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14 Hartford Business Journal • November 9, 2015 www.HartfordBusiness.com number of U.S. women aged 40 and older who have cho- sen to plunge into ent repreneu r i sm , say experts. Driven by a need for self-ful- fillment, economic necessity, enabling technology, and backed by a rising network of financial, business and social support, females gen- erally are opening businesses alongside younger Millennials at rates much faster than males, research and surveys show. That trend likely will continue, experts say, as women — and society in general — become more comfortable with the notion of women starting and running businesses. In the U.S., the number of women-owned enterprises rose 68 percent from 1997 to 2014, faster than the 47 percent climb in the number of businesses owned by all genders, according to a recent American Express OPEN (AEO) report. In Connecticut, there were an estimated 96,400 businesses owned by females – 33 percent more than in 1997, the report found. The number of workers they employ and annual revenues also grew in the period. Despite those gains, the Nutmeg State ranked 44th in creation of women-owned firms. North Dakota was first, followed in order by the District of Columbia, Nevada, Arizona and Georgia, the AEO report found. No specific data exists that breaks down women entrepreneurs by age. However, Connecticut women's advocates and other When Your When Your Business Business Relies on Relies on Technology, Technology, You Can Rely You Can Rely on Us. on Us. Technology Services Technology Services Network Systems and Support Network Security & Encryption Outsourced IT Department Cloud & Hybrid Back-up Systems Business Continuity Systems Outsourced CIO & CISO Services Consulting Services Consulting Services Non-profit Accounting Solutions Fundraising Solutions Software Selection Outsourced CFO Services Network Security Audits SSAE 16 / SOC 1, SOC 2 Audits HIPAA Security Compliance IT Policies and Procedures Business Continuity Planning ASK US ABOUT MICROSOFT OFFICE 365! 280 Trumbull St., 24th FL Hartford, CT 860.524.4400 www.TheTechnologyGroup.com from page 1 Delivering Business. Subscribe online: www.HartfordBusiness.com/subscribe or call: 845-267-3008 When you need information to grow your business, we deliver! Subscribe today to receive weekly issues in print and digital, plus special publications and full online access! Control of their destiny a shared trait Women-Owned Firms in CT No. of Firms Employment Sales ($000) 1997 72,393 78,598 $9,276,337 2002 82,118 88,074 $12,215,939 2007 93,480 89,942 $14,409,072 2014 96,400 91,500 $15,113,300 % Change 97-14 33.2% 16.4% 62.9% S O U R C E : A M E R I C A N E X P R E S S O P E N Architect Cheryl Newton plied a $50,000 state loan, along with her personal savings, to launch her business. H B J P H O T O | G R E G O R Y S E A Y