At the heart of these robust, dynamic and scalable businesses across the UK, the report shines a light on the hidden figures bolstering economic growth:
- 1,283 growing women-led businesses with £1-250m annual turnover, grew at a median rate of 17% in the past year.
- 44% of businesses grew by 20% or more and 21% grew by 50% or more.
- The total revenues (together) increased by over £4 billion from last year. This was a median annual revenue increase per woman-led company of £1 million, which represented an increase of £115,000 from 2017.
Of these companies, the technology sector displayed significant growth rates. The highest average growth - a whopping 121% - comes from 82 technology companies with a turnover between £1 million and £10 million, suggesting that these companies are still expanding. These 82 companies alone turned over a total of £339 million, proving that female participation in tech is crucial to the future of the UK economy.
The report, compiled by Founders4Schools (F4S); the ed-tech charity that brings business leaders into schools to unlock the employability of young people, was created in partnership with Mortimer Spinks; technology recruitment experts and advocates for diversity and inclusion, in association with EY and London & Partners.
In today’s world, technology permeates the majority of industry sectors, with advances leading to high levels of innovation and disruption. In saying this, women remain severely underrepresented in the technology sector and the report amplifies the need to encourage more young women to pursue STEM subjects, or to consider a career in technology.
Kayleigh McHale, Senior Consultant at Mortimer Spinks, said: “Women-led businesses made huge contributions to the UK economy in the past year, across a wide variety of industry sectors – with phenomenal growth in tech.
“Given what we know about female underrepresentation in technology, the importance of growth achieved by women-led tech businesses cannot be overstated. We must encourage more female students and women to pursue careers in tech to help the UK reach its economic goals.
“Our report in partnership with F4S, highlights the fact that women build impactful and dynamic technology businesses that scale – debunking the idea that women always seek to lead ‘lifestyle businesses’.
“It also shows that highest levels of growth are achieved through doing something that makes a difference. When you build or create something that’s important to people: customers, talent and investment will follow.”
Mortimer Spinks is a forward-thinking Technology Recruitment firm, who work with the most innovative companies in the world. The majority of their customers are defined as entrepreneurial technology organisations, where technology is core to the growth of their business.
Founders4Schools is an ed-tech charity whose mission is to improve the life chances of students by giving them access to inspiring business leaders in their community, with the aim of helping them discover the skills and pathways that will be relevant when they leave education.
The new research, compiled by Founders4Schools and Mortimer Spinks, is supported by Silicon Valley comes to the UK, a programme run out of London & Partners to support scale ups.
About the Inspiring Women in Business research:
Methodology:
To identify the companies, Founders4Schools combined key financial performance indicators from DueDil with Linkedin
Company status:
- Companies must be active and registered in the UK.
- Women-led includes Non-executive directors.
- Companies with less than £ 1 Million & > £ 250 Million turnover are excluded from the analysis.
- Companies that were not growing were excluded from the analysis.
Sector benchmarking:
Having identified the long list, the eligible companies are then separated into their Linkedin Standard Industrial Classification (SIC) grouping. Within each SIC sector, the companies are ranked by their individual growth rate; and those that have most outperformed their sector averages are identified.
Size and age
Independent company or consolidated group revenues must be between £1m-£250m, based on latest Companies House filings which were obtained via the DueDil Fintech startup.