcult to have a voice in a
large company and rarely
does this career path lead to
extraordinary things.
Georgia’s business idea came to her while she was
standing in a drink queue for 30 minutes at a music
festival in Australia. When she finally got to the front of
the line, she was frustrated when she was told that she
could not order a wine because of glass safety laws. So
they legally couldn’t serve wine because it had not yet
been innovated. She realized that the rest of the alcohol
industry had done a great job keeping up with consumer
trends and demands. Beer, which also started out in
750ml bottles, is now packaged in single-serving sized
28
GEM WOMEN’ S SPECI AL REPORT
cans and bottles. Bars and liquor stores are filled with
hundreds of varieties of ready-to-drink premixed spirits
in both cans and bottles. Why not wine?
Her business produces single serve wine in a plastic
‘glass’. They have offices in Japan, Korea and Taiwan
and service sports stadiums, many hotel minibars and
airlines in Australia. “In the stadium scenario, we reduce
the carbon footprint for these events by removing the
glass bottle from the equation. It is a legal requirement
that beverages are served in plastic recepticles for
safety so we are fast-tracking that. It’s my way of
contributing to a better future,” she adds.
Early next year (2016), her company will be launching a
world first – a single-serving sparkling wine glass. They
have partnered with packaging companies in Australia,
Argentina, the USA, Europe and Japan in order to have a
global wine offering.
She believes that she is fortunate to have had an
education and upbringing where equality is expected
from the world. “My hard-working mother taught me
this,” she says. “Sexism doesn’t exist in our family – if a
male doesn’t want to do business with me, it’s because
of my product, not my gender. However equality doesn’t
matter if females aren’t participating. When women
aren’t sitting at the table there is an imbalance. A
masculine and feminine approach to any industry is
different and complimentary. Chinese philosophers
describe it as yin and yang.”
Her affluent female peers from high school have gone
on to be lawyers, doctors and bankers. These are
conservative and respected/paid professions. However,
she feels that it is very difficult to have a voice in a
large company and rarely does this career path lead
to extraordinary things. “I believe that if you have
come from the luxury of a good education, it is your
responsibility to go out and use this platform to create a
better world,” she asserts. “We need to convince women
that entrepreneurship is not only a worthy career, but
a place that desperately needs female participation to
foster growth and innovation.”
www.beattiewines.com
29
GEM WOMEN’ S SPECI AL REPORT
CHAPTER 2
Characteristics of
women entrepreneurs
G
EM’s focus on individual-level participation
enables the examination of a range of
demographic and other characteristics
about entrepreneurs. With this information,
it is possible to assess the level of inclusiveness in an
economy — in other words, the extent to which various
groups (for example, those categorized by age, gender
or education) engage in entrepreneurial activity. With
regard to the focus of this report, assessment of such
characteristics may enhance knowledge and identify
gaps in women’s entrepreneurship. This information can
help policy-makers target effective interventions
to increase women’s participation and productivity in
the economy.
2.1 AGE
Age-related patterns of entrepreneurship activity are
relatively consistent around the world for both genders.
The prevalence of early-stage entrepreneurship tends
to be relatively low in the 18-24 year-old cohort. It
peaks among 25-34 year-olds, and then declines as age
increases. Figure 12 indicates that this pattern holds true
on average for female entrepreneurs in all factor- and
effciency-driven regions, as well as in North America.
The remaining innovation-driven regions do not show
this marked upward spike in the 25-34 year-old age
group. In innovation-driven Asia and Oceania, the highest
prevalence of female TEA is among the 35-44 year-olds.
30
GEM WOMEN’ S SPECI AL REPORT
Age is particularly interesting to consider within the
context of other societal attributes, such as youth
unemployment and cultural mores surrounding working
mothers and provision of income for elders. The lowest
female youth TEA rates can be seen in four innovation-
driven economies: Japan and Korea in Asia, and Norway
and Finland in Europe. These countries report TEA rates
of less than 1% among 18-24 year-olds. This could be due
to high rates of women in college at this age. However,
many European countries show higher female youth rates
relative to average TEA rates across all age groups. In
Slovakia and Greece, for example, the female youth TEA
rate is more than 70% higher than the average TEA rate.
Senior entrepreneurship may be reduced by factors
that include retirement, poor health or cultural
expectations such as caring for grandchildren. On the
other hand, a lack of work options or pensions and a
need for income could spur entrepreneurship among the
older population, as well as enterprising seniors with
experience, resources and networks that enable them
to launch viable businesses. In two innovation-driven
European countries, Portugal and Belgium, older women
entrepreneurs (55-64 years old) are rare — less than 1%
of the female population. The Philippines, on the other
hand, has a high senior entrepreneurship rate among
women — 30% versus an overall TEA rate of 21%.
2.2 EDUCATION LEVEL
An educated workforce, appropriately skilled and
with the capacity for innovation, is vital to an
economy’s competitiveness, productivity and growth.
It is reasonable to believe that education will have a
positive influence on individual self-efficacy and self-
confidence, thereby increasing the chances these
individuals will not only start businesses, but also
have the ability to navigate competitive and changing
business environments. Of course, not all education is
directly relevant to entrepreneurship, but GEM reports
consistently show that entrepreneurs have higher levels
of education than non-entrepreneurs. This is consistent
with findings from the Goldman Sachs 10,000 Women’s
project, which shows that training and education
do make a difference for women in less developed
economies. Education and training are likely to result
in business growth in sales and employees, as well as
stronger self-confidence and leadership skills.
4
Across the sample as a whole, there is encouraging
gender parity in terms of the proportion of
entrepreneurs with a post-secondary or higher level of
education. A third of female and male entrepreneurs
(33% and 36% respectively) fall into this category. In
many developing economies, particularly efficiency-
driven Europe, there are proportionately more educated
women entrepreneurs than men. This is even more so
for innovation-driven economies, where the majority
show higher proportions of female entrepreneurs with
post-secondary or higher levels of education than males.
Some economies with high levels of education among
female entrepreneurs also have low TEA rates, for
example Libya, Malaysia, Russia and Puerto Rico. This
suggests that in some economies, entrepreneurship
is undertaken by the educated, but is less available or
attractive to those with lower education levels.
2.3 MOTIVATION
The relative prevalence of opportunity motivated versus
necessity-motivated entrepreneurship activity provides
useful insights into why women enter entrepreneurship.
Necessity-based, early-stage entrepreneurship activity
is defined as the percentage of those driven by having
no better choice for work. Opportunity-based early-stage
4 Investing in the Power of Women; Progress Report on the Goldman Sachs
10,000 Women Initiative, Babson College, Wellesley, MA, 2014.
30%
25%
20%
15%
10%
5%
0%
35%
Africa
Asia/Oceania Factor and E?ciency-Driven
Europe E?ciency-Driven
Latin America/Caribbean
Asia/Oceania Innovation-Driven
Europe Innovation-Driven
Middle Eastern Innovation-Driven
North America
Female TEA
(18-24)
Female TEA
(25-34)
Female TEA
(35-44)
Female TEA
(45-54)
Female TEA
(55-64)
Figure 12: Female TEA Rates, by Age Cohort and Region
31
GEM WOMEN’ S SPECI AL REPORT
Republic of Korea
Japan
Singapore
Taiwan
Australia
Italy
Netherlands
Czech Republic
Austria
Norway
Slovakia
Switzerland
Portugal
Finland
Germany
Spain
United Kingdom
Luxembourg
Greece
Sweden
Slovenia
Denmark
France
Belgium
Ireland
Kuwait
Qatar
Israel
United States
Canada
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
M
I
D
D
L
E
E
A
S
T
E
R
N
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
N
O
R
T
H
A
M
E
R
I
C
A
0%
0%
10%
10%
20%
20%
30%
30%
40%
40%
50%
50%
60%
60%
80%
80%
90%
90%
100%
100%
70%
70%
Burkina Faso
Malawi
Uganda
Ghana
South Africa
Cameroon
Zambia
Angola
Botswana
Nigeria
Algeria
Libya
Indonesia
India
China
Thailand
Vietnam
Philippines
Iran
Kazakhstan
Malaysia
Kosovo
Romania
Croatia
Bosnia & Herzegovina
Macedonia
Turkey
Estonia
Georgia
Latvia
Hungary
Poland
Lithuania
Russia
Guatemala
Brazil
Mexico
El Salvador
Costa Rica
Jamaica
Colombia
Suriname
Ecuador
Bolivia
Peru
Panama
Uruguay
Belize
Trinidad & Tobago
Argentina
Chile
Barbados
Puerto Rico
A
F
R
I
C
A
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
-
A
N
D
E
F
F
I
C
I
E
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
Figure 13: Proportion of Entrepreneurs with Post-Secondary Degree or Higher Level
of Education for Factor- and E?ciency-Driven Economies, by Region and Gender
Figure 14: Proportion of Female Entrepreneurs with Post-Secondary Degree or
Higher Level of Education for Factor- and E?ciency-Driven Economies, by Region
and Gender
Female Female
Male Male
10%
10%
20%
20%
30%
30%
40%
40%
50%
50%
60%
60%
80%
80%
90%
90%
70%
70%
0%
0%
32
GEM WOMEN’ S SPECI AL REPORT
Table 5: Average Rates for Opportunity Motivated TEA, by Region and Gender
Region
Female
Opportunity
Motivated
TEA (%)
Male
Opportunity
Motivated
TEA (%)
Ratio
Female/
Male
Africa 69 73 0.95
Asia &
Oceania
(Factor- and
Efficiency-
Driven)
69 73 0.95
Latin
America &
Caribbean
70 78 0.90
Europe
(Efficiency-
Driven)
57 63 0.90
Middle East
(Innovation-
Driven)
83 77 1.08
Asia &
Oceania
(Innovation-
Driven)
77 78 0.99
Europe
(Innovation-
Driven)
73 78 0.94
North
America
74 82 0.90
GEM
Average
68 73 0.93
entrepreneurship activity describes the percentage of
those who are motivated to pursue opportunity. This
includes taking advantage of a business opportunity or
having a job, but seeking a better opportunity. Although
necessity entrepreneurship is important in enabling
women to create income-generating businesses when
needed, opportunity-driven entrepreneurs are important
to an economy for their greater potential impact on
dimensions such as job creation aspirations.
In general, opportunity motivations among female
entrepreneurs are encouragingly high in all regions
except efficiency-driven Europe. In this region, the
opportunity motivated proportion of female TEA is more
than 10 percentage points below the overall average
for the sample. Although female entrepreneurs in the
GEM sample are less likely than male entrepreneurs to
be motivated by opportunity, the gender differential is
small across all regions (Table 5). In the Middle East,
women are more likely than men to be motivated by
opportunity, while in innovation-driven Asia, women are
as likely as men to be engaged in opportunity motivated
entrepreneurship. Generally, economies in these regions
have low gender parity in TEA. Combined with the
high rate of opportunity-based entrepreneurship, this
suggests that women have a low likelihood of starting
businesses compared to men; and when they do, it’s
because they choose to pursue an opportunity, rather
than being pushed into it out of need.
Within the regions, individual economies show variation in
the proportion of opportunity motivations among women
entrepreneurs (Figures 15 and 16). Among factor- and
effciency-driven economies, Nigeria and Uganda have
high female opportunity motivations combined with high
female TEA rates (higher than male rates), showing that
women are highly motivated to act on opportunities. In
Libya, although there are high proportions of opportunity
motivations among women entrepreneurs, women start at
less than half the rate for men.
A contrast may be seen in low opportunity motives
among women entrepreneurs in Bosnia and
Herzegovina, Macedonia and Kosovo. These economies
exhibit low female TEA rates, suggesting that women
rarely engage in startups, and when they do, it is
generally out of necessity. The Philippines, on the other
hand, shows high levels of female entrepreneurship
activity, over 30% higher than that of males. However,
there is a considerable gender gap in motivation.
Women entrepreneurs in this country are over
one-fourth less likely than men to be motivated
by opportunity. The Philippines is a factor-driven
country with one of the highest unemployment rates
in Southeast Asia. High competition for low level job
opportunities in the formal sector means that women,
especially in poorer communities, are often forced into
necessity-based entrepreneurship because they lack
options for sustainable livelihoods.
33
GEM WOMEN’ S SPECI AL REPORT
Malawi
Cameroon
Zambia
Ghana
Botswana
Burkina Faso
Angola
South Africa
Algeria*
Nigeria
Uganda
Libya
Philippines
China
Iran
India
Kazakhstan
Vietnam
Indonesia
Malaysia
Thailand
Macedonia
Bosnia & Herzegovina
Georgia
Croatia
Kosovo
Russia
Hungary
Poland
Turkey
Romania
Lithuania
Estonia
Latvia
Guatemala
Argentina
Colombia
Jamaica
Suriname
Brazil
El Salvador
Ecuador
Panama
Bolivia
Chile
Barbados
Mexico
Costa Rica
Uruguay
Puerto Rico
Peru
Belize
Trinidad & Tobago
A
F
R
I
C
A
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
-
A
N
D
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
0%
0%
10%
10%
20%
20%
30%
30%
40%
40%
50%
50%
60%
60%
80%
80%
90%
90%
70%
70%
Figure 15: Percentage of Entrepreneurs with Opportunity Motive for Factor- and
E?ciency-Driven Economies, by Region and Gender
Figure 16: Percentage of Entrepreneurs with Opportunity Motive for Innovation-
Driven Economies, by Region and Gender *With Two Exceptions: Puerto Rico and Trinidad and Tobago are Innovation-
Driven
Female TEA Opportunity (% TEA Females) Female TEA Opportunity (% TEA Females)
Male TEA Opportunity (% TEA Males) Male TEA Opportunity (% TEA Males)
Republic of Korea
Japan
Australia
Singapore
Taiwan
Greece
Belgium
Ireland
Spain
Slovenia
Slovakia
Portugal
Switzerland
Czech Republic
Germany
France
Finland
Sweden
Austria
Netherlands
Norway
Italy
United Kingdom
Luxembourg
Denmark
Israel
Qatar
Kuwait
Canada
United States
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
N
O
R
T
H
A
M
E
R
I
C
A
M
I
D
D
L
E
E
A
S
T
E
R
N
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
0% 10% 20% 30% 40% 50% 60% 80% 90% 70%
0% 10% 20% 30% 40% 50% 60% 80% 90% 70%
34
GEM WOMEN’ S SPECI AL REPORT
Among innovation-driven economies, gender differences
in opportunity motivation are generally low. Greece is
an exception – only half of women entrepreneurs in
this economy are opportunity motivated, compared to
two-thirds of male entrepreneurs, and women are less
likely than men to start businesses than men. Similarly,
Belgium reports low opportunity motivation (55%)
among women entrepreneurs, and also has the lowest
female TEA rates among the innovation-driven European
economies. This suggests that women in both Greece
and Belgium are only apt to start a business when they
need income and have few other options. On the other
hand, the three Middle East economies all report female
opportunity-motivation rates higher than those of their
male counterparts.
Figure 17 shows distinct regional patterns in the
relationship between TEA rates and opportunity motives
among women. Low TEA rates may be seen in several
European economies, with economic development
level dividing them based on opportunity motives. High
opportunity drives high TEA rates in Thailand, while
necessity drives high rates in Malawi.
Malawi
Ghana
Uganda
Nigeria
Burkina Faso
South Africa
Zambia
Algeria
Botswana
Cameroon
Angola
Libya
China
Malaysia
Vietnam
India
Philippines
Indonesia
Kazakhstan
Thailand
Iran
Macedonia
Poland
Russia
Hungary
Romania
Lithuania
Estonia
Latvia
Georgia
Turkey
Kosovo
Croatia
Bosnia & Herzegovina
Suriname
Brazil
Jamaica
Puerto Rico
El Salvador
Trinidad & Tobago
Ecuador
Costa Rica
Peru
Panama
Guatemala
Mexico
Barbados
Belize
Bolivia
Chile
Argentina
Colombia
Uruguay
A
F
R
I
C
A
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
-
A
N
D
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
0%
0%
5%
5%
10%
10%
15%
15%
20%
20%
25%
25%
30%
30%
40%
40%
35%
35%
Figure 18: Percentage of Entrepreneurs Starting in Teams of Three or More for
Factor- and E?ciency-Driven Countries, by Region and Gender
3+ Founders Female
3+ Founders Male
Across the GEM sample, about
two-thirds of entrepreneurs
own one-person businesses.
Women entrepreneurs are
slightly more likely, overall,
to display single-person
ownership (68%, compared to
62% for men).
Low TEA High TEA
High
Opportunity
Italy, Sweden,
Denmark,
Norway
Thailand
Low Opportunity Macedonia,
Bosnia &
Herzegovina,
Croatia
Malawi
Figure 17: Regional Patterns in Relationship Between TEA Rates and
Opportunity-Motivation
35
GEM WOMEN’ S SPECI AL REPORT
Figure 19: Percentage of Entrepreneurs Starting in Teams of Three or More for
Innovation-Driven Countries, by Region and Gender
3+ Founders Female
3+ Founders Male
Australia
Republic of Korea
Japan
Taiwan
Singapore
Germany
Sweden
Switzerland
Slovakia
Slovenia
Denmark
Austria
Ireland
France
Netherlands
Czech Republic
Greece
Norway
United Kingdom
Finland
Portugal
Italy
Spain
Luxembourg
Belgium
Israel
Qatar
Kuwait
United States
Canada
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
N
O
R
T
H
A
M
E
R
I
C
A
M
I
D
D
L
E
E
A
S
T
E
R
N
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
0%
0%
10%
10%
20%
20%
30%
30%
40%
40%
50%
50%
60%
60%
2.4 TEAMS
Most businesses start with one owner. Across the GEM
sample, about two-thirds of entrepreneurs own one-
person businesses. Women entrepreneurs are slightly
more likely, overall, to display single-person ownership
(68%, compared to 62% for men). Although there is no
gender discrepancy in the percentage for two owners,
women are over 20% less likely than men to have
businesses with three or more founders.
Ownership characteristics vary considerably across
regions. In efficiency-driven Europe, women exhibit
characteristics similar to those of men in the percentage
of entrepreneurs having one, two, three or more owners.
In many of the remaining regions, however, women are
more likely to be running single-founder businesses,
indicating a tendency to operate on their own. Africa
and factor- and efficiency-driven Asia have the highest
percentage of female single-owner entrepreneurs (three-
quarters), as well as the highest gender disparity in this
respect. In the Middle East, just under half (49%) of
female entrepreneurs have single-owner businesses.
The highest average prevalence of teams of three or
more women entrepreneurs was in the Middle East
(27%) and innovation-driven Asia (24%), double the
overall average. High levels of teamwork among women
(as well as high levels relative to men) are seen in a
number of economies (Figures 18 and 19): Libya, Iran,
Kosovo, Croatia and Bosnia and Herzegovina among
factor- and efficiency-driven economies; and Singapore,
Luxembourg and Belgium among innovation-driven
economies. On the other hand, teams of three or more
were rare among women entrepreneurs in factor- and
efficiency-driven Asia (7%), as well as in Africa and Latin
America and the Caribbean (11%).
Africa and factor- and
efficiency-driven Asia have
the highest percentage
of female single-owner
entrepreneurs (three-
quarters), as well as the
highest gender disparity in
this respect.
36
GEM WOMEN’ S SPECI AL REPORT
Figure 20: Relationship Between Team Size and Job Aspirations
Figure 20 suggests a positive relationship between team
size and job creation, highlighting the value of businesses
with three or more owners. This is consistent with evidence
from entrepreneurship literature indicating that businesses
with teams of three to fve owners are more likely to grow
and succeed than businesses with only one or two owners.
5
5 Beckman, C.M., Burton, M.D. and O’Reilly, C., 2007. “Early Teams: The Impact
of Team Demography on VC Financing and Going Public,” Journal of Business
Venturing, 22:2, 147-173.
y = 1,0469x + 0,0936
R² = 0,3733
%
T
E
A
F
e
m
a
l
e
:
E
x
p
e
c
t
s
6
+
J
o
b
s
% TEA with 3+ Founders
0,8
0,7
0,6
0,5
0,4
0,3
0,2
0,1
0
0 0,05 0,1 0,15 0,2 0,25 0,3 0,35 0,4 0,45
37
GEM WOMEN’ S SPECI AL REPORT
M
rs Ninh Thi Ty, president of two
companies, is recognised as a highly
successful business woman in the
garment field in Vietnam. She started
her career with the Ho Guom Garment Joint Stock
Company. The company was established in 1992 and
Mrs Ty initially had only a small and old workshop with
around 220 employees and 120 machines. “Working
time was divided into two shifts, since the area of the
workshop was only 400m
2
. The workshop was always
unprofitable and sometimes the workers were not paid
their salaries on time,” she recalls.
ENTREPRENEURS’ STORIES
Ninh Thi Ty (Vietnam):
Ho Guom Garments and
Chien Thang Garments
This situation improved when she offcially became
director of the enterprise. With a combination of
enormous effort, as well as her skill and abilities, she
brought a new vitality to the factory. By the time Ho
Guom Company was equitised in 2000, the situation had
changed markedly. By then, Ho Guom Co had a total of
10 factories located in different provinces in the north
of Vietnam. The area of these factories currently ranges
from 30,000m
2
to 60,000m
2
and Mrs Ty manages nearly
6 000 people (of which 80% are women). “Over the past
10 years, Ho Guom Garment Company has been regarded
by government and other organisations as a big and
38
GEM WOMEN’ S SPECI AL REPORT
fast-growing company in the garment feld,” she notes.
Her success was crowned when she was awarded the
highest medal by the Vietnamese National President –
the only woman in the garment industry to receive such
an honour.
Under the leadership of Mrs Ty, Ho Guom Company
achieved a consistently high growth rate each year.
As a result VINATEX (The Vietnam National Textile and
Garment Corporation) requested that she take over
Chien Thang Garment Joint Stock Company in 2006.
Chien Thang Company was a garment company with
a 40-year history and had been one of the strongest
factories belonging to VINATEX. However, the company
had fallen into dire straits, burdened by a large loan.
At least four strong directors from VINATEX had been
sent to take over the company, but the situation had not
improved, and the company faced imminent bankruptcy.
“There were many difficulties that that I faced when
taking on this new mission,” says Mrs Ty. But armed
with her innate determination, she step-by-step began
to resolve the situation. After three years, the Chien
Thang Company was able to repay a substantial loan
to the bank and had started to register a small profit.
Currently, under her management, the company’s
production is stable and they continue to expand their
number of factories.
In addition to her involvement in the garment industry,
Mrs Ty is starting to invest in real estate. A 29-floor
building named ‘Ho Guom Plaza’ – which includes
offices, apartments and a shopping centre – has already
been completed.
“I believe that the secret of success as an entrepreneur
is to always keep trying and not to drop out. Especially,
don’t be afraid to face up to diffculties,” she says. Mrs Ty
always encourages and provides opportunities for young
people to help them develop their abilities. “I’ve always
trained and employed a lot of young people and many
of them are now in key positions in my companies,” she
says. “Some have moved on to other companies, but may
have opened their own successful businesses.”
www.mayhoguom.com.vn and www.chigamex.com.vn
I believe that the secret of
success as an entrepreneur
is to always keep trying
and not to drop out.
Especially, don’t be afraid
to face up to diffculties.
39
GEM WOMEN’ S SPECI AL REPORT
CHAPTER 3
Societal attitudes and
their influence on women’s
entrepreneurship behavior
T
he GEM model recognizes entrepreneurial
attitudes, activity and aspiration as dynamic,
interactive components of national entrepreneurial
environments. Entrepreneurship activity does not
take place in a vacuum, and entrepreneurial attitudes
and perceptions play an important part in creating an
entrepreneurial culture. People with positive attitudes
may become future entrepreneurs. Existing entrepreneurs
rely on encouragement and support from people in their
societies who regard their efforts positively, and who will
participate in making their activities successful.
GEM measures individuals’ perceptions of their
entrepreneurial ability, whether they believe there are
many startup opportunities around them, whether those
seeing opportunities feel constrained to start by fear
of failure, and the extent to which their social networks
include entrepreneurs.
“The entrepreneurship process is a complex endeavor
carried out by people living in specifc cultural and social
conditions. For this reason, the positive or negative
perceptions that society has about entrepreneurship
can strongly infuence the motivations of people to
enter entrepreneurship. If the economy in general has
a positive attitude toward entrepreneurship, this can
generate cultural and social support, fnancial and
business assistance, and networking benefts that
will encourage and facilitate potential and existing
entrepreneurs.” (GEM 2012 Global Report, page 18)
40
GEM WOMEN’ S SPECI AL REPORT
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
A
N
D
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
A
F
R
I
C
A
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
Libya
South Africa
Botswana
Algeria
Cameroon
Ghana
Burkina Faso
Uganda
Angola
Zambia
Malawi
Nigeria
India
Iran
Thailand
Philippines
Malaysia
Vietnam
China
Kazakhstan
Indonesia
Turkey
Georgia
Croatia
Bosnia & Herzegovina
Romania
Macedonia
Hungary
Lithuania
Latvia
Poland
Russia
Estonia
Kosovo
Puerto Rico
Colombia
Guatemala
Argentina
Uruguay
Brazil
Ecuador
Suriname
Panama
Costa Rica
El Salvador
Trinidad & Tobago
Jamaica
Barbados
Bolivia
Chile
Mexico
Peru
Belize
10% 20% 30% 40% 50% 0% 60% 70% 70%
10% 20% 30% 40% 50% 0% 60% 70% 70%
Figure 21: Percentage of Adults Who Personally Know an Entrepreneur in Factor-
and E?ciency-Driven Economies, by Region and Gender
Figure 22: Percentage of Adults Who Personally Know an Entrepreneur in
Innovation-Driven Economies, by Region and Gender
Know a Female Entrepreneur Know a Female Entrepreneur
Know a Male Entrepreneur Know a Male Entrepreneur
Japan
Singapore
Republic of Korea
Australia
Taiwan
Belgium
Germany
Czech Republic
Italy
Greece
Switzerland
Portugal
Norway
United Kingdom
Ireland
Netherlands
Denmark
Luxembourg
Spain
Austria
France
Sweden
Slovenia
Slovakia
Finland
Qatar
Israel
Kuwait
United States
Canada
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
M
I
D
D
L
E
E
A
S
T
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
N
O
R
T
H
A
M
E
R
I
C
A
20% 30% 0% 10% 40% 50%
20% 30% 0% 10% 40% 50%
41
GEM WOMEN’ S SPECI AL REPORT
Although the rise of interest in female entrepreneurship
is a recognized trend around the world, the rate of
participation in entrepreneurship by women still varies
considerably among economies and geographic regions.
According to the OECD (2004), women have lower
participation rates in entrepreneurship as they face more
social and cultural constraints than men. These obstacles
include higher levels of domestic responsibility, lower
levels of education (particularly in developing countries),
lack of female role models in the business sector, fewer
business-oriented networks in their communities, lack
of capital and assets, lower status in society and a
culturally-induced lack of assertiveness and confdence
in their ability to succeed in business. These factors may
prevent women from perceiving, as well as acting on,
entrepreneurial opportunities.
3.1 KNOWING AN ENTREPRENEUR
In many African and Asia and Oceania (factor and
efficiency-driven) economies, more than half the women
in these societies know an entrepreneur personally
(Figure 21). In the Philippines and Zambia, women are
slightly more likely to know an entrepreneur compared
to men, while in Vietnam, Nigeria and Belize women are
almost as likely as men to know an entrepreneur. Japan
(12%) and Belgium (15%) have the lowest prevalence
of women knowing an entrepreneur (Figure 22). These
two economies also have the lowest female TEA rates in
their respective regions (Figure 4).
In economies with high TEA rates, more individuals
know an entrepreneur, as Figure 23 shows. In these
cases, where there are more entrepreneurs, it is likely
that individuals will have personal contact with one. But
contact with entrepreneurs can also provide people with
motivation, advice, contacts and other benefits, leading
to higher interest and success in entrepreneurship.
Women’s lower rates of knowing an entrepreneur mean
that they are potentially disadvantaged from the start of
the entrepreneurship process, having fewer inspirational
role models (which could affect their willingness to
engage in entrepreneurship activity), as well as limited
access to relevant networks, mentorship opportunities
and advice.
Figure 23: Relationship Between Knowing an Entrepreneur and Female TEA Rates
y = 1,0469x + 0,0936
R² = 0,3733
%
T
E
A
F
e
m
a
l
e
:
E
x
p
e
c
t
s
6
+
J
o
b
s
% TEA with 3+ Founders
0,8
0,7
0,6
0,5
0,4
0,3
0,2
0,1
0
0 0,05 0,1 0,15 0,2 0,25 0,3 0,35 0,4 0,45
Contact with entrepreneurs
can also provide people with
motivation, advice, contacts
and other benefts, leading to
higher interest and success in
entrepreneurship.
42
GEM WOMEN’ S SPECI AL REPORT
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
A
N
D
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
A
F
R
I
C
A
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
0%
South Africa
Libya
Botswana
Algeria
Burkina Faso
Cameroon
Angola
Ghana
Uganda
Malawi
Zambia
Nigeria
Iran
Kazakhstan
China
India
Vietnam
Malaysia
Thailand
Indonesia
Philippines
Croatia
Bosnia & Herzegovina
Hungary
Russia
Lithuania
Romania
Poland
Georgia
Turkey
Latvia
Macedonia
Estonia
Kosovo
Puerto Rico
Argentina
Suriname
Barbados
Costa Rica
Uruguay
Guatemala
Panama
El Salvador
Mexico
Belize
Jamaica
Trinidad & Tobago
Brazil
Bolivia
Ecuador
Peru
Chile
Colombia
10% 20% 30% 40% 50% 60% 70% 80% 90%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Figure 24: Percentage of Adults Who Perceive Opportunities in Factor- and
E?ciency-Driven Economies, by Region and Gender
Opportunity Perceptions Female Opportunity Perceptions Female
Opportunity Perceptions Male Opportunity Perceptions Male
Figure 25: Percentage of Adults Who Perceive Opportunities in Innovation-Driven
Economies, by Region and Gender
Japan
Republic of Korea
Singapore
Taiwan
Australia
Slovenia
Greece
Spain
Portugal
Slovakia
Czech Republic
Italy
France
Ireland
Belgium
Germany
Luxembourg
United Kingdom
Netherlands
Switzerland
Austria
Finland
Denmark
Norway
Sweden
Kuwait
Israel
Qatar
United States
Canada
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
M
I
D
D
L
E
E
A
S
T
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
N
O
R
T
H
A
M
E
R
I
C
A
0% 10% 30% 40% 60% 80% 90% 90%
0% 10% 30% 40% 60% 80% 90% 90%
In a number of factor-
and effciency-driven
economies, women are
slightly more likely to
perceive good business
opportunities in their area.
43
GEM WOMEN’ S SPECI AL REPORT
3.2 OPPORTUNITY PERCEPTION
In general, there is little difference between the genders
in the rate of perceived opportunities (the average for
females is 40%, compared to 45% for males: Figures
24 and 25). In a number of factor- and efficiency-driven
economies, women are slightly more likely to perceive
good business opportunities in their area: Zambia, the
Philippines, Latvia, Kosovo, Panama, El Salvador and
Peru. Among the innovation-driven economies, Kuwait
shows higher rates of perceived opportunity among
women compared to men. Notably high rates of female
Figure 26: Relationship Between Female Opportunity Perception and TEA Rates
y = 0,4323x - 0,0351
R² = 0,4457
F
e
m
a
l
e
T
E
A
(
%
o
f
A
d
u
l
t
F
e
m
a
l
e
P
o
p
u
l
a
t
i
o
n
)
Knowing an Entrepreneur (% Female Adult Population)
0,45
0,4
0,35
0,3
0,25
0,2
0,15
0,1
0,05
0
0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8 0,9
Beliefs about capabilities
are more refective of
self-perceptions. They
indicate individuals’
confdence that they have
the knowledge, skills and
experience required to
start a new business.
opportunity perceptions may be seen in Denmark (57%),
Norway (58%) and Sweden (68%); these results are at
odds with their low female TEA rates (a mere 4%, as
shown in Figure 4).
The scatterplot (Figure 26) shows the relationship
between opportunity perceptions in society and TEA
rates among women. The positive relationship between
these indicators highlights the importance of postive
attitudes in stimulating entrepreneurship activity.
3.3 CAPABILITIES PERCEPTIONS
While opportunity perceptions demonstrate people’s
views of the environment around them, beliefs about
capabilities are more reflective of self-perceptions.
They indicate individuals’ confidence that they have the
knowledge, skills and experience required to start a new
business. As Figure 27 shows, over half of women in
nearly every economy in Africa and Latin America believe
they have the ability to start a business.
In general, capabilities perceptions show a greater
gender difference than opportunity perceptions. In
the GEM sample as a whole, 46% of women believe
they have the required skills and knowledge to start
a business, compared to 59% of men. At the regional
level, the results show marked divergence (Figures 27
and 28). Among factor- and efficiency-driven regions,
many economies show female capability rates that are
equal or nearly equal to those of men: in particular,
Nigeria and Ghana. A number of Latin American and
Caribbean economies also show low gender differentials
44
GEM WOMEN’ S SPECI AL REPORT
Figure 28: Percentage of a Adults Who Perceive They Have Capabities to Start a
Business in Innovation-Driven Economies, by Region and Gender
(most notably, Belize and El Salvador) as well as the
Philippines, Vietnam and Indonesia in Southeast Asia.
Gender gaps appear across the innovation-driven
economies. Japan has low capabilities perceptions
among women, scarcely more than a quarter of the
level of men, while women in Korea, France, and Israel
have just over half the level of capabilities perceptions
compared to men.
The scatterplot (Figure 29) shows the strong relationship
between capabilities perceptions and TEA. This
relationship is even stronger than for opportunity
perceptions and TEA. This re-enforces the importance of
assessing capabilities, particularly in light of the gender
gap revealed in many economies.
A
S
I
A
/
O
C
E
A
N
I
A
F
A
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T
O
R
A
N
D
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
A
F
R
I
C
A
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
South Africa
Libya
Algeria
Angola
Botswana
Burkina Faso
Cameroon
Zambia
Uganda
Ghana
Nigeria
Malawi
China
India
Malaysia
Thailand
Kazakhstan
Iran
Indonesia
Vietnam
Philippines
Lithuania
Russia
Georgia
Hungary
Estonia
Croatia
Bosnia & Herzegovina
Romania
Poland
Macedonia
Latvia
Turkey
Kosovo
Puerto Rico
Brazil
Colombia
Mexico
Costa Rica
Argentina
Panama
Guatemala
Chile
Uruguay
Barbados
Peru
Belize
Ecuador
El Salvador
Suriname
Bolivia
Trinidad & Tobago
Jamaica
20% 30% 0% 10% 40% 50% 70% 80% 60% 90%
20% 30% 0% 10% 40% 50% 70% 80% 60% 90%
Figure 27: Percentage of Adults Who Perceive They Have Capabities to Start a
Business in Factor- and E?ciency-Driven Economies, by Region and Gender
Opportunity Perceptions Female
Opportunity Perceptions Male
20% 30% 10% 40% 50% 70% 60%
Japan
Singapore
Republic of Korea
Taiwan
Australia
Belgium
Norway
France
Denmark
Sweden
Italy
Germany
Finland
Luxembourg
Switzerland
Czech Republic
Netherlands
Ireland
United Kingdom
Slovenia
Portugal
Greece
Austria
Slovakia
Spain
Israel
Qatar
Kuwait
Canada
United States
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
M
I
D
D
L
E
E
A
S
T
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
M
N
O
R
T
H
A
M
E
R
I
C
A
0%
20% 30% 10% 40% 50% 70% 60% 0%
Capability Perceptions Female
Capability Perceptions Male
45
GEM WOMEN’ S SPECI AL REPORT
3.4 CHANGES IN OPPORTUNITY AND
CAPABILITIES PERCEPTIONS FROM 2012
Across the 61 economies featured in this report and
the 2012 report, perceptions about opportunities and
capabilities changed little overall from 2012 (Table 6).
Europe, Israel and the United States saw increased
female opportunity perceptions, but with less change to
the gender ratio. In Asia, opportunity perceptions were
noticeably lower, especially among innovation-driven
economies in this region.
For the most part, capability perceptions changed
little at the regional level. To some extent, capability
perceptions are more reflective of one’s belief about
one’s self, and this may change little over time. On the
other hand, whether some see opportunities around
them may depend more on the environment, with shifts
over time that can vary among regions.
3.5 FEAR OF FAILURE
Fear of failure can be influenced by intrinsic personality
traits, as well as by societal norms and regulations.
For the risk-averse person, the downside risk of
failure can outweigh the most promising opportunities
or expectations, even if potential returns are
considerably higher than the next best alternative. In
some economies, the legal and social ramifications
of business failure may act as a strong deterrent,
increasing fear of failure and reducing the pool of
potential entrepreneurs.
Figure 29: Relationship Between Female Capabilities Perception and TEA Rates
In general, women are more risk-averse than men in
terms of entrepreneurial behavior. In the GEM sample
as a whole, 41% of women who perceive opportunities
would be prevented from starting a business due to
fear of failure, compared to 34% of men. Women’s
generally lower confidence in their own abilities is likely
to contribute to their higher rates of fear of failure in a
business context.
y = 0,4021x - 0,0681
R² = 0,5981
F
e
m
a
l
e
T
E
A
Capabilities Perceptions (% Female Adult Population)
0,45
0,4
0,35
0,3
0,25
0,2
0,15
0,1
0,05
0
0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8 0,9
Women are more risk-
averse than men in terms
of entrepreneurial behavior.
In the GEM sample as a
whole, 41% of women who
perceive opportunities
would be prevented from
starting a business due to
fear of failure, compared to
34% of men.
46
GEM WOMEN’ S SPECI AL REPORT
Figure 30 shows fear of failure rates for factor- and
efficiency-driven economies. In many Asian and
African economies, women show a high degree of risk-
willingness; fear of failure rates in these economies are
often equal to or lower than for men. South Africa is an
exception in the region with female fear of failure rates
over a third higher than for males. In efficiency-driven
Europe, and Latin America and the Caribbean, only
two economies show equal fear of failure rates among
women and men, Kosovo and Mexico. Otherwise, gender
gaps exist in most economies throughout these regions.
In Lithuania and Panama, women display up to 50%
greater fear of failure levels. Coupled with low rates of
perceived capabilities among women, the relatively high
fear of failure rates among women in efficiency-driven
Europe are cause for concern and likely contribute to the
low female TEA rates in the region.
Among innovation-driven economies (Figure 31), Asia
reports few gender gaps in fear of failure. Greater gaps
are apparent in Europe, particularly Switzerland, Austria
and Germany, countries with close borders. This may, in
part, be attributable to the fact that fear of failure tends
to be more common in developed economies, where the
greater prevalence of alternative career options may
create the impression that people have more to lose by
forgoing these other opportunities.
Table 6: Percentage Change in Female Rates and Female/Male Ratio from 2012 for Societal Perceptions About Opportunities and Capabilities
Region
Female Opportunity
Perceptions
Opportunity
Perceptions Ratio
F/M
Female Capability
Perceptions
Capability
Perceptions Tatio
F/M
Africa 0% -1% -2% 1%
Asia/Oceania
(Factor- and
Efficiency-Driven)
-2% -2% 1% -10%
Europe (Efficiency-
Driven)
16% 1% 3% 1%
Latin America/
Caribbean
-1% 5% 4% 6%
Asia/Oceania
(Innovation-Driven)
-17% -10% -1% -6%
Europe (Innovation-
Driven)
10% 0% 0% 2%
Israel* 50% -2% 19% -7%
United States 21% 6% -2% 4%
Overall Average: All
61 Economies
4% 0% 1% 1%
In effciency-driven
Europe, and Latin America
and the Caribbean, only
two economies show
equal fear of failure rates
among women and men,
Kosovo and Mexico.
47
GEM WOMEN’ S SPECI AL REPORT
Figure 30: Fear of Failure Rates Among Those Seeing Opportunities in Factor-
and E?ciency-Driven Economies, by Region and Gender
Figure 31: Fear of Failure Rates Among Those Seeing Opportunities in Innovation-
Driven Economies, by Region and Gender
Fear of Failure Female
Fear of Failure Female
Fear of Failure Male
Fear of Failure Male
20% 30% 10% 40% 50% 60% 0%
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
A
N
D
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
A
F
R
I
C
A
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
Uganda
Nigeria
Malawi
Zambia
Botswana
Burkina Faso
Ghana
Cameroon
South Africa
Algeria
Angola
Libya
Malaysia
China
Iran
India
Kazakhstan
Philippines
Indonesia
Thailand
Vietnam
Kosovo
Georgia
Turkey
Bosnia & Herzegovina
Macedonia
Russia
Latvia
Croatia
Hungary
Romania
Estonia
Lithuania
Poland
Suriname
Panama
Trinidad & Tobago
Barbados
Peru
Mexico
Jamaica
Uruguay
Chile
Argentina
Puerto Rico
Belize
Colombia
Guatemala
Ecuador
Costa Rica
Bolivia
Brazil
El Salvador
20% 30% 10% 40% 50% 60% 0%
Singapore
Japan
Taiwan
Republic of Korea
Australia
Norway
United Kingdom
Switzerland
Netherlands
Slovenia
Sweden
France
Denmark
Czech Republic
Ireland
Finland
Spain
Austria
Portugal
Luxembourg
Belgium
Slovakia
Germany
Italy
Greece
Qatar
Kuwait
Israel
United States
Canada
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
M
I
D
D
L
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E
A
S
T
I
N
N
O
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-
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N
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H
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A
20% 30% 10% 40% 50% 60% 0% 70%
20% 30% 10% 40% 50% 60% 0% 70%
Figure 32: Analysis of Entrepreneurial Attitudes, by Development Level
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Overall Average: Innovation-Driven Regions (unweighted)
Opportunity
Perceptions Female
Capability
Perceptions
Female
Know an
Entrepreneur
Female
Fear of Failure Female
60%
50%
40%
20%
10%
30%
0%
48
GEM WOMEN’ S SPECI AL REPORT
3.6 A COMPARATIVE OVERVIEW OF
FEMALE ENTREPRENEURIAL ATTITUDES
The spider diagrams above provide an analysis of women’s
entrepreneurial attitudes, by development level and region.
Similar to the analysis of entrepreneurship activity, women
in many less-developed economies have the most positive
levels of perceived entrepreneurship capabilities, suggesting
a higher level of confdence among women in less-developed
regions. However, individuals in economies at different
stages of development are likely to have different kinds of
businesses in mind. This would suggest that the perception
of what is considered an opportunity and the capabilities
required to create and manage this entrepreneurial
opportunity in factor- or effciency-driven economies could
differ substantially from these perceptions in innovation-
driven economies. This is reinforced by the fnding that the
average innovation-driven entrepreneur registers higher
potential impact, which would generally require a higher
level of capabilities.
Across the four attitude measures (Figure 33), Africa
and efficiency-driven Europe are on opposite sides of
the overall average, with the former registering high
perceptions and the latter showing low perceptions
among women. Latin America is closest to the average,
except for having slightly higher female capability
perceptions. Asia is close to average on knowing
an entrepreneur and fear of failure, but is low on
opportunity and capability perceptions among women.
North America and the Middle East have higher than
average opportunity and capability perceptions,
indicating positive views of entrepreneurship among
women. On the other hand, these indicators are low
Figure 33: Analysis of Entrepreneurial Attitudes for Factor- and
E?ciency-Driven Economies
Figure 34: Analysis of Entrepreneurial Attitudes for Innovation-Driven Economies
Opportunity Perceptions Female
Latin Am./Carib.
Africa Asia/Oceania FD/ED
Europe ED
Capability
Perceptions
Female
Know an
Entrepreneur
Female
Fear of Failure Female
60%
50%
40%
20%
10%
30%
0%
70%
North America
Europe ID Asia/Oceania ID
Middle East ID
60%
50%
40%
20%
10%
30%
0%
Opportunity Perceptions Female
Capability
Perceptions
Female
Know an
Entrepreneur
Female
Fear of Failure Female
Overall
for Asia and average for Europe. Fear of failure varies
little among the regions, with the possible exception
of low fear of failure in North America. Knowing an
entrepreneur also shows relatively low variation,
with slightly fewer women than average knowing an
entrepreneur in Asia and slightly more reporting this in
the Middle East.
49
GEM WOMEN’ S SPECI AL REPORT
ENTREPRENEURS’ STORIES
Anja Staege-Thylmann
(Germany): stylecats
O
ne thing had always been clear to Anja: at some
point, she would own a cat. Then the time came.
Whilst visiting an animal shelter on a sudden
impulse, she became a cat owner. “Fortunately,”
she says, “otherwise I would probably not have had the idea
to create a new collection of furniture and accessories for
cats and humans – with stylecats
®
.”
The germ of the concept was born when she was looking for
a scratching post and was shocked by what she describes
as monstrosities among our modern furniture. “I started
developing my own ideas,” she says. “Maybe a combination
of furniture and function? Straightforward and high-quality?
Could this be a business idea that would appeal to other pet
owners, too?”
She outlined drafts, had prototypes produced, and
spent time looking for strategic partners. Careful market
analyses followed. In the fve years since then, several
collections of cat furniture and modern accessories have
been created – featuring an innovative, modest design,
ready for serial production and offered online.
Although today stylecats
®
is a successful developer,
manufacturer and distributor, the business started
off slowly and without any external capital. Sales grew
consistently and increased by over 100% year by year.
The careful development, the examination of adequate,
certifed materials (all made in Germany), and, moreover,
the focus on regional partners for production proved most
favourable. Right in the middle of this process she gave
birth to her son, who is now three years old. “Being an
online retailer is a huge advantage in this regard.” She
notes. “I can work and make decisions fexibly and I am
not bound to a rigid working-hours model. In theory, I could
operate from anywhere in the world. This knowledge gives
me a sense of freedom.”
As an entrepreneur, she takes her business responsibilities
seriously. “The service concept takes top priority for
stylecats
®
,” she asserts. “I address my customers individually
and in a professional manner, dealing with enquires and
accommodating their desires. To me this is a matter of course
– however, nowadays it is worth mentioning.”
Anja is satisfed if her customers – and, of course, this also
includes the cats – are satisfed, because then she knows
that she has a good product on her hands. Her complaint
rate, amounting to a mere 0.02 %, speaks for itself.” The
clear design language of our furniture, as well as the
interchangeability of the materials used, is appealing as well
as useful and practical,” she says. A clear indication of the
success of the concept is that the number of orders from
abroad – especially from Switzerland, Austria and Belgium
– is constantly rising. Exclusive home and living magazines
have also featured articles on her company. “I would like
thank hannoverimpuls GmbH for their support,” she adds.
What makes her particularly proud? At the end of last
year, stylecats
®
received the Plus X Award 2015 in the
category High Quality and Design for their first collection,
as well as for the category Bestes Produkt 2015/2016
(Best Product 2015/2016). “My first reaction was that
this was a contradiction in terms – a scratching post
cannot win a design award! Yet it is possible – with
stylecats
®
,” she recalls.
“It was about time a new face was put on cat furniture,”
she concludes. “The merger of interior design for cats
and humans had proved to be successful.” She feels that
her dream of becoming the Europe-wide number one
company for modern cat furniture is drawing closer. “After
20 years, I quit my job in a large corporation. And what
will next year bring?”
www.stylecats.de
50
GEM WOMEN’ S SPECI AL REPORT
ENTREPRENEURS’ STORIES
Veronica Molina (Ecuador):
Eclipsoft
V
eronica Molina, an IT system engineer
with an MBA, is the owner of ECLIPSOFT.
She worked for seven years for MACOSA,
an Ecuadorian company developer and
exporter of banking software for several Latin
American countries. Veronica returned to Ecuador in
2001 with a new business idea: to develop an SMS
service platform as a new communications channel
for the banking industry. This was shortly after the
Ecuadorian banking crisis, but in spite of this, in 2002
Veronica founded Eclipsoft, a company focused on
mobile banking solutions, in the city of Guayaquil. Her
partners in the new venture were her husband and a
former classmate.
Veronica. “We offered an innovative platform that would
allow them to regain the lost confdence. It was the best
time to get into the market.”
Today, Eclipsoft has offces in Guayaquil and Quito, and
20 employees, of which 60% are women, mostly young
professionals in management and fnance. The remaining
employees are young professionals in ICT. Eclipsoft
serves mostly the domestic market: 56% corporate, 16%
banking, and 28% education, in terms of the number of
customers. The three cellular operators in the country
(America Movil, Movistar and CNT) are among their
strategic partners. They are starting internationalisation
efforts, through building alliances with companies in
Panama to explore the SMS platform market there.
“We are growing. Eclipsoft is not only a place to earn a
salary, but a place to grow together,” she enthuses.
Eclipsoft combines passion defending new ideas, timing
in developing them, but mostly seeing opportunities
where others see barriers. Veronica believes that being
a woman was an advantage, helping the company to
develop better empathy with its clients. “Success as an
entrepreneur lies in having the right balance between
professional and family roles, relying on your family and,
above all, trusting your intuition,” she says.
The beginning was not easy; there were no similar
platforms in Latin America and with the ’99 banking
crisis still fresh in people’s minds, it was impossible
to get any type of funding. “It was very difficult to ask
people to believe in something that didn’t exist yet,
and only our faith that this might work kept us moving
forward,” she says. The initial investment of US$15,000
came from the partners’ own savings. That was enough
to set up a computer centre, hire staff and survive for a
year while they continued developing the platform.
“Some people thought we were crazy. Many had their
bank accounts frozen or tried to get their money out of the
country. For us, it was an opportunity. The fnancial sector
was so depressed that banks needed to fnd solutions
that would allow them to reactivate their business,” says
We offered an innovative
platform that would
allow them to regain the
lost confdence. It was
the best time to get into
the market.
51
GEM WOMEN’ S SPECI AL REPORT
CHAPTER 4
WOMEN’S
ENTREPRENEURSHIP IMPACT
G
EM recognizes that entrepreneurs have
differing impacts on their societies. Key to
economic development and growth are the
mix of industries, job creation potential,
level of innovation and international competitiveness.
This section focuses on these factors with respect to
women entrepreneurs.
4.1 INDUSTRY SECTOR
Figure 35 shows the distribution of early-stage
entrepreneurship activity according to industry
sector and gender. The extractive sector is based
on natural resources and includes agriculture,
forestry, fishing and mining; the transforming sector
involves the manufacturing of goods and is generally
capital-intensive, but it may also be labor-intensive,
including construction, manufacturing, transportation,
communication, utilities and wholesale distribution;
business services target the business customer and
generally rely on greater knowledge intensity, which
includes finance, insurance and real estate; and the
consumer sector serves customers directly through
products and services that include retail, motor vehicles,
lodging and restaurants, personal services, education
and recreational services.
52
GEM WOMEN’ S SPECI AL REPORT
A substantial majority (more than two-thirds) of early-
stage entrepreneurship activity by women is in the
consumer services sector. Reasons for this range
from differences in laws that restrict the types of
jobs that women are permitted to engage in, to the
fact that women have limited access to owning land
or being able to engage in agricultural activities. In
addition, women have less access to startup funding,
which is a hindrance to launching an asset-based or
manufacturing-based businesses.
1
Proportionately,
women entrepreneurs are about half as likely as men
entrepreneurs to be involved in the transforming sector
and over 40% less likely to be active in the business
services sector.
Barriers to entry into the consumer sector, including
skills and capital required, tend to be lower. As a result,
this is often an over-traded sector populated by low-
profit-margin businesses; high levels of competition for
limited markets can threaten the sustainability of these
businesses. Additionally, the consumer sector may be
particularly vulnerable in periods of economic slowdown.
The fact that a high proportion of women-owned TEA
entities are concentrated in such a vulnerable sector is
likely to be a contributory factor in the generally lower
rates of female established business ownership.
The distribution of women’s early-stage entrepreneurship
activity according to industry sector varies considerably
when disaggregated by geographic region and phase of
economic development (Figures 36 and 37). Among factor-
and effciency-driven regions, Africa, Asia and Oceania, and
1 Facts and Figures: Economic Empowerment.http://www.unwomen.org/en/
what-we-do/economic-empowerment/facts-and-figures.
Figure 35: Early-Stage Entrepreneurship Activity, by Industry Sector and Gender
INDUSTRY PARTICIPATION FEMALE TEA % INDUSTRY PARTICIPATION MALE TEA %
Extractive
Sector
Transforming
Sector
Business
Services Sector
Consumers, Culture
and Society Sector
6%
9%
16%
29%
10%
17%
68%
45%
Latin America show a similar pattern. In these regions, a
considerable majority (around three-quarters) of women
entrepreneurs are in the consumer-oriented services
sector, with the transforming sector showing moderate
participation. Women in Africa are most likely to report
involvement in the extractive sector (at 9%, three times that
of women in the other two regions).
Effciency-driven Europe shows a markedly different
pattern of industry sector participation. Although women
in this region report low TEA rates, they demonstrate a
more balanced profle with regard to industry sector. Less
than half of women entrepreneurs in this region are in the
consumer services sector, while a quarter are active in
the transforming sector. In line with their access to more
sophisticated markets, women in effciency-driven Europe
Effciency-driven Europe shows
a markedly different pattern
of industry sector participation.
Although women in this
region report low TEA rates,
they demonstrate a more
balanced profle with regard
to industry sector.
53
GEM WOMEN’ S SPECI AL REPORT
show the highest rate of involvement in the business
services sector by a substantial margin (around three
times that of other factor- and effciency driven regions).
Conversely, two African economies (Malawi and Ghana)
and two Latin American and Caribbean economies (El
Salvador and Jamaica) report less than 1% of female
entrepreneurs competing in the business services sector.
Among the innovation-driven regions, Europe and North
America show a similar pattern, exhibiting diversity in
sector participation by women entrepreneurs. These
two regions have the highest prevalence of women-
owned enterprises (more than a quarter) in the
business services sector, as well as representation in
the transforming sector. Northern European economies
(Norway, Denmark and Sweden) and Germany report
high participation in business services (around a third
Figure 36: Female Early-Stage Entrepreneurship Activity Across Industry Sectors in Factor- and E?ciency-Driven Regions
AFRICA AVERAGE (UNWEIGHTED)
ASIA/OCEANIA FACTOR- AND EFFICIENCY-DRIVEN
AVERAGE (UNWEIGHTED)
EUROPE EFFICIENCY-DRIVEN AVERAGE (UNWEIGHTED)
LATIN AMERICA/CARIBBEAN AVERAGE (UNWEIGHTED)
Extractive
Sector
Transforming
Sector
Business
Services Sector
Consumers, Culture
and Society Sector
73%
74% 76%
44%
9%
3% 3%
14%
13%
16% 14%
23% 5%
7%
7%
19%
of female entrepreneurs), while few participate in this
sector in innovation-driven Asia and Oceania. Greece
stands out for having many transforming entrepreneurs
(over a third of female entrepreneurs).
4.2 JOB ASPIRATIONS
A key focus in the development strategies of most
countries is to facilitate growth that is sustainable and
inclusive for the purposes of generating widespread
employment and reducing poverty. The job creation
potential of entrepreneurs is thus a crucial factor.
This report measures the proportion of early-stage
entrepreneurs who expect to have six or more employees
in the next five years. While many entrepreneurs may
not achieve their expressed growth potential, several
studies have found an association between these
54
GEM WOMEN’ S SPECI AL REPORT
projections and actual venture growth.
2
It should also be
noted that entrepreneurs who do not aspire to grow their
businesses are less likely to do so successfully. Figures
38 and 39 indicate the percentage of entrepreneurs,
disaggregated by gender, with these growth aspirations
within the designated regions.
Economies in Latin America and the Caribbean show
considerable variation in female growth aspirations,
ranging from no women entrepreneurs anticipating this
2 Baum, J.R., Locke, E.A., & Smith, K.G. (2001). “A multidimensional model of
venture growth,” Academy of Management Journal, 44(2), 292-303.
Wiklund, J., and Shepherd, D. (2003). “Aspiring for, and achieving growth: The
moderating role of resources and opportunities,” Journal of Management Studies,
40(8), 1919-1941.
Stam, E., and Wennberg, K. (2009). “The roles of R&D in new firm growth,” Small
Business Economics, 33, 77-89.
employment level in Suriname to 60% indicating this level
in Colombia. Although effciency-driven Europe has among
the lowest TEA rates in the sample, this region in general
reports higher proportions of female entrepreneurs with
6+ job aspirations. This suggests that entrepreneurship
in this region is more selective, with fewer women starting
businesses, but having a more positive outlook and
greater ambition to grow their businesses.
The innovation-driven economies also show considerable
variation in job creation aspirations. In Finland, women
entrepreneurs are as likely as men to have growth
aspirations. In addition, there are several innovation-
driven countries where female entrepreneurs are more
likely than male entrepreneurs to project creating six or
more jobs: Belgium (1.5 times), Kuwait (1.4 times) and
Luxembourg (1.25 times). For Belgium and Luxembourg,
however, there are fewer women entrepreneurs relative
to men, leading to a lower percentage of growth-oriented
entrepreneurs relative to the overall population.
Figure 37: Female Early-Stage Entrepreneurship Activity Across Industry Sectors in Innovation-Driven Regions
ASIA/OCEANIA INNOVATION-DRIVEN AVERAGE (UNWEIGHTED)
MIDDLE EAST INNOVATION-DRIVEN AVERAGE (UNWEIGHTED)
EUROPE INNOVATION-DRIVEN AVERAGE (UNWEIGHTED)
NORTH AMERICA AVERAGE (UNWEIGHTED)
Extractive
Sector
Transforming
Sector
Business
Services Sector
Consumers, Culture
and Society Sector
68%
63%
54%
53%
1%
1%
5%
5%
18%
15%
14%
16%
13%
21%
27%
26%
55
GEM WOMEN’ S SPECI AL REPORT
Figure 38: Percentage of Entrepreneurs With 6+ Job Projections in Factor- and
E?ciency-Driven Economies, by Region and Gender
Malawi
Algeria
Zambia
Uganda
Ghana
Burkina Faso
Cameroon
South Africa
Nigeria
Botswana
Libya
Angola
Philippines
Thailand
Indonesia
Malaysia
Vietnam
India
China
Iran
Kazakhstan
Bosnia & Herzegovina
Estonia
Poland
Lithuania
Hungary
Georgia
Macedonia
Russia
Latvia
Kosovo
Romania
Turkey
Croatia
Suriname
El Salvador
Peru
Puerto Rico
Guatemala
Panama
Brazil
Ecuador
Jamaica
Costa Rica
Bolivia
Barbados
Mexico
Belize
Argentina
Trinidad & Tobago
Uruguay
Chile
Colombia
0%
0%
10%
10%
20%
20%
30%
30%
40%
40%
50%
50%
60%
60%
70%
70%
A
F
R
I
C
A
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
-
A
N
D
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
Figure 39: Percentage of Entrepreneurs With 6+ Job Projections in Innovation-
Driven Economies, by Region and Gender
Japan
Republic of Korea
Australia
Singapore
Taiwan
Italy
Denmark
Netherlands
Austria
Greece
Switzerland
Norway
Finland
Spain
United Kingdom
France
Belgium
Sweden
Portugal
Ireland
Germany
Czech Republic
Slovakia
Slovenia
Luxembourg
Israel
Qatar
Kuwait
Canada
United States
0%
0%
10%
10%
20%
20%
30%
30%
40%
40%
50%
50%
60%
60%
80%
80%
70%
70%
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
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N
-
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V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
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N
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D
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M
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D
D
L
E
E
A
S
T
E
R
N
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N
N
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V
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T
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N
-
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N
N
O
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T
H
A
M
E
R
I
C
A
In Kuwait there is more gender parity, so women
entrepreneurs are likely to have a higher number who
are growth-oriented. However, the potential job-creation
impact of these entrepreneurs must be evaluated in
terms of Kuwait’s particularly high business closure
rates for both genders (Figure 8) – more entrepreneurs
in Kuwait have closed a business in the last year than
are starting or running a new business, suggesting a
prevalence of high potential, but also of high risk.
56
GEM WOMEN’ S SPECI AL REPORT
4.3 INNOVATION
Innovation and entrepreneurship are closely connected
concepts. Highly innovative entrepreneurs disrupt
market equilibrium by introducing new product-market
combinations that create new needs among customers
and drive out less productive firms as their innovations
advance the production frontier. Furthermore, innovation
goes beyond merely creating novel products and
services. To commercialize innovation, entrepreneurs
need to identify new market niches and develop creative
ways to offer, deliver and promote their products. All of
this requires awareness of competitive offerings, as well
as the ability to incorporate this knowledge into distinct
products and services. Innovation capabilities are
thus important to the ability of an economy to become
competitive, particularly in higher-productivity sectors.
Figure 40: Percentage of Entrepreneurs with Innovative Products and Services in
Factor- and E?ciency-Driven Economies, by Region and Gender
Algeria
Uganda
Zambia
Ghana
Cameroon
Burkina Faso
Nigeria
Angola
Botswana
Libya
South Africa
Malawi
Iran
Vietnam
Indonesia
Malaysia
China
Kazakhstan
Thailand
Philippines
India
Bosnia & Herzegovina
Russia
Romania
Croatia
Georgia
Macedonia
Lithuania
Hungary
Estonia
Poland
Kosovo
Latvia
Turkey
Suriname
El Salvador
Jamaica
Peru
Panama
Brazil
Trinidad & Tobago
Ecuador
Mexico
Belize
Argentina
Costa Rica
Barbados
Guatemala
Bolivia
Uruguay
Colombia
Puerto Rico
Chile
0% 10% 20% 30% 40% 50%
A
F
R
I
C
A
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
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A
N
D
E
F
F
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C
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N
C
Y
-
D
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V
E
N
E
U
R
O
P
E
E
F
F
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C
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Y
-
D
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V
E
N
L
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T
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N
A
M
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A
/
C
A
R
I
B
B
E
A
N
60%
0% 10% 20% 30% 40% 50% 60%
GEM assesses innovation among entrepreneurs by
combining two main variables with respect to the
entrepreneur’s products or services: the degree of
newness they represent to customers, and the extent to
which competitors are not offering the same products
or services. The high level of gender parity revealed
in the results on innovation is encouraging. Women
entrepreneurs in nearly half of the economies in the GEM
sample report equal or higher innovation levels than men
entrepreneurs. Chile and India have the highest levels of
female innovation – in both of these economies, more
than half the women entrepreneurs believe they offer
innovative products or services. In India, low female TEA
rates are to some extent offset by this high proportion
of innovation. Chile, however, has both high female
TEA rates and also the highest proportion of innovation
among women entrepreneurs (58%).
From a regional perspective, women entrepreneurs
in efficiency-driven Europe are particularly innovative
(Figure 40). They report higher levels of innovation than
male entrepreneurs in almost three-quarters of the
economies in this region. These high innovation rates
may, in part, be attributed to the fact that there are
proportionately more educated women entrepreneurs in
efficiency-driven European economies, compared to men
entrepreneurs (as shown in Figure 13).
They report higher levels
of innovation than male
entrepreneurs in almost
three-quarters of the
economies in this region.
57
GEM WOMEN’ S SPECI AL REPORT
Figure 41: Percentage of Entrepreneurs with Innovative Products/Services in
Innovation-Driven Economies, by Region and Gender
4.4 CHANGES IN JOB EXPECTATIONS AND
INNOVATION FROM 2012
With regard to changes from 2012 for 61 economies,
Table 7 shows that the proportion of female
entrepreneurs with 6+ job aspirations and innovative
offerings has declined (by 9% for the former and 6%
for the latter). However, this decline was also seen in
male entrepreneurs; as a result there was little or no
change in the overall gender ratios for these indicators.
Factor- and efficiency-driven Asia, and also efficiency-
driven Europe and Israel, show an interesting pattern
where female rates and the gender ratio around job
expectations have declined, but female rates and the
gender ratio around innovation have improved. This
suggests a shift toward innovation, but a diminishing
emphasis on job creation.
Innovation-driven Asia, which also experienced a decline in
TEA rate and gender ratio, exhibited declines in rates and
gender ratios for both job expectations and innovation. The
United States generally showed the opposite result, with
positive improvements on both indicators.
4.5 INTERNATIONAL SALES
For many entrepreneurs, internationalization is a
means to access larger and more diverse markets. In
economies with large and relatively affluent internal
markets, there may be less incentive for early-stage
entrepreneurs to reach out to international markets. The
ability to sell internationally is influenced by a range of
factors: for example, the ability to conduct supply and
distribution activities through the Internet, particularly to
the extent that this facilitates international trade. Schott
et al. (2015) found that only 35% of young women used
the Internet to sell products and services, compared to
48% of young men.
3
GEM regards entrepreneurs who aim to have more than
25% of customers from international markets as having a
strong international orientation (Figures 42 and 43). The
Latin American and Caribbean region shows high variation
in this indicator among its economies. Very few female
entrepreneurs in Brazil are internationally oriented, while
nearly half in Suriname are. This, of course, refects size
differences among these countries, with Brazil having a
much larger internal market than Suriname.
Less variation is exhibited in factor- and effciency-driven
Asia, where international orientation is low across the
region for both genders. Africa also reports fairly low
levels of international orientation, with the exception of
3 Schott, T., Kew, P., and Cheraghi, M. (2015). Future Potential: a GEM
Perspective on Youth Entrepreneurship 2015. London: Global Entrepreneurship
Research Organisation.
Japan
Republic of Korea
Singapore
Taiwan
Australia
Italy
Portugal
Germany
Netherlands
Finland
United Kingdom
Norway
Greece
Sweden
Spain
Switzerland
Czech Republic
Slovenia
Slovakia
Belgium
Austria
France
Luxembourg
Denmark
Ireland
Israel
Qatar
Kuwait
Canada
United States
0% 10% 20% 30% 40% 50% 60%
0% 10% 20% 30% 40% 50% 60%
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
-
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
M
I
D
D
L
E
E
A
S
T
E
R
N
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
N
O
R
T
H
A
M
E
R
I
C
A
Innovation-driven Asia, which
also experienced a decline
in TEA rate and gender ratio,
exhibited declines in rates
and gender ratios for both job
expectations and innovation.
58
GEM WOMEN’ S SPECI AL REPORT
Table 7: Percentage Change in Female Rates and Female/Male Ratio From 2012 for Job Expectations and Innovation
Region
Percent female
TEA with 6+ Job
Expectations
6+ Job Expectation
Ratio F/M
Percent Female TEA
With Innovations
Innovation Ratio F/M
Africa -12% 34% -17% 4%
Asia & Oceania
(Factor- and
Efficiency-Driven)
-13% -6% 29% 17%
Europe (Efficiency-
Driven)
-18% -15% 2% 13%
Latin America &
Caribbean
4% -2% -10% 8%
Asia & Oceania
(Innovation-Driven)
-8% -12% -27% -40%
Europe (Innovation-
Driven)
-3% 5% -8% -2%
Israel* -38% -28% 24% 12%
United States 21% 0% 12% 8%
Overall Average: All
61 Economies
-9% 0% -6% 2%
South Africa. South African women entrepreneurs not
only have high internationalization levels, but also are
30% more likely than men entrepreneurs to display strong
international orientation.
Across the European region, women display particularly
high levels of internationalization – most notably
Kosovo, Luxembourg, Belgium and Hungary. Surprisingly,
there are few internationally oriented female
entrepreneurs relative to male entrepreneurs in the
United Kingdom – female entrepreneurs are only one-
fifth as likely as male entrepreneurs to display strong
international orientation.
4.6 A COMPARATIVE OVERVIEW OF
IMPACT CHARACTERISTICS AMONG WOMEN
ENTREPRENEURS
The spider diagrams on the following pages provide an
analysis of four impact characteristics among women
entrepreneurs, by development level and region.
Although there are fewer female entrepreneurs in the
innovation-driven economies, they exhibit, on average,
greater impact than do female entrepreneurs in factor- and
effciency-driven economies. There are large differences
in terms of industry sector participation: 23% of women
entrepreneurs in innovation-driven economies are
active in the business services sector, compared to 9%
for factor- and effciency-driven economies. Women in
innovation-driven economies are also more likely to be
innovative and international. However, the factor- and
effciency-driven economies report job creation aspirations
nearly equal to that of the innovation-driven economies,
which could reveal the growth opportunities existing in
markets that are still developing. At the same time, formal
bureaucratic practices in developing economies may limit
entrepreneurial aspirations.
In effciency-driven Europe, despite fewer women
entrepreneurs, these economies have entrepreneurs
with higher potential impact, particularly in terms of
job creation aspirations. Conversely, Africa reveals high
female entrepreneurship activity, but scores lower than
the overall average on all impact indicators. Other regions
have strengths in certain impact variables. Asia shows a
high level of innovation, but less international focus. Latin
America is close to the average for international focus and
innovation, but shows lower business services involvement
and job expectations.
59
GEM WOMEN’ S SPECI AL REPORT
Figure 42: Percentage of Entrepreneurs with Strong International Orientation in
Factor- and E?ciency-Driven Economies, by Region and Gender
Figure 43: Percentage of Entrepreneurs With Strong International Orientation in
Innovation-Driven Economies, by Region and Gender
Figure 44: Analysis of Entrepreneurial Impact by Development Level
Burkina Faso
Uganda
Malawi
Cameroon
Ghana
Botswana
Libya
Nigeria
Zambia
Angola
Algeria
South Africa
Philippines
Vietnam
Thailand
Iran
Malaysia
India
China
Indonesia
Kazakhstan
Russia
Poland
Bosnia & Herzegovina
Turkey
Estonia
Lithuania
Georgia
Macedonia
Hungary
Romania
Latvia
Croatia
Kosovo
Brazil
Ecuador
Guatemala
Trinidad & Tobago
El Salvador
Argentina
Bolivia
Costa Rica
Jamaica
Mexico
Peru
Colombia
Puerto Rico
Panama
Chile
Uruguay
Belize
Barbados
Suriname
0% 10% 20% 30% 40% 50%
A
F
R
I
C
A
A
S
I
A
/
O
C
E
A
N
I
A
F
A
C
T
O
R
-
A
N
D
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
E
U
R
O
P
E
E
F
F
I
C
I
E
N
C
Y
-
D
R
I
V
E
N
L
A
T
I
N
A
M
E
R
I
C
A
/
C
A
R
I
B
B
E
A
N
60%
0% 10% 20% 30% 40% 50% 60%
Japan
Australia
Taiwan
Republic of Korea
Singapore
United Kingdom
Slovakia
Denmark
Finland
Netherlands
Norway
Italy
Spain
Czech Republic
Slovenia
Portugal
France
Greece
Ireland
Germany
Austria
Sweden
Switzerland
Belgium
Luxembourg
Israel
Qatar
Kuwait
United States
Canada
0% 10% 20% 30% 40% 50% 60%
0% 10% 20% 30% 40% 50% 60%
A
S
I
A
/
O
C
E
A
N
I
A
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
E
U
R
O
P
E
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
M
I
D
D
L
E
E
A
S
T
E
R
N
I
N
N
O
V
A
T
I
O
N
-
D
R
I
V
E
N
N
O
R
T
H
A
M
E
R
I
C
A
% TEA International
Female
Innovation Female
% TEA Female:
Expects 6+ Jobs
Female TEA, % Business Ser vices Sector
Overall Average: Innovation-Driven Regions (Unweighted)
Overall Average: Factor and Ef ficiency-Driven Regions (Unweighted)
0.3
0.25
0.2
0.15
0.1
0.05
0
60
GEM WOMEN’ S SPECI AL REPORT
Figure 45: Analysis of Entrepreneurial Impact for Factor- and Efficiency-
Driven Economies
Among the innovation-driven regions, North America
shows high levels on all impact indicators except for
internationalization, which is slightly lower than the
overall average for this development level. Middle
East economies have high internationalization levels,
combined with very high job aspirations – twice the level
in Europe. Asia and Oceania shows low participation
among women entrepreneurs in the business services
sector, as well as low innovation levels.
4.7 THE RELATIONSHIP BETWEEN
GEM AND WEF GENDER GAP INDICATORS
Institutions and macro-economic factors exert important
influence on entrepreneurship rates for both women
and men. This section examines the gender gap relative
to social, economic and political factors and women’s
participation in entrepreneurship. Since 2006, the World
Economic Forum (WEF) Global Gender Gap Report has
assessed the magnitude of gender-based disparities
across four categories: economic participation and
opportunity, educational attainment, health and survival,
and political empowerment. The report examines the
gap in these outcome variables between men and
women, rating economies according to gender equality.
The highest score is 1 (equality), and the lowest possible
score is 0 (inequality). As a rating approaches a value
of 1, it means that parity has been achieved between
women and men with respect to that variable.
GEM data were analyzed with data from the WEF
2013 and 2014 Global Gender Gap Reports for 75
North America
Europe ID Asia/Oceania ID
Middle East ID
Overall
economies that were measured by both organizations.
In order to facilitate a deeper understanding of how
entrepreneurship is related to the four measures in the
WEF Gender Gap Report, a hierarchical cluster analysis
method was used to identify groups of economies that
share similar entrepreneurship characteristics in the
female population. The economies were grouped into
homogenous segments based on several dimensions
of entrepreneurship – entrepreneurial intentions, total
entrepreneurship activity rate, established business
rate, opportunity-driven entrepreneurship activity,
entrepreneurship activity in the business services
sector, hiring aspirations, international orientation, and
innovation. The resultant clusters were then compared
across the four empowerment variables assessed in the
WEF reports.
The cluster analysis suggests four groupings among the 75
economies (see Figure 47 and Table 8):
1. Innovative. Low entrepreneurial intention economies
with a high level of innovation and new ventures in the
business service sector;
2. High activity. High rates of early-stage activity, and
lower levels of job creation aspirations and innovation;
3. High aspiration. High job aspirations with
predominantly average ratings on all other metrics; and
4. High impact. High international orientation, job creation
aspirations and innovation with lower early-stage activity.
Figure 46: Analysis of Entrepreneurial Impact for
Innovation-Driven Economies
Innovation Female
Female TEA, % Business Ser vices Sector
% TEA Female: Expects
6+ Jobs
% TEA International
Female
50%
40%
30%
20%
10%
0%
Innovation Female
Female TEA, % Business Ser vices Sector
% TEA Female: Expects
6+ Jobs
% TEA International
Female
Latin Am./Carib.
Asia/Oceania FD/ED Africa
Europe Ed
Overall
40%
20%
10%
30%
0%
35%
25%
15%
5%
61
GEM WOMEN’ S SPECI AL REPORT
Table 8: Cluster members (grouping of 75 economies)
Cluster 1 Cluster 2 Cluster 3 Cluster 4
Algeria Bolivia Angola Barbados
Australia Botswana Argentina Belize
Austria Brazil Chile Croatia
Belgium Burkina Faso China Georgia
Canada Ecuador Columbia Greece
Czech Republic El Salvador Costa Rica Hungary
Denmark Ghana Iran Latvia
Estonia Guatemala Kazakhstan Luxembourg
Finland Indonesia Mexico Macedonia
France Jamaica Panama Qatar
Germany Malawi Trinidad & Tobago Romania
India Nigeria Uruguay Singapore
Ireland Peru South Africa
Israel Philippines Suriname
Italy Thailand
Japan Uganda
Republic of Korea Vietnam
Lithuania Zambia
Malaysia
Netherlands
Norway
Poland
Portugal
Russia
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
United States
62
GEM WOMEN’ S SPECI AL REPORT
Table 9 shows averages by cluster on the WEF variables.
Little difference can be seen among the clusters on
educational attainment and health and survival, with high
results overall on both. The innovative cluster #1 scores
higher than others on political empowerment and, with
cluster #4, has a slightly higher educational attainment
score. The high-activity cluster #2 indicates high rates of
entrepreneurship that, on average, has less impact than
entrepreneurship in the other clusters; this cluster shows
slightly lower educational attainment and health scores,
but higher economic participation, especially compared
to cluster #2. This result suggests high participation in
the economy, which includes entrepreneurship; but it also
suggests some constraints that limit the ability for the
average business to have high impact on society.
The high aspiration cluster exhibits a signifcantly lower score
on economic participation. Where overall participation in
the workforce is not common, entrepreneurship may provide
an attractive alternative, and one generally expected to be
worthwhile in offering growth opportunities and a chance to
commercialize innovative solutions. The high impact cluster
shows an even greater tendency toward selectivity, with its low
rates, but high impact; here, women rarely participate in the
political structure of their economies.
The relationship between gender gaps and entrepreneurship
activity was further explored across the 75 economies
using regression analysis. The results suggest that female
entrepreneurship activity rate increases signifcantly with
greater parity in economic participation, but at the same
time decreases signifcantly with greater educational
attainment. This indicates that the more women participate
in the economy relative to men, the more likely they are to
be entrepreneurs. However, where women achieve greater
parity in education, they start businesses less frequently.
This suggests that as women become more educated, they
will have greater access to jobs, and likely in industries that
were not previously available to them at lower education
levels. Women in these economies therefore do not have to
be entrepreneurs; they can be more selective and engage in
higher impact activities when they choose this path. In other
words, as economic participation improves, the quality of
entrepreneurship activity among women improves, while the
quantity decreases.
Table 9: Hierarchical Cluster Analysis
Discriminant Variables (Means of Each Discriminant Variable for Each Segment)
Discriminant
Variable/Cluster
Overall Cluster 1 Cluster 2 Cluster 3 Cluster 4
Economic
Participation
0.682 0.694 0.698 0.626 0.686
Educational
Attainment
0.974 0.989 0.94 0.969 0.989
Health and
Survival
0.973 0.973 0.972 0.975 0.974
Political
Empowerment
0.209 0.266 0.17 0.193 0.146
Figure 47: Diagram of Clusters Based on GEM Entrepreneurship Indicators
Entrepreneurial Intentions
TEA Rate
Established
Business Activity
TEA: Opportunity
TEA: Business
Ser vices Sector
TEA: Expects 6+ Jobs
TEA: International
TEA: Innovation
Cluster 4
Cluster 2 Cluster 1
Cluster 3
0.45
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
63
GEM WOMEN’ S SPECI AL REPORT
S
tarting a business is like “loading a gun with
a passion bullet” says Raymond Ackerman
Academy graduate and director of KO
Ktreativ Projects, Ameera Safter.
Ameera Safter (26 years old) describes herself as a
passionate, vibrant, creative female entrepreneur. She
owns and manages a furniture manufacturing business
that specialises in custom-built free-standing and fitted
furniture, a furniture transportation business and a
workroom that makes up curtains and covers.
“In my mother’s businesses and through her
inspirational life lessons as a single mother, I learned
so much. An amazing lady with so much energy and
passion for life, she unknowingly nurtured me into
becoming an entrepreneur. I definitely picked up my
ENTREPRENEURS’ STORIES
Ameera Safter (South Africa):
Ko Kreativ Projects
entrepreneurial flair from her and decided that starting
and running my own business is what I want to do with
my life,” she says.
Initially, from the age of 20, she worked on her
businesses on a part-time basis. “I wanted to start a
business and at the time the only skill I had was in
beauty therapy. I started hosting pamper parties for
various events, as well as on my own, on a part-time
basis. While working for my dad, I started developing a
different skillset and grew more interested in furniture
manufacturing. I started exploring my own avenues
through making and selling children’s furniture,”
she says. However, she soon realised that in order to
make a success of either one, she needed to focus
and this meant having to choose between beauty and
manufacturing.
Ameera acknowledges that being a woman in the
manufacturing sector has its challenges. “There are
not many young female entrepreneurs going into the
furniture manufacturing sector,” she says. “There is a
huge gap for young female, creative furniture designers
and artisans – I wanted to take the opportunity to fll this
gap and do something different. When I graduated from
the Raymond Ackerman Academy, I wanted to change my
business model. I believed that my husband has a real skill
and talent, and that instead of developing and growing
someone else’s business, he could be growing his own. We
partnered up and started at the very bottom. I became his
cabinet-making assistant – not such a good title to have as
a female in my social culture.
It wasn’t easy for people to accept seeing me using
carpenters’ power tools and dressed in an overall, as I was
expected to be a professional with a good job, or a stay-at-
home wife with a husband in a solid profession. I overcome
this prejudice by showing people that I can and will do what
I want to do without gender limitations, and that alone is
powerful enough to gain respect and inspire other women,
especially the younger generation.”
They have re-branded the company, now called Ko Kreativ
Projects, to develop a professional platform on which
furniture manufacturers can collaborate in an effort to
strategically provide their services directly to the domestic,
corporate and hospitality sectors. “As manufacturers, we
are standing up and showcasing our creative talent, design
and craftsman skill to a broader market, by conceptualising,
designing and crafting unique furniture pieces for creative
interior projects through client and staff collaboration,”
she adds. They have also grown the business to two other
divisions, TNA Furniture Transport as well as The Workroom
of Curtain and Covers.
She makes a heartfelt plea to aspiring entrepreneurs,
advising them to “believe in themselves and their abilities”
and “just work smart”.
“Dream. Be brave. Never be afraid of failure and rejection.
Never stop learning and developing yourself and your
character. Take that risk. Starting a business is like loading
a gun with a passion bullet: you aim, you shoot, you don’t
know if you are going to hit your target, but taking the
chance is well worth it! You won’t know unless you give it
your best shot,” she says.
www.kokreativprojects.co.za
When she heard a radio insert advertising the
entrepreneurial short course hosted by the Raymond
Ackerman Academy (RAA) in Cape Town, she decided it
was what she needed to help her redirect her business
and take it to another level. Ameera says that the
programme taught her valuable lessons, including how
to “fine-tune loose ends” to make a business profitable
and uphold social responsibilities at the same time.
“After all, doing good is good business,” she says.
After completing the programme, she and her husband
Tauriq moved to Johannesburg. Here a joint venture,
Decorize Interiors, was born. “Tauriq is an artisan and
there was no one better than him to come on board
with me as my business partner and teach me what
I needed to know about making quality furniture out
of solid exotic woods,” she says.” There is a demand
for custom-made versatile and functional furniture made
to high quality standards and we were able to meet that
demand. We did well in Johannesburg but creative Cape
Town was calling us back,” she adds.
It was while they were in Gauteng that Ameera and
Tauriq approached the Furniture Technology Centre Trust
(Furntech), which is an established national business
incubator and furniture training centre that offers
innovative business incubation within South Africa in a
bid to assist in job creation in SA’s furniture and wood
products sector. Furntech accepted their application
and provided the husband and wife team with access
to precision machinery, technical mentorship and a
workspace in a Paarden Island workshop back in Cape
Town. In the two years since their return to the Mother City,
their business has grown at a good pace.
There are not many young
female entrepreneurs
going into the furniture
manufacturing sector. There
is a huge gap for young
female, creative furniture
designers and artisans
– I wanted to take the
opportunity to fll this gap
and do something different.
64
GEM WOMEN’ S SPECI AL REPORT
65
GEM WOMEN’ S SPECI AL REPORT
CONCLUSIONS
entrepreneurs. These economies come from three
regions: El Salvador and Brazil in Latin America and
the Caribbean; Vietnam, Indonesia, Malaysia and the
Philippines in Southeast Asia; and Zambia, Nigeria,
Uganda and Ghana in Africa. In contrast, women in
many efficiency-driven European and innovation-driven
Asian economies exhibit TEA rates less than half those
of men. These low female participation rates contribute
to low overall TEA rates in these regions. The gender
gap is greatest in Turkey, where there are three female
entrepreneurs for every 10 male entrepreneurs.
Africa’s high female TEA rates are fuelled by a high
proportion of women who intend to start businesses in the
near future. In a number of regions, women are approaching
gender equity in entrepreneurial intentions, notably Latin
America and the Caribbean, Africa, the Middle East, and
Asia and Oceania (factor- and effciency-driven).
KEY FINDINGS
ENTREPRENEURSHIP ACTIVITY
Among 61 economies (out of 83) featured in this report
and also in the previous report based on 2012 data,
overall TEA rates have increased by 7% since 2012, and
the gender gap (ratio of women to men participating in
entrepreneurship) has narrowed by 6%. TEA rates and
gender gap ratios saw positive upward movement in three
regions: factor- and effciency-driven Asia, Latin America
and the Caribbean and innovation-driven Europe.
The 83 economies examined in this report show
substantial differences in women’s TEA rates, ranging
from a high of 41% in Nigeria and Zambia to a low of
2% in Suriname and Japan. In 10 economies, women
are as likely as men, or more likely than men, to be
66
GEM WOMEN’ S SPECI AL REPORT
The Middle East however, despite high intentions, exhibits
among the lowest regional averages for TEA and among the
largest regional gender gaps.
The difference between TEA and established business
rates is minimal for innovation-driven economies, while
factor- and efficiency-driven economies show half the
level of established business activity relative to TEA.
This suggests greater demand for entrepreneurship in
developing economies than in developed economies,
with comparatively fewer enterprises making it to the
mature stage. Innovation-driven economies exhibit less
demand for entrepreneurship, but those who start are
more likely to start sustainable businesses, and/or the
environment enables this sustainability.
ENTREPRENEUR CHARACTERISTICS
The factor- and effciency-driven regions tend toward
younger entrepreneurs, with the 25-34 age groups having
the highest rates. This is also the case in North America,
while the remaining innovation-driven regions show the
highest entrepreneurship rates among 35-44 year-olds.
The education level of entrepreneurs is approaching
gender parity; 33% of women entrepreneurs in the
economies studied have a secondary degree or higher
level of education versus 36% of men entrepreneurs.
Among entrepreneurs in most economies of efficiency-
driven Europe and innovation-driven regions, women are
more likely than men to have this level of education.
The gender gap in the percentage of entrepreneurs with
opportunity motivations is relatively low in every region.
In the innovation-driven Middle East economies, women
are proportionately more likely to have opportunity
motives, but the TEA gender gap suggests that few start
relative to men and rarely out of necessity.
This report adds evidence to research emphasizing
the value of starting in teams. The GEM findings
suggest that economies with a higher percentage of
women entrepreneurs starting in teams of three or
more also have a greater proportion of those with job
creation ambitions. The highest prevalence of women
entrepreneurs operating in teams was in the innovation-
driven Middle East (27%) and innovation-driven Asia
and Oceania (24%) regions. Teams were especially rare
among women entrepreneurs in factor- and efficiency-
driven Asia (7%), Africa (11%), and Latin America and
the Caribbean (11%).
ATTITUDES
High female TEA rates in an economy are associated
with the likelihood that women in society know an
entrepreneur. It may be the case that where more
entrepreneurs are present in an economy, women
67
GEM WOMEN’ S SPECI AL REPORT
will commonly know one. However, affiliations with
entrepreneurs can offer role models, advice, contacts,
and support, which may explain why economies with
many women who know entrepreneurs are also likely
to have high female startup rates. Many European
economies exhibit an interesting finding, reporting low
female entrepreneurship rates, but many women in
society who know entrepreneurs.
Female TEA rates are also high where women hold
strong perceptions about the presence of opportunities
for starting a business. The gender difference for this
indicator is relatively narrow (40% for women versus
45% for men), and in a number of factor- and efficiency-
driven economies, women are slightly more likely than
men to perceive good business opportunities. Among
the 61 economies featured in both this report and the
2012 report, Europe, Israel and the United States saw
increased female opportunity perceptions, but with
less change to the gender ratio. In Asia, opportunity
perceptions were noticeably lower, especially among
innovation-driven economies.
This report shows a strong positive association between
capability perceptions and TEA rates among women.
The findings also reveal a noticeable gender gap in
this indicator (46% for women versus 59% for men).
Opportunity perceptions are reflective of the external
environment; these often shift with changing conditions
in an economy. Capabilities perceptions, on the other
hand, are more reflective of one’s self-perceptions,
which are more stable or slowly changing. Evidence of
this can be seen in the comparison of 61 economies
that showed little change in capabilities perceptions
from that reported in 2012.
Fear of failure among women is lowest in African
economies, which, along with many Asian economies,
shows fear of failure rates among women that are
often equal to or lower than for men. Wider gender
gaps appear in the majority of economies of efficiency-
driven Europe, and Latin America and the Caribbean.
Fear of failure may be influenced by such factors as the
perceived risks associated with the typical business
one may start, or the extent women believe there will be
negative consequences, or few other choices for income,
if their businesses don’t work out.
IMPACT
More than two-thirds of women entrepreneurs operate
in the consumer-oriented sector, with around three-
fourths of women entrepreneurs competing in these
types of businesses in Africa, in factor- and efficiency-
driven Asia, and in Latin America and the Caribbean.
By comparison, 45% of men entrepreneurs compete in
this sector. Distinct results can be seen in efficiency-
driven Europe, which shows a comparatively balanced
distribution of sectors among women entrepreneurs.
Among innovation-driven economies, North America
and Europe exhibit a high prevalence (over one-fourth)
of women entrepreneurs in the knowledge-intensive
business services sector.
Job creation aspirations among women are high in
effciency-driven Europe, a region of relatively low
TEA rates. This suggests that this region has fewer
entrepreneurs who are, on average, more likely to grow
and employ others. Although innovation-driven economies
typically show a higher proportion of entrepreneurs with
job creation aspirations, this report shows that women
in factor- and effciency-driven economies report less
difference from innovation-driven economies on this
measure, compared to other impact indicators.
Women entrepreneurs in nearly half of the economies
in the GEM sample report equal or higher innovation
levels than men entrepreneurs. In almost three-quarters
of the economies in efficiency-driven Europe, female
entrepreneurs report higher levels of innovation than
male entrepreneurs; this may, in part, be attributed to
the fact that there are proportionately more educated
women (than men) entrepreneurs in this region. In Chile
and India, more than half of women entrepreneurs
believe they offer innovative products or services.
Since the 2012 report, the proportion of female
entrepreneurs with 6+ job aspirations and innovative
offerings has declined among 61 economies (by 9%
from 2012 for job aspirations and 6% from 2012 for
innovation). However, this decline was also seen in
male entrepreneurs; as a result there was little or no
change in the gender ratios overall for these indicators.
In factor- and efficiency-driven Asia, and in efficiency-
driven Europe and Israel, both the rates and the gender
ratio around job expectations have declined. However,
the rates and the gender ratio around innovation have
improved, suggesting a focus toward innovation, but
lower expectations for job creation. Innovation-driven
Asia saw declines in both job aspirations and innovation,
while the United States showed positive improvements
in both indicators.
Factor- and efficiency-driven Asia, and also Africa,
report low international orientation among women
entrepreneurs in most economies. In contrast, women
entrepreneurs across Europe display particularly high
levels of internationalization.
Analyses of TEA rates with gender gap indicators measured
by WEF, shows that the rate of female entrepreneurship
activity increases signifcantly with greater parity in
economic participation, but decreases signifcantly with
greater educational attainment. This indicates that the
more women participate in the economy relative to men,
the more likely they are to be entrepreneurs. However,
where women achieve a higher level of education than
men, they start businesses less frequently.
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GEM WOMEN’ S SPECI AL REPORT
IMPLICATIONS
1. Women matter to economic development – they
invest in their communities, educate their children,
and pay back the benefits they receive by helping
others. This report has revealed improvements in
female entrepreneurship rates and gender gaps in 61
economies in no more than two years. Other results
show gender equity in many regions and in indicators
such as education and innovation levels. Greater
awareness of the importance and nature of women’s
entrepreneurship and programs addressing these
efforts may have already contributed to progress in this
activity. Continued efforts are essential everywhere,
while regional variations imply distinct needs and levels
of emphasis in different parts of the world.
2. Environmental conditions and constraints weigh
differently on the sexes. This continues to be the
biggest challenge women face worldwide. Subtle
biases exist in many societies that suggest women
have lower ambitions or are less capable, or that
running businesses is inappropriate for them. This
can, for example, inhibit their ability to gain access to
growth capital.
1
These biases need to be identified and
eliminated so women entrepreneurs have the same
opportunities as men do to grow their businesses.
3. Higher TEA rates are often found in less developed
economies, where women are highly likely to participate
in the workforce. Many women in these economies
pursue entrepreneurial endeavors to provide for their
families, generally through basic types of consumer-
focused businesses – both products and services. As
such, they can be considered the basic engine of their
local economies. However, they still face constraints
in sustaining their businesses. Entrepreneurship is a
multiphase endeavor that implies a need for not only
facilitating women to start ventures, but also helping
them maintain them into maturity.
4. Improvements in education provide quality career
choices for women, whether it is work as an employee,
or the launch of high impact entrepreneurial ventures.
Education programs that equip women with the ability to
start and grow businesses provide career options they
can consider at any point in their lives.
5. The advantage of teams may depend on the type
of business started, cultural/social norms and other
conditions. However, given that women who start in
teams are more likely to have higher impact with their
businesses, it is imperative to provide opportunities for
women entrepreneurs to start with co-founders.
1http://www.goldmansachs.com/citizenship/10000women/news-and-
events/10kwprogressreport.html.
6. While women are nearly equally likely as men are to
recognize the presence of opportunities around them,
gender gaps are apparent in capability perceptions and
fear of failure. Capabilities are rooted in both education
and in social support. Economies with initiatives
that increase visibility and access to role models are
likely to encourage women entrepreneurs to start and
grow businesses. Programs that enhance skills and
competencies for women entrepreneurs, and other
initiatives such as mentoring and advising, should
include developing and assessing women’s confidence
to take advantage of opportunities and building their
capacity for managing risk.
7. Access to financing at all stages of business
development for women entrepreneurs is essential,
but should also recognize progress in a business, and
in society, that shift financing needs. For example, a
challenge for women in moving from micro businesses to
small and medium-sized businesses requires a change
from financing sources such as micro-finance to normal
banking conditions, where there is often bias in the
lending process.
2
8. Women entrepreneurs participate heavily in the
consumer-oriented sector, which is considered easier to
enter, but more difficult to sustain because of low entry
barriers and high competitiveness. But increasingly,
businesses in foods, textiles and other areas are
becoming more important, especially given the rise of
challenges around food, clothing and other basic needs,
as well as movements to buy local. To the extent women
are starting businesses in sectors where greater social
problems might exist, they are well positioned to grow
and have impact.
9. Women in factor and efficiency-driven economies
report less difference from innovation-driven economies
on job aspirations, compared to other impact indicators.
This could reveal the growth opportunities existing
in still-developing markets, which suggest the need
to support high impact female businesses in regions
where environmental constraints may weigh heavily.
At the same time, this finding might suggest that more
traditional bureaucratic societies limit entrepreneurial
aspirations in the developed world, implying a particular
need to address these constraints.
2http://www.goldmansachs.com/citizenship/10000women/news-and-
events/10kwprogressreport.html.
69
GEM WOMEN’ S SPECI AL REPORT
APPENDIX A:
Entrepreneurship profiles of economies covered in the report, by region
70
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Africa
ALGERIA
Algerian women shows a high level of intention that is
characteristic of African economies and reflective of high
opportunity perceptions exhibited in its society. However,
this country exhibits low female startup and mature
business activity. Perhaps some explanation lies in lower
capability perceptions and higher fear of failure compared
to the average for women in the Africa region. Women
entrepreneurs are not likely to be major job creators nor
innovators. Yet a high percentage compete in the business
services sector and sell internationally.
Algeria
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
80%
40%
20%
60%
0%
Algeria
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
30%
20%
10%
0%
50%
40%
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Algeria
% Female TEA
Expects 6+ Jobs
% Female TEA in Business
Ser vices Sector
% Female TEA with
Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
25%
20%
10%
5%
15%
0%
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ANGOLA
Angola exhibits slightly lower female activity levels than
the Africa group average, and this is consistent with
somewhat lower capability perceptions and higher fear of
failure. However, women entrepreneurs are highly likely to
have job ambitions, although few compete in the business
services sector. Close to three fourths of the female
population know an entrepreneur personally.
Angola
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
50%
30%
20%
40%
0%
10%
Angola
% Female TEA
Expects 6+ Jobs
% Female TEA in Business
Ser vices Sector
% Female TEA with
Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
50%
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
80%
40%
20%
60%
0%
Angola Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
72
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Botswana
Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
60%
40%
20%
0%
80%
Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Botswana
% Female TEA
Expects 6+ Jobs
% Female TEA in Business
Ser vices Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Botswana
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
60%
40%
20%
0%
80%
BOTSWANA
Botswana shows a high level of intentions and startup
activity among women, but low established business
activity and high closure relative to the average for
Africa. This suggests a high need or opportunity to get
started, but with few sustaining their businesses into
maturity. Women in Botswana have lower opportunity and
capability perceptions, and they are less likely to know
an entrepreneur personally, compared to the average
for this region. At the same time, they exhibit low fear of
failure. Women entrepreneurs in Botswana, however, show
higher impact relative to their African peers with a higher
level of participation in the business services sector and
higher innovation. Job creation ambitions are especially
high compared to the African average, with over 2/3 more
female entrepreneurs projecting 6+ jobs.
73
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Burkina Faso
Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
30%
20%
10%
0%
40%
50%
Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Burkina Faso
% Female TEA
Expects 6+ Jobs
% Female TEA in Business
Ser vices Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
15%
10%
5%
0%
20%
25%
Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Burkina Faso
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
40%
20%
0%
60%
80%
BURKINA FASO
Burkina Faso tracks fairly closely to the Africa average
on activity, with slightly lower TEA rates but slightly
higher established business rates, and just lower than
average for the region on business closure. This suggests
that many women have sustained their businesses into
maturity. Similarly, societal attitudes among women are
consistent with the average for Africa. The results indicate
that women entrepreneurs serve only domestic markets
and have a low likelihood of growing their businesses.
Business service activity is low but characteristic of the
African region. Innovation levels are also similiar to the
regional average.
74
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Cameroon
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
30%
20%
10%
0%
40%
60%
50%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Cameroon
15%
10%
5%
0%
20%
25%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Cameroon
70%
40%
20%
60%
0%
10%
30%
50%
CAMEROON
Cameroon shows the greatest difference from the Africa
average in its higher TEA rate. Intentions are somewhat
higher. The slightly higher business closure rate may
reflect the higher startup activity. Female attitudes are
close to the Africa average. Although growth orientation
and international markets are less prevalent, innovation
levels and business services sector activity are on par
with the Africa average.
75
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Ghana
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
60%
40%
20%
0%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Ghana
25%
20%
10%
0%
5%
15%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Ghana
100%
80%
40%
0%
20%
60%
GHANA
Female entrepreneurship activity is slightly higher than
the regional average, but what is most distinct relative to
activity in Ghana is the high rate of established business
ownership: over twice that of the Africa average. Business
closure rate is just below the average. Overall this
indicates a high level of activity and sustainability. These
results are supported by positive attitudes, especially
capabilities perceptions, which are ¼ higher than average,
while the other attitudes are similar to the average. All
of the impact factors, however, are low, particularly job
expectations.
76
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LIBYA
Women in Libya have high intentions to start businesses,
but show little activity beyond this early phase.
Attitudes are less positive compared to Africa averages;
particularly low is the percentage of women who know
an entrepreneur personally. Those starting businesses
show high impact in greater levels of innovation and
job creation, and business services participation and
internationalization are on par with the Africa average.
Libya
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
60%
50%
30%
10%
20%
40%
0%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Libya
50%
40%
20%
0%
10%
30%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Libya
80%
40%
0%
20%
60%
77
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
MALAWI
Women in Malawi have high intentions to start
businesses, and TEA rates are just above the high average
for Africa. However, closure rates are very high, almost
three times the Africa average. High intentions and startup
activity are likely fueled by positive attitudes that outshine
Africa’s averages. Women entrepreneurs are not likely
to compete in business services nor do they anticipate
creating jobs. They serve local markets, but at the same
time believe they have innovative offerings.
Malawi
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
80%
40%
0%
20%
60%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA
with Innovative
Products/Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Malawi
30%
0%
20%
40%
10%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Malawi
100%
80%
40%
0%
20%
60%
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
NIGERIA
Nigerian women exhibit high startup and mature business
rates with low closure rates, and highly positive attitudes.
Impact indicators are average for an African country, with
the exception of job expectations, which are over 60%
higher than the Africa average.
Nigeria
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
50%
40%
20%
0%
10%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Nigeria
40%
20%
0%
10%
30%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Nigeria
100%
80%
40%
0%
20%
60%
79
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SOUTH AFRICA
South Africa has few women participating in
entrepreneurship across all phases of activity, with low
results on attitudes. Women entrepreneurs register just
above the Africa average on business services activity and
job expectations. But more notably, innovation is ¾ higher
than average, and international sales levels are more than
three times the regional average.
South Africa
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
50%
40%
20%
0%
10%
30%
South Africa South Africa Africa Average (unweighted) Africa Average (unweighted)
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted) Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
40%
20%
0%
10%
30%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
80%
40%
20%
0%
60%
80
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
UGANDA
Women in Uganda participate in entrepreneurship at
all phases, at a higher level than the Africa average.
Particularly notable is the high rate of established
business ownership, at over 1/3 the female population.
These results are consistent with attitudes that are
more positive than the Africa average. Impact indicators,
however, reveal low levels on all those indicators.
Uganda
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
60%
40%
20%
0%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Uganda
10%
15%
25%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Uganda
0%
20%
40%
60%
80%
100%
81
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
ZAMBIA
Female TEA rate is ¾ higher than the Africa average
and the other activity indicators are just above average.
Attitudes are highly positive compared to the average.
Impact indicators are low except for internationalization,
which is about average.
Zambia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Africa Average (unweighted)
Business
Closure
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
0%
20%
10%
30%
40%
50%
60%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Africa Average (unweighted)
% Female TEA
International
Sales
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Zambia
10%
15%
25%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Africa Average (unweighted)
Know an
Entrepreneur
Female
Overall Average: Factor- and Ef ficiency-Driven Regions (unweighted)
Zambia
0%
20%
40%
60%
80%
82
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Asia/Oceania Factor- and E?ciency-Driven
CHINA
Female activity in China is close to the average for the
Asia/Oceania Factor and Efficiency-Driven region. Women
in China are highly likely to know an entrepreneur and they
are less likely than the regional average to be constrained
by fear of failure. However, their capability perceptions
are noticeably low and they are slightly less likely than
average to see opportunities for starting a business. Few
women entrepreneurs compete in business services or
sell internationally; slightly less than average state they
are innovative, but a little more than average project job
expectations.
China
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Asia/Oceania FD and ED Average (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
15%
10%
20%
0%
5%
25%
China
Asia/Oceania FD and ED Average (unweighted)
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
60%
20%
40%
0%
China
Asia/Oceania FD and ED Average (unweighted)
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
INDIA
Women in India register low activity across all phases,
despite average opportunity perceptions and fear of
failure. Few women know an entrepreneur personally
compared to the regional average (less than ½) and
capability perceptions are 1/3 lower than average.
Participation in the business services sector is low, as
is international sales, with job expectations just below
average. However, there are many innovative women
entrepreneurs: more than twice the average.
India
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Asia/Oceania FD and ED Average (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
India
Asia/Oceania FD and ED Average (unweighted)
50%
30%
20%
40%
0%
10%
60%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
India
Asia/Oceania FD and ED Average (unweighted)
50%
30%
20%
40%
0%
10%
60%
84
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
INDONESIA
Intentions, TEA and established business activity are
slightly above average among Indonesian women. While
fear of failure is slightly higher than the Asia/Oceania
average, Indonesian women are confident about starting
businesses, with 25% more than average perceiving they
have the needed capabilities. Opportunity perceptions
are 50% higher than average for the region. Two thirds of
women know an entrepreneur personally. International
sales among female entrepreneurs are low, but typical
for the region. Business services activity is just above
average, while innovation is below average. The biggest
difference, from the regional average, however, lies in low
job creation projections.
Indonesia Asia/Oceania FD and ED Average (unweighted)
Overall Average : FD and ED Regions (unweighted)
Female TEA
(% of Adult
Female
Population)
Intentions Female
Established Business
Female
Business
Closure
Female
25%
15%
10%
20%
0%
5%
30%
Overall Average : FD and ED Regions (unweighted)
Indonesia
Asia/Oceania FD and ED Average (unweighted)
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
15%
10%
20%
0%
5%
25%
Overall Average : FD and ED Regions (unweighted)
Indonesia
Asia/Oceania FD and ED Average (unweighted)
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
50%
30%
20%
40%
0%
10%
60%
70%
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
IRAN
Iran’s TEA rate among women is slightly lower than
average for the region, with established business activity
registering less than half of the average. While Iranian
women are less likely to see opportunities or to know
an entrepreneur than is typical for Asia/Oceania, they
are more confident about their capabilities and have a
slightly lower fear of failure rate. International rates are
low, but typical for the region, while innovation rates are
a little more than 1/3 the average level for this region.
Women entrepreneurs show a higher than average level of
participation in business services, and reveal an over 55%
higher level of job creation potential.
Iran
Overall Average : FD and ED Regions (unweighted)
Asia/Oceania FD and ED Average (unweighted)
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
25%
15%
10%
20%
0%
5%
30%
Overall Average : FD and ED Regions (unweighted)
Iran Asia/Oceania FD and ED Average (unweighted)
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
15%
10%
20%
0%
5%
25%
30%
Overall Average : FD and ED Regions (unweighted)
Iran Asia/Oceania FD and ED Average (unweighted)
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
50%
30%
20%
40%
0%
10%
60%
86
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
KAZAKHSTAN
Female activity rates are close to the regional average in
Kazakhstan. Capabilities perceptions and fear of failure
are about average, while opportunity perceptions are low,
suggesting a readiness for entrepreneurship that is not
matched with what is being observed in the environment.
Over 60% of women know an entrepreneur. Those
starting businesses show average levels of innovation
and business services activity. Internationalization is
2 ½ times the typical low level for the region, while job
expectations are 1 ½ times the average.
Kazakhstan
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Asia/Oceania FD and ED Average (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
15%
10%
20%
0%
5%
25%
30%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Kazakhstan Asia/Oceania FD and ED Average (unweighted)
30%
20%
40%
0%
10%
50%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Kazakhstan Asia/Oceania FD and ED Average (unweighted)
40%
20%
60%
0%
80%
87
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
MALAYSIA
Malaysian women show low levels of activity, with about
half the average level of intentions and TEA. Opportunity
perceptions among the female population are above
average and fear of failure is below average, yet fewer
than average (20% less) think they have the capabilities to
get started. Women entrepreneurs sell locally, as is typical
for the region, and they show lower levels of innovation.
A contrast can be seen in low job creation potential but
relatively high participation in business services.
Malaysia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Asia/Oceania FD and ED Average (unweighted)
15%
10%
20%
0%
5%
25%
30%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Malaysia Asia/Oceania FD and ED Average (unweighted)
15%
10%
20%
0%
5%
25%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Malaysia Asia/Oceania FD and ED Average (unweighted)
50%
30%
20%
40%
0%
10%
60%
88
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
PHILIPPINES
Intentions and TEA activity are high among women in
the Philippines, but this is accompanied by high levels of
business closure and slightly lower established business
activity. Opportunity perceptions are high, and capabilities
perceptions even more so. Fear of failure is slightly
above average and fewer women than average know
an entrepreneur personally. Few female entrepreneurs
compete in the business services sector and international
sales is nearly nonexistent. Growth expectations are less
than 1/3 the regional average, but innovations levels are a
little higher than average.
Philippines
Female TEA
(% of Adult
Female Population)
Intentions Female
Established
Business Female
Asia/Oceania FD and ED Average (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
30%
20%
40%
0%
10%
50%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Philippines Asia/Oceania FD and ED Average (unweighted)
15%
10%
20%
0%
5%
25%
30%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Philippines Asia/Oceania FD and ED Average (unweighted)
50%
30%
20%
40%
0%
10%
60%
70%
89
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
THAILAND
Thailand shows a high level of TEA and a very high level
of established business activity (over 3 times the regional
average) among women. This is consistent with higher
than average opportunity perceptions, although capability
perceptions are slightly below the regional average and
fewer women know entrepreneurs. Additionally, fear of
failure among women is over 1/3 higher than average.
While innovation levels are average, job expectations,
international sales and participation in the business
services sector are low.
Thailand
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Asia/Oceania FD and ED Average (unweighted)
15%
10%
20%
0%
5%
25%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Thailand Asia/Oceania FD and ED Average (unweighted)
15%
10%
20%
0%
5%
25%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Thailand Asia/Oceania FD and ED Average (unweighted)
50%
30%
20%
40%
0%
10%
60%
90
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
VIETNAM
Activity levels are average except for established business
ownership, which is over 2 ½ times the regional average.
While opportunity perceptions are average for the region,
there is a contrast between high capability perceptions
and high fear failure, suggesting women are confident
about their abilities to start but fear consequences (real
or imagined) if these efforts don’t work out. All impact
factors are lower than average.
Vietnam
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Asia/Oceania FD and ED Average (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
15%
10%
20%
0%
5%
25%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Vietnam Asia/Oceania FD and ED Average (unweighted)
15%
10%
20%
0%
5%
25%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Vietnam Asia/Oceania FD and ED Average (unweighted)
50%
30%
20%
40%
0%
10%
60%
91
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Europe Efficiency-Driven
BOSNIA AND HERZEGOVINA
Activity in Bosnia and Herzegovina is low across all
phases, but in line with averages for the Europe Efficiency-
Driven region. Although women in this country exhibit an
average level of capability perceptions and lower fear
of failure compared to the region overall, they have low
opportunity perceptions. Proportionately, Efficiency-Driven
European entrepreneurs tend to exhibit high impact;
however, Bosnia and Herzegovina shows low levels on all
of these indicators.
Bosnia and Herzegovina
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe ED Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Bosnia and Herzegovina Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Bosnia and Herzegovina Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
92
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
CROATIA
Croatia has low TEA and established business activity
among women, but not much lower than the average
for the region. Low opportunity perceptions may explain
this — at little more than half the regional average.
Where Croatian women entrepreneurs shine, however,
is in their potential impact. While they are less likely to
be innovative, they are internationally oriented and have
high job expectations. Many compete in the business
services sector.
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Croatia Europe ED Average (unweighted)
30%
20%
0%
10%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Croatia Europe ED Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Croatia Europe ED Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
93
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
ESTONIA
Women in Estonia mostly show activity levels typical
for the region, but intentions are only half the regional
average, suggesting a low base of potential entrepreneurs.
This is perhaps reflective of high fear of failure among
women in this economy despite having high opportunity
perceptions. Female entrepreneurs in Estonia are highly
innovative and often compete in business services.
Job expectations, however, are about half the regional
average.
Estonia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe ED Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Estonia Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
40%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Estonia Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
94
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
GEORGIA
Activity among women in Georgia closely follows the
regional average, with intentions slightly lower than
average. Opportunity perceptions are on par with the
region, and fear of failure is relatively low, although
capabilities perceptions are slightly lower than average.
Few women entrepreneurs compete in the business
services sector and they have lower job expectations.
However, internationalization and innovation are close to
the regional average.
Female TEA
(% of Adult
Female
Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Georgia Europe ED Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Georgia Europe ED Average (unweighted)
30%
20%
0%
10%
40%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Georgia Europe ED Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
95
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
HUNGARY
In Hungary, female activity is similar to the regional
averages. However, capability perceptions, and
opportunity perceptions in particular, are low and fear of
failure is high. Job expectations are somewhat lower than
average, while international sales are high.
Hungar y
Female TEA
(% of Adult
Female
Population)
Intentions Female
Established Business
Female
Europe ED Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Hungar y Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
40%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Hungar y Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
96
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
KOSOVO
Activity rates among women in Kosovo are low, including
intentions, TEA and established business activity. This
is despite opportunity perceptions registering twice
the regional average, capability perceptions being 50%
higher than average, and low fear of failure. Female
entrepreneurs show low participation in business services,
but job expectation, innovation, and international sales
levels are among the highest in the factor and efficiency-
driven group.
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Kosovo Europe ED Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Kosovo Europe ED Average (unweighted)
30%
20%
40%
0%
10%
50%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Kosovo Europe ED Average (unweighted)
60%
40%
0%
20%
80%
97
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
LATVIA
Female activity rates in Latvia are higher than average
(intentions, TEA, established businesses), even though
the attitude measures track close to the regional average.
Impact factors are all higher than average.
Latvia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe ED Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Latvia Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Latvia Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
98
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
LITHUANIA
Female activity rates in Lithuania are nearly identical
to the region’s average, but women in this society have
low capability perceptions and high fear of failure. While
somewhat more women entrepreneurs are engaged in the
business services sector compared to the average for the
region, job expectations are lower.
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Lithuania Europe ED Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Lithuania Europe ED Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Lithuania Europe ED Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
Fear of Failure Female
99
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
MACEDONIA
Female entrepreneurship in Macedonia tracks closely with
regional averages on all indicators except for intentions,
which are high, particularly relative to low TEA.
Macedonia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe ED Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Macedonia Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Macedonia Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
100
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
POLAND
Activity rates among women in Poland are close to
regional averages. Fear of failure, however, is nearly
one-third higher than typical for the region. Female
entrepreneurs have lower than average job expectations
and internationalization is less than half the regional
average. But they are innovative and participate frequently
in the business services sector.
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Poland Europe ED Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Poland Europe ED Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Poland Europe ED Average (unweighted)
60%
40%
80%
0%
20%
101
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
ROMANIA
Intentions to start are high among women in Romania,
while other activity rates hover around the regional
average. Fear of failure is high. A higher than average level
of female entrepreneurs participate in business services,
and although they are less innovative compared to what is
typical for the region, they are 40% more likely to project
job expectations of 6 or more employees. International
sales are higher than average.
Romania
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe ED Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Romania Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Romania Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
102
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
RUSSIA
Russia shows low female intentions and startup activity.
Opportunity and capability perceptions are low among
women, although they more often know entrepreneurs
compared to the regional average. Women entrepreneurs
are comparatively less likely to be innovative or
international, but their participation in business services
and growth orientation are nearly at the level of the
regional average.
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Russia Europe ED Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Russia Europe ED Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Russia Europe ED Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
103
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
TURKEY
Intentions and TEA levels are above the regional
average for women in Turkey. Women have higher
than average capability perceptions and lower than
average fear of failure. Innovation levels are high
among women entrepreneurs and job expectations
are 50% higher than average.
Turkey
Female TEA
(% of Adult
Female
Population)
Intentions Female
Established Business
Female
Europe ED Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
30%
20%
0%
10%
25%
5%
15%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Turkey Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Turkey Europe ED Average (unweighted)
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
104
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Latin America/Caribbean
ARGENTINA
Argentina shows average activity levels for the Latin
America/Caribbean region, with the exception of
somewhat lower TEA rates. Opportunity perceptions are
just 2/3 the average level, and capability perceptions are
below average. Although few sell internationally, women
in Argentina show a higher level of business services
businesses and have relatively high growth ambitions.
Argentina
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Argentina
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
25%
15%
10%
20%
0%
5%
30%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Overall Average : FD and ED Regions (unweighted)
Argentina
Latin/ Am./Carib. Avg (unweighted)
Know an
Entrepreneur
Female
60%
40%
80%
0%
20%
105
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
BARBADOS
Startup activity is lower than the regional average in
Barbados, and intentions are half the regional average.
Perhaps consistent with these levels is the lower
opportunity motivations, despite capability perceptions
coming in about average and fear of failure being low.
Impact factors are close to average, except for sales to
international customers, which is over twice the level
reported for the region overall.
Barbados
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Barbados
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
30%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Barbados
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
106
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
BELIZE
In Belize, intentions and TEA are a little more than 1/3 the
regional average, while established business rates are
half of the average. Capabilities perceptions, however, are
higher than average among the female population. Women
entrepreneurs are over twice as likely to compete in
business services and sell to international customers than
is typical for the region, and job expectations are slightly
higher than average.
Belize
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
30%
25%
15%
10%
20%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Belize
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Belize
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
107
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
BOLIVIA
Women in Bolivia exhibit intentions and TEA rates at about
50% higher levels than the regional average. Opportunity
and capability perceptions are higher than average, yet
fear of failure is higher than typical for the region. Female
entrepreneurs are not likely to sell internationally but they
are more likely than average to say they sell innovative
products or services.
Bolivia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business Clo-
sure Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
50%
40%
30%
20%
0%
10%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Bolivia
Latin/ Am./Carib. Avg (unweighted)
30%
25%
15%
10%
20%
0%
5% Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Bolivia
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
108
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
BRAZIL
Brazil exhibits average TEA rates despite lower than
average intentions. However, established business rates
are higher than typical. Opportunity perceptions are higher
than average, but capability perceptions are 1/3 lower
than the region overall and fear of failure is higher than
average. Female entrepreneurs exhibit low levels on all the
impact indicators.
Brazil
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Brazil
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Brazil
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
25%
15%
10%
20%
0%
5%
30%
109
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
CHILE
Chile shows high levels of female activity; both intentions
and TEA are 50% higher than the regional average. This
activity is reinforced by high perceptions of opportunity
in the environment, even with average levels on the other
attitude indicators. Business services participation and
job expectations are twice the regional average and
innovation levels are over 2 ½ times the average.
Chile
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
50%
30%
20%
40%
0%
10%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Chile
Latin/ Am./Carib. Avg (unweighted)
50%
30%
20%
40%
0%
10%
60%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Chile
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
30% 30%
110
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
COLOMBIA
Female intentions in Colombia are more than 50% higher
than the regional average, although TEA is around average
and established business activity is half the typical
level for the region. Opportunity perceptions are high,
yet capabilities perceptions are lower than average and
fear of failure is higher than average. Few women report
knowing an entrepreneur. International sales are typical
for the region, but the other impact indicators are higher
than average, particularly job expectations, which are over
three times the regional average.
Colombia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
50%
30%
20%
40%
0%
10%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Colombia
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
60%
40%
80%
0%
20%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Colombia
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
111
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
COSTA RICA
TEA activity is lower than average among women in
Costa Rica, and established business rates are one third
the typical level for the region. This is consistent with
relatively low opportunity and capability perceptions and
high fear of failure. Business services participation and
job expectations are just below average, while innovation
levels are average.
Costa Rica
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Costa Rica
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Costa Rica
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
112
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
ECUADOR
Activity levels are high among women in Ecuador.
Intentions are over 50% higher than average, and both
TEA and established business rates are at least twice
the regional average. Closure rates are above average
but perhaps in line with high activity. This high activity
is also consistent with high opportunity and capability
perceptions, although fear of failure is above average. Few
women sell internationally and job expectation are half
the average level, while innovation and business service
activity fall around the average.
Ecuador
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
50%
30%
20%
40%
0%
10%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Ecuador
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
25%
15%
10%
20%
0%
5%
Capability
Perceptions Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Ecuador
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
113
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
EL SALVADOR
Despite lower than average intentions, women in El
Salvador show higher than average TEA rates and twice
the average level of established business activity.
Business closure rates, however, are over twice the
average. Opportunity perceptions are average and
capability perceptions are above average; however,
fear of failure is over 1/3 higher than is typical for the
region. All impact indicators are very low among women
entrepreneurs.
El Salvador
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
El Salvador
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
El Salvador
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
114
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
GUATEMALA
Women in Guatemala show average activity rates, with
intentions higher than the regional average. Opportunity
and capability perceptions fall around the regional
average, although fear of failure is above average and
fewer women know entrepreneurs. Internationalization
and job expectations are below average, but women show
higher than average innovation levels.
Guatemala
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
30%
20%
40%
0%
10%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Guatemala
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Guatemala
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
115
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
JAMAICA
In Jamaica, women exhibit average intentions and TEA
rates, while established business rates are over twice the
average. Attitudes are around average, with the exception
of capability perceptions, which are 30% higher than the
region overall. Impact indicators are below average.
Jamaica
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
30%
20%
40%
0%
10%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Jamaica
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Jamaica
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
116
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
MEXICO
Although intentions among Mexican women are lower than
the regional average, activity rates beyond this phase are
close to the regional averages. Capability perceptions
are lower than typical for the region. Fewer women
entrepreneurs compete in business services but slightly
more than average have job expectations and innovation
levels are typical for the region.
Mexico
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Mexico Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Mexico Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
117
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
PANAMA
Intentions and TEA rates are average for women in
Panama, but established business activity is low. Although
women do not appear to be impacted by fear of failure,
they also show lower than average confidence in their
capabilities. Job expectations and innovation levels are
below average; however, women in this country are slightly
less likely to sell internationally compared to the regional
average.
Mexico
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Panama Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Panama Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
118
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
PERU
Intentions and TEA rates are high among women in Peru—
at least ¾ higher than the region overall. Accompanying
this result is higher than average closure rates. Attitudes
are highly positive among women. Women entrepreneurs
show low job expectations and lower than average
innovation rates.
Female TEA
(% of Adult
Female Population)
Intentions Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Peru
Established Business
Female
50%
30%
20%
40%
0%
10%
60%
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
% Female TEA Expects
6+ Jobs
Peru
25%
15%
10%
20%
0%
5%
Capability
Perceptions Female
Opportunity
Perceptions Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
Fear of Failure Female
Peru
60%
40%
80%
0%
20%
119
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
PUERTO RICO
Intentions and TEA rates among women in Puerto Rico are
just above half the level for the Latin America/Caribbean
region. Few women are running established businesses.
Opportunity and capability perceptions are at low levels,
while few women know entrepreneurs. Job expectations
hover around 1/3 the regional level, but innovation levels
are 75% higher than the average for the region.
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
Puerto Rico
Female TEA
(% of Adult
Female Population)
25%
15%
10%
20%
0%
5%
30%
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
Puerto Rico
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
Opportunity
Perceptions Female
Fear of Failure Female
Puerto Rico
60%
40%
80%
0%
20%
120
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
SURINAME
Female activity is very low across all phases in Suriname,
even though women are confident in their abilities to start
and have low fear of failure. However, consistent with
this low activity are low opportunity perceptions. Impact
indicators are very low except for high international sales.
Suriname
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Suriname
Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
50%
30%
20%
40%
0%
10%
Capability
Perceptions Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Suriname
Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
121
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
TRINIDAD AND TOBAGO
Female activity is generally close to the regional average
in Trinidad and Tobago, while the female population
expresses positive attitudes about entrepreneurship.
Although female entrepreneurs show low innovation and
internationalization, growth expectations are higher than
average.
Trinidad and Tobago
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
30%
35%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : FD and ED Regions (unweighted)
Trinidad and Tobago Latin/ Am./Carib. Avg (unweighted)
25%
15%
10%
20%
0%
5%
30%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Trinidad and Tobago Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
122
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
URUGUAY
Female activity levels are somewhat below the regional
average in Uruguay, likely reflected in lower than average
opportunity perceptions, despite average capability
perceptions and fear of failure. All impact indicators,
however, are higher than average, particularly job
expectations, which are more than twice as high as
typically reported in Latin America/Caribbean.
Uruguay
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Latin/ Am./Carib. Avg (unweighted)
Business
Closure
Female
Overall Average : FD and ED Regions (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : FD and ED Regions (unweighted)
Uruguay Latin/ Am./Carib. Avg (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : FD and ED Regions (unweighted)
Uruguay Latin/ Am./Carib. Avg (unweighted)
60%
40%
80%
0%
20%
123
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Asia/Oceania Innovation-Driven
AUSTRALIA
Australia shows higher levels of TEA and established
business activity than is typical for the Asia/Oceania
innovation-driven region. Opportunity and capability
perceptions are twice the regional average, while fear
of failure is somewhat higher. Women entrepreneurs
are over twice as likely to compete in business services
compared to the average for the region and they exhibit
high innovation levels.
Australia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Asia/Oceania ID Average (unweighted)
Business
Closure
Female
Overall Average : Innovation-Driven Regions (unweighted)
10%
6%
4%
8%
0%
2%
12%
14%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average : Innovation-Driven Regions (unweighted)
Australia
Asia/Oceania ID Average (unweighted)
% Female TEA
International
Sales
25%
15%
10%
20%
0%
5%
30%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : Innovation-Driven Regions (unweighted)
Australia
Asia/Oceania ID Average (unweighted)
50%
30%
20%
40%
0%
10%
124
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
JAPAN
Few women are starting or intending to start businesses in
Japan currently, but established business ownership levels
are close to the regional average and few women report
having closed a business in the past year. Opportunity
and capability perceptions are low, although fear of failure
levels are about normal for Asia/Oceania. Impact factors
are all lower than average.
Japan
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : Innovation-Driven Regions (unweighted)
Asia/Oceania ID Average (unweighted)
10%
6%
4%
8%
0%
2%
12%
14%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : Innovation-Driven Regions (unweighted)
Japan Asia/Oceania ID Average (unweighted)
25%
15%
10%
20%
0%
5%
30%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : Innovation-Driven Regions (unweighted)
Japan Asia/Oceania ID Average (unweighted)
50%
30%
20%
40%
0%
10%
125
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
REPUBLIC OF KOREA
Korea shows slightly lower than average female TEA rates,
consistent with opportunity perceptions that are less than
half the regional average. Women entrepreneurs exhibit
low levels on the impact factors, with the exception of an
average level of internationalization.
Republic of Korea
Asia/Oceania ID Average (unweighted)
Overall Average : Innovation-Driven Regions (unweighted)
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
10%
6%
4%
8%
0%
2%
12%
14%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : Innovation-Driven Regions (unweighted)
Republic of Korea
Asia/Oceania ID Average (unweighted)
25%
15%
10%
20%
0%
5%
30%
Overall Average : Innovation-Driven Regions (unweighted)
Republic of Korea
Asia/Oceania ID Average (unweighted)
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
50%
30%
20%
40%
0%
10%
126
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
SINGAPORE
Singapore exhibits average levels of TEA and intentions,
although established business activity is low. Opportunity
and capability perceptions are lower than the regional
average. Job expectations among women entrepreneurs
are somewhat higher than average for the region. Not
surprising, given the small economy, internationalization
rates are twice the average for innovation-driven Asia/
Oceania.
Singapore
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average : Innovation-Driven Regions (unweighted)
Asia/Oceania ID Average (unweighted)
10%
6%
4%
8%
0%
2%
12%
14%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : Innovation-Driven Regions (unweighted)
Singapore
Asia/Oceania ID Average (unweighted)
10%
20%
0%
30%
40%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : Innovation-Driven Regions (unweighted)
Singapore Asia/Oceania ID Average (unweighted)
50%
30%
20%
40%
0%
10%
127
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
TAIWAN
Activity levels among women in Taiwan are average or
above average for the Asia/Oceania region. Opportunity
perceptions are more than 50% higher than average.
Innovation levels among women entrepreneurs are
higher than average, but more impactful is the job
expectations indicator, which is nearly 2/3 greater than
the regional average.
Taiwan
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Asia/Oceania ID Average (unweighted)
Business
Closure
Female
Overall Average : Innovation-Driven Regions (unweighted)
25%
15%
10%
20%
0%
5%
30%
% Female
TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average : Innovation-Driven Regions (unweighted)
Taiwan
Asia/Oceania ID Average (unweighted)
50%
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average : Innovation-Driven Regions (unweighted)
Taiwan Asia/Oceania ID Average (unweighted)
50%
30%
20%
40%
0%
10%
128
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Europe Innovation-Driven
AUSTRIA
Female TEA and established business rates are slightly
above average in Austria, and opportunity and capability
perceptions are above average for an innovation-driven
European economy. While job expectations are little
more than half the level of a typical economy in this
region, innovation and internationalization are higher
than average.
Austria
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average: ID Regions (unweighted)
Austria Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Austria Europe Innovation-Driven Average (unweighted)
50%
30%
20%
40%
0%
10%
129
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
BELGIUM
Female activity rates are below average in Belgium, and
this is reflective of less positive attitudes—particularly
capabilities perceptions, which are 2/3 the average
level for the region. In addition, little more than half the
proportion of women know an entrepreneur compared
to the regional average. Impact indicators among
women entrepreneurship are high, however, particularly
internationalization, which is more than twice the average
level for innovation-driven Europe.
Belgium
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Belgium Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Belgium Europe Innovation-Driven Average (unweighted)
50%
30%
20%
40%
0%
10%
60%
130
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
CZECH REPUBLIC
Female activity levels are close to average in the Czech
Republic, although fewer than average women see
opportunities or know entrepreneurs. Although women
entrepreneurs are less international than their European
peers, they are nearly 50% more likely to have job
expectations of 6 or more employees in the next five
years.
Czech Republic
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Overall Average: ID Regions (unweighted)
Czech Republic Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Czech Republic Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
131
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
DENMARK
Denmark shows female activity rates that nearly reach
the regional average. Women in this country are 2/3
more likely to see opportunities for starting a business,
but are less likely to perceive they have the capabilities
to do so, compared to the typical innovation-driven
European economy. Although both job expectations
and internationalization are less than half the regional
average, women are more likely than average to
participate in business services and nearly 50% more
likely to have innovative products or services.
Denmark
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Denmark Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Denmark Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
132
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
FINLAND
Female activity rates are close to average in Finland.
Women are more likely than the average innovation-driven
European economy to know an entrepreneur and to see
opportunities for starting a business. Impact factors,
however, are somewhat lower than the region average,
particular internationalization, which is less than half the
average level.
Finland
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average: ID Regions (unweighted)
Finland
Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Finland
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
133
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
FRANCE
Female activity rates are slightly lower than average in
France, and this is consistent with lower opportunity
and capability perceptions than is typical for the region.
Innovation levels among women entrepreneurs, however,
are more than 1/3 higher than the innovation-driven
Europe average.
France
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
France Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
France Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
134
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
GERMANY
Female activity levels in Germany nearly reach the regional
average. Capabilities perceptions among women are
slightly below average, while fear of failure is higher than
average. Among women entrepreneurs, innovation levels
are 2/3 the average for the region, but the other impact
indicators are above average.
Germany
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Overall Average: ID Regions (unweighted)
Germany Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Germany Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
135
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
GREECE
Greece exhibits average levels of female intentions and
TEA, while established business ownership is nearly twice
the average for an innovation-driven European economy.
Opportunity perceptions in the female population are little
more than half the average level, while ¾ of women seeing
opportunity state they would be constrained from starting
due to fear of failure—over 50% higher than average. With
the exception of average levels of internationalization,
impact indicators are lower than average for women
entrepreneurs in Greece.
Greece
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Greece Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Greece Europe Innovation-Driven Average (unweighted)
60%
40%
80%
0%
20%
136
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
IRELAND
While TEA is nearly average, established business activity
is slightly above average among women in Ireland.
Attitudes also show mixed results, with opportunity
perceptions slightly lower and capability perceptions
slightly higher than is typical in innovation-driven Europe.
Job expectation among women entrepreneurs are higher
than the regional average and innovation levels are 50%
higher than average.
Ireland
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Overall Average: ID Regions (unweighted)
Ireland Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
50%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Ireland Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
137
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
ITALY
TEA and established business rates are just below
average in Italy, likely reflecting low opportunity and
capability perceptions in the female population, as well as
high fear of failure. Women entrepreneurs show lower than
average levels on all impact indicators, particularly job
expectations.
Italy
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Italy Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Italy Europe Innovation-Driven Average (unweighted)
60%
40%
80%
0%
20%
138
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
LUXEMBOURG
Luxembourg shows higher than average female intentions
but average TEA and established business activity
just below average. Attitude measures in the female
population are close to the average for an innovation-
driven European economy. Women entrepreneurs are
more than twice as likely to have job expectations of 6 or
more employees in five years compared to the average
for the region, internationalization is over 2 ½ time the
average, and innovation levels are high.
Luxembourg
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
Overall Average: ID Regions (unweighted)
Luxembourg Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
50%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Luxembourg
Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
139
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
NETHERLANDS
Female TEA and established business rates are
above average in the Netherlands, reflective of higher
opportunity perceptions and lower fear of failure
compared to the innovation-driven European average.
Job expectations and internationalization show half the
levels of the regional average, and innovation levels are
also comparatively lower. Women entrepreneurs are
more likely than average to participate in the business
services sector.
Netherlands
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female
TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Netherlands Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Netherlands Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
140
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
NORWAY
Despite low intentions, female activity rates are close
to average in Norway. Opportunity perceptions are
high among women and fear of failure is low; however,
fewer women perceive they have the capabilities for
entrepreneurship compared to the average innovation-
driven European economy. Job expectations, innovation
and internationalization are lower than the regional
average among women entrepreneurs, although they
show higher than typical levels of business services
participation.
Nor way
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Overall Average: ID Regions (unweighted)
Nor way Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Nor way Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
141
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
PORTUGAL
Women in Portugal show somewhat higher levels of
activity despite low opportunity perceptions, although
capabilities are higher than the regional average.
Innovation rates among women entrepreneurs are less
than 2/3 the average for the innovation-driven European
economies and business services activity is lower than
average. Growth ambitions, however, are above the
average for the region.
Portugal
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Portugal Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of
Failure
Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Portugal Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
142
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
SLOVAKIA
Female Intentions and TEA levels are above average in
Slovakia while established business rates fall around
the average level for the innovation-driven European
economies. While more women know entrepreneurs and
believe they have the capabilities to start a business
compared to the regional average, opportunity perceptions
are low and fear of failure is above average. Comparatively
few women entrepreneurs sell internationally, yet many
participate in the business services sector and 50% more
have job expectations of 6 or more employees in the next
5 years compared to the regional average.
Slovakia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Slovakia Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
Overall Average: ID Regions (unweighted)
Slovakia Europe Innovation-Driven Average (unweighted)
143
GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
SLOVENIA
Female TEA and established business rates are just below
the average for the innovation-driven European region. But
while a higher level than average proportion of women in
this country know an entrepreneur, believe they have the
capabilities to start a business, and are undeterred by
fear of failure, few believe there are good opportunities
around them. Women entrepreneurs are less international
than their European peers. But they are 2/3 more likely to
project employing 6 or more people in the next 5 years.
Slovenia
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Slovenia Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Slovenia Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
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SPAIN
Female activity rates are about average in Spain.
Women in this country, however, have low opportunity
perceptions, despite having high beliefs about their
capabilities compared to the average for innovation-
driven Europe. Internationalization is lower than
average, with levels on the other impact factors falling
around the average for the region.
Spain
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with
Innovative Products/
Ser vices
Overall Average: ID Regions (unweighted)
Spain Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Spain Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
60%
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SWEDEN
In Sweden, female activity rates are close to the averages
for the innovation-driven European region. Opportunity
perceptions among women in this country are twice
the regional average, while fear of failure is just below
average. Capabilities perceptions, however, run somewhat
lower than typical. Women entrepreneurs participate more
often than their European peers in the business services
sector, and they more often sell internationally.
Sweden
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
Sweden Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Sweden Europe Innovation-Driven Average (unweighted)
60%
40%
80%
0%
20%
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SWITZERLAND
Switzerland shows slightly higher female activity rates
compared to the innovation-driven European average. This
is reflective of higher opportunity perceptions and lower
fear of failure compared to the regional average. Although
job expectations are lower than average in this country,
women entrepreneurs are comparatively likely to sell
internationally.
Switzerland
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Europe Innovation-Driven Average (unweighted)
Business
Closure
Female
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
Overall Average: ID Regions (unweighted)
Switzerland
Europe Innovation-Driven Average (unweighted)
% Female TEA
International
Sales
30%
20%
40%
0%
10%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
Switzerland Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
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UNITED KINGDOM
Female TEA rates in the UK are somewhat higher than
average, consistent with positive attitudes in the female
population. Few women entrepreneurs sell internationally
and innovation levels and business services participation
are slightly below average.
United Kingdom
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Business
Closure
Female
Overall Average: ID Regions (unweighted)
Europe Innovation-Driven Average (unweighted)
15%
10%
0%
5%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative
Products/Ser vices
% Female TEA
International
Sales
Overall Average: ID Regions (unweighted)
United Kingdom Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
Capability Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Know an
Entrepreneur
Female
Overall Average: ID Regions (unweighted)
United Kingdom Europe Innovation-Driven Average (unweighted)
30%
20%
40%
0%
10%
50%
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Middle East Innovation-Driven
ISRAEL
Israel shows average TEA and established business rates,
but low capability perceptions and high fear of failure.
While opportunity perceptions are slightly lower than the
average of the three Middle Eastern economies, they are
still higher than the overall average for the innovation-
driven economies. Job expectations are lower than Kuwait
in the Middle East, but on par with the innovation-driven
economies. Internationalization, however, is low whether
making comparisons within the region or the broader
development-level group.
Israel
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Middle East Average (unweighted)
Business
Closure
Female
Overall Average : ID Regions (unweighted)
50%
30%
20%
40%
0%
10%
% Female TEA
Expects 6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Middle East Average (unweighted)
% Female TEA
International
Sales
Overall Average : ID Regions (unweighted)
Israel
50%
30%
20%
40%
0%
10%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Middle East Average (unweighted)
Know an
Entrepreneur
Female
Overall Average : ID Regions (unweighted)
Israel
50%
30%
20%
40%
0%
10%
60%
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KUWAIT
Despite the fact that half of the female population in
Kuwait intend to start a business, TEA and established
business levels are average and one out of ten women
has closed a business in the previous year. Compared
to its Middle East and other developed peers, Kuwait
shows high female capability perceptions. Over 2/3
women entrepreneurs have job expectations of 6 or
more employees in the next five years, much higher than
the regional and overall developed economy average.
International sales are above average.
Kuwait
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Middle East Average (unweighted)
Business
Closure
Female
Overall Average : ID Regions (unweighted)
50%
30%
20%
40%
0%
10%
% Female TEA
Expects 6+
Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Middle East Average (unweighted)
% Female TEA
International
Sales
Overall Average : ID Regions (unweighted)
Kuwait
60%
40%
80%
0%
20%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Middle East Average (unweighted)
Know an
Entrepreneur
Female
Overall Average : ID Regions (unweighted)
Kuwait
50%
30%
20%
40%
0%
10%
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
QATAR
Over half the female population in Qatar intend to
start a business in the next three years. TEA rates are
above average, but few women are running established
businesses. Women exhibit high opportunity and
capability perceptions and low fear of failure. Job
expectations are lower than Kuwait, but just above the
overall innovation-driven group average.
Qatar
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
Middle East Average (unweighted)
Business
Closure
Female
Overall Average : ID Regions (unweighted)
50%
30%
20%
40%
0%
10%
60%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
Middle East Average (unweighted)
% Female TEA
International
Sales
Overall Average : ID Regions (unweighted)
Qatar
50%
30%
20%
40%
0%
10%
60%
Capability
Perceptions
Female
Opportunity
Perceptions Female
Fear of Failure Female
Middle East Average (unweighted)
Know an
Entrepreneur
Female
Overall Average : ID Regions (unweighted)
Qatar
50%
30%
20%
40%
0%
10%
60%
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
North America
CANADA
Canada exhibits higher female TEA and established
business rates than the average innovation-driven
economy. Opportunity and capability perceptions are over
50% higher than the innovation-driven average and fear of
failure is lower. Business services activity and innovation
levels are somewhat higher in Canada compared to its
development-level peers.
UNITED STATES
The United States shows higher female TEA rates than
the innovation-driven average, and slightly higher than
Canada. However, established business activity is
average for an innovation-driven economy, and this level
is lower than in Canada. Capability perceptions are more
than 2/3 higher than the innovation-driven average,
and slightly higher than Canada reports. However,
opportunity perceptions are slightly lower than Canada,
although 40% higher than the innovation-driven average.
Job expectations and innovation levels among women
entrepreneurs are higher in the United States than in
Canada or the average innovation-driven economy.
Canada
Female TEA
(% of Adult
Female Population)
Intentions Female
Established Business
Female
United States
Business
Closure
Female
Overall Average: Innovation-Driven Regions (unweighted)
15%
5%
10%
0%
% Female TEA Expects
6+ Jobs
% Female TEA in
Business Ser vices
Sector
% Female TEA with Innovative Products/
Ser vices
United States
% Female TEA
International
Sales
Overall Average: Innovation-Driven Regions (unweighted)
Canada
50%
30%
20%
40%
0%
10%
Opportunity
Perceptions Female
Fear of Failure Female
United States
Know an
Entrepreneur
Female
Overall Average: Innovation-Driven Regions (unweighted)
Canada
50%
30%
20%
40%
0%
10%
60%
Capability
Perceptions
Female
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
APPENDIX B:
THE GEM MODEL AND METHODOLOGY
London Business School (Michael Hay) and the other from
Babson College (Bill Bygrave) in the United States. In the
late 1900s there was no recognized international research
that focused on entrepreneurship and the word was not a
household name as it is today. The frst published reports
came out in 1999 and involved just 10 countries, eight
from the OECD, Japan and the United States. Since then,
the consortium of GEM countries has grown substantially
to where over 100 economies are participating from
all levels of economic development and in almost all
geographic regions. The GEM study now represents
between 70% and 75% of the world’s population and
approximately 90% of the world’s GDP. It can now claim
to be truly global and to be the most authoritative and
informative study on entrepreneurship in the world today.
Only a few areas of the globe are not represented such as
certain countries in mid/central Asia, a few countries in
Southeast Asia and some from West and Central Africa.
A
cademics and policy makers agree that
entrepreneurs, and the new businesses
they establish, play a critical role in the
development and well-being of their
societies. As such, there is increased appreciation for
and acknowledgement of the role played by new and
small businesses in an economy. GEM contributes
to this recognition with longitudinal studies and
comprehensive analyses of entrepreneurial attitudes
and activity across the globe. Since its inception
in 1997 by scholars at Babson College and London
Business School, GEM has developed into one of the
world’s leading research consortia concerned with
improving our understanding of the relationships
between entrepreneurship and national development.
GEM is a worldwide study on entrepreneurship that was
frst conceptualized in 1997 by two academics, one from
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
THE GEM CONCEPTUAL FRAMEWORK
Since its inception, the GEM survey was conceptualized
to explore the interdependency between
entrepreneurship and economic development. During
the last 16 years, this conceptual framework and
the basic definitions have evolved gradually without
compromising the comparability of the collected
information, but bringing more clarity to assumed
relationships. This process was supported by the work
of a number of researchers who, using GEM data,
contributed to building an entrepreneurship paradigm
(Alvarez et al., 2014, Bosma, 2013, Levie and Autio,
2008, Reynolds et al, 2015).
The starting definition for entrepreneurship still remains
valid, being:
“any attempt at new business or new venture creation,
such as self-employment, a new business organization,
or the expansion of an existing business, by an
individual, a team of individuals, or an established
business” (Reynolds, P. et al, 1999, p. 3).
The three questions which originally opened the way
to the GEM survey (Reynolds, P. et al, 1999, p. 3) were
formulated as follows:
? Does the level of entrepreneurship activity vary
between countries, and if so, to what extent?
? Does the level of entrepreneurship activity affect a
country’s rate of economic growth and prosperity?
? What makes a country entrepreneurial and what
factors influence entrepreneurship activity?
In order to answer these questions, GEM had to depart
from the conventional approach of thinking about
national economic growth. This led to the development
of a new conceptual framework, which has been through
a series of adjustments since its inception in 1999.
The GEM conceptual framework, as identified in 1999
(Figure 49), in contrast to conventional model of
Figure 48: Conventional model of national economic growth
Source: Reynolds, P. D., M. Hay, S.M. Camp, Global Entrepreneurship Monitor, 1999 Executive Report, p. 9
Figure 49: Model of entrepreneurship processes a?ecting national economic growth
Source: Reynolds, P. D., M. Hay, S.M. Camp, Global Entrepreneurship Monitor, 1999 Executive Report, p. 10
This starting framework (Figure 49) subsequently incorporated the findings and insights derived from numerous
GEM surveys and years of GEM research, evolving into the GEM Conceptual Framework as presented in Figure 50.
The GEM survey was
conceptualized to explore the
interdependency between
entrepreneurship and
economic development.
General
National
Framework
Conditions
Social,
Cultural,
Polical
Context
National
Economic
Growth
(GDP, Jobs)
Major Established Firms
(Primary Economy)
Micro, Small and Medium Firms
(Secondary Economy)
Business
Dynamics
General
National
Framework
Conditions
Social,
Cultural,
Polical
Context
National
Economic
Growth
(GDP, Jobs)
Entrepreneurial Opportunities
Entrepreneurial Capacity
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Figure 50: The GEM Conceptual Framework used in GEM surveys up to 2014
national economic growth (Figure 48), depicted the
basic assumption that national economic growth is
the result of the personal capabilities of individuals,
wherever they are located (regardless of the size of
businesses or if they are self-employed), to identify and
seize opportunities, and that this process takes place
in interaction with the environment (social, cultural and
political) in which these individuals are located.
This starting framework (Figure 49) subsequently
incorporated the findings and insights derived from
numerous GEM surveys and years of GEM research,
evolving into the GEM Conceptual Framework as
presented in Figure 50.
The most recent revision of the GEM conceptual
framework entailed opening the “black box” entitled
Social
Cultural
Political
Context
From other
available
sources
From GEM
National Expert
Surveys (NES)
Established firms
Employee
Entrepreneurial
Activity
From GEM Adult
Population
Surveys (APS)
Entrepreneurship profile
Attitudes:
Perceived opportunities and
capabilities; fear of failure;
status of entrepreneurship
Activity:
Opportunity/necessity-driven,
Early-stage; Inclusiveness;
Industry; Exits
Aspirations:
Growth, innovation
International orientation
Social value creation
From GEM Adult
Population
Surveys (APS)
Socio-
Economic
Development
(Jobs,
innovation,
social value)
Basic requirements
? Institutions
? Infrastructure
? Macroeconomic stability
? Health and primary education
Efficiency enhancers
? Higher education and training
? Goods market efficiency
? Labor market sophistication
? Technological readiness
? Market size
Innovation and
entrepreneurship
? Entrepreneurial finance
? Government policy
? Government entrepreneurship
? Entrepreneurship education
? R&D transfer
? Internal market openness
? Physical infrastracture for
entrepreneurship
? Commercial, legal
infrastructure for
entrepreneurship
? Cultural and social norms
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
“Entrepreneurship Profle” (as presented in Figure 50).
From the beginning of conducting GEM surveys the
implicit assumption of mutual relationships between
attitudes, aspirations and activities was built into the
conceptual framework, but without spelling out the nature
of these relationships. In the revised GEM conceptual
framework (depicted in Figure 51) this “black box” has
been opened to allow for testing of the characteristics
of the assumed relationships between social values,
personal attributes and various forms of entrepreneurship
activity. This work was carried out by members of the
GEM Research and Innovation Advisory Committee (RIAC).
The components of the revised GEM Conceptual
Framework are:
Figure 51: The GEM Conceptual Framework
SOCIAL, CULTURAL, POLITICAL AND
ECONOMIC CONTEXT
As in the previous GEM model, this is defined according
to the twelve pillars of competitiveness derived from the
World Economic Forum’s Global Competitiveness Index,
and the nine components of GEM’s Entrepreneurship
Framework Conditions (see Table 9). These will affect
countries differently, depending on the stage of
economic development at which the countries are, i.e.
although all of the pillars will be important to each
economy, the pillars of competitiveness which are of
most importance to a factor-driven economy will differ
from those that will be most important in an efficiency-
driven economy.
Social, cultural, political,
economic context
National
framework
conditions
Outcome (Socio-economic development)
Entrepreneurial output
(new jobs, new value added)
Social values towards
entrepreneurship
Individual attributes
(psychological,
demographic,
motivation)
Entrepreneurial activity
? By phases of organisational life cycle
? Nascent, new, established,
discontinuation
? Types of activity:
- High growth,
- innovative,
- Internationalization
? Sectors of activity:
- TEA,
- SEA,
- EEA
Entrepreneurial
framwork
conditions
Basic requirements
Efficiancy enhancers
Innovation and business
sophistication
+
_
+
_
+
_
+
_
+
_
+
_
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
Table 9: Social, cultural, political and economic context and economic development phases
From other available sources
From GEM National
Expert Surveys (NES)
Economic development phases
National Framework Conditions,
based on World Economic Forum
pillars for profiling economic
development phases
Entrepreneurship Framework
Conditions
Basic requirements – key to
resource-driven economies
? Institutions
? Infrastructure
? Macroeconomic stability
? Health and primary education
Efficiency enhancers – key to
efficiency-driven economies
? Higher education and training
? Goods market efficiency
? Labor market efficiency
? Financial market sophistication
? Technological readiness
? Market size
Innovation and sophistication
factors – key for innovation-driven
economies
? Business sophistication
? Innovation
? Entrepreneurial finance
? Government policy
? Government entrepreneurship
programs
? R&D transfer
? Internal market openness
? Physical infrastructure for
entrepreneurship
? Commercial and legal
infrastructure
for entrepreneurship
? Cultural and social norms
It is important to note that all components of the
environment in which women and men act entrepreneurially
(or cannot act proactively and innovatively) are mutually
dependent. This dependency demands a holistic approach
not only in research but also in designing appropriate
policies for building a supportive environment in which
entrepreneurial behavior can fourish.
SOCIAL VALUES TOWARD
ENTREPRENEURSHIP
This includes aspects such as the extent to which
society values entrepreneurship as a good career
choice; whether entrepreneurs have high societal
status; and the extent to which media attention to
entrepreneurship is contributing to the development of a
positive entrepreneurial culture.
INDIVIDUAL ATTRIBUTES
This includes different demographic factors (such
as gender, age, geographic location); psychological
factors (including perceived capabilities, perceived
opportunities, fear of failure); and motivational
aspects (necessity versus opportunity based ventures,
improvement-driven ventures).
ENTREPRENEURSHIP ACTIVITY
This is defned according to the phases of the life cycle
of entrepreneurial ventures (nascent, new business,
established business, discontinuation); according to type of
activity (high growth, innovation, internationalization); and
sector of activity (Total Early-stage Entrepreneurship Activity
– TEA, Social Entrepreneurship Activity - SEA, Employee
Entrepreneurship Activity – EEA).
In all the conceptual frameworks, the basic assumption
has remained unchanged – namely, that entrepreneurship
activity is an output of the interaction of an individual’s
perception of an opportunity and capacity (motivation
and skills) to act upon this opportunity, AND the distinct
conditions of the environment in which the individual is
located. The GEM survey of entrepreneurship (based on
individuals) complements other major business creation
surveys by providing unique information on individuals
(attributes, values, activities) and their interaction with the
environment in practicing entrepreneurship behavior (pro-
activeness, innovativeness and responsible choices).
It is clear, therefore, that GEM continues to focus on
contributing to global economic development through
surveying / researching entrepreneurship, which helps
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GEM WOMEN’ S SPECI AL REPORT GEM WOMEN’ S SPECI AL REPORT
to improve research-based education and research-
based formulation of public policies in the feld of
entrepreneurship. In order to achieve this, GEM has three
key objectives:
? to determine the extent to which entrepreneurship
activity infuences economic growth within individual
economies;
? to identify factors which encourage and/or hinder
entrepreneurship activity (especially the relationships
between national entrepreneurship conditions, social
values, personal attributes and entrepreneurship
activity); and
? to guide the formulation of effective and targeted
policies aimed at enhancing entrepreneurship capacity
within individual countries.
Over the years, GEM surveys have confrmed that the level
of entrepreneurship activity varies among countries at
a fairly constant rate. A crucial point confrmed by GEM
research is that it takes time and consistency in policy
interventions in order to enhance and develop the factors
which contribute to entrepreneurship activity. Surveys
also confrmed that entrepreneurship activity, in different
forms (nascent, startup, employee entrepreneurship),
is positively correlated with economic growth, but that
this relationship differs according to phases of economic
development (Acs and Amorós, 2008; Van Stel et al.,
2005; Wennekers et al., 2010).
GEM’s role as one of the world’s leading research
consortia concerned with improving the understanding
of the relationships between entrepreneurship and
national development is confirmed by recent policy
interventions around the world. These are focused
on components of the GEM conceptual framework:
environment (entrepreneurship framework conditions),
individual capacity for identifying and exploiting
opportunities, and society’s capacity to develop
an entrepreneurial culture. A recent report on
entrepreneurial ambition and innovation (WEF-GEM,
2015) highlights the cases of Colombia and Chile,
economies that have put in place several public and
private initiatives to enhance their entrepreneurship
ecosystems (Drexler and Amorós, 2015).
Total Early-Stage Entrepreneurial Activity (TEA)
Figure 1.5: The entrepreneurship process and GEM operational de?nitions
Source: GEM Global Report 2014
Individual attributes
? Gender
? Age
? Motivation
Industry
?Sector
Impact
? Business growth
? Innovation
? Internationalization
Nascent
entrepreneur:
involved in
setting up a
business
Owner-manager of
a new business
(up to 3.5 years
old)
Discontinuation of
business
Owner-
manager
of an
established
business
(up to 3.5
years old)
Early-stage entrepreneurship pro?le
Potential
entrepreneur:
opportunities,
knowledge and
skills
Conception Firm Birth Persistence
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HOW GEM MEASURES ENTREPRENEURSHIP
GEM measures individual participation across multiple
phases of the entrepreneurship process, providing
insights into the level of engagement in each stage. This
is important because societies may have varying levels of
participation at different points in this process; however,
a healthy entrepreneurial society needs people active in
all phases. For example, in order to have startups in a
society, there must be potential entrepreneurs. Later in
the process, people that have started businesses must
have the ability and the support to enable them to sustain
their businesses into maturity. Figure 1.5 presents an
overview of the entrepreneurial process and the GEM
operational defnitions.
GEM’s multiphase measures of entrepreneurship are
given below:
Potential entrepreneurs – those that see opportunities in
their environments, have the capabilities to start businesses
and are undeterred by fear of failure.
Intentional entrepreneurs – those who intend to start a
business in the future (in the next three years).
Nascent entrepreneurs – those who have taken steps to
start a new business, but have not yet paid salaries or
wages for more than three months.
New entrepreneurs – those who are running new
businesses that have been in operation for between 3
months and 42 months.
Established business owners – those who are running a
mature business, in operation for more than 42 months.
Discontinued entrepreneurs – those who, for whatever
reason, have exited from running a business in the
past year.
GEM’s individual-level focus enables a more
comprehensive account of business activity than firm-
level measures of formally registered businesses. In
other words, GEM captures both informal and formal
activity. This is important because in many societies,
the majority of entrepreneurs operate in the informal
sphere. In addition, GEM’s emphasis on individuals
provides an insight into who these entrepreneurs are: for
example, their demographic profiles, their motivations
for starting ventures, and the ambitions they have for
their businesses. GEM also assesses broader societal
attitudes about entrepreneurship, which can indicate
the extent to which people are engaged in or willing to
participate in entrepreneurship activity, and the level
of societal support for their efforts. The GEM database
allows for the exploration of individual or business
characteristics, as well as the causes and consequences
of new business creation.
In order to provide for reliable comparisons across
countries, GEM data is obtained using a research design
that is harmonized over all participating countries. The
data is gathered on an annual basis from two main
sources:
1. ADULT POPULATION SURVEY (APS)
The key entrepreneurship indicators are measured in
the Adult Population Survey (APS). Academic teams in
each participating economy administer and oversee
this survey, which is conducted using a random
representative sample of at least 2 000 adults between
the ages of 18 and 64 years. The surveys are conducted
at the same time every year (between May and July)
using a standardized questionnaire provided by the GEM
Global Data Team. The questionnaire is translated into
local languages, and back-translated for a validity check.
The individual countries only gain access to the data once
the raw data has been analyzed by experts for quality
assurance, checking and uniform statistical calculations.
As the GEM research design harmonizes the data, it is
possible to conduct reliable cross national and intra country
comparisons over time.
2. NATIONAL EXPERTS SURVEY (NES)
The National Expert Survey (NES) provides
information on the local environment faced by startup
entrepreneurs. Information is gathered about the nine
Entrepreneurship Framework Conditions: financing
for entrepreneurs, government policies, governmental
programs, entrepreneurship education and training,
research and development transfer, commercial and
professional infrastructure, internal market openness,
physical and services infrastructure and social and
cultural norms.
The GEM global data set is open source after 3 years and it
can be reached at www.gemconsortium.org .
Besides the annual surveys based on collecting data
through Adult Population Survey and National Expert
Survey instruments, GEM conducts in-depth surveys on
special topics, by adding specifc questions to the standard
APS questionnaire. This rich seam of GEM data has
been analyzed and presented in a number of separate
publications (www.gemconsortium.org):
? On fnancing, in 2004 and 2006
? On women and entrepreneurship, in 2005, 2006,
2007, 2009, 2010, 2012, 2015
? On high expectation entrepreneurship,
on high-growth entrepreneurship, on high impact
entrepreneurship, in 2005, 2007, 2011
? On innovation confdence index – EU funded project,
in 2007, 2008, 2009
? On social entrepreneurship, in 2009
? On education and training, in 2010
? On youth, in 2013, 2015
? On entrepreneurial employee activity, in 2013
? On sub-Saharan Africa, in 2013, 2014 (on youth)
? On Entrepreneurship, competitiveness and
development, 2015
? On Southeast Asia, 2015
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