We’re not saying that it is easy to go out and start an awesome company anywhere. The U.S. Global Entrepreneurship Monitor says that women start ventures with eight times less funding than their male counterparts. According to recent research from The University of New Hampshire Center for Venture Research, only 8.9% of all proposals presented to angel investor organizations were put forth by women. Women-owned ventures accounted for only 16% of all businesses seeking funding, with only 24% of the women receiving angel investment in the first half of 2013.
It’s tough work out there for a female entrepreneur, but there are certain cities that are a little more friendly when it comes to this crowd. NerdWallet put together an excellent infographic showing which cities were the best for female entrepreneurs. They looked at the following factors:
1. Business-friendliness: Number of businesses per 100 residents to assess a city’s entrepreneurial climate.
2. Presence of female entrepreneurs: Percentage of businesses that are owned by women to measure how friendly each location is to female entrepreneurs.
3. Earnings of female workers: To assess the earning potential women have in each city, they used the median earnings for full-time female workers.
4. Education level: Studies have shown that education correlates with entrepreneurship. To measure the presence of educated workers, they looked at the percentage of residents 25 years and older with a bachelor’s degree or higher.
5. Economic state: In order to assess whether a city has an economy suitable for entrepreneurial success, they examined unemployment rates.
The results may surprise you.