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28 June 2021

Women recognised as key drivers of business growth on World MSME Day

The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has recognised the rise of ‘womenpreneurs’ and the key role women will play in driving future business growth on World MSME Day (Sunday 27 June, 2021).

World MSME Day 2021, declared by the UN, has identified the evolution of womenpreneurs as one of the Top 10 Trends of the year.

Mr Billson says this is also an emerging trend in Australia, with women-owned women-led enterprises increasing at a faster rate than male-owned businesses.

“On World MSME Day I want to thank all small and family businesses for their vital contribution to Australia’s prosperity, wellbeing and community,” Mr Billson says.

“Female entrepreneurs have been acknowledged on World MSME Day as being a crucial part of the global SME ecosystem who are looking for new growth opportunities.  

“In Australia, about 38% of small businesses are owned by women and we are likely to see that number continue to grow.

“In the decade to 2019, of the 171,000 newly established businesses in Australia, two-thirds were led by women.

“Research has found the economic opportunity for Australia by boosting the number of female entrepreneurs to parity with men would be worth between $71 billion and $135 billion to the nation’s economy.”

Resilience has also been listed as one of the Top 10 Trends of 2021 as part of World MSME Day.

“The past 18 months has been incredibly challenging for small businesses, but I have been inspired by the courage and agility shown by our small business community,” Mr Billson says.

“Our Small Business Counts report noted ABS data revealing 40% of small businesses have changed the way they provided products and services as a result of the pandemic.

“More than ever we have seen the deep personal commitment it takes to run a small business and I thank Australian small and family businesses for their fighting spirit, hard work and determination.”

View ASBFEO’s World MSME Day video here.