Proving the Power of NextGen Women

Don’t wait for college or even her first job.

 It’s too late.

A new report, Proving the Power of NextGen Women, finds that college women actually outperform men in business settings.

The results have huge implications for parents, educators and business leaders.

If you’re not already familiar, many colleges conduct "venture" competitions, where students can compete for real prize money – ranging from $3,000 to $100,000 – based on the viability of their business ideas.

Our Girls With Impact report – based on data from three universities -- finds that although women comprise just 22% of participants in these business competitions, 51% of all winning teams had a woman founder.

Additionally, among the first-place winning teams, 32% had a woman CEO.

“What’s powerful is the comparison of the 22% of women participants to the 51% of ranking teams,” said George Brooks, Americas Leader for EY’s People Advisory Services, in discussing the report during a live briefing with leaders from the NASDAQ and the giant private equity firm KKR (watch the briefing replay).

“We need to do a 180 and re-think organizations to unleash the potential in these young women,” Brooks added.

Women’s earnings may not be on par, but one reason is because we don’t train them to be leaders at the top.

There’s just no question these girls have tremendous capabilities.

In fact, as 16-year-old Jody Bell said in discussing the report’s findings, “I can guarantee you that there are other high schoolers equally as driven, and if we give them the skills, they will become the future leaders we need right now.

(Watch Jody 11 minutes in) 

Why women outperform

Why is it that women are out-performing men?

Women are less likely to get involved in entrepreneurial programming before they have a well thought-out idea and team. So, they’re waiting to a later point to show up and get involved.

Also, women-led teams and diverse teams visualize markets that male-only teams don’t see and don’t know. So, they’re getting more market breadth and building out solutions better for both men and women compared to male-centric teams and solutions.

The report offers a host of recommendations, including:

·     Ensure early exposure to business – This weekend, my daughter will sell mistletoe for the second year as an early business and financial lesson. The entrepreneurial mindset -- to problem solve and build resiliency -- is critical to both corporations and employees, experts said. Enroll her in an after-school program like Girls With Impact during high school to boost her confidence and equip her with powerful business skills for college and career success. These programs are often worth thousands and are crucial no matter what her area of interest might be.

·     Include nextgen women on teams – It’s not enough to have women in your firm; be sure they’re involved in innovation and meetings. They want purpose in their jobs.  Don’t overlook their drive: According to EY, 30% of women-led companies target growth rates of more than 15% in the next 12 months vs just 5%.

·     Improve recruiting ROI – A whopping 60% of companies say new hires lack problem solving and critical thinking skills – as well as those soft, professional skills such as writing emails or presenting an idea.

Rather than “shooting from the hip” in recruiting efforts, consider partnering with organizations like Girls With Impact or Girls Who Code that reach younger to deliver critical skills training and help employers build a diverse talent pipeline.  Not only can recruiting dollars be better targeted, but such programs provide employee engagement, community impact and branding opportunities. 

Professor David Noble of UConn and director of the Werth Institute for Entrepreneurship and Innovation says:  “This is another nail in the business gender coffin. Companies that fail to turn to the next generation will miss out – pure and simple.”

And so will your children... unless you start earlier.

Jennifer Openshaw, a nationally known financial innovator and commentator seen on Oprah and CNN, is CEO of Girls With Impact, the nation’s only tech-enabled mini-MBA turning teens into tomorrow’s CEOs and entrepreneurs. To partner, go here. Watch the Academy in Action.

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