Empowered PhXX: Creating 50/50 in Entrepreneurship in Phoenix
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Transcript of Empowered PhXX: Creating 50/50 in Entrepreneurship in Phoenix
Arizona
50 /50 in entrepreneurship in Arizona would add
91,000 more jobs and $105.2 billion to our
state economy.
Innovation and technology firms are increasingly looking at DIVERSITY as a key factor in determining where their
organization will grow.
Showing leadership on diversity will allow us to attract and retain the top
talent in the country.
There is a growing body of research that showing DIVERSITY is
a key factor in building strong entrepreneurial ecosystems.
Many national rankings are incorporating diversity as a key factor.
And we are already seeing the affects...
In 2015, Phoenix fell 2 spots in the Kaufmann StartUp index from 12 -> 14
10 of the 12 cities above us are located in the top 5 states for growth in women business ownership.
Relative to other states Arizona is under-developing the fastest growing population of entrepreneurship in the
country.
Women
American Express Open State of Women Business Owners, 2016
Other states have acknowledged gender bias in business and have
develop strategies to give everyone an equal opportunity:
Already we are feeling the effects….
National Research
Between 2002 and 2012, the number of women-owned
businesses in the U.S. increased
at a rate of x 2 1/2
the national
average.
In employer firms
The Value of Diversity • Women entrepreneurs tend to treat their
employees better and give back to their communities
(Criterion Institute, 2013)
• Women entrepreneurs have higher levels of innovation than their male counterparts
(Harvard Business Review, 2013).
• More broadly, an increase in the number of women in business leadership positions is correlated with increased business returns and payout ratios.
(Kaufmann, 2015)
Successful startups have 2x as many women in senior roles than unsuccessful companies.
- Fortune, 2012
Gender is the most powerful
determinant of how we experience the world.
Unconscious gender bias refers to the information, attitudes, and stereotypes that affect the way we process information subconsciously.Research has shown unconscious gender bias to affect access to capital, mentors, entrepreneurial programs and networks.
The OpportunityHow do we position PhXX as THE innovative leader of entrepreneurship in the country?
How can we remain competitive with the other cities and retain the largest-growing
demographic graduating from our universities?
How can we ensure that Phoenix startups are x2 as successful and have 12% higher revenue?
The Answer Is Women – Women Business Owners To Be Specific.
“Women-owned businesses make only about 25 cents for every dollar their male
counterparts earn.” – Economic Policy Institute
All Male Non- Hispanic Female
All Female Hispanic Female
$0 $100 $200 $300 $400 $500 $600 $700 $616
$156 $132 $50 Th
ousa
nds
Arizona Sales Receipt Gap
Thou
sand
s
All Female
Effect of Closing the Gap in Arizona
All Male
Effect of closing the gap in 2015
GSP would have increased by
$105.2 Billions, 36% of GSP
in 2015 ($295.5
Billions).
$616
$132
$484
CLOSING THE GAP IN AVERAGE RECEIPTS PER
INDIVIDUAL BUSINESSES
Procurement and Certification
The Solution
Goal: Advance the entrepreneurial ecosystem in Phoenix for women to grow successful businesses through increased connection, communication and access to effective business building resources.
Objective: Increase Phoenix women-owned businesses’ profitability and growth, leading to a
10% increase in jobs created by those businesses over the next three years.
Thereby, establishing Phoenix as a national leader in the creation of successful women owned businesses.
That 10% increase represents 91,000 additional jobs in PhXX in 3
Years
• Action Initiatives that address systemic obstacles towards the growth
• Strategically Promote the economic impact of women owned businesses
• Research and Data to encourage evidence based decision making and increase accountability on effective economic development for diverse populations.
• Community Engagement building a local brand for Phoenix and giving the diverse women business owner stakeholders the ability to participate in a single voice. This is PhXX .
Empowered PhXX strengthens the entrepreneurial ecosystem through core strategies:
Empowered PhXX Member Profile Our select mailing list goes out to over 200 of the Valley’s top stakeholders. We hold an astounding 53.3% open rate and 10.3% click rate.
Our advanced communication strategy including bi-monthly blogs, emails, social media and podcasts reach over 5,000 engaged viewers monthly.
Regular Participants include:• Leadership from economic development agencies• Top women business networking organizations• Established women business owners Non-profit
professionals• Corporate employees
Empowered PhXX participants are trusted advisors, service providers
and membership organizations.
Our members reach to over 30,000 of the women business owners in
the Phoenix metro area.
Women Business Owner Profile• Has on average $1.1 million in total net
worth• Has a college degree or higher• 71% say they will grow within the next
year• 78% of women business owners volunteer
regularly• 86% say that they will go to business
colleagues, friends or peers in order to make business decisions about products or services for their company
Since August 7th • 6 Group meetings, a mailing list of
leadership from 200 stakeholders, over 200 one on one meetings
• Developed a regional goal.• Started a map for resources and
stakeholders.• Researched all existing data on WBO
in Phoenix and created an info graphic
• Developed 3 key action initiatives • Participate survey
Accomplishments to Date
Infographic
Comprehensive Research Analysis
Reviewed National Best Practices
Developed a Visual Ecosystem Map
Procurement and Certification
Common Business Growth Stage Map for Resources
Launched an integrated communication initiative to unify PhXX
diverse partners supporting women business owners.
#PhXX
#THISisPhXX
What is next?Phoenix’s largest market research and communication campaign of women
business owners to date.
Surveys Focus Groups Report and Communication
Get Involved• Attend the next Empowered PhXX
Meeting
• Post on social media using #ThisisPhXX
• Sponsor an action initiative