WEConnect International Partners with EY to Unveil New Report to Boost Women-Owned Businesses at Asia Pacific Conference in Brisbane

WEConnect International is proud to have partnered with EY to launch a comprehensive report titled “The Value of Advancing Women-Owned Businesses in Australia” during its recent Asia Pacific conference in Brisbane. This substantive report provides a robust, evidence-based analysis aimed at shaping policies to increase investment in women-owned businesses, a crucial strategy to bolster women’s economic participation in Australia.

The report emphasizes that investing in women-owned businesses is not just a matter of equity but a smart economic strategy. Key findings reveal that enhancing support for women-owned enterprises can significantly increase women’s participation in the labor force and elevate their roles in business ownership. This approach also promotes more inclusive access to value chains, equitable financing and funding opportunities, and stronger networks and mentorships for women in business. These measures contribute to broader goals of achieving gender equality and fostering economic growth.

Key Insights from the Report:

1. Economic Impact of Women-Owned Businesses: Women-owned businesses in Australia contribute significantly to the economy. The report outlines that closing the gender gap in business could potentially add billions to the country’s GDP, highlighting the substantial economic benefits of supporting women entrepreneurs.
2. Barriers to Success: Despite their contributions, women-owned businesses face unique challenges, including limited access to finance, networking opportunities, and value chains. The report calls for targeted policies to address these barriers, making a strong case for why inclusive economic strategies are crucial.
3. Government Procurement as a Catalyst: The report suggests that government procurement can be a powerful tool for promoting women-owned businesses. By adopting procurement policies that prioritize diversity, including identifying and selecting women-owned suppliers, governments can play a pivotal role in fostering economic inclusion. Recent changes to the Australian Federal Government’s Procurement Strategy, which now tags women-owned and led businesses on AusTender, exemplify this approach.
4. Certification Programs: Certification like that provided by WEConnect International for women-owned businesses enhance supplier diversity and provide assurance that businesses are genuinely diverse. This not only benefits the certified businesses but also supports the companies looking to diversify their supply chains.
5. Recommendations for Stakeholders: The report outlines actionable recommendations for businesses, policymakers, and other stakeholders to support women-owned businesses. This includes adopting gender-responsive procurement policies, fostering inclusive business practices, and investing in training and mentorship programs tailored for women entrepreneurs.

Commitment to Gender Equality
The Australian government’s dedication to improving gender equality is demonstrated through initiatives like “Working for Women: A Strategy for Gender Equality,” Australia’s first national gender equality strategy. By aligning with these initiatives and supporting women-owned businesses, both public and private sectors can contribute to creating a more inclusive and prosperous economy.

Join the Movement
WEConnect International and EY invite stakeholders to explore the report and consider how they can implement its recommendations to support equitable access and enhance the role of women-owned businesses. The full report, available here, offers a detailed roadmap for driving meaningful change towards gender equality and economic participation.