Fast Forward

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Introduction

The rise of women as economic powerhouses represents one of the most significant yet underappreciated forces reshaping the global economy in the 21st century. With approximately one billion women poised to enter the global economy in recent years, their collective impact rivals the emergence of China or India as economic powers. This transformation extends far beyond individual advancement to create what economists call a "double dividend" - when women earn income, they reinvest a significantly higher percentage in their families and communities compared to men, simultaneously raising GDP while improving social outcomes like education and health. Despite compelling evidence that women's economic participation drives both business performance and social progress, significant barriers persist worldwide. From discriminatory laws and limited access to capital to the disproportionate burden of unpaid care work, structural obstacles continue to prevent women from reaching their full economic potential. By examining innovative approaches across sectors - from purpose-driven leadership and strategic networking to technology adoption and shared value business models - we gain insight into how removing these barriers can accelerate not just gender equality but broader economic growth and social development globally.

Chapter 1: The Economic Case for Women's Advancement in Business

The economic argument for advancing women in business has moved beyond moral imperatives to become a compelling business case backed by robust data. Leading global institutions including McKinsey & Company and the World Bank have documented how women represent one of the most powerful demographic forces in economic history. With approximately one billion women entering the global economy over a recent decade, their collective impact rivals the emergence of major economic powers like China and India. Women's economic participation creates what development experts identify as a "double dividend" effect. When women generate income, they typically reinvest 90 percent in their families and communities, compared to 30-40 percent for men. This pattern leads to improved health outcomes, higher education rates, and reduced poverty, creating intergenerational benefits that extend far beyond immediate economic gains. The World Bank has recognized this multiplier effect, emphasizing that promoting equal opportunities for women enhances productivity while improving development outcomes for current and future generations. The entrepreneurial contribution of women continues to grow exponentially. Between 1997 and 2014, women-owned businesses in the United States grew at 1.5 times the national average. By 2014, more than 9 million women-owned businesses employed nearly 7.9 million people and generated over $1.4 trillion in revenues. Globally, women own or lead more than a quarter of private businesses and control approximately $20 trillion in annual consumer spending, making them a critical market segment for forward-thinking companies. Corporate performance data consistently demonstrates the value of women in leadership positions. A 2011 Catalyst analysis revealed that Fortune 500 companies with three or more female board directors over a five-year period achieved nearly 50 percent higher return on equity than companies with no women on their boards. Credit Suisse research similarly found that companies with more than 15 percent women in top management positions delivered higher returns on equity than those with less than 10 percent female representation. These financial outcomes reflect how women leaders often bring different perspectives, more collaborative approaches, and greater focus on long-term sustainability. Despite this compelling economic case, significant barriers continue to limit women's full participation in the economy. Discriminatory laws in many countries restrict women's ability to own property, open bank accounts, or work in certain industries. Violence against women remains a global epidemic that limits mobility and economic opportunity. Structural design flaws in workplaces and economic systems make balancing professional advancement with caregiving responsibilities unnecessarily difficult. Addressing these obstacles represents not just a moral imperative but an economic necessity for unlocking the full potential of half the world's population.

Chapter 2: Purpose-Driven Leadership: How Meaning Transforms Work

Purpose has emerged as a critical element in professional fulfillment and effectiveness, particularly for women in leadership positions. Research from the Center for Talent Innovation reveals that women, more than men, prioritize the ability to advance meaningful causes through their work. Among American women between ages 35 and 50, an overwhelming 80 percent report that finding meaning and purpose in their careers is very important to them, indicating that purpose serves as a powerful motivator for female professionals. The transformative impact of purpose-driven work is vividly illustrated through experiences like that of Pam Seagle, a Bank of America executive who survived the "Miracle on the Hudson" plane crash. This near-death experience prompted a profound reassessment of her priorities, leading her to realize that mere happiness was insufficient - she needed meaning. Upon returning to work, she requested a position with greater purpose and was appointed to corporate social responsibility marketing, where she could showcase the bank's community initiatives while finding deeper personal fulfillment. This pattern of seeking greater alignment between personal values and professional roles frequently emerges when individuals experience significant life events that clarify what truly matters. Purpose-driven work creates a virtuous cycle of engagement and satisfaction that benefits both individuals and organizations. A 2014 survey conducted by The Energy Project and Harvard Business Review found that employees who derived meaning from their work were more than twice as likely to report job satisfaction and over 90 percent more engaged than those who did not. This connection between purpose and engagement proves particularly significant for millennials, with a 2015 Deloitte survey revealing that 60 percent cited "a sense of purpose" as part of their reason for choosing their current employer, suggesting that purpose will become increasingly important for talent attraction and retention. When individuals integrate purpose into their professional lives, they often experience what psychologist Martin Seligman describes as the "meaningful life" - using signature strengths and virtues in service of something larger than oneself. This represents the highest level of happiness in Seligman's framework, beyond the "pleasant life" where basic needs are met and the "good life" where one deploys strengths creatively. Purpose-driven leadership thus offers a pathway to both personal fulfillment and organizational effectiveness by connecting daily work to larger societal contributions. The benefits of purpose extend beyond individual satisfaction to create organizational advantages through programs like Bank of America's Global Ambassadors Program, which pairs senior female executives with emerging women leaders from developing countries. This initiative not only benefits the mentees but also energizes the mentors, who report feeling more connected to a larger community and finding renewed motivation in their work. As Anne Finucane, the bank's global chief strategy and marketing officer noted, "It is very motivating and energizing to know they can use their skills for good," highlighting how purpose-driven initiatives can revitalize even the most accomplished executives.

Chapter 3: Strategic Networks: Building Connections for Collective Impact

Women's networks have evolved dramatically from traditional models focused on individual advancement to become powerful catalysts for collective impact. Unlike conventional "old boys' clubs" where deals were made in exclusive settings, contemporary women-led networks are characterized by their purposeful, inclusive approach focused on creating positive change. These networks yield what might be called a "double dividend" for participants - providing both personal satisfaction and professional success through meaningful connections that extend beyond transactional relationships. The transformative potential of purpose-driven networks is exemplified by the case of Sophie, a one-month-old Cambodian baby who was attacked with battery acid while breastfeeding. This horrific incident catalyzed a coalition that ultimately changed laws and created lasting institutions. When Dr. Ebby Elahi, a New York surgeon, encountered Sophie during a medical expedition, he shared her story with Kim Azzarelli, then a corporate executive at Avon. Their combined networks mobilized resources not only for Sophie's medical care but also established Cornell Law School's Avon Global Center for Women and Justice, which has since provided assistance to judges worldwide on issues ranging from child marriage to human trafficking. This case demonstrates how networks activated around shared purpose can achieve outcomes far beyond what individuals could accomplish alone. Women's networks frequently transcend traditional boundaries of rank, background, and geography. When Dana Lerner lost her nine-year-old son Cooper in a tragic taxi accident in New York City, her network rapidly mobilized to provide emotional support and drive policy change. Within months, they had established a foundation in Cooper's memory and successfully lobbied for "Cooper's Law," which allows authorities to suspend the license of taxi drivers involved in serious crashes. This example illustrates how women's networks often operate with remarkable speed and effectiveness when united around a meaningful cause, cutting across professional and personal domains to create tangible impact. The effectiveness of women's networks stems partly from their ability to connect diverse individuals around shared purpose. Tina Brown's Women in the World Summit exemplifies this approach by bringing together leaders from media, finance, entertainment, and government to amplify the voices of human rights activists and social entrepreneurs. Since its inception in 2010, many women featured at the summit have gained international recognition, including Nobel Peace Prize winners Leymah Gbowee and Malala Yousafzai. By creating a platform where influential figures can connect with grassroots leaders, such networks democratize access to resources and visibility for women driving change globally. Purpose-driven networks also create valuable opportunities for mentorship and knowledge transfer across generations and geographies. The Fortune-U.S. State Department Global Women's Mentoring Program pairs emerging international business leaders with senior American executives for intensive mentoring experiences. Since 2006, more than 250 women from 55 countries have received guidance from prominent business leaders like Marissa Mayer and Ursula Burns. As Fortune editor Pattie Sellers noted, this program "captures the essence of Fortune's Most Powerful Women—that real power is what you do beyond your job description," highlighting how these networks redefine success to include lifting others while advancing personally.

Chapter 4: Breaking the Glass Ceiling: Women's Leadership Across Sectors

A historic shift is occurring as women reach unprecedented levels of leadership across business, government, and civil society. For the first time in history, a critical mass of women has ascended to positions of significant power and influence. While the glass ceiling remains intact in many areas, women today lead nations, multilateral organizations, and Fortune 500 companies, often using their power to advance other women and promote more inclusive approaches to leadership and governance. Despite this progress, women remain significantly underrepresented in leadership positions across sectors. Debora Spar, president of Barnard College, has described this as the "16 percent ghetto" - the phenomenon where women max out at roughly 16 percent representation in leadership positions across industries. In S&P 500 companies, women hold approximately 19 percent of board seats but comprise only 3.1 percent of board chairs and less than 5 percent of CEOs. The situation is even more challenging for women of color, who hold a mere 3.1 percent of board seats in Fortune 500 companies, highlighting the intersection of gender and racial barriers to advancement. The business case for diverse leadership continues to strengthen with mounting evidence that companies with more women in their top ranks consistently outperform those with fewer women. A 19-year study found that the 25 Fortune 500 firms with the best record of promoting women to senior positions had 18-69 percent higher profitability than median companies in their industries. This performance advantage stems from diverse perspectives preventing groupthink and leading to better decision-making. Helena Morrissey, CEO of Newton Investment Management, has leveraged this evidence through the 30% Club, which aims to increase women's board representation to 30 percent - the threshold research indicates constitutes a "critical mass" where diverse voices can truly influence group dynamics. In political leadership, women often govern with different priorities and approaches, using their power in more inclusive ways that benefit broader segments of society. In India, a constitutional amendment reserving one-third of seats in local panchayats (village councils) for women has led to measurable improvements in public services benefiting female constituents. Women-led councils prioritize access to safe drinking water, girls' education, and discouraging extravagant dowries. This mass movement of over one million women into local government has been called India's "silent revolution in democracy," demonstrating how increased women's representation can transform governance priorities. Women's leadership also frequently demonstrates greater effectiveness in bridging partisan divides. A 2011 study of the U.S. Congress found that female legislators are approximately 10 percent more effective than their male colleagues in passing bills they sponsor. This effectiveness is even more pronounced for women in the minority party, who are about 33 percent more effective than men in similar positions. During the 2013 U.S. government shutdown, women senators from both parties worked together to develop a plan that ultimately reopened the government, exemplifying how women leaders often prioritize practical problem-solving over ideological positioning. As more women reach leadership positions, they frequently use their influence to lift others, creating a virtuous cycle of advancement. Whether establishing mentoring programs, advocating for policy changes, or simply ensuring that women's voices are heard in decision-making, these leaders are redefining success to include not just personal achievement but also the advancement of other women and girls. This approach reflects a broader understanding that true leadership involves not just reaching the top but transforming systems to become more inclusive and equitable for all.

Chapter 5: Overcoming Barriers Through Education and Technology

Education and technology represent two critical levers for advancing women and girls globally, yet significant barriers to equal access persist in both areas. Addressing these obstacles is essential to unlocking women's full potential and accelerating progress toward gender equality across economic, political, and social dimensions. Education transforms individual lives while creating ripple effects throughout communities and economies. The story of Kakenya Ntaiya illustrates this transformative power. At fourteen, living in a remote Masai village in Kenya, she struck a deal with her father: she would undergo female genital cutting if he allowed her to continue her education. This bargain eventually led her to college in the United States and a doctorate in education. In 2009, she fulfilled her promise to return and establish the Kakenya Center for Excellence, the first primary boarding school for girls in her village. Parents who enroll their daughters sign a pledge to spare them from genital cutting, creating generational change through education. This example demonstrates how education not only opens opportunities for individual women but can catalyze broader cultural shifts. Despite global progress in closing gender gaps in primary education, girls continue to face numerous obstacles to completing their schooling. In some regions, attending school can be life-threatening, as demonstrated by the Taliban's shooting of Malala Yousafzai for advocating girls' education in Pakistan. Even where girls can freely attend school, they often face harassment or violence. A 2004 survey of Malawian schoolgirls found that 44 percent had been touched sexually without permission by teachers or male classmates. In Zimbabwe, 92 percent of schoolgirls reported being propositioned by older men. These safety concerns, combined with economic pressures and cultural expectations regarding girls' domestic responsibilities, contribute to higher dropout rates among female students. Technology represents another crucial pathway to women's advancement, yet a significant gender gap exists in both access and participation. The tech industry was not always male-dominated - women like Ada Lovelace and the ENIAC programmers played pioneering roles in computing history. Today, however, women hold only 29 percent of science and engineering jobs in the United States, and the percentage of women earning computer science degrees has actually declined from 23 percent to 18 percent over the past decade. This underrepresentation limits women's participation in developing technologies that increasingly shape economic opportunities and social interactions. Institutional changes can dramatically increase women's participation in technology fields, as demonstrated by Harvey Mudd College under President Maria Klawe's leadership. By redesigning entry-level courses to be more engaging and creating a welcoming environment, Harvey Mudd achieved 47 percent female computer science majors by 2013, more than double the national average. This success challenges the notion that women are inherently less interested in technology fields and highlights how educational institutions can help close the gender gap through intentional reforms. Mobile technology offers particular promise for women's economic empowerment in developing countries. Research indicates that nine out of ten women report that mobile phones make them feel safer, eight out of ten feel more independent, and four out of ten enjoy enhanced economic opportunities through mobile connectivity. Mobile banking can be especially transformative, allowing women to keep their income secure and engage in financial transactions even without formal bank accounts. As the Bill and Melinda Gates Foundation predicted in 2015, "mobile banking will help the poor radically transform their lives," with women standing to benefit significantly from this financial inclusion. However, a substantial gender gap exists in technology access globally. Intel's Women and the Web report found that in developing countries, women are 25 percent less likely than men to be online, with gaps reaching 45 percent in sub-Saharan Africa. Closing this gap could contribute between $13-18 billion in annual GDP across developing nations. Through programs like Intel She Will Connect, which provides digital literacy training to women in Africa, companies are working to bridge this divide and ensure that women can fully participate in the digital economy.

Chapter 6: The Multiplier Effect: How Women's Success Benefits Communities

When women advance economically, the benefits extend far beyond individual gains to create cascading positive impacts on families, communities, and entire economies. This phenomenon, known as the "multiplier effect," occurs because women typically reinvest a higher percentage of their earnings in their families and communities compared to men, creating improvements in health, education, and economic development that span generations. The multiplier effect is particularly evident in microfinance initiatives targeting women. Muhammad Yunus, founder of Grameen Bank, discovered this pattern when providing small loans to women in rural Bangladesh. Initially skeptical about handling money, these women quickly demonstrated extraordinary reliability in repaying loans while simultaneously lifting their families and villages. They invested in their children's health and education while providing valuable services to their communities. This success led Yunus to focus Grameen Bank's lending exclusively on women, a decision validated by continued high repayment rates even during global financial crises. As Yunus observed, women borrowers created "a chain reaction of positive change" by prioritizing their children's welfare and community development with their earnings. Women's economic participation creates similar ripple effects in formal employment settings. When women earn income, child nutrition improves, family health outcomes strengthen, and children stay in school longer. A study in Brazil found that children in households where women were the primary breadwinners were up to 14 percent more likely to attend secondary school. These educational gains create intergenerational benefits, as educated children have better economic prospects and tend to delay marriage and childbearing. The pattern demonstrates how investing in women's economic opportunities creates a virtuous cycle of development that extends far beyond immediate financial returns. Corporate initiatives that engage women throughout the value chain demonstrate the multiplier effect in action. Coca-Cola's 5by20 program, which aimed to empower 5 million female entrepreneurs along its value chain by 2020, addresses three key hurdles women face: difficulty obtaining capital, lack of business training, and inadequate networks. In Kenya and Uganda, a partnership between Coca-Cola, the Gates Foundation, and TechnoServe helped train over 53,000 farmers in mango and passionfruit production, 30 percent of whom were women. These female farmers saw their average incomes increase by 140 percent over four years, with corresponding improvements in their families' nutrition, housing, and education. The multiplier effect operates across socioeconomic strata. In the United States, Andrea Jung, former CEO of Avon, now leads Grameen America, which applies microfinance principles to underserved American communities. Since 2008, the organization has reached more than 45,000 women with nearly 120,000 microloans totaling over $245 million, helping create an estimated 50,000 jobs. These entrepreneurs establish businesses ranging from food services to pet grooming, generating income that supports their families and communities while building financial independence and self-confidence. Women's economic advancement also contributes to broader social progress by shifting power dynamics within households and communities. When women have financial independence, they gain greater decision-making authority and can more effectively advocate for their children's needs and their own rights. This increased agency often leads to more equitable resource allocation and improved outcomes for vulnerable community members. Additionally, economically empowered women are better positioned to escape abusive relationships and challenge discriminatory practices, creating safer and more just communities.

Chapter 7: Creating Shared Value: Business Models That Empower Women

Forward-thinking companies are moving beyond traditional corporate social responsibility to develop business models that simultaneously create commercial value and empower women. This approach, often called "creating shared value," integrates social impact directly into business strategy rather than treating it as a separate philanthropic gesture, resulting in more sustainable and scalable solutions to gender inequality. Kate Spade's On Purpose initiative exemplifies this integrated approach to women's economic empowerment. Rather than simply donating to charity, the company established a worker-owned, for-profit business in Masoro, Rwanda, employing 150 female artisans to produce handbags and accessories sold through Kate Spade's global retail network. The company provides training in craftsmanship and business skills with the explicit goal of knowledge transfer, enabling these artisans to eventually take on other clients. As Sydney Price, Kate Spade's senior vice president of corporate social responsibility, explained: "It's sustainable for them as the suppliers, it's profitable to us as the retailer, and we are able to replicate it." This model creates dignified employment while building valuable skills and business capabilities that will benefit these women entrepreneurs long-term. Walmart's Women's Economic Empowerment Initiative represents one of the largest corporate commitments to sourcing from women-owned businesses. Launched in 2011, the initiative pledged at least $20 billion of spending on products and services from women-owned businesses for U.S. stores, with additional commitments for international operations. To achieve this goal, Walmart partnered with organizations like the Women's Business Enterprise National Council and WEConnect International to identify, certify, and train women entrepreneurs to meet the quality and consistency requirements of a global retailer. By opening its supply chain to women-owned businesses, Walmart creates market access that enables these enterprises to scale while strengthening its own supplier diversity. These partnerships help women overcome common barriers to scaling their businesses. Elizabeth Vazquez of WEConnect International noted that women entrepreneurs often face challenges accessing capital, business training, and networks. By connecting them with major corporations' supply chains, these initiatives create sustainable pathways to growth. "Women are controlling or influencing around $20 trillion in purchasing power," Elizabeth observed. "If we decided tomorrow to spend just 10 percent of that on other women, it's a $2 trillion impact going into the hands of women." This perspective highlights how redirecting existing spending toward women-owned businesses can create massive economic impact without requiring additional resources. The shared value approach extends to addressing women's needs through product innovation. Ooredoo, a Qatari telecom company, developed the maymay app to provide health information to expectant mothers in Myanmar, where maternal mortality rates are among the highest in the region. The app sends timely health advice based on pregnancy stage and connects women to nearby medical care. While addressing a critical social need, the app also drives adoption of Ooredoo's 3G data services, creating business value. This example demonstrates how companies can develop products and services that specifically address women's unmet needs while expanding their customer base. Financial inclusion initiatives similarly demonstrate how commercial interests can align with women's empowerment. Goldman Sachs partnered with the International Finance Corporation to raise $600 million to help close the global credit gap for women-owned small and medium enterprises. In China, this partnership resulted in an $80 million loan program administered through Ant Credit, allowing women entrepreneurs selling on Alibaba's platforms to use their transaction histories in lieu of traditional collateral when applying for loans. This innovative approach addresses a key barrier women face in accessing capital while creating new business opportunities for financial institutions. Companies are also addressing the technology gender gap through business-driven initiatives. Intel's She Will Connect program provides digital literacy training to women in Africa, helping close a gap where women are nearly 45 percent less likely than men to be online. The program combines training with access to gender-specific online content and community building through WorldPulse.com. While advancing women's digital inclusion, the program also expands Intel's potential customer base, demonstrating how addressing gender inequalities can align with business growth strategies.

Summary

The economic empowerment of women represents one of the most powerful yet underutilized forces for global prosperity and social progress. When women participate fully in economies - as entrepreneurs, employees, and leaders - they create ripple effects that benefit families, communities, and entire nations. The evidence consistently demonstrates that investing in women delivers exceptional returns: companies with gender-diverse leadership outperform their peers, countries with higher female labor force participation enjoy stronger economic growth, and families where women control resources show better outcomes in health, education, and overall wellbeing. Moving forward, unlocking women's full economic potential requires coordinated action across sectors. Businesses must recognize women not as a niche market but as powerful economic agents throughout their value chains. Governments need to eliminate discriminatory laws while implementing policies that enable women to balance productive and reproductive work. Educational institutions must ensure girls and women have equal access to learning opportunities, particularly in high-growth fields like technology. Most importantly, society must challenge persistent stereotypes about women's capabilities and appropriate roles. By removing these barriers and creating enabling environments for women's economic participation, we can accelerate progress toward a more prosperous, equitable, and sustainable world for everyone.

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Melanne Verveer

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