CONGRATS NEW YORK! San Francisco and New York are the top two cities for women entrepreneurs. Here are the key takeaways for how cities can support women entrepreneurs.
Create tangible solutions to foster growth for women entrepreneurs. It starts with the lifestyle; referred to as the “pink tax” by the NYU Rudin Center of Transportation, women spend $50 or more per month than men because of safety concerns. Factors included in the pink tax are affordable housing and public transportation.
Increase diversity of elected officials in local government. Currently, women are 20% of the country’s elected officials. Similarly, on the local level, about 20 % of mayors are women. A more diverse representation in leadership would understand barriers that negatively impact careers (like the aforementioned “pink tax”).
First ranked San Francisco only scored a 64 out of 100, and New York came in a close second. Acknowledging the room for improvement creates the room for growth. In good news, scores overall are up from 2017!
According to a recent Smart Cities New York event; startups that are founded or co-founded by women generate 10% more cumulative revenue over a five-year period. It then follows that equalizing opportunity for women to run businesses would lead to more jobs and a more robust local economy.
The key takeaway we learned is that the neighborhood within the city also matters. Workville’s pink tax is low for New York City, which is one of the reasons why our coworking space has so many female lead disruptors. Workville’s midtown west location is in close proximity to major transportation hubs, making it easy for both young professionals and working moms to commute into the city. A supportive environment within the workspace is also key, and this includes simple things like a supportive every day as well as the potential for mentorship and career growth.
To learn more about Dell Technologies 2019 Women Entrepreneur Cities Index, read the full recap in SmartCities. To learn more about how Workville members foster women’s entrepreneurial growth email firstname.lastname@example.org.