That now represents 42% of nearly 13 million businesses overall, which employ 9.4 million workers and generate revenue of $1.9 trillion. And while these female founders come from diverse backgrounds, women of color make up the biggest portion of them, according to the annual State of Women-Owned Businesses Report.
Women of color account for 89% (1,625) of the new businesses opened every day over the past year. This number has grown faster than the overall rate of new women-owned businesses in the past five years—21% versus 43%. The number of firms owned by African-American women grew even faster, at 50%. This is despite the fact that revenue is decreasing. The average declined 3% from $67,800 in 2014 to $65,800 in 2019.