Where Women Grow Their Business

As PINK celebrates its second anniversary, we’re thrilled to announce that majority women-owned firms in the U.S. are still growing at nearly twice the rate of other firms, bringing in revenue of $1.1 trillion and creating 7.2 million jobs in 2006, according to the Center for Women’s Business Research (CWBR) and OPEN from American Express.

By Taylor Mallory

Using updated census data, sales figures and other information, CWBR issues biennial lists of the top states, regions and major metropolitan areas for privately held, women-owned businesses — and those that are growing the fastest.“Over the past 10 years, the number of majority women-owned firms within the top 10 states grew by 64 percent, and the number of those companies with employees increased 17 percent,” says Susan Sobbott, president of OPEN from American Express.

Here PINK lists the places that more of America’s successful women entrepreneurs call home.

PINK Points! OPEN from American Express co-founded the Make Mine a $Million Business program, which provides mentoring, money and marketing resources to high-potential women innovators who aspire to $1 million in annual revenue. The goal: help 1 million women entrepreneurs reach $1 million each in revenue by 2010 — which would mean adding a possible 4 million new jobs and $700 billion annually to the U.S. economy. Last year, 14,100 women declared their intent to reach $1 million; 1,200 applied for the program and 63 won, according to Marcella Shinder, OPEN’s vice president of brand marketing and strategy. Program honorees are eligible to receive financing from OPEN from American Express and Count Me In; a year of intensive business coaching and mentoring from successful women; business software and training; and much more. “We’ve seen winners begin to mentor each other and young women,” Shinder says. “It’s infectious the way women will reach out to help other women grow their businesses and lives and then give back.”

This article originally appeared in the June.July 2007 issue of PINK Magazine.