The majority of entrepreneurs in the Canary Islands are women and lead projects with a larger initial investment than those led by men, according to the latest report on entrepreneurship from the Government of the Canary Islands.
The GEM report (Global Entrepreneurship Monitor of the Canary Islands) shows that 5.6% of women in the Canary Islands started a business in 2022, while the percentage of men was 4.3%.
Regarding financing, the majority of projects undertaken by women had an initial investment of around 20,000 euros. In contrast, the business initiatives launched by men in the Canary Islands had a median investment of less than 15,000 euros.
In general terms, only 8% of businesses on the islands started with a capital of more than 100,000 euros, which corresponds to the minimum capital required to establish a company in the Canary Islands Special Zone.
Twice as many men as women say they know more about funding sources
The data show that entrepreneurs have an increasing knowledge of the available funding sources.
Thus, more than 80% of new projects led by men, and 58% of those launched by women, indicate that they have a medium-high level of information on funding sources and resources to finance the start-up.
The differences by sex are significant, as almost 42% of women indicate that they have little knowledge, compared to 20% of men.
The consumer services sector is the one that predominates in companies generated by women in the Canary Islands (49%), while men prefer to start businesses in the business services sector (47%).
Women wait longer to hire
The analysis of the size of the companies considering the sex of the person who undertakes the business shows that women are more cautious when hiring employees in the first stage of the company's life.
Thus, in 2022, 52% of women started their business activity without employees, compared to 37% of men.
Once the companies are consolidated, it can be seen that only 6% of women opt for a staff of between 6 and 19 employees, compared to 17% of men who adopt this size.
54% of female entrepreneurs prioritize the social and environmental impact of their business initiatives, compared to 62% of men.
However, in consolidated companies, 64% of women say they prioritize this impact, compared to 60% of men.
