The last few years have been transformative for the economy, but one of the most notable and exciting new developments is the significant increase in women-owned businesses around the world. Half of all the new businesses started in the United States in the last year were founded by women, while nations in Southeast Asia, South America, and Europe saw significant gains in women’s entrepreneurial activity. This sizeable step towards gender equity is a promising sign of the effectiveness of the global efforts to expand business opportunities for women.

There is no single cause or approach which created this shift, but rather a wide range of factors and efforts to close the gender equity gap. As women and supporters of gender equity continue to make strides, it’s critical to understand and learn from their work, and to document novel and successful approaches in order to expand access globally. What is clear from these numbers is that women entrepreneurs have shown tremendous resilience and creativity in the face of uncertain economic headwinds, and that their efforts can be built on and expanded. Here are some of the key factors in this new development:

Networking

One of the most durable and powerful tools available to women entrepreneurs is the network of successful and growing women-owned businesses, leaders and mentors which they can tap into at every stage of their journey. As more and more women start businesses, this network becomes more robust and useful, able to facilitate and support further entrepreneurship and opportunities for aspiring leaders. Many of the challenges that new business leaders face can be more easily overcome through these networking efforts.

Networks are built through relationships, whether they be formed on the job, in school, through networking events or one’s personal life. Global networks have helped women entrepreneurs around the world make major inroads in particular sectors, such as educational services (where they own 45% of all businesses), scientific services and retail. Each new woman entrepreneur can strengthen the power of the network, creating a sustainable support tool to help share strategies, identify new opportunities, and facilitate access to financial resources and capital.

Changing Social Norms and Ideas of Leadership

The normative view of entrepreneurs and executives as exclusively male has fallen away as women business leaders have broken through the glass ceiling to hold positions of power and influence in business, government and culture. As these norms shift, society as a whole becomes much more open and encouraging, and women learn from a young age that they can achieve more than prior generations.

This is also critical in business relationships, as women entrepreneurs have emerged as a force that can break down systemic barriers to success and redefine what leadership looks like. This shift is poised to continue as the next generation of women leaders are watching and learning, ready to push further towards true equity and gender parity.

Access to Capital

Representation is critical, but it is not the whole battle, as successful entrepreneurship also requires leaders to have access to capital and investment in order to build larger, more sustainable and influential businesses. Specific efforts have been made to increase women’s access to funding and resources, a critical piece of the global rise of women-owned businesses. It’s also notable that women leaders are using their personal networks to raise funds, an increasingly effective tool when other funding sources remain unwilling to fund women-owned businesses.

The increase in entrepreneurship among women shows how powerful this network funding approach can be. As more women-owned businesses mature and become critical parts of the business landscape, network funding will only become more powerful and effective. This network approach is also instrumental in providing educational and advisory resources to new entrepreneurs, as financial planning and management are a crucial part of business sustainability and growth.

Institutional Support and Awareness

Over the last decade, governments, private sector organizations and nonprofits have created programs and legislation to encourage investment in and promotion of woman-founded organizations. Whether they be tax incentives or corporate-sponsored networking events, this kind of institutional support can help both new and established women entrepreneurs develop invaluable connections, and access new tranches of resources and support.

Local and global efforts to support women entrepreneurs have paid off. Globally, women lead 33% of high-growth businesses and 40% of export-driven firms. The growth of female entrepreneurship shows that these efforts are both effective at encouraging gender equity and are valuable investments in the future, as the growth of new businesses can help drive innovation and efficiency. Legislative and corporate programs can also help make up for the lack of financial investment and education that women founders and entrepreneurs have historically struggled with. These efforts have significant network effects as well, as a law or corporate program that demonstrates its effectiveness in one country can be employed in other countries, regions or around the world.

The Work Isn’t Done

The recent increase in women entrepreneurship is the direct result of years of effort by women leaders, legislators, activists and executives — all committed to greater equity and access to resources and support. They’ve been able to build extensive, thriving networks; institutional funding and resources; and mentorship programs; and have redefined the global understanding of entrepreneurship. Despite these efforts, there is still a lot of work to be done to solve persistent disparities in wages, access to capital and institutional support.

WTCA is proud to contribute to this effort and celebrate these achievements in honor of International Women’s Day (March 8) — this year’s focus on Rights. Justice. Action. For ALL Women and Girls — with the launch of Women@WTCA, a new community group within the network that is dedicated to fostering a supportive, inclusive environment where women can thrive. The community’s Inaugural Meeting was held on March 9, and marked the beginning of a collaborative platform designed to elevate women’s leadership, amplify diverse voices and strengthen opportunities across our global network. The Women@WTCA community group is open to all to join — including male allies — who are committed to building a more equitable and empowering professional community. Read more about the Women@WTCA community group and the Inaugural Meeting here.

The competitive pressures of today’s global market means that small- and medium-sized enterprises (SMEs) need to seek out any advantage. For many businesses, these advantages are often found in new technology, which has become widely available in every region and to organizations of every size. This expanding availability is matched by their increased sophistication, as new technologies allow SMEs to track every aspect of their supply chain and productivity, react to shifts in demand, help their teams become more efficient, and offer greater value to customers.

Despite these benefits, many business leaders still fail to get much value out of digital tools. This can be the result of poor implementation, a misunderstanding of the capabilities of a tool, a lack of strategic oversight, and many other factors. Often, the pressure to seek out advantages can create a counterproductive desire to pursue digital transformation for its own sake. Other times, organizations may feel pushed to follow industry trends without understanding the exact capabilities of a tool and whether it makes sense for them.

Here are some of the biggest mistakes that SMEs make when adopting new digital tools:

Assuming New Tools are “Plug and Play”

While some tech tools and services can be implemented relatively seamlessly, these are the exception, not the rule. The sort of sophisticated systems that SMEs use often require significant implementation and improvement, and it may be a long time before any direct benefits are realized.

SMEs with limited budgets or narrow margins may not have the resources and time to devote to the fine-tuning of new technology, and may struggle to see value in it. Additionally, some new technology tools may require significant assistance from third party vendors or an in-house technology specialist, which can be costly.

Implementing Without a Strategy

Whether a new tool is a help or a hindrance may not be clear unless you incorporate them strategically with key metrics and benchmarks to measure success. Many SMEs think of technology as necessarily additive, and that more technology always creates greater efficiency, better returns, more flexibility, and so on. However, the reality can be very different, depending on how the technology is implemented, whether the team uses it properly, and most importantly, how it offers a return on investment.

Having measurements and a strategy in place is essential for successful implementation. Successful SMEs can use these to identify key issues like data bottlenecks, under-utilization, and uneven adoption. Having no strategy, on the other hand, means that the SME is blind to these issues and is assuming benefits that may not have materialized.

Following Trends and “FOMO”

The pace of development and the enthusiasm for new tools can pressure SMEs to a trial or purchase of new technologies without exploring whether they make sense for the business. This pressure can lead some to overlook the specific requirements and issues with a new tool, and to agree to use it without understanding any potential downsides. It may lead some SMEs to overlook a less trendy tool that could be better suited to their unique needs.

This is sometimes described as a “fear of missing out” (or “FOMO”), as new tools are often marketed as paradigm shifts which will reward early adopters. Having an experimental approach can be a good way to see if a new social media platform or HR tool makes sense, rather than adopting tools based on buzz and marketing. Often, having patience can be rewarding, as early adopters sometimes must contend with several rounds of bugs and patches before the tool is stable.

Lack of Internal and External Communication

Another common mistake that SMEs make is incorporating new tools without taking the time to communicate with their team, clients or customers. The sudden introduction of a different platform can be jarring, as it changes internal workflows and may force customers into changes that they dislike. If an SME fails to communicate proactively about future changes, they may suffer reputational damage, lose customers and frustrate their employees.

Developing a communications strategy is not just an important way to reduce friction and increase team buy-in, but it can also lead to productive discussions about why the tool is necessary in the first place. It can also spark useful conversations about any concerns the team or customers have regarding these changes. Although this step might mean a longer implementation cycle, it can also frontload any potential issues and allow the SME to proactively solve them.

Moving Too Quickly

One of the most common and damaging mistakes that SMEs make in this process is moving too quickly. This can mean setting unrealistic implementation timelines or canceling old tools before the new ones have been deployed, or it can mean changing staff training and composition before the technology has been fully vetted.

Some SMEs rush in order to realize the benefits of a new technology, only to find that it isn’t as performant as they believed. This can create regrettable situations where staff members are retrained or laid off in anticipation of a new tool, only to be rehired when that tool does not deliver the expected benefits. The net result of rushing the process can be negative, as the damage to team morale and reputation outweighs any productivity gains.

Implementation Done Right

In order to realize the benefits of new technology, SMEs can benefit from an accretive, experimental approach based on clearly-defined metrics and goals. While moving fast and having flexibility is important, enjoying lasting benefits requires more than just being an early adopter. What works for one business, industry or region may not work for another.

It’s critical that SMEs embrace the benefits technology can bring, but do so in a way that is driven by returns and value rather than trends and a desire to keep up with the times.

Through our global network of more than 300 World Trade Center (WTC) businesses across nearly 100 countries/territories, WTCA can help SMEs and business leaders connect and collaborate — learning from each other and using new technology to achieve lasting benefits. Join our upcoming "WTCA Sector Salon: Innovation and Technology" to connect, exchange ideas and look for growth and collaboration opportunities specific to the sector. This networking opportunity is free to attend, and open to WTCA Members and their business networks. Register here.