“The time is now to place girls’s entrepreneurship into overdrive, and we’re excited to launch this helpful initiative to shift it into gear.” – Kathi Vidal
The US Patent and Trademark Workplace (USPTO) on Wednesday launched the Ladies’s Entrepreneurship (WE) initiative to “encourage girls and faucet their potential to meaningfully improve fairness, job creation, and financial prosperity.” The initiative is a collaborative effort with the USA Division of Commerce.
“Unleashing the potential of girls entrepreneurs is sweet for enterprise, good for households and good for our economic system,” stated U.S. Secretary of Commerce Gina Raimondo.
WE will concentrate on connecting girls with one another, help networks, and funding sources. Moreover, the USPTO launched a new online hub that gives essential data to aspiring girls entrepreneurs. The web site contains data on how you can safe mental property rights and safe funding.
The company is launching WE forward of Ladies’s Entrepreneurship Day on November 19, and the announcement coincides with President Joe Biden dubbing November 2022 as Nationwide Entrepreneurship Month.
Ladies are the fastest-growing group of entrepreneurs throughout the globe, and, in line with the World Economic Forum, about half of U.S. startups based in 2021 had been began by girls. Moreover, research published in the Harvard Business Review discovered that Black girls are the fastest-growing price of entrepreneurs with 17% of Black girls within the means of beginning a enterprise.
Nonetheless, girls are “much less seemingly to have the ability to safe the capital and the mental property protections they should appeal to funding and turn out to be sustainable,” in line with the USPTO.
Information from the U.S. Census Bureau’s Annual Business Survey bears out the gender inequality in U.S. enterprise possession. In response to the survey knowledge, males have a majority stake in 63% of U.S. companies whereas girls have a majority stake in solely 21% of companies. The Harvard Enterprise Evaluation analysis additionally discovered that solely 3% of Black girls are operating mature companies.
“Ladies are nonetheless vastly underrepresented in management positions within the U.S., and the share of girls who resolve to pursue an entrepreneurial profession is decrease than that of males,” stated Kathi Vidal, Below Secretary of Commerce for Mental Property and Director of the USPTO.
Along with entrepreneurship and enterprise possession, girls additionally make up a a lot smaller portion of IP holders than their male counterparts. Regardless of many years of progress, solely 13% of patents are held by girls, according to a USPTO report.
Along with a concentrate on girls entrepreneurs, the USPTO can also be making an attempt to develop innovation alternatives for girls in the USA. In July this yr, the USPTO introduced initiatives to help first-time patent filers and under-resourced inventors.
The non-public sector has additionally introduced plans to shut inequality gaps in entrepreneurship. Additionally in July, Qualcomm and IP range advocacy group Invent Collectively announced a brand new e-learning course to show inventors from backgrounds which might be underrepresented in U.S. enterprise and innovation. In response to Invent Collectively, $1 trillion could be added to the U.S. economic system if Black/ Indigenous/ Folks of Shade (BIPOC) and ladies inventors participated within the patent system on the similar price as white males.
The USPTO and Division of Commerce are equally optimistic concerning the U.S. economic system if girls obtain elevated entry to enterprise alternatives.
“With this essential initiative, our purpose is to extend the variety of women-led companies to bolster jobs, client selection, and our financial prosperity. The time is now to place girls’s entrepreneurship into overdrive, and we’re excited to launch this helpful initiative to shift it into gear,” stated Director Vidal.
The purpose of the WE initiative is to assist potential or present girls entrepreneurs to entry capital and safe IP protections. The WE internet portal contains resources for women looking for small business funding in addition to how you can begin an IP utility.
“The WE initiative will function a helpful useful resource to girls on their journey to begin a enterprise and strengthen the neighborhood of girls entrepreneurs that proceed to energy American prosperity,” stated Secretary Raimondo.
As a part of the initiative, the USPTO will host the Women’s Entrepreneurship Symposium series in March 2023. The official launch of the WE initiative will likely be on Wednesday, November 30 from 12–1 p.m. EDT on the USPTO headquarters in Alexandria, Virginia. Extra data is offered on the USPTO website.