More businesses are being founded in the North West by women than ever before, a study led by NatWest CEO Alison Rose has found.
According to the Rose Review Progress Report 2022, 14,885 companies were established by women in the North West last year, a figure that has more than doubled since 2018.
The study also found that across the UK, female founded businesses account for a record share of new firms, outstripping growth in male led firms for the first time.
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More than 140,000 companies were established by all-women teams in the UK last year and the figure is growing by a third each year.
Alison Rose said: "We have seen real progress since 2019. Getting more funding to female entrepreneurs and unlocking their untapped potential continues to be a priority across our industry.
"But women still don’t receive all the support they need and the pandemic risks holding back progress, so we must go further to achieve the goals of the Rose Review.
"Data shows that more women than ever are starting new businesses and we must harness this potential.
"That means more financial institutions committing to delivering change and funding.
"We also need more direct support for businesses across the UK and we must propose fresh, imaginative solutions to the challenges posed by women’s caring responsibilities."
Rose Review initiatives have seen tens of thousands of entrepreneurs across the UK benefiting from funding, advice and mentoring schemes, while thousands of students have received enterprise training, leading to significant year on year growth in female led start-ups.
But research conducted for the Rose Review shows that the impact of Covid-19 risks holding back progress.
It suggests that despite the rapid growth in female led start-ups, female entrepreneurs have spent twice as long on caring responsibilities during the pandemic as their male counterparts, and that their businesses have been less likely to recover.
In response, members of the Rose Review board have announced extra measures to boost support for female entrepreneurs:
- The launch of a nationwide Women Backing Women campaign from the Women Angel Investment Taskforce to support women to become business angels and thereby ensure that female founders across the UK have better chance to access early-stage investment, wherever their businesses are based.
- Expanded schemes will provide networking and mentoring opportunities and other direct support to hundreds of thousands of female founders over the next three years.
- A recruitment campaign, with the personal engagement of NatWest Group chief executive Alison Rose and business minister Paul Scully, to encourage even more institutions to sign up to the Investing In Women Code.
Mr Scully added: "We’re making the UK the best place in the world to start and grow a business, and that means unleashing the entrepreneurial talents of everyone across the country.
"This report shows women are shattering the entrepreneurial glass ceiling, which is a huge step forward in ensuring our economy and society is making best use of all our talents.
"I’m looking forward to the further progress this year will bring through the Investing in Women Code, Start Up Loans and more."
