Business Wire India
News summary
- Dell announces findings of annual Dell Women Entrepreneur Cities (WE Cities) Index − the only global gender-specific index that looks at a city’s ability to attract and foster growth of women-owned firms
- Singapore ranks number 8 - the highest city within APJ - for high-potential women entrepreneurs, ranking number 5 as an enabling environment through Culture
- Kuala Lumpur ranked as a ‘City to Watch’ and notable cities for success include Hong Kong, Melbourne and Sydney for factors such as Technology and Talent
- According to extensive data and analysis, when impediments to female entrepreneurship are removed, there is a dramatic uplift in a city’s economic prospects
- 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
Full story
At the 8th annual Dell Women Entrepreneur Network Summit, Dell announced findings of the 2017 Women Entrepreneur Cities (WE Cities) Index, revealing how 50 top global cities are fostering high-potential women entrepreneurs (HPWE). Building on 2016 WE Cities research, this study ranks cities based on the impact of local policies, programs and characteristics in addition to national laws and customs.
“Globally, women’s entrepreneurship rates are growing more than 10 percent each year. 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,” said Karen Quintos, EVP and chief customer officer at Dell. “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.”
“It is in the world’s best interest that women entrepreneurs everywhere thrive. 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.”
“Cities in Asia Pacific (APJ) hold huge promise and opportunity for women entrepreneurs, with a number of cities in the region already realizing success in terms of attracting and fostering high-potential women business owners,” said Amit Midha, president, APJ commercial at Dell EMC. “Throughout the region and across the five city characteristics looked at as part of our WE Cities ranking - capital, technology, talent, culture and markets – we see cities differentiating themselves in specific areas. For instance, ranking #8 and #16 respectively are Singapore and Hong Kong. Both cities are focusing on technology leadership and their ability to enable women entrepreneurs to stand out, through technology and innovation. Kuala Lumpur is also emerging as a ‘City to Watch’ in recognition of its enabling factors for business and society. The challenges women entrepreneurs face are complex, but the success stories we see are testament to the scale of the opportunity available in APJ. Identifying these challenges and working to address these is an investment in our collective future.”
Top 50 WE Cities Ranking & Methodology
Building on the past five years of Dell research on HPWE, cities were ranked on five important characteristics: capital, technology, talent, culture and 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. The 50 cities were ranked as follows:
- New York City
- Bay Area
- London
- Boston
- Stockholm
- Los Angeles
- Washington, DC
- Singapore
- Toronto
- Seattle
- Sydney
- Paris
- Chicago
- Minneapolis
- Austin
- Hong Kong
- Melbourne
- Atlanta
- Amsterdam
- Portland (OR)
- Berlin
- Taipei
- Pittsburg
- Tel Aviv
- Copenhagen
- Vancouver
- Houston
- Johannesburg
- Barcelona
- Seoul
- Munich
- Miami/Ft. Lauderdale
- Nairobi
- Dublin
- Warsaw
- Belfast
- Milan
- Beijing
- Tokyo
- Bangalore
- Kuala Lumpur
- Sao Paulo
- Dubai
- Shanghai
- Mexico City
- Lima
- Guadalajara
- Istanbul
- Delhi
- Jakarta
- 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
- Singapore is the only Asian city that made it to the Top 10 (No. 8 overall). It ranks No. 7 in terms of Capital, No. 6 in Enabling Environment, No. 5 in Culture and No. 10 in Technology
- A number of APJ cities that are not ranked in the top ten overall do very well within an individual category. For instance:
- Kuala Lumpur is listed in the ‘Cities to Watch’ category. While the city ranks No. 41 overall, it ranks No. 5 in Markets, ranking No. 1 in Cost and No. 6 in Access. Furthermore, it ranks No. 8 in Women’s skill & experience (Talent)
- Hong Kong made it to the top 10 for the Technology segment, though overall it ranks as No. 16
- Melbourne is within the top list for Culture, while overall it achieved a ranking of No. 17
- Beijing ranks No. 38 overall, but it is within the top 10 for Capital and Talent
- While Sydney ranks No. 11 overall, it ranks No. 3 for Enabling Environment, ranks No. 2 for Culture. No. 6 for Access to Mentors/Role Models
The 2016 and 2017 studies differ in several ways, including the total number of cities, number of indicators and the weight of indicators based on new data sources. Given the new elements to the ranking, scores should not be compared year-over-year.
About WE Cities
Dell partnered with IHS Markit — a leading source of insight and analytics that shape today’s business landscape — to launch this first-of-its-kind, global research that will measure a city’s ability to attract and support high-potential women entrepreneurs.
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. The research symposium brought together 40 global thought leaders, women entrepreneurs, academics and media to develop insights for the model. 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 successful pilot of the 2016 Index led to the scaling for the 2017 Index to include 50 cities.
