NYC Initiative Tries to Foster Women-Run Startups

Anne Kadet reported on Friday at The Wall Street Journal Online that, “WE NYC is the somewhat deadly acronym for Women Entrepreneurs New York City, a lively new city initiative aimed at low-income and immigrant women business owners.

“There’s no doubt that local women lag behind the men on the startup front. New York men own 1.5 times more businesses than women and employ 3.5 times more workers. On average, men-owned businesses earn $609,000 a year compared with the $140,000 earned by women-owned enterprises.”

Ms. Kadet indicated that, “WE NYC plans to address the situation by connecting women entrepreneurs with mentors and skills-building classes.”

“The city’s plans are both modest—it aims to serve roughly 5,000 women over the next few years—and ambitious. [Gregg Bishop, the commissioner of the Department of Small Business Services] imagines the program serving as an example for cities around the globe. ‘San Francisco is thinking of replicating the model, even Paris,‘ he says.”

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