The momentum is real: across the United States, women in business are starting new companies at historic rates. They are having an impact on local economies, hiring, and innovation. This surge is also expanding the pipeline of women in leadership, from main-street founders to C-suite decision-makers and boardroom voices.
What’s behind the rise? Data reported by HR platform Gusto indicates that women launched nearly half of all new businesses in 2024. That’s a steep increase from 2019, when they started 29% of new businesses. This shift is fueled by women who want flexibility, autonomy, and meaningful work.
Not everything has changed. Women still face long-standing barriers, such as access to financing, even as more attend business school and outcomes and resilience improve. The pay gap also persists, with women earning 85% of what men earn in the same job. But the gap has narrowed slightly in the last two decades.
Data Shows Record Growth for Women
Wells Fargo’s Impact of Women-Owned Businesses research estimates there are about 14 million women-owned businesses, representing 39.1% of all U.S. businesses. They employ approximately 12.1 million people and generate $2.7 trillion in annual revenue.
The report also found that the growth of women-owned businesses outpaced men in firm count, employment, and revenue during and after the COVID-19 pandemic. These findings confirm that women in business are powering a durable expansion, not a one-off spike.
Motivations matter. Surveys point to flexibility and control over schedules as top reasons women become entrepreneurs, a factor that is especially vital for caregivers. Many also seek greater earning potential and purpose-driven work, according to Gusto.
Yet funding gaps persist: women founders remain far less likely to secure equity investment and are more likely to use personal debt or family financing, increasing personal risk. Closing these gaps would accelerate the rise of women in leadership and amplify the economic ripple effects their companies already deliver.
Leadership Development Is Key for Women
Mentorship provides women with a foundation for growth. Leadership programs equip women with the tools and skills necessary to thrive in influential roles. Leadership development equips women to take on new challenges and lead teams effectively.
Women who participate in these programs hone their skills in communication, decision-making, conflict resolution, and strategic planning. In male-dominated industries such as tech, finance, or engineering, targeted leadership programs ensure that women are prepared to lead with confidence.
Hilton offers an example of putting these ideas into play. The company sponsors a Women in Leadership program that supports women in advancing to leadership positions. The hotel chain also operates an all-female run hotel, The Hilton London Canary Wharf.
The Next Generation of Women in Leadership
At St. Catherine University, empowering women in leadership has been a century-long mission. Through the School of Business, St. Kate’s offers programs designed to elevate women in business, providing practical skills, an ethical foundation, and real-world experience in collaborative, community-centered learning environments.
The portfolio includes the online MBA, which blends rigorous business fundamentals with hands-on opportunities; the online Master of Arts in Organizational Leadership (MAOL), emphasizing effective, values-driven leadership; and undergraduate business programs (including business management) designed for working adults seeking advancement.
St. Catherine University’s School of Business has been at the forefront of tracking women’s progress in Minnesota with the Minnesota Census of Women in Corporate Leadership. The most recent census found women’s representation on boards and in executive officer roles in Minnesota increased slightly, reaching new highs. However, the report noted that the rate of progress has slowed to a pace not seen in eight years.