USPTO & Department of Commerce Launch Women's Entrepreneurship Initiative to Propel Economic Growth and Equity

The Women's Entrepreneurship (WE) project, a trailblazing programme aimed at empowering women in the business sector, was jointly established by the Department of Commerce and the United States Patent and Trademark Office (USPTO) in a ground-breaking step. The project aims to unlock the unrealized potential of female entrepreneurs, improving the business climate and fostering economic growth and employment creation.

The launch of the WE project comes ahead of November 19's Women's Entrepreneurship Day, building on the enthusiasm created by President Biden's recent proclamation declaring November to be National Entrepreneurship Month. In a statement highlighting the importance of this project, U.S. Secretary of Commerce Gina Raimondo said that "unleashing the potential of women entrepreneurs is good for business, good for families, and good for our economy."

In the United States, the gender pay gap in executive roles continues to be a serious problem. Compared to males, women are underrepresented in entrepreneurship, with a lower percentage of women choosing entrepreneurial professions. The USPTO's Director and Under Secretary of Commerce for Intellectual Property, Kathi Vidal, emphasised the significance of closing this gap by declaring that "the time is now to put women's entrepreneurship into overdrive, and we are excited to launch this valuable initiative to shift it into gear."

Despite being the group of entrepreneurs with the greatest rate of growth worldwide, women frequently struggle to obtain the necessary funding and intellectual property rights, which limits their capacity to draw in investment and maintain sustainability. Men control roughly 80% of the firms in the United States, according to data from the U.S. Census Bureau's Annual Business Survey (ABS), while women own around 37% of them. When majority ownership is taken into account, the results become much more startling because just 21% of enterprises are owned by women.

By encouraging cooperation between the public and commercial sectors and providing budding women entrepreneurs with crucial tools and assistance, the WE initiative will close these disparities. The programme includes a website centre created especially for prospective female business owners, which provides essential knowledge on establishing a company, safeguarding intellectual property, finding finance choices, and creating and maintaining a strong network. In addition to a welcoming message from Secretary Raimondo, this hub will include important resources, educational dialogues, and recurring films with advice from successful women business owners.

The USPTO's Women's Entrepreneurship Symposium series, which will be held in March 2023, is one of the initiatives highlights. For female business owners, this series promises to be a useful forum for idea sharing, learning from thought leaders in the field, and networking with other trailblazers.

The USPTO's Alexandria, Virginia, headquarters will host the formal launch event for the Women's Entrepreneurship programme on November 30, from 12:00 p.m. to 1:00 p.m. EDT. Through the strength of women entrepreneurs, this event represents a critical step towards building a more diverse and dynamic entrepreneurial environment that will fuel innovation and economic progress.