The Mastercard Index Of Women Entrepreneurs
The Mastercard Indexof Women Entrepreneurs2020 Report
Mastercard Index of Women Entrepreneurs 2020CONTENT1INTRODUCTION1.1.Participation and Parity of Women in Business is Pivotal to Economic Recovery1.2.The MIWE 2020 Methodology and Global Rankings1.3.Highlighting the Impact of the Covid-19 Pandemic on Women Entrepreneurs1.4.Mastercard’s Role in Driving Forward Inclusion2RESULTS OF THE MASTERCARD INDEX OF WOMEN ENTREPRENEURS (MIWE) 20202.1.Global Rankings2.2.Drivers of Women’s Advancement2.3.Deterrents of Women’s Advancement3COMPONENT A: WOMEN’S ADVANCEMENT OUTCOMES3.1.Impact of Covid-19 on Women Labor Force Participation Rate (F%T)3.2.Employment Support in Selected MIWE Economies3.3.Analysis of Sub-Indicator: Women Entrepreneurial Activity Rate (F/M)3.4.Analysis of Sub-Indicator: Women Business Leaders (F%T)4COMPONENT B: KNOWLEDGE ASSETS & FINANCIAL ACCESS4.1.Impact of Covid-19 on Women Financial Inclusion (F/M)4.2.Impact of Covid-19 on Women Tertiary Education Gross Enrolment Rate (F/M)5COMPONENT C: ENTREPRENEURIAL SUPPORTING CONDITIONS5.1.Implications for MIWE 2020 Findings5.2.Impact of Covid-19 on Ease of Doing Business5.3.Impact of Covid-19 on Quality of Governance6BENCHMARK: WOMEN BUSINESS OWNERS6.1.Women Business Ownership in Low-Income & Developing Economies6.2.Women Business Ownership in Higher-Income & Developed Economies6.3.Changes in WBO Score & Ranking: 2019 to 202072IMPACT OF COVID-19 & ECONOMIC DOWNTURN ON WOMEN BUSINESS OWNERSHIP7.1.Business Sectors by Vulnerability Impact Analysis7.2.Women Business Owners: Most Exposed to High-Impact Sectors7.3.Support for SMEs in Response to Covid-19 & Economic Crisis7.4.SME Support in Selected MIWE Economies: By Region7.5.Change in Modus Operandi – Transiting to the Digital World7.6.New Norm, New Opportunities & Post Covid-19 Lockdown Preferences7.7.Traits of Innovation, Proactivity & Opportunism8CONCLUSION9APPENDIX 1: ECONOMY CASE STUDIES10APPENDIX 2: WORLD BANK MAP OF SME SUPPORT MEASURES IN RESPONSE TO COVID-1911APPENDIX 3: MIWE METHODOLOGY12APPENDIX 4: MIWE REFERENCES
Mastercard Index of Women Entrepreneurs 20203MastercardIndex of WomenEntrepreneursIntroduction
INTRODUCTIONMastercard Index of Women Entrepreneurs 20204The Mastercard Index of Women Entrepreneurs provides world-leading analysis on how women in businessare progressing globally, highlighting the socioeconomic factors propelling and inhibiting their success,and providing a performance ranking for the 58 economies measured.1.1.Participation And Parity of Womenin Business is Pivotal to Economic RecoveryAcross the world, entrepreneurial-minded womenRecognizing that greater participation andare determined to break into, and become a successparity for women in business is vital to not onlyin, the competitive business landscape. However,to economic recovery, but also to the societalthe still dominant gender gap means these womenand cultural advancement for all, the Mastercardcontinue to face challenges of disproportionateIndex of Women Entrepreneurs (MIWE) servesnumber and scale when compared to their maleas a centralized source of analysis on the broadcounterparts.set of variables affecting this advancementinternationally.The vast economic cost of gender inequality haslong been recognized as a pressing global issue,Only through understanding what drives andand its impacts are increasingly acute. This year,inhibits women in business can governments,the World Bank1 highlighted that economies acrosspolicymakers, businesses and individuals alike,the globe are losing 172 trillion solely due to thecontinue to inspire and foster their further progress.differences in lifetime earnings between women andmen – a significant increase from the 160 trillion itprojected only 2 years earlier in 2018.2Now in the midst of what has been termed theworst global recession since World War II3, the needto narrow this gender disparity is even more criticalin driving forward an equitable and sustainedeconomic recovery.4
INTRODUCTION1.2.Mastercard Index of Women Entrepreneurs 20205The MIWE 2020 Methodologyand Global RankingsDrawing on data sources from leading academicopportunities. This has seen its Support for SMEsinstitutions including ILO, GEM, World Bank,ranking jump from 42nd place in 2019, to 1st just 1UNESCO, World Economic Forum (WEF), Inter-year later. Similarly, Switzerland has advanced fromParliamentary Union and the OECD, Mastercard’s11th position in 2019, to 3rd overall in 2020, buoyedIndex of Women Entrepreneurs examinesby a sharp improvement in government-led supportthe working environments of 58 economies,for SMEs (up 37% from 2019), and a significantrepresenting almost 80% of the world’s femaleuptick in cultural perceptions of entrepreneurialismlabor force.(up 45% from 2019).Through a unique methodology – involving in-Last year’s strong performers, the US and Newdepth analysis across 12 indicators and 25 sub-Zealand – although dropping from 1st to 2nd,indicators spanning Advancement Outcomes,and 2nd to 4th places respectively – demonstrateKnowledge Assets & Financial Access, and Supportingthat economies with mature gender focusedEntrepreneurial Conditions – the index ranks eachinitiatives still out-perform on the global stageeconomy according to its performance over thethrough continued focus on advancing conditionspast year. Aggregating these scores, the indexfor women in business. In both these economies,can provide an overall grading of how successfulfavorable cultural perceptions of entrepreneurism,individual economies are advancing femalethe high visibility female leaders that provide roleentrepreneurialism in comparison to their peers inmodels for aspiring entrepreneurs and supportivepre-Covid conditions.entrepreneurial conditions play a crucial role in theirsuccess.This year’s report highlights gains made in factorsfueling women’s entrepreneurialism across theExamining the successes in each of these leadingworld; from access to education and supportiveeconomies provides a valuable blueprint forentrepreneurial frameworks, to cultural perceptionseconomies positioned at the lower end of theof entrepreneurs and willingness to take calculatedrankings. For example, in Japan, India, Bangladesh,risks. These advancements have seen significantSaudi Arabia, Algeria, Egypt, Tunisia and Turkey,movement across top performers, indicating thatwomen represent only 6 – 15% of business leaders.the formulation of gender-focused policies andIn the Philippines, Belgium and Japan, supportiveground-up investment in their realization makesSME initiatives have been significantly scaled back.a marked difference in the progress of women inbusiness.2020’s top performing economy is a prime exampleof this in action – for the first time in theMastercard Index of Women Entrepreneurs’4-year history, Israel tops the chart, advancingfrom 4th place in 2019, largely driven by a focusedinstitutional support for SMEs. With an ambition todouble the number of female entrepreneurs within2 years, Israel has rolled out targeted initiativesfocused on funding and advancing networking
Mastercard Index of Women Entrepreneurs 2020INTRODUCTION1.3.6Highlighting the Impact of the Covid-19Pandemic on Women EntrepreneursTo curb the rapid spread of the Covid-19 virus,qualifications, advanced skillsets such as businessgovernments across the world implemented full orleadership and who are employed in the formalpartial lockdowns. At speed, we were forced to shiftsector as professional or technical workers. Whilethe way we interact, both socially and professionally,women in developing economies have been harderto digital platforms. The ramifications on individualhit due to on-average lesser knowledge assets andbusinesses, as well as the national and the globalan overrepresentation in the informal and harder-economy have been vast.hit business sectors.Added analysis on the early consequences ofHowever, the pandemic has also generatedthese emergency measures drawn from latestopportunities for female entrepreneurs.available data across 40 world economies, have5been encapsulated in this year’s Mastercard IndexFor instance, the virus outbreak has highlightedof Women Entrepreneurs. The findings are starkwomen’s ability to lead under extraordinary– regardless of an a economy’s wealth, level ofcircumstances. As the world grappled withdevelopment, size, and geographic location, womenmonumental loss of lives and livelihoods, femaleare disproportionately more vulnerable to theworld leaders – such as Prime Minister Jacindawholescale disruption caused by the pandemic.Ardern of New Zealand, Chancellor Angela Merkelof Germany, Prime Minister Sanna Marin ofData demonstrates that there are 2 broad factorsFinland, and The Leadership of Chinese Taipei,at work here: firstly the over representation ofTsai Ing-Wen – have presided over some of thewomen in the jobs and sectors that have been hitmost successful efforts in containing the virusthe hardest (such as tourism, travel & transport,while instilling order, assurance, trust and calmretail, food services, accommodation, entertainmentacross their economies. The implication of this is& recreation, and manufacturing); secondly, theparamount; it demonstrates the untapped valuepre-existing gender disparity in business (spanningof women as leaders, provides prominent roleinferior digital skills, financial marginalization,models at a time when a lack of confidence andlack of access to education and disproportionatefear of failure still hold many women back, and willdomestic duties, to name only some of the mostparticularly resonate with the almost half of femalesalient factors). Those in developed economies haveentrepreneurs (48.7%) around the world who reportbeen shielded in part from the more drastic impactsbeing driven by a desire to contribute to the greaterdue to higher knowledge assets such as tertiarysocietal good.On the frontline, some women businessowners are already reacting to our newworld of work with renewed confidenceand adaptability
INTRODUCTIONMastercard Index of Women Entrepreneurs 20207On the frontline, some women business ownersWhilst women embrace opportunism and areare already reacting to our new world of work witharmed with the resilience to succeed, the situationrenewed confidence and adaptability, tappingis not without immense challenges. The MIWE findsinto new business opportunities or realigning theirgovernment policies across the world to escalatebusiness models to cater to new consumer behaviormeasures to support businesses (particularly SMEs)and local or global needs. We can see this as 42%have been effective, but to balance the scales ofhave shifted to a digital business model, 37% areopportunity, gender-specific support measures aredeveloping an area of business to meet local orneeded to advance women business owners andglobal needs, and 34% have identified new businessemployees who are already at a disadvantage.opportunities since the pandemic. The desire toNow is the time for governments, institutionstransform and be nimble has strengthened womenand organizations to take decisive action inbusiness owner’s resilience and this will certainly beimplementing targeted gender-specific support,needed in helping their economies on the path toparticularly in aligning domestic and businessrecovery.gender parity, tackling financial marginalizationMastercard’s Role in DrivingForward Inclusion1.4.Through the Mastercard Index of WomenMastercard expanded its worldwide financialEntrepreneurs, Mastercard is committed toinclusion commitment, pledging to bring a totalproviding a bedrock of information which enablesof 1 billion people and 50 million micro and smallgovernments, businesses and individuals to takebusinesses into the digital economy by 2025. Asdecisive action in implementing targeted gender-part of this effort, there will be a direct focus onspecific support resulting in greater gender parity inproviding 25 million women entrepreneurs withthe world of work.solutions that can help them grow their businesses,through a range of initiatives across funding,This annual report provides one component in ourmentoring and the development of inclusivebroader mission to drive forward the advancementtechnologies.of the disconnected and disadvantaged. This year,
Mastercard Index of Women Entrepreneurs 202082. Resultsof the MastercardIndex of WomenEntrepreneurs(MIWE) 2020
Mastercard Index of Women Entrepreneurs 2020RESULTS9The results from the Mastercard Index of Women Entrepreneurs (MIWE) 2020 echoed a positive correlationwith the Benchmark Women Business Owners (WBO). The rising number of women participating inentrepreneurial activities reflects the transformation in the economic and social landscapes.2.1.Global RankingsThere has been a notable shift in overall MIWEIn 2nd place, women in the United States (overallrankings with women in Switzerland, Poland,MIWE score of 74.0) continue to make remarkableSweden and Spain advancing strongly towardsinroads in the business world underpinned by highlythe top 10. Women in Israel, the United Statessupportive entrepreneurial conditions. The favorableand Switzerland took the reins as the top 3 MIWEcultural regard for entrepreneurism is encouragingperformers, underpinned by remarkably unique andand reflects the high visibility and leadershipstrong business ownership traits against a backdropthat role models provide for entrepreneurs.of highly conducive and supportive entrepreneurialThese enabling, underlying factors remainconditions. Women in New Zealand, the Unitedcrucial in promoting women’s strong standingKingdom and Canada secured high rankings in thesocioeconomically as business leaders, professionalstop 10 positions at 4th, 6th and 7th place.and technical workers and especially as businessowners (3 out of every 10 business owners areMIWE 2020’s Top 3female). There is also a rising trend in femaleWomen in Israel took the lead on the MIWE chartentrepreneurial activity rate (up from 10.7% of totalfor the first time since the series began in 2017,female working age population in 2018 to 13.6% indriven by very strong scores in Component B:2019, and 16.6% in the latest GEM data).Knowledge Assets & Financial Access (rank 1,score of 97.4 vs 76.6 in 2019) and ComponentIn 3rd place with a MIWE score of 71.5, womenC: Supporting Entrepreneurial Conditions (rankin Switzerland advanced strongly from a score of3, score of 80.4). This stellar performance was65.2 (rank 11) in 2019 to 71.5 this year, buoyed bybuoyed by a strong surge in score for ‘Supporta sharp improvement in ‘Support for SMEs’ (upfor SMEs’ from 52.7 points in 2019 to 126.0 and37% from 73.8 to 101.2), ‘Cultural Perceptions‘Cultural Perceptions of Entrepreneurs’ fromof Entrepreneurs’ (up 45% from 65.3 to 95), and82.4 to 113.5. Women in Israeli are also making‘Women Entrepreneurial Activity Rate – F/M’ (upcommendable inroads economically as active26% from 47 to 59.3). Positive cultural perceptionslabor force participants (rank 9) and skilledof entrepreneurism that applaud individualityprofessionals & technical workers (rank 10). Anand success through personal effort and initiativeimportant international hub for start-ups inagainst a backdrop of strong government supportthe high-tech sector, women in business receivefor SMEs play an instrumental role in strengtheningsupport from government programs and initiativesSwiss women’s confidence when starting ain the form of R&D grants, start-up funding, andbusiness (optimism up 40% since 2015/2016).6 Thenetworking opportunities. These play a hugeeconomy is also rated top in GEM’s 2019 Nationalrole in strengthening the underlying supportingEntrepreneurship Context Index (NECI) in terms ofentrepreneurial conditions in Israel. Data from GEMease of starting and developing a business.also showed Israeli women to be slightly more driventhan men, by 2.3% on average, to pursue businessopportunities to improve independence, economicself-reliance as well as to generate income.
Mastercard Index of Women Entrepreneurs 2020RESULTS10Anomalies/OutliersWomen Business OwnershipThis year’s MIWE revealed women’s economicThe latest updates from the International Labourcontribution as business owners and entrepreneursOrganization revealed women’s share of theto be substantially more prominent in the lessbusiness world remaining broadly stable from thewealthy and advanced economies of Uganda,previous year with only slight variations noted inAngola, Malawi, Ghana and Botswana. Here,a few economies: Egypt (up from 4.1% in 2019 towomen continue to defy sociocultural barriers4.3%) and Bangladesh (up from 4.3% in 2019 toand structural impediments such as lack of4.5%). This year’s MIWE results show high womenopportunities in education, personal wealth andbusiness ownership rates in the less developedaccess to capital, emerging with the highesteconomies of Uganda, Botswana, and Ghana.percentage of women business ownership on theAt the same time, advanced and high-incomecharts (between 30% to 40% of all businesses areeconomies such as the United States, New Zealand,women-owned). The results also point to anomaliesSpain, and Australia continue to report a fairlyamong the high-income and developed economieshealthy representation of female business ownersof Japan and Saudi Arabia where women continue(around 3 females out of 10 owners).to be marginalized in the business world. Here,although women are academically well qualified (asThe map overleaf shows the distribution of thelikely as men to be enrolled in tertiary education)58 economies across the globe in terms of overalland have relatively high access to financial servicesMIWE score.and products (able to obtain loans), their abilityto thrive as business owners remains very lowcompared to other high-income economies.Higher Score80-10040-5070-8030-4060-7020-3050-600-20Hong Kong SARSingaporeLower score
Mastercard Index of Women Entrepreneurs 2020RESULTS112020 Mastercard Index of Women Entrepreneurs*IsraelUnited StatesSwitzerlandNew ZealandPolandUnited KingdomCanadaSwedenAustraliaSpainThailandChinese TaipeiIrelandColombiaHong Kong nd ChinaRussiaSouth aBelgiumBotswanaBrazilHungaryMexicoUruguayCosta RicaGhanaSouth KoreaPeruRomaniaEcuadorItalyUnited Arab EmiratesUgandaCzech ySaudi ArabiaTunisiaIslamic Republic of 839.0337.6336.37*Score to one decimal placeHigh incomeUpper Middle IncomeLower Middle IncomeLow Income
Mastercard Index of Women Entrepreneurs 2020RESULTS124 economies stand out with high scores of 70 tohave lower scores of 50 to 60 (white) such as Japan,80 index points (green colour in map), with Israelthe United Arab Emirates, Italy and Romania. Intaking the lead at 74.7, followed by the Unitedthese locations, the underlying entrepreneurialStates in second place (74.0), Switzerland in thirdconditions are less conducive with gender gapsplace (71.5), and New Zealand in fourth placemore prevalent in terms of employment, financial(70.13).Women engaged in entrepreneurial activitiesinclusion, and academic opportunities. Economiesin these economies operate within an incrediblyin pink have weaker scores of 40 to 50 (e.g. Tunisia,vibrant and dynamic entrepreneurial ecosystem,Saudi Arabia, and Turkey), while the remaining 3offering conducive social norms, strong business(Bangladesh, Algeria, and Egypt) have exceptionallynetworks, creativity and innovation, and stronglow scores of 30 to 40 points. In these economies,support system.women continue to be held back by deeply rootedsoc
Parliamentary Union and the OECD, Mastercard’s Index of Women Entrepreneurs examines the working environments of 58 economies, representing almost 80% of the world’s female . and Supporting Entrepreneurial Conditions – the index ranks each economy according to its performance over the past year. Aggregating these scores, the index can .
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