While many discussions of issues facing women and girls focus on the social and health benefits of greater inclusiveness, relatively little time has been dedicated to the question of the critical role women play in business profitability and in driving long-term economic growth. To address this issue, "The Next Billion: Women & The Economy of the Future" served as a forum for senior-level corporate leaders to discuss concrete, practical ways in which women – as consumers, employees, entrepreneurs and executives – are vital to the continuing success of companies in today's competitive international economy.
Today, a report of the findings from the conference was made available. Key highlights include:
- Partnerships are key to accelerate collaboration as an ecosystem. Particularly, collaboration between government and the private sector is key, and they are essential to mainstream women into politics and corporate leadership. Partnerships create and support the ecosystem that provides the bundled sets of high-value financial and non-financial products women need, and allow organizations to call on investors in unique ways.
- Communicating the business case and impact of investing in women-owned businesses is critical. Women-owned entities account for 30% of businesses worldwide, yet according to the IFC only about 10% have access to the capital they need to grow their businesses. Currently, 30% of SMEs in the U.S. are run by women, as opposed to only 5% in the 1970's, while in Canada women own 1/3 of all businesses and account for $117 billion annually in economic activity.
- Governments need to create a platform for market-based incentives. Government policies, such as tax breaks for training women for jobs normally performed by men, can create a significant positive impact on women's participation in the workforce.
