Entrepreneurship

Although Utah ranks well in some elements of women’s entrepreneurship, it ranks low on other metrics and measures. However, there continue to be barriers for women starting businesses nationally, and those that are unique to Utah women more generally. The greatest barriers to women’s entrepreneurship are fair access to capital, access to mentors, access to affordable childcare, and lack of awareness of business training and resources. Even in the face of multiple hurdles, women are establishing businesses that not only generate revenue and employ other Utahns, but also contribute to their quality of life and the prosperity of local and statewide economies. The Entrepreneurship spoke seeks to eliminate these barriers and support Utah women who desire to own and/or operate their own business.

Spoke Leaders

Ann Marie Wallace

State Director, WBCUtah
LinkedIn Profile

Ann Marie Wallace is the State Director of the Women’s Business Center, the same organization that helped her become an entrepreneur. She worked in hotel management and launched her own business before mentoring other women.

Seth Jenson

Entrepreneurship Centre Fellow
LinkedIn Profile

Dr. Seth Jenson is an Innovation Fellow at the Saïd Business School Entrepreneurship Centre, University of Oxford. His research untangles what makes early entrepreneurial strategies successful and how robust and inclusive entrepreneurial ecosystems are made.

Tara Spalding

Interim CEO, Kinect Capital
LinkedIn Profile

Tara Spalding is Interim CEO at Kinect Capital, Utah-based non-profit organization that assists, coaches, and provides mentoring to entrepreneurs who are raising investment capital. She is also the Chairperson at Kinect WeAngels.

Bold Vision & Goals

To make Utah a place where more girls and women can thrive, the Entrepreneurship spoke leaders and partners have crafted the vision and goals below. Spoke leadership and UWLP team members are currently working to collect baseline data that will assist in adding numbers to the changes we want to see by 2026 and 2030.

Vision: Lead the nation with the highest concentration of women who own businesses with the most growth and longevity.

Goals:

Increase the number of Utah women-owned businesses from 109,554 in 2019 to 112,500 (2.7% growth) by 2026 and to 115,000 (5% growth by 2030. This will include employer and non-employer businesses. [Metric]
Increase the total annual revenue of Utah female-owned non-employer businesses from $2.6B in 2019 to $2.7B (3.8% growth) by 2026 and $2.86B (11% growth) by 2030. [Metric Forthcoming]
Increase the percentage of employer businesses of total female-owned businesses from 10.1% in 2019 to 11% (.9% growth) in 2026 and to 12% (1% growth) in 2030. [Metric]
Increase the percentage of Utah women who, if given the opportunity and resources, would like to start a business. [Data forthcoming]
Increase the percentage of Utah women who believe their friends and family would support their decision to start a business. [Data forthcoming]
Increase the percentage of Utah women who believe their business would grow enough to employ others. [Data forthcoming]
Increase the percentage of Utah women who know how/where to access resources and support for entrepreneurs. [Data forthcoming]

Partners

Working Groups

Mindset (Aspiration, Encouragement, Support, Role Models)
Non-Financial Resources (Networks, Community, Tools, Spaces, Childcare)
Knowledge (Experience, Assistance, Guidance, Mentorship)
Capital (Bankability, Pipeline, Fair Access)

Get Engaged: Are you and/or your organization interested in being involved in the Entrepreneurship spoke? If so, contact Ann Marie Wallace (annmarie@wbcutah.com) with details about you/your entity and the current or future efforts you believe are aligned with this work. Other ways to get engaged include joining a spoke working group and spreading the word that Utah has many resources available for women who own or want to start a business. Thank you for your interest!