This Way UP! Data Report - January 2023

ThisWayUP!

January2023

*Thefollowingdataareallself-reportedviaonline surveyfromJanuary1st of2022untilJanuary15th of 2023.

DATAREPORT*

Ourmission:tocountandidentifywomen-ownedbusinessesinVermont,a currentlyunrecognizedandunrepresentedsegmentofthestate’seconomic landscape.

Thisinitiativeoriginatedin2016withthereport,Women’sBusinessOwnership andtheVermontEconomy*,whenitwasdiscoveredthattheStateofVermont doesnotcollectbusinessownershipdatabygender.Thisprofoundgapin economicdatawasdisturbing,compoundedbythefindingsofthereportitself. UsingU.S.CensusSurveyofBusinessOwnersdata,thereportconcludedthat revenuesoffemale-ownedbusinesseslaggedsignificantlybehindthoseofmaleownedbusinesses.ThisledusattheWomen’sFundtoasktheconcerningand confoundingquestion:howcanweimproveandgrowasectoroftheeconomy whenitcannotbeidentified?

Oursolution?ToleveragethephilanthropicresourcesoftheVermontWomen’s Fundtocreateanonlinedatabaseoffemale-identifiedbusinessesowners.A teamwasassembledtodevelopawebsiteandsurvey,firstseekinginputfrom over40Vermontorganizationsthatworkwithwomenentrepreneursinsome capacity.AdigitalinteractiveplatformwasdesignedbyGameTheory,aVermontbasedwoman-ownedbusiness,whocontinuestoprovidetechnicalexpertise andmanagement.

ThisWayUPasksbusinessownersandleaders–akasurveysigners--toanswer aseriesofquestionsabouttheirbusiness,earnings,employees,funding,and livedexperience.Thedigitalplatformisfullytransparentandaggregatesdatain realtime,soitisalwayscurrent.Alldataisself-reportedandreliesonthe accuracyofthesurvey-takers.

DATAREPORT ThisWayUP! January2023 Page1

*SeeChangeTheStory, WomenBusinessOwnershipandtheVermontEconomy (2016)

TheVermontWomen’sFundlaunched ThisWayUP: there’spowerinournumbers inlateNovemberof2021.

Afewhighlightsfromthe2,850surveyedtodate:

•Thesebusinessescontribute$2.25billiontoVermont’seconomy

•Theygenerate5,339full-andpart-timejobs

•Themajorityofourrespondentsare35-44yearsold

•Themajorityofourrespondentsstartedtheirbusinessesbetween2020 and2022

•77%ofourrespondentsown100%oftheirbusiness

•60%ofrespondentsrelyontheirbusinessastheirmainareaoffinancial support

•55%ofrespondentsdidnotneedfunding,theybuilttheirbusinessslowly overtime

TheWomen’sFundwillcontinuetocollectdatathroughSeptember2023.We encourageyoutovisitthesitetoseethehowthedatachangesovertimeaswell assearchforwomen-ownedbusinessesontheinteractivemapat: thiswayupvt.com.

Welookforwardtoarobustdiscussionaboutwhatthisdatatellsusandhowwe canutilizeittoprovideeffectivefundingandsupporttoourwomenbusiness ownersinVermont.

Best,

MegSmith Director,VTWomen'sFund msmith@vermontcf.org

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ABOUTTHEVERMONTWOMEN’SFUND

TheVermontWomen’sFund,acomponentfundoftheVermontCommunityFoundation,is dedicatedtoadvancinggenderequityandeconomicjusticeforwomenandgirlsinVermont.The Fundconductsanannualgrantmakingcycletononprofitsthatprovidewomenandgirlswith essentialservices,acceleratecareeropportunitiesandtraining,anddismantlesystemicbarriers thatcreateinequity.

ABOUTGAMETHEORYCO

GameTheoryisanaward-winningdesignstudiothatappliesthepowerofgamestocreateimpact. GameTheorypartnerswithsomeofthelargestorganizationsintheUS,researchers,universities, andglobalnon-profitstocreatedigitaltoolsthatempowerlearning,inspirecreativity,andbuild perseverance.

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DATAREPORT ThisWayUP! January2023 Page4 WOMEN-OWNED

Whataresomeofthedemographicsofthesurvey-takers?

Whereistherebusinessdensitybasedonthesurvey-takers?

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Whendidthesesurvey-takersstarttheirbusinesses?2020has beenhighlightedhereasthefirstcovid-19year.

Howelsedosurvey-takersidentify?

DATAREPORT ThisWayUP! January2023 Page6

Whattypesofbusinessesdothesurvey-takershave?

ThehighestsinglecategorywasWellnesswith10.9%.ArtisanGoods wascloseto10%andRetailShopaswellasConsulting&Trainingwere theothercategoriesabove5%.

DATAREPORT ThisWayUP! January2023 Page7

DATAREPORT ThisWayUP! January2023 Page8 Outofthebusinesseswesurveyed,howmuchofthebusiness dowomenown,anddotheyworkforthebusinessfulltime?

DATAREPORT ThisWayUP! January2023 Page9 Whoreliesonthesebusinessesforfinancialsupport?

Here’showsurvey-takersidentifytheirlivedexperiences: DATAREPORT ThisWayUP! January2023 Page10

Wheredidthesurvey-takersgetfundingtostarttheir businesses?

DATAREPORT ThisWayUP! January2023 Page11

Whatlifechangesledtothesurvey-takersstartingtheir businesses?

DATAREPORT ThisWayUP! January2023 Page12

Whattype(s)offundinghavethesurvey-takers received(ifany)tostartorgrowtheirbusinesses?

DATAREPORT ThisWayUP! January2023 Page13

DATAREPORT ThisWayUP! January2023 Page14 Havethesurvey-takersconsideredretirement?

DATAREPORT ThisWayUP! January2023 Page15 Whatdowomen-ownedbusinessesneed?

Whatbarriersdidsurvey-takersface?

DATAREPORT ThisWayUP! January2023 Page16

Whichchallengesdidthesurvey-takersfacewhen startingtheirbusinesses?

DATAREPORT ThisWayUP! January2023 Page17

SMALLBUSINESS ASSOCIATION

Whattypesoftechnicalservicesoradvicehavesurvey-takers accessed? VTSMALL BUSINESS DEVELOPMENT CENTER

AGENCYOF COMMERCEAND COMMUNITY DEVELOPMENT –VT

VERMONT WOMENPRENEURS

DATAREPORT ThisWayUP! January2023 Page18

Whattypesoftechnicalservicesoradvicehavesurvey-takers accessed?

WOMEN BUSINESS OWNERS NETWORK

BUSINESS NETWORK INTERNATIONAL

VTBUSINESSES FORSOCIAL RESPONSIBILITY

VTECONOMIC DEVELOPMENT AUTHORITY

DATAREPORT ThisWayUP! January2023 Page19

Whichoftheseorganizationshavesurvey-takersaccessedhelp from?

DATAREPORT ThisWayUP! January2023 Page20 Organization Total Percent U.S.SmallBusinessAdministration(SBA) 574 29% CreditUnion(s) 298 15% VTSmallBusinessDevelopmentCenter (VTSVDC) 278 14% AgencyofCommerceandCommunityDevelopmentoftheVermont DepartmentofEconomicDevelopment(ACCD) 268 14% SCOREVermont 268 14% CenterforWomen&Enterprise(CWE) 259 13% VermontWomenpreneurs 212 11% WomenBusinessOwnersNetwork(WBON) 167 8% VermontChambersofCommerce 145 7% BusinessandProfessionalWomen(BPW) 136 7% VermontBusinessesforSocialResponsibility(VBSR) 114 6% VermontEconomicDevelopmentAuthority(VEDA) 94 5% Women’sSmallBusinessProgramatMercyConnections 85 4% CapstoneCommunityAction 84 4% ChamplainValleyOfficeofEconomicOpportunity,Inc.(CVOEO) 72 4% MicroBusinessDevelopmentPrograms(MBDP) 65 3% YoungProfessionalGroups 54 3% MainStreetAlliance 52 3% VCET 48 2% Bennington-RutlandOpportunitiesCouncil(BROC)—CommunityActionin SouthwesternVermont 45 2% USDARuralDevelopmentStateOffices 45 2% RegionalDevelopmentCorporations(RDC) 44 2% VermontCommunityLoanFund 40 2% OpportunitiesCreditUnion 38 2% CommunityCapitalofVermont 32 2% VermontFoodVentureCenter 32 2% Hula 31 2% Women'sAgriculturalNetwork(WAgN) 26 1% NortheasternVermontDevelopmentAssociation 25 1% LaunchVT 24 1% GreaterBurlingtonWomen'sForum 23 1% Generator 21 1%

DATAREPORT ThisWayUP! January2023 Page21 Organization Total Percent NorthernCommunityInvestmentCorporation 21 1% VermontSustainableJobsFund 19 1% VermontBusinessRoundtable 18 1% VermontEmployeeOwnershipCenter(VEOC) 17 1% BusinessandIndustryGuaranteedLoanProgram,USDA 14 1% SpaceonMain 13 1% VermontWomen'sInvestorNetwork 12 1% FreshTracksCapital 11 1% OfficeSquared 11 1% KarmaBirdHouse 9 0% MilkMoneyVermont 8 0% FlexibleCapitalFund 6 0% VermontFarmWomenFund 6 0% VermontHumanResourcesAssociation 6 0% DoNorthCoworking 5 0% StoneMill 5 0% VermontEmploymentGrowthIncentive 5 0% EvolveRutland 4 0% LighteningJar 4 0% Local64 3 0% NorthCountryAngels 3 0% NorthernBorderRegionalCommission 3 0% TheMint 3 0% VermontFuturesProject 3 0% BethelWorksArnoldBlock 2 0% BurlingtonTelecomInnovationFund 2 0% TheSchoolHouse 2 0% TheFundatHula 1 0% TheWorkCommons 1 0% VCETSeedFund 1 0% Hinge 0 0% Other 0 0% ValleyWorks 0 0%

Whichoftheseorganizationshavesurvey-takersaccessedhelp from?

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