Latest news with #CarolynCurrie
The Herald Scotland
3 days ago
- Business
- The Herald Scotland
Alarm as women-led businesses 'fail to thrive' in Scotland
WES has found that while women-led start-ups have increased to 54% of the total, the post-start-up pipeline has an attrition rate of 61%. Women-led employer businesses have dropped to just 20% of all employer businesses, its research shows. According to the organisation, the declining trend in Scotland stands in contrast to the global increase in established women-led businesses. This 'exposes a key disconnect' between Scotland's 'thriving' start-up culture and the inability of many such businesses to make it to the growth phase. WES declared that improving the current outcomes for female-led start-ups has the potential to unlock an estimated £17 billion boost to the Scottish economy every year. Read more: Carolyn Currie, chief executive of Women's Enterprise Scotland, said: 'A perfect storm of economic conditions and structural inequalities is halting the progress of women-led businesses, despite their start-up successes. What we are seeing is an alarming number of new women-led businesses failing to thrive. They are simply falling into an abyss, leaving their economic potential and the ambitions of their founders unfulfilled. The WES survey reveals a clear demand for needs-based business support, with the majority of respondents advocating for a Women's Business Centre model. 'Many of the issues - and suggested actions that need to be taken - have been highlighted in research numerous times over the past 30 years. We can continue to watch talented women entrepreneurs leave the market, taking billions in economic potential with them, or we can implement the evidence-based solutions this study provides. The choice is clear - the community has spoken, and we need to listen. The time for action is now.' WES noted that successive governments in Scotland have committed to inclusive growth and women's entrepreneurship, most recently in response to the Pathways Report, with up to £2.6m released for support in 2024 to 2025 and at least £4m in 2025 to 2026. However, it said women's entrepreneurship has not benefited from long-term investment in support provision that is comparable to other areas of business, despite the economic opportunity represented by women as 51% of the population. The WES survey found that economic conditions are threatening business sustainability and reveals a 'devastating' cost for women-led businesses; 78% cannot recover all their increased costs, 41% cannot recover any cost increases, 55% are using personal savings to capitalise their businesses, and 52% are making no pension provision, threatening retirement security.
Scotsman
4 days ago
- Business
- Scotsman
Call for urgent action as Scottish female-led start-ups fail at ‘alarming' rate
'The choice is clear - the community has spoken, and we need to listen. The time for action is now' – Carolyn Currie, WES Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Scotland is missing out on a £17 billion economic opportunity amid an 'alarming' failure rate among female-led businesses, it has been claimed. Releasing new research, Women's Enterprise Scotland (WES) said it was calling for urgent action to tackle the high levels of women-led ventures failing to progress beyond the start-up phase. Advertisement Hide Ad Advertisement Hide Ad The authors of the study highlight that while more women are starting up in business than men in Scotland, fewer of the former are making it through the post-start-up phase to establish and grow. Women's Enterprise Scotland (WES) CEO Carolyn Currie. Picture by Malcolm Cochrane Photography While female-led business start-ups have increased to 54 per cent of all new ventures in Scotland, according to a Business Gateway Impact Report, the post-start-up pipeline has a high attrition rate of 61 per cent, and women-led employer businesses have dropped to just 20 per cent of all employer businesses. This declining trend in Scotland is said to be at odds with the global increase in established women-led businesses. Tackling the issue north of the Border and improving current outcomes for women-led start-up businesses has the potential to unlock an estimated £17bn 'reward' for the Scottish economy every year, WES said. This would eliminate almost two-thirds of the current public sector spending deficit, which now stands at £26.2bn, according to the latest Government Expenditure and Revenue Scotland (Gers) report. Achieving parity would eliminate over 80 per cent of the deficit. Carolyn Currie, chief executive of Women's Enterprise Scotland, said: 'A perfect storm of economic conditions and structural inequalities is halting the progress of women-led businesses, despite their start-up successes. What we are seeing is an alarming number of new women-led businesses failing to thrive. Advertisement Hide Ad Advertisement Hide Ad 'They are simply falling into an abyss, leaving their economic potential and the ambitions of their founders unfulfilled. The WES survey reveals a clear demand for needs-based business support. 'Many of the issues - and suggested actions that need to be taken - have been highlighted in research numerous times over the past 30 years,' she added. 'We can continue to watch talented women entrepreneurs leave the market, taking billions in economic potential with them, or we can implement the evidence-based solutions this study provides. 'The choice is clear - the community has spoken, and we need to listen. The time for action is now.' The survey found that economic conditions are threatening business sustainability and reveals a devastating cost for women-led businesses. Some 78 per cent cannot recover all their increased costs, 55 per cent are using personal savings to capitalise their businesses and 52 per cent are making no pension provision, threatening retirement security. Advertisement Hide Ad Advertisement Hide Ad The report also highlighted inequities in Covid pandemic business relief distribution, with female-led businesses receiving just 10.6 per cent of grant funds, despite comprising 15.4 per cent of all businesses.
The Herald Scotland
02-05-2025
- Business
- The Herald Scotland
Call for Scottish Government to deliver Women's Business Centre
'The evidence is stark,' WES chief executive Carolyn Currie said. 'Despite more women choosing to start up in business in Scotland over the past decade to the point of parity with men, this growing early-stage activity is not driving an uplift in the longevity of women's' businesses. Women-led businesses are failing to thrive due to structural inequalities and support systems which fail to address women's distinct business needs.' Read more: Women-led businesses have declined to 20% of all employer businesses in Scotland, and the percentage of women-led companies with more than ten employees has dropped to 4.5% of all companies with more than ten employees. Ms Currie said the figures demonstrate a regression in women's economic advancement. In the US, which has an established Women's Business Centre model, female-owned businesses represent 39% of all businesses. Between 2019 and 2023, they grew their revenue by $579.6 billion and added 1.4 million jobs to the American economy. The US framework of support includes physical Women's Business Centres providing a blend of expert, women-centric, in-person and digital support. Businesses receiving assistance from Women's Business Centres see a significantly better success rate than those without similar support. The prototype provides free access to digital support in Scotland, but physical centres have yet to be progressed. 'Providing dedicated Women's Business Centres in local communities ensures women can access the support they need on a consistent basis," Ms Currie said. "Expert women's support organisations can offer their courses and events in the buildings and reciprocal relationships can be developed with mainstream mixed-sex business support organisations, optimising support provision and enabling business growth.' The open letter from WES acknowledges the fiscal pressures facing Scottish Government but maintains that this investment cannot be delayed any further as it would directly benefit over 50% of Scotland's start-up businesses, enhancing business longevity and significantly contributing to national prosperity.
