The $1.4-Trillion Heartbeat: Women Entrepreneurs Tackle Challenges at Roundtable

By Andrew Lautz, WIPP Government Relations

There are 10 million women business owners in the U.S. generating over $1.4 trillion in annual sales. Women Impacting Public Policy (WIPP) brought some of those women business owners together with Members of Congress last week to discuss the challenges women entrepreneurs face in 2019.

The event, hosted by WIPP in conjunction with the Congressional Small Business Caucus, attracted attendees from on and off Capitol Hill for a lively morning discussion about capital access, workforce development, and Federal contracting for women business owners, called the “heartbeat” of the American economy by one attendee.

One common theme among leaders who spoke was the institutional obstacles, past and present, standing between women business owners and their full potential. Congresswoman Chellie Pingree of Maine, Co-Chair of the Small Business Caucus, discussed the difficulties she had obtaining a business loan from her local banks. “What does your husband think about this?” was a common question Pingree was asked when she started her business 30 years ago. Even today, only a miniscule amount of venture capital dollars go to women, according to National Women’s Business Council (NWBC) Chair Liz Sara.

Penn Parking President Lisa Renshaw shared her inspiring story—taking over her first property at age 21, sleeping in a parking garage for 3.5 years, and growing her business to over 200 employees and 45 locations. It’s a fine example of the resilience of the innovators and entrepreneurs in attendance, even in the face of tremendous adversity. Renshaw hasn’t forgotten about her humble beginnings, though—she talked at length about training her workforce for the jobs that will dominate the 21st century American economy.

WIPP President and CEO Candace Waterman shared why Federal contracting parity is so important for women entrepreneurs. The Federal government sets a goal of having 5% of all contract dollars per year go to women-owned small businesses (WOSBs), but has only succeeded once. As the government shifts towards larger and larger contract vehicles, agencies must keep their eye on the 5% goal, Waterman said.

The women entrepreneurs most of whom were WIPP members, took part in the roundtable with Small Business Caucus Co-Chairs Pingree (D-ME) and Scott Tipton (R-CO), along with Congressman Steve Chabot (R-OH). The top takeaway? Congress and the Federal government have more work to do to ensure women entrepreneurs can access much-needed capital, develop a skilled workforce, and achieve parity in Federal contracting. The good news? WIPP, Penn Parking, NWBC, and Members of Congress are on the case.