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Toronto ranks 9th in fostering women-owned firms
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Toronto ranks 9th in fostering women-owned firms 

The findings of the 2017 Women Entrepreneur Cities (WE Cities) Index, which shows how 50 top global cities are fostering high-potential women entrepreneurs (HPWE), were released today at the During the Dell Women’s Entrepreneur Network (DWEN) Summit 2017 in San Francisco. The study ranks cities based on the impact of local policies, programs and characteristics in addition to national laws and customs.

Toronto ranked 9th overall. The city also ranked 6th in providing an enabling environment, 5th in culture, and 10th in technology.

The top 10 cities were:

  1. New York City
  2. Bay Area
  3. London
  4. Boston
  5. Stockholm
  6. Los Angeles
  7. Washington, D.C.
  8. Singapore
  9. Toronto
  10. Seattle

To bottom ten were:

  • Kuala Lumpur
  • Sao Paulo
  • Dubai
  • Shanghai
  • Mexico City
  • Lima
  • Guadalajara
  • Istanbul
  • Delhi
  • Jakarta

Dell’s WE Cities Index provides a diagnostic tool to advise entrepreneurs and policy-makers on how to improve conditions to enable businesses founded by women to thrive.

Extensive data and analysis have shown that when impediments to female entrepreneurship are removed, there is a dramatic uplift in a city’s economic prospects, according to Dell.

Globally, women’s entrepreneurship rates are growing more than 10 per cent each year, said Karen Quintos, EVP and chief customer officer at Dell.

“In fact, women are as likely, or more likely than men to start businesses in many markets. However, financial, cultural and political barriers can limit the success of these businesses,” she explained. “By arming city leaders and policymakers with data-driven research and clear calls to action, we can collectively improve the landscape for high-potential women entrepreneurs, which in turn dramatically lift a city’s economic prospects — as what is good for women is good for the economy.”

Building on the past five years of Dell research on HPWE, the cities were ranked on five important characteristics: 

  • Capital
  • Technology
  • Talent
  • Culture
  • Markets

These pillars were organized into two groups — operating environment and enabling environment.

The overall rating is based on 72 indicators; 45 of these, nearly two-thirds, have a gender-based component.

Individual indicators were weighted based on four criteria: relevance, quality of underlying data, uniqueness in the index and gender component. 

Among the key findings were:

  • New York City ranks No. 1 overall among the 50 cities for its ability to attract and support HPWE with a top-ranked Operating Environment and Enabling Environment ranked. While New York City ranks No. 1 for Markets, and within that, Access and Policy, it’s No. 6 in Talent, and No. 2 in Capital, trailing the Bay Area. It is No. 1 in Culture, followed by Sydney, and ranks No. 2 in Technology
  • While NYC ranked No. 1, its total score out of 100 was 62.9, leaving considerable room for improvement
  • In the top 10 cities overall, six are in the U.S., two are in Europe, one is in Canada and one is in Asia
  • The Bay Area (consisting of the San Francisco and San Jose metro areas) ranks No. 2 overall, ranking No. 2 in Operating Environment and No. 7 for Enabling Environment. It ranks No. 1 for Capital, No. 2 for Markets, No. 8 in Talent, No. 7 in Technology and No. 6 in Culture
  • London ranks No. 3 overall, and in Operating Environment, performing No. 3 for Markets and for Capital. It ranks No. 4 in Enabling Environment, and ties at No. 2 with Austin in Technology
  • 41 of the cities in this index are in the top five for at least one pillar or sub-category; 34 of the cities are in the bottom five for at least one of the pillars or sub-categories – demonstrating the competitiveness of these 50 cities
  • Of the top 10 cities overall, only the Bay Area and New York ranks in the top 10 across all 5 pillars

Research for WE Cities began during the 2016 DWEN Future Ready Research Symposium chaired by Dr. David Ricketts from the Technology and Entrepreneurship Center at Harvard. Key takeaways from the conversations at the Symposium included:

  • Access to capital is still the No. 1 challenge that women entrepreneurs face, although the numbers are showing a slight improvement
  • Creating robust ecosystems with incubators, accelerators, and mentors makes a world of difference for entrepreneurs — it’s all about the network
  • Cultural norms and their policy implications put serious binds on female entrepreneurs
  • Talent, both in terms of the entrepreneurs’ own talent, including education and experience, and having access to a skilled staff also resonated as highly important

“The WE Cities Index can be used as a diagnostic tool to help ensure that lawmakers are enabling women entrepreneurs to succeed,” said Elizabeth Gore, entrepreneur-in- residence at Dell. “Each of the cities on this list can learn from one another and encourage political change to attract and support women entrepreneurs. The resulting change will be felt at not just a city level, around the world as we develop an ecosystem where all entrepreneurs can thrive regardless of gender.”

A global survey of 50 cities puts Toronto among the top 10 municipalities that provide support and the proper environment for growing the ranks of women entrepreneurs.

The findings of the 2017 Women Entrepreneur Cities (WE Cities) Index, which shows how 50 top global cities are fostering high-potential women entrepreneurs (HPWE), were released today at the During the Dell Women’s Entrepreneur Network (DWEN) Summit 2017 in San Francisco. The study ranks cities based on the impact of local policies, programs and characteristics in addition to national laws and customs.

Toronto ranked 9th overall. The city also ranked 6th in providing an enabling environment, 5th in culture, and 10th in technology.

The top 10 cities were:

1.       New York City

2.       Bay Area

3.       London

4.       Boston

5.       Stockholm

6.       Los Angeles

7.       Washington, D.C.

8.       Singapore

9.       Toronto

10.   Seattle

To bottom ten were:

·         Kuala Lumpur

·         Sao Paulo

·         Dubai

·         Shanghai

·         Mexico City

·         Lima

·         Guadalajara

·         Istanbul

·         Delhi

·         Jakarta

Dell’s WE Cities Index provides a diagnostic tool to advice entrepreneurs and policy-makers on how to improve conditions to enable businesses founded by women to thrive.

 

Extensive data and analysis have shown that when impediments to female entrepreneurship are removed, there is a dramatic uplift in a city’s economic prospects, according to Dell.

Globally, women’s entrepreneurship rates are growing more than 10 per cent each year, said Karen Quintos, EVP and chief customer officer at Dell.

“In fact, women are as likely, or more likely than men to start businesses in many markets. However, financial, cultural and political barriers can limit the success of these businesses,” she explained. “By arming city leaders and policymakers with data-driven research and clear calls to action, we can collectively improve the landscape for high-potential women entrepreneurs, which in turn dramatically lifts a city’s economic prospects — as what is good for women is good for the economy.”

Building on the past five years of Dell research on HPWE, cities were ranked on five important characteristics: 

·         Capital

·         Technology

·         Talent

·         Culture

·         Markets

These pillars were organized into two groups — operating environment and enabling environment.

The overall rating is based on 72 indicators; 45 of these, nearly two-thirds, have a gender-based component.

Individual indicators were weighted based on four criteria: relevance, quality of underlying data, uniqueness in the index and gender component. 

Among the key findings were:

·         New York City ranks No. 1 overall among the 50 cities for its ability to attract and support HPWE with a top-ranked Operating Environment and Enabling Environment ranked. While New York City ranks No. 1 for Markets, and within that, Access and Policy, it’s No. 6 in Talent, and No. 2 in Capital, trailing the Bay Area. It is No. 1 in Culture, followed by Sydney, and ranks No. 2 in Technology

·         While NYC ranked No. 1, its total score out of 100 was 62.9, leaving considerable room for improvement

·         In the top 10 cities overall, six are in the U.S., two are in Europe, one is in Canada and one is in Asia

·         The Bay Area (consisting of the San Francisco and San Jose metro areas) ranks No. 2 overall, ranking No. 2 in Operating Environment and No. 7 for Enabling Environment. It ranks No. 1 for Capital, No. 2 for Markets, No. 8 in Talent, No. 7 in Technology and No. 6 in Culture

·         London ranks No. 3 overall, and in Operating Environment, performing No. 3 for Markets and for Capital. It ranks No. 4 in Enabling Environment, and ties at No. 2 with Austin in Technology

·         41 of the cities in this index are in the top five for at least one pillar or sub-category; 34 of the cities are in the bottom five for at least one of the pillars or sub-categories – demonstrating the competitiveness of these 50 cities

·         Of the top 10 cities overall, only the Bay Area and New York ranks in the top 10 across all 5 pillars

Research for WE Cities began during the 2016 DWEN Future Ready Research Symposium chaired by Dr. David Ricketts from the Technology and Entrepreneurship Center at Harvard. Key takeaways from the conversations at the Symposium included:

·         Access to capital is still the No. 1 challenge that women entrepreneurs face, although the numbers are showing a slight improvement

·         Creating robust ecosystems with incubators, accelerators and mentors makes a world of difference for entrepreneurs — it’s all about the network

·         Cultural norms and their policy implications put serious binds on female entrepreneurs

·         Talent, both in terms of the entrepreneurs’ own talent, including education and experience, and having access to a skilled staff also resonated as highly important

“The WE Cities Index can be used as a diagnostic tool to help ensure that lawmakers are enabling women entrepreneurs to succeed,” said Elizabeth Gore, entrepreneur-in- residence at Dell. “Each of the cities on this list can learn from one another and encourage political change to attract and support women entrepreneurs. The resulting change will be felt at not just a city level, around the world as we develop an ecosystem where all entrepreneurs can thrive regardless of gender.”

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