BY Fast Company 2 MINUTE READ

At the Global Recognition Awards, led by CEO Jethro Sparks, the achievements of female entrepreneurs are celebrated, implementing an essential change in the business world’s appreciation of women’s roles in global commerce.

Celebrating Women’s Achievements

The Global Recognition Awards recognized a group of female entrepreneurs, including Dr.Yasi Herbich, an entrepreneur and philanthropist, and Jen Alsehali of AME Living, a leader in the beauty and skincare sector. “These remarkable women are changing the game and redefining what it means to be successful in business“ said Sparks, acknowledging the impact of the awardees.

These business awards exemplify the Global Recognition Awards’ commitment to promoting women in business, offering them a platform to be recognized globally and to enhance their influence in their respective industries. This year's event, aligning with global trends, saw 42% of its awardees being women, reflecting a rise in female-led businesses.

Statistics show that about one-third of businesses worldwide are owned by women, with higher percentages in middle-and high-income countries. The U.S. has seen a growth of 114% in women-owned businesses in the last two decades, indicating a strong trend of female entrepreneurship. These developments are crucial, considering businesses with gender-diverse executive teams are 25% more likely to have above-average profitability.

Overcoming Challenges and Setting New Benchmarks

Despite these strides, challenges remain. For example, startups with all-women teams only received 1.9% of venture capital funding, highlighting the financial barriers women in business continue to face. In recognizing women’s achievements, the Global Recognition Awards challenges these norms in the industry.

The rise of women in leadership roles has also been notable, with an increase of 3.6% globally in the last six years. In the U.S., women-led firms grew by 16.7% between 2012 and 2019, outpacing male-owned businesses. This growth is echoed in the entrepreneurial activity of women in the U.S., which increased to 15.2% in 2021, above the global average.

Furthermore, nearly 15% of U.S. women in business reported entrepreneurial intentions in 2021, with a higher early-stage business activity rate than the global average.

The Future for Female Entrepreneurs

The Global Recognition Awards’ role in empowering women in business seems more important than ever. With women representing 49% of startups in the U.S. in 2021, up from 28% in 2019, the future for female entrepreneurs looks promising. In 2019, 20% of startups had at least one female founder, which has doubled since 2009, showcasing rapid growth in women’s entrepreneurial involvement.

However, more than 70% of women reported job scarcity as a motive behind their startups, and more than half of female-led businesses achieve higher ESG scores, showcasing their commitment to environmental, social, and governance factors. Women in business are also more likely to invest in startups for values-based reasons, with 51% of female investors likely to invest in a startup aligned with their values.

The Global Recognition Awards has set a new benchmark in recognizing the achievements of female entrepreneurs. By celebrating women, this award has acknowledged their success and paved the way for future generations of women in business. The event has emphasized the growing influence of women in the business world, marking a significant milestone in the journey toward gender equality and inclusive leadership.