FOR IMMEDIATE RELEASE – Washington, July 20, 2020
Today, Women in Cloud released a report highlighting the results of their recent survey of the impacts of the COVID-19 pandemic on women technology entrepreneurs.
The report indicates that the average loss of revenue in the next 24 months, across 57 women tech entrepreneurs surveyed expanding 16 industries, is $500 thousand to $1 million per company. An additional $1 million to $5 million per company is expected in opportunity loss in the next three years.
Most organizations surveyed also reported on the operational disruptions they’ve experienced as a result of the pandemic. In addition to business activities that were impacted by the lockdowns such as events, networking, meetings, and company-wide social gatherings, 63 percent of survey respondents indicated that they will not be conducting any business-related travel in the next three months. At the time of the survey, 60 percent of respondents had mandatory work-from-home procedures in place for their organization and employees.
Respondents who indicated higher financial loss and/or a greater number of operational disturbances reported a more negative emotional impact and higher stress levels among themselves and their team. Overall, almost half of the women technology entrepreneurs who responded, across all industries, indicated that the emotional impact of the COVID-19 outbreak has been negative or somewhat negative for themselves and their staff.
In addition to eye-opening statistics and insights, the report also includes turnkey solutions for governments, enterprise companies and entrepreneurs to increase diversity and inclusion in their operations and opportunities to include more representation from women entrepreneurs.
Read the full COVID-19 Impact Report here: [LINK] and find key information and highlights on the attached fast-sheet.
Women in Cloud is a community-led economic development organization, with a massive mission: to take action with global leaders, corporations and policymakers to help women entrepreneurs create $1 billion in economic access and opportunity by 2030. For more information on Women in Cloud visit our website: www.womenincloud.com
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