By Gwen Young
CEO, Women Business Collaborative

As CEO of the Women Business Collaborative (WBC), I lead a coalition of some of the world’s most influential companies alongside 87 leading for-profit and non-profit organizations. We don’t just advocate for women in the workplace; we drive the data and results that prove their impact on business success. 

Even though for decades there has been consensus among business leaders on the importance of increased representation by women, some pundits in recent weeks have chosen to wrongly question the role of women in the workforce.

So, let’s set the record straight once and for all: 

WOMEN IN BUSINESS ARE GOOD FOR BUSINESS.

To remove any doubt, let’s look at the facts:

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  • Economic Power of Women-Owned Businesses: In 2024, there are 14 million women-owned businesses in the U.S. According to the Wells Fargo Impact of Women-Owned Business Report (2024), these businesses represent 39.1% of all U.S. firms, employ 12.2 million people, and generate $2.7 trillion in revenue.
  • Superior Financial Performance: Companies with women in leadership consistently outperform their peers. McKinsey & Company reports that organizations with 30% or more women on executive teams are 27% more likely to outperform on profitability. This is not an opinion—it’s backed by hard data from the U.S. Department of Commerce and the Bureau of Labor Statistics.
  • Innovation and Growth: Diversity in leadership drives results. Companies with above-average diversity generate 19% more innovation revenue than their less diverse counterparts, 45% of total revenue versus 26%. (Boston Consulting Group).
  • Unstoppable Growth of Women-Owned Businesses: In 2024, the Small Business Administration (SBA) backed 15,500 loans for majority women-owned businesses, marking a doubling of participation since 2020. The share of majority women-owned businesses rose from 15.6% to 20.3% and their revenues have helped drive economic growth.
  • Supplier Diversity Powers the Economy: In 2023, Minority Women Business Enterprises (MWBEs) generated $67 billion in revenue, created 221,000 U.S. jobs, and contributed $19.5 billion in wages (National Minority Supplier Development Council).

Yet even while women undeniably drive business forward, significant, and glaring gaps continue to challenge their progress.

Women make up 57% of the workforce yet hold only 8.72% of CEO positions and 28% of board seats. Women founders receive only 2% of venture capital funding. And women still only make 84 cents to the dollar, with women of color earning less than that.

These aren’t just gaps—they’re failures to recognize an undeniable business advantage. The time to close these gaps isn’t tomorrow. It’s now.

So again, I say, WOMEN IN BUSINESS ARE GOOD FOR BUSINESS. 

The data proves it, the results validate it. Companies ignore this reality at their own risk, deliberately choosing to leave  growth, innovation, and profitability on the table. 

Supporting and advancing women in business is not just the right thing to do. As the numbers show, it’s the smartest business decision any leader can make.

Gwen K. Young
CEO, Women Business Collaborative