By Caity Cronkhite
October 11, 2023
Hello friends!
I’m thrilled to announce some big news: Good Words recently received our women-owned business certifications from WBENC (Women’s Business Enterprise National Council) and WOSB (Women-Owned Small Business)! These certifications aren’t just important to Good Words and our achievements as a company, but also to the broader landscape of women in business.
I take my position as a female entrepreneur and CEO very seriously. I have been fortunate on my road as a female leader, executive, and founder: I was able to start Good Words six years ago with only my passion for writing, my network of former colleagues and friends, and a few thousand dollars in a bank account. I’m thrilled that I (along with my great team!) have been able to build a business that provides a valuable service to our clients and helps support our personal and professional values.
But most women in my position aren’t so lucky. According to research, nearly twice as many men start companies as women (13.9 million and 7.8 million, respectively). Women-owned companies average $130,000 in annual revenue; male-owned companies averaged more than four times that figure at $570,000 in annual revenue. Only 1.7% of female-owned companies ever achieved more than $1 million in annual revenue, compared to 6.2% of companies owned by men.
And women receive less support than men do to achieve their entrepreneurial goals along the way. When women seek investment for their businesses, they encounter some daunting odds: According to a study from the Harvard Kennedy School, only 11% of investing partners at venture capital firms are women, and only 13% of venture capital dollars go to startups with women on the founding team. Solo female founders receive even less: Only 2.3% of venture capital funding went to solo female founders in 2020. And you know what’s worse? 38% of female founders reported being harassed, including sexual harassment, during the process of seeking venture financing.
There’s still a lot of work to do to level the entrepreneurial playing field for women. But in the last several years, our culture and economy have begun to recognize the importance of fostering diversity, equity, inclusion, and representation for groups that have been historically marginalized, including women. Many companies and industries have made great strides in fostering awareness and creating policies that help to smooth some of the imbalances that female entrepreneurs face along their journeys, including prioritizing budgets and projects for minority- and female-owned businesses. Women-owned businesses certifications like these help to bolster women-led organizations in a world where we, unfortunately, often receive fewer opportunities to prove ourselves.
For companies dedicated to supporting and fostering relationships with diverse vendors–including women-owned businesses like ours–these certifications act as a beacon. They confirm our values, dedication, and mission to deliver high-quality documentation services and be a driving force for change in the tech space. During the certification process, WBENC and the SBA reviewed and verified every aspect of our business, from our origin story and core values to our accounting and hiring practices. We’re honored that they determined that we met their high standards for excellence.
In the private and public sector, they signal our alignment with the principles of DEI and offer assurance that when you choose Good Words, you’re choosing a partner who shares your values. Beyond shared values, these certifications help to open doors. They grant organizations, from government agencies to thriving enterprises, the ability to tap into budgets allocated for working with diverse vendors. It’s a win-win for all.
As I look forward, I want to express my deepest gratitude to each member of the Good Words community—our clients, team members, partners, and supporters. Without your trust, dedication, and belief in our mission, vision, and services, these certifications wouldn’t have been possible. Together, we’re committed to making a meaningful difference in business, diversity, equity, and inclusion. We couldn’t do it without you, and we look forward to the path ahead.
Onward and upward!
Caity Cronkhite
CEO and Founder
Good Words