Grants from the PNC Foundation and the Claude Worthington Benedum Foundation help the Center for Women’s Entrepreneurship at Chatham University launch MyBusiness Startup and MyConsulting Corner programs
September 13, 2013
Programs aim to increase revenue and job creation in women-owned businesses
PITTSBURGH—Women-owned businesses are growing at one and a half times the national average, yet lack in revenue and job growth. The Center for Women’s Entrepreneurship (CWE) at Chatham University, with grant support from the PNC Foundation and the Claude Worthington Benedum Foundation, is launching new programming designed to address that deficiency.
Women entrepreneurs face many challenges. Only 1.8 percent of women-owned businesses hit the $1 million mark, compared to the national average of 5.3 percent, according to the 2013 State of Women-Owned Businesses Report. In addition, the average women-owned business starts with only 64 percent of the capital of its male counterpart. This and the reluctance to tap outside financing throughout their lifetimes helps to explain why average women-owned businesses have 25 percent lower revenues than the typical firms owned by men in the same industries, according to a the 2010 report on women-owned businesses from the U.S. Department of Commerce Economics and Statistics Administration.