Between 2014 and 2019, the number of women-owned businesses grew by 21%, far outpacing the rate of growth in the number of businesses overall (just 9%). This impressive growth was even more pronounced among businesses owned by women of color, with the number of women of color owned businesses growing at double the rate (43%), and, specifically, the number of African American/Black women-owned businesses increasing by 50%.

As COVID upended domestic life, women's rate of self-employment rose faster than the share of men in the sector.

This report highlights three key insights that may help inform more equitable design of future relief and recovery policy and programs for small and new businesses, particularly those owned by BIPOC and women entrepreneurs, as well as entrepreneurs in historically under-resourced communities.

At the start of the pandemic, self-employment rose for both women and men, who have a higher overall self-employment rate, according to an analysis of government data by Jessica Milli, an economist in Washington. But for men, self-employment has since returned to pre-pandemic levels, Milli found. Among women, it remained nine percent higher in February 2022 than two years prior.