Empowering Economic Development through Women’s Achievements in Montgomery County, Ohio

Empowering Economic Development through Women’s Achievements in Montgomery County, Ohio Main Photo

12 Apr 2024


Montgomery County Community and Economic Development is proud to showcase the various funding opportunities, free resources, business development opportunities, and support local organizations to help women entrepreneurs overcome the unique challenges they face.

In Montgomery County, the Dayton, Ohio, Chapter of Aviatra Accelerators empowers women entrepreneurs through education, resources, and community. They help women start and grow their businesses with three essential types of connections they need to be successful: connections to experts, funding sources, and other women entrepreneurs. From newsletters and free PDFs to coaching and a network of partner experts, Aviatra offers many ways to help women succeed.

Also, the Evolve Women’s Network helps real women generate business and gain results. Evolve Women’s Network provides an open and inviting environment that encourages relationship-building for all women. They strive to prepare, serve, and grow the success of every businesswoman they meet. The organization helps members build formative relationships that shape authentic communities, influence deeper connections, and support confident growth to enhance the lives of women entrepreneurs both personally and professionally.

The Impact of Women-Owned Businesses on the Economy and the Workforce

Women-owned businesses are making waves nationally and locally, with Montgomery County, Ohio, being a prime example. The top 10 women-owned companies in Montgomery County are a significant economic force, generating $515 million in revenue and providing employment for 2,398 people. Notably, 1,251 of these jobs are within the local community.

Nationally, the impact of women-owned businesses is profound. According to Wells Fargo’s 2024 Impact of Women-Owned Businesses study, in 2023, these businesses employed 12.2 million people (9.2% of the workforce) and generated $2.7 trillion in revenue (5.8% of total national firm revenue).

Between 2019 and 2023, the number of women-owned businesses increased by nearly double the rate of men-owned businesses. From 2022 to 2023, the growth rate increased 4.5 times that of men’s. The employment rate of women-owned firms grew 3.5 times that of men between 2019 and 2023 and nearly five times that from 2022 to 2023.

Women entrepreneurs quickly adapted to the pandemic-era business demands, embracing strategies such as shifting to online sales, adding new services (such as virtual consultations, events, and courses), and partnering with other businesses.

Challenges Unique to Women-Owned Businesses

Women-owned businesses continue to grow and thrive, but they face unique barriers. In addition to social and familial challenges, the U.S. Chamber of Commerce identifies capital, confidence, and market saturation as three significant barriers to women-owned businesses and entrepreneurs.

In fact, according to a Bankrate study, 66% of women entrepreneurs report difficulty securing the funding they need to start or run their businesses. In 2022, female founders received only 2.1% of the capital invested in venture-backed startups. Addressing these challenges requires concerted efforts from governments, organizations, and communities to create a more level playing field.

Montgomery County Community and Economic Development Supports Women-Owned Business Development

Women continue to grow their share of the business world, launching companies, moving into leadership roles, and expanding into more industries. Closing the disparities between women- and men-owned businesses has grown the economy. By raising awareness, educating, and taking action, we can build a community where the talent and dedication of all our citizens drive success.

Montgomery County Community and Economic Development understands the vital importance of women-owned businesses in Montgomery County. For help starting, relocating, or expanding your business, explore selectmcohio.com, an information center designed to streamline development in Montgomery County. Contact us today! Follow Montgomery County on Facebook, Twitter, and LinkedIn.