Why are women business owners in Salt Lake City so underrepresented?

In the United States, particularly in Salt Lake City, Utah, the entrepreneurial landscape is witnessing a significant shift as women business owners begin to break through barriers. Although fewer than 15% of businesses in Salt Lake City are owned by women—one of the lowest proportions reported in the country—female founders are taking bold steps to create and sustain successful enterprises. This change is partly due to organizations like Beta Boom, a venture fund focused on empowering underrepresented startup founders. Launched by Kimmy and Sergio Paluch, Beta Boom aims to boost funding for diverse businesses, and so far, they've invested $5 million in companies run by women and are looking to expand their reach with a second fund of $15 million. One inspiring example is the journey of Arneson and Donati, the co-founders of Maven, a fitness studio that began as a Pilates venture. They have grown their businesses from modest beginnings, generating around $200,000 a year to a projected revenue of about $4 million in just a few years. Their shared aspirations to move away from traditional corporate roles have propelled them to create a vibrant community of women entrepreneurs, fostering collaboration and connection. This shift towards community-oriented business growth is drawing attention to the capabilities and potential of women in the business sector. In addition to the financial support provided by Beta Boom, peer relationships within the female business community are crucial. Entrepreneurs like Petersen have expressed how mentorship and collaboration among women have contributed significantly to their business successes. Petersen, who made a television appearance on Shark Tank in 2014, saw her revenue soar from $500,000 to nearly $20 million, crediting the support of other women business owners as a crucial aspect of her journey. As Utah continues to cultivate its entrepreneurial spirit, the need for diverse representation in the business sector underscores the urgency of providing resources and support for women and people of color. The untapped potential in these communities represents a significant opportunity for economic growth and innovation. Bringing more female entrepreneurs into the fold not only benefits individual businesses but also stimulates the entire economy, making it essential to keep fostering such initiatives.