Alice Impact Report: What Women-Owned Businesses Really NeedImpact Reports•Jan 31, 2019• 2 min read
At Alice, we live and breathe data about entrepreneurs. The more Alice knows about a small business owner, the better she can curate their unique path to start and grow their company.
Information, like ethnicity and goals, helps Alice to know exactly which resources and opportunities are just right for that individual business owner. The data we collect (and don’t worry – we’re really not into selling personal data) also allows us to see the big picture of what “New Majority” business owners need to succeed, where there are gaps, and where there are opportunities. With these insights, Alice and our partners are able to improve our programming, services, and communications to support these traditionally underrepresented, but now “New Majority,” entrepreneurs: women, people of color, immigrants, LGBTQ+, people with disabilities, the military community, and those living outside of major start up hubs and small business communities.
In the first of a series of impact reports, we looked at a cross-section of 10,000 Alice users to find out what women business owners really need.
The key takeaways were quite clear:
- One size does not fit all. There isn’t just one model for supporting business owners. Personalization and consideration of intersectionality are vital in designing and delivering programming to support women entrepreneurs.
- Make it rain. Women business owners are eager for support in marketing-related activities, raising capital, and getting their companies off the ground.
- Data-driven decisions are where it’s at. With better insights into what specific populations of business owners need (even down to the individual level), the ecosystem can do a better job in supporting them, and, ultimately, in giving them the tools, knowledge, and connections, they need to succeed with higher revenue, more job growth, and longer business life spans.
Action Plan: How to Use this Report
Data without action is like mac without the cheese…and no one wants that. Here are four ways you can use the data in this Alice Impact Report to help women business owners in real life.
- Better programming and events. Great programs for entrepreneurs aren’t one-size-fits-all. To support specific business owners, your programs and services should be designed to meet their specific needs, interests and goals.
- Myth bust. Don’t let anyone tell you that there’s a pipeline problem for women-led businesses. There are 12.3 million women-owned firms in the U.S. and everyday, more than 1,800 net new women-owned businesses are added to that list. Organizations, investors, and media can use this data to meet entrepreneurs where they are, with what they need.
- Targeted Marketing. Women control nearly 2/3 of global household spending, and the buying power of people of color and LGBTQ+ consumers is on the rise. Savvy companies and organizations serving business owners will pay attention to the needs and goals of women business owners, in order to fulfill a very sizable market opportunity.
- Spread the word and advocate. Support women business owners by sharing this data, talking about their businesses, and buying from them. Tell their stories, invest in them, and mentor them. It makes a difference.
Alice is committed to reporting data on traditionally underrepresented business owners to break down barriers to their success. This report is the first of a series of insights on New Majority entrepreneurs that will be released throughout 2019. If your company or organization is interested in supporting this important work or gaining insights into your community of business owners, please reach out to [email protected].
For media inquiries or interview requests, please contact [email protected].