Top Five States for Women Entrepreneurs:
1. Colorado
● Women-led firms — 27.7%
● Statewide, employed by women-led firms — 19.9%
● Women leading businesses' average income — $66,687
● Women-led startups' venture capital invested — $485 million
● Active startups after year one — 78.7%
Resources: Grants for Women Entrepreneurs in Colorado
27.7% of businesses in the Centennial State are owned by women. Furthermore, 19.9% of employees in Colorado work for women-run businesses (eighth nationally).
2. Washington
● Women-led Firms — 28.2%
● Statewide, employed by women-led firms — 20%
● Women leading businesses' average income — $65,439
● Women-led startups' venture capital invested — $398 million
● Active startups after year one — 79.7%
Resources: Grants for Women Entrepreneurs in Washington
Washington has been an active longtime host to many tech-focused companies, and 28.2% of Washington businesses are women-led. 20% of employees in Washington are employed at women-owned businesses.
Additionally, the amount of money invested over the past five years into these women-led venture-backed companies topped more than $398 million. Washington also does not have a state income tax for many entrepreneurs.
3. Virginia
● Women-led Firms — 27%
● Statewide, employed by women-led firms — 20%
● Women leading businesses' average income — $67,923
● Women-led startups' venture capital invested — $46 million
● Active startups after year one — 90.5%
Resources: Grants for Women Entrepreneurs in Virginia
The state of Virginia comes in third for women-run businesses at 27.0% with 20.0% of those businesses employees being women. Additionally, Virginia also tops the charts with the highest "startup survival rate" nationwide at an impressive 90.5%.
In normal circumstances, the Commonwealth of Virginia has only a 5.3% unemployment rate among the top 10 states.
4. Florida
● Women-led Firms — 26.3%
● Statewide, employed by women-led firms — 18.8%
● Women leading businesses' average income — $57,871
● Women-led startups' venture capital invested — $219 million
● Active startups after year one — 77.9%
Resources: Grants for Women Entrepreneurs in Florida
When it comes to engagement and VC funding, Florida takes the cake for women entrepreneurship. For the past five years, Florida's VC funding for women's startups has ranked in the top 10 with a whopping $219 million generated. Florida is another state, like Washington, that has no income tax.
However, women self-employed business owners average a yearly revenue of only $57,871, coupled with an unemployment rate of 6.5%, which is a bit on the high side.
5. Montana
● Women-led Firms — 26.2%
● Statewide, employed by women-led firms — 19.6%
● Women leading businesses' average income — $85,064
● Women-led startups' venture capital invested — $90,000
● Active startups after year one — 79.7%
Resources: Grants for Women Entrepreneurs in Montana
Finally, Montana rounds out our top states for women entrepreneurs. In Montana, self-employed women business owners comprise 2.41% of businesses with an average income of around $85,064. Montana also has the second highest average income for women business owners.
Regrettably, Montana has only received approximately $90K in venture capital for strictly women-led businesses in the past five years.
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