Ohio Ranked as No. 2 State for Woman-Owned Startups

YOUNGSTOWN, Ohio – A study by FitSmallBusiness.com has ranked Ohio as the No. 2 state in the country for woman-owned startups.

“Ohio often flies under the radar, but it’s a state that has a long-standing history of producing success,” the website wrote. “It’s no surprise that it’s also a state with a high business growth density and a significant number of companies that grow quickly. In a state that embraces drinking cheap beer and chili over caviar, this frugal state is also very affordable to live in and has no corporate taxes, making it a great environment for startups.”

States were ranked based on a combination of four factors: general business climate and opportunity, the number of women-owned businesses, economic and financial health, and safety and well being for women.

Ohio ranked 16th for business climate, 12th in the number of women-owned businesses, fourth in economic health and 28th in safety and well being.

Texas was ranked as the No. 1 state, while Pennsylvania came in at the No. 26 spot. Only two states ranked in the top 10 last year were in this year’s list: Texas, moving up from No. 8 and Georgia, falling from first to 10th.

“According to statistics from the University of New Hampshire, the number of female entrepreneurs is growing steadily in the U.S. [as] 23% of entrepreneurs seeking angel investing were female in 2018, up from 19% in 2014,” the ranking said. “And here’s an even more encouraging figure: Since 1972, female-owned businesses in the U.S. have surged 3,000%.”

Copyright 2024 The Business Journal, Youngstown, Ohio.