The Global Entrepreneurial Force of Women

New Tala survey shows a higher level of entrepreneurial spirit among women in emerging markets than in the US.

In the dynamic landscape of global entrepreneurship, women are emerging as powerful agents of change. A recent survey conducted by Tala sheds light on the entrepreneurial spirit among women in Kenya, the Philippines, Mexico, and the US, revealing a compelling narrative of resilience, innovation, and community impact.

The strong entrepreneurial spirit of women in emerging markets

The survey unveils a striking statistic: 71% of women in emerging markets either own a business or aspire to start one. This data underscores the entrepreneurial spirit that permeates these regions, where women are breaking barriers and forging their paths to economic empowerment. Interestingly, women in emerging markets like Kenya and the Philippines exhibit a higher inclination towards entrepreneurship compared to the US, highlighting the appetite for innovation and enterprise in these communities.

The role of women entrepreneurs in family connection and building community

Beyond financial gains, the survey reveals that entrepreneurship has far-reaching implications for women and their communities. Business ownership not only empowers women financially but also enhances their decision-making authority within their families. Moreover, 50% of women entrepreneurs report that their ventures have facilitated the forging of new relationships, underscoring the broader social and community impact of entrepreneurship. In the Philippines, this community impact was one of the driving reasons for starting a business — Filipino women were 50% more interested in making a community impact compared to the global average. These findings highlight the pivotal role of women-owned businesses in driving inclusive economic growth and fostering vibrant, interconnected communities.

American women feel a greater sense of gender bias

Despite the formidable strides made by women entrepreneurs, the survey also exposes perceptions of gender biases, particularly in access to financial resources. The women in the markets Tala serves feel less gender bias compared to their counterparts in the US. A staggering 48% of US respondents believe that women face greater challenges in accessing loans, a sentiment 1.6 times higher than that of respondents in other markets. This is not to say gender bias is more or less prevalent in any market, but it indicates a boost in consumer confidence in the markets in which Tala is present in.

Challenges and opportunities in financial access

Women entrepreneurs reported encountering significant challenges, particularly in accessing credit. While 42% of all respondents feel they used their financial resources effectively, still 59% report challenges with access to financial services. People know that there are tools available but these require effort and time they don’t have to access them. In emerging markets, 47% of respondents cite access to credit as a major obstacle, hindering their ability to scale their businesses and realize their full potential. And yet, 64% of women in Mexico and Kenya express confidence in their ability to secure future financing.

Notes on methodology

Tala, the first financial platform for the Global Majority, conducted an online survey of over 2,000 people in Mexico, the Philippines, Kenya, and the US to identify the challenges and opportunities women entrepreneurs face, especially as it relates to accessing financial services.