My remarks from 2019 WBDC Women Rising Annual Gala Luncheon

Welcome to WBDC’s 2019 Women Rising Gala and Awards Luncheon!  I'm so excited to be here today to celebrate 22 years of empowering women entrepreneurs! 

This also marks the 100th anniversary of women’s right to vote. And we know that African-Americans did not receive that right until much later. How did these changes happen in our society? Through civic action. Be the change you want to see in the world (Gandhi?) On the cusp of a presidential election

I am proud and honored to work on behalf of women entrepreneurs. From 2019 - WBDC provides women entrepreneurs with the confidence and competencies to succeed in business. and our work on behalf of women’s economic equity becomes more and more relevant with each breaking news cycle! Make no mistake about it  - economic equality it is not a female issue, it is a it is a socio-economic imperative. 

Women-owned businesses are driving economic growth in the United States. They represent 42% of all businesses — nearly 13 million — employing 9.4 million workers and generating revenue of $1.9 trillion. Yet there is a significant size disparity between these businesses and others. Closing the gap benefits everyone, not just women. More goods and services bought and sold grows the economy. Thriving companies improve owners’ financial positions and boost employees’ incomes. Launching more companies to solve business and consumer pain points makes the United States more competitive.

Realizing the economic potential of women-owned businesses requires changes in policies, business practices and attitudes. Making meaningful change also requires understanding that women-owned businesses are not monolithic. Much like the businesses WBDC serves. Factors such as gender, race, ethnicity, entrepreneurial motivation, generation and geographic location make meeting their needs more complex.

So, Our conversation today will center on the economic empowerment of women across every sector of society and business as an economic imperative…one which has never been more relevant than it is today. 

I am proud to live in a state where two of the many critical policy issues facing women, especially women of color, were passed this year - the minimum wage and paid family leave. And I would like to recognize the members of the CT Legislature and the Lamont administration for passing these 2 important laws. 

We simply can’t overstate the importance of living in a state where women’s equality, inclusion and economic advancement are priorities is a priority in each branch of Government.  And that is evident in the formation of Governor Lamont’s Council on Women and Girls which is led by LG Susan Byseiwicz who you will hear from later in the program. 

A record number of women are running for public office; and a staggering number are leaving corporate jobs they fought hard to achieve, many starting their own businesses to create equality and flexibility they and others need and deserve.  At last, women are becoming more comfortable with pursuing wealth, realizing that they can effect change by economically empowering themselves and teaching younger generations to do the same, ultimately investing their hard-earned resources in communities, families, and in causes that demand change.

Despite the fact that women represent more than half the country’s population, earn more than 57 percent of undergraduate degrees and an even higher percentage of master’s degrees, women represent a mere five percent of Fortune 500 CEOs. We are only seven percent of top executives in Fortune 100 companies, and just 26.5 percent of executives, senior officials and managers overall. Women, especially women of color, not only earn less than men in the workforce but are also less likely to get access to capital for their businesses. 

Perhaps the most sobering statistic is that in all of 2018, women had a meager 2.2% share of the $130 billion given out in venture capital. And that was a $1 billion improvement over the prior year. It seems like a highly complex and potentially insurmountable problem. 

While progress has been made, we are decades away from parity. Even after decades of hard work and progress toward gender parity in the workforce, we still see these reports of disappointingly low numbers of U.S. women in senior leadership roles.. Let’s ask ourselves why this issue persists and What we can do about it?. 

We can start by mentoring and sponsoring women from day one on the job-providing opportunities for professional development, community engagement and creating cultures that prioritize developing female leaders across all sectors of business and society by providing opportunities for professional development and entrepreneurial training and education for women entrepreneurs.  Doing so will fill the pipeline of tomorrow’s leaders - if she can see it, she can be it! We already know and the empirical data - much of it published by many of the companies represented here today - shows that when women are fully engaged economies improve and communities and families thrive. 

At WBDC,  we know that an entrepreneurial mindset isn't just for startups.  It's become an essential cultural value for any successful organization and it is an important piece in the future of work puzzle, especially for women. That mindset is drawn to new opportunities and challenges, risk taking, embracing change, taking action persistently, pursuing initiatives, focusing on what matters and seeing the big picture.  These are the skills which WBDC imparts to its entrepreneurial clients today and they are the very same skills needed to propel women into the leadership pipeline and ultimately the C suite. We also all know that there are unspoken laws and rules impacting women from the media to Madison Avenue, we all know that women are viewed differently and given different expectations for how they dress, act and talk.   The time is now to make these changes and positively impact the next generation of women poised to take leadership roles in our government and businesses.