This week, Kauffman Foundation announced the launch of "Women in Science and Engineering Business Idea Competition" -- designed to recruit highly educated and creative women with world-changing ideas consider entrepreneurship and commercialization of those ideas. Co-sponsored by Astia and the Kauffman Foundation, the competition ends January 15, 2011 with the prize being an all-expenses-paid trip to TED 2011.
This competition announcement comes on the heels of recent survey figures from the U.S. Census Bureau, which reveal that women-led businesses are growing rapidly, but their revenues are not keeping pace. Survey data from 2007 show that women-owned companies comprise 28.7% of all U.S. businesses and generated $1.2 trillion in revenue. In contrast, men-owned companies employed 41.5 million people, more than five times the number employed by women-owned companies, and generated $8.5 trillion.
Dana Lewis, executive director of the National Women’s Business Council, said the data shows women-owned businesses are a fast-growing segment of the economy. "But there is more work to be done."