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Hannah Wilson
English Markets Specialist at Investing.com (SEO)
BA (Hons) Business (1st)University of Coventry, England
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The business world has traditionally been a male-dominated sphere, with few opportunities for women to rise to the top. However, in recent years, we have seen an increase in the number of women entrepreneurs and CEOs, breaking through the glass ceiling and paving the way for others to follow. In this article, we celebrate the achievements of women in business, highlighting some of the most successful female entrepreneurs and CEOs and the progress made in recent years.
Women in Business Statistics
Here are some statistics that illustrate the current state of women entrepreneurship:
- One-third of high-growth businesses worldwide are now run by women (GEM)
- In 2021, there were approximately 13 million women-owned businesses in the United States, representing 42% of all businesses. (National Association of Women Business Owners)
- Women-founded companies in First Round Capital’s portfolio outperformed companies founded by men by 63%.
- Women-owned businesses in the US generate $1.9 trillion in revenue annually. (National Association of Women Business Owners)
- In the past 20 years, the number of women-owned firms in the U.S. has increased 114% (INC)
- According to a report by All Raise and PitchBook, the number of U.S. startups with at least one female founder grew to 21% in 2020, up from 17% in 2019.
- Women currently in CEO roles: 8.8% in the Fortune 500 as of 2021, rising from 6.6% in 2019 (Fortune)
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Women CEOs Fortune 500
While women entrepreneurs have been on the rise, women CEOs still face significant challenges. However, there has been some progress in recent years, with more women breaking through and reaching the top of some of the world’s most successful companies.
The share of female CEOs of Fortune 500 companies reached an all-time high of 10.4% in 2023.
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Top Women CEOs
Here are some of the most successful women CEOs, who have shattered gender stereotypes in business:
1. Adena T. Friedman
Chair and CEO of Nasdaq (NDAQ), Adena is the first woman to lead a major U.S. stock exchange and has been instrumental in transforming Nasdaq into a technology powerhouse that powers more than 100 marketplaces across the globe.
With over 20 years of experience in the industry, Friedman has a proven track record of driving growth and innovation. Under her leadership, Nasdaq has continued to expand its offerings, including launching the Nasdaq Private Market and acquiring eVestment, a leading provider of institutional investment data and analytics.
In addition to her role at Nasdaq, Friedman is a strong advocate for gender equality and has been recognized for her efforts to promote diversity and inclusion in the workplace. Her achievements serve as an inspiration to aspiring business leaders, particularly women, who seek to break down barriers and make a difference in the corporate world.
2. Karen Lynch
CEO of CVS Health Corporation (CVS), one of the largest healthcare companies in the world. She has been with CVS for over 30 years and has played a significant role in the company’s evolution, particularly in the areas of health services and community outreach.
Under her leadership, CVS has expanded its focus on preventative care and chronic disease management, and has also taken a leading role in responding to the COVID-19 pandemic by providing testing and vaccination services.
3. Roz Brewer
CEO of Walgreens Boots Alliance (WBA), one of the largest pharmacy chains in the world. Prior to joining Walgreens, she held several high-profile leadership roles at companies such as Starbucks and Sam’s Club.
Throughout her career, Brewer has been a vocal advocate for diversity and inclusion, and has implemented a number of initiatives aimed at promoting gender and racial equality in the workplace.
4. Mary Barra
CEO of General Motors (GM), one of the largest automotive companies in the world. She is the first woman to lead a major global automaker, and has been recognized for her efforts to promote sustainability and innovation in the automotive industry.
Barra has also been a vocal advocate for women in leadership, and has implemented several programs aimed at promoting gender diversity within General Motors and the wider industry.
5. Jane Fraser
CEO of Citigroup (C), one of the largest financial services companies in the world. She is the first woman to lead a major Wall Street bank, and has been recognized for her efforts to promote diversity and inclusion in the financial industry.
Fraser has also been a vocal advocate for sustainability, and has pledged to make Citigroup a leader in the transition to a low-carbon economy.
6. Safra Catz
CEO of Oracle (ORCL), one of the world’s largest software companies, with a market capitalization of over $200 billion. Catz has been with Oracle since 1999 and has played a key role in the company’s growth, particularly through a number of strategic acquisitions.
Known for her strong leadership skills, financial acumen, and ability to navigate complex deals. Under her leadership, Oracle has continued to evolve and adapt to the rapidly changing technology landscape.
7. Julie Sweet
Known for her ability to drive innovation and growth, particularly in the areas of digital transformation and sustainability. Sweet has also been a strong advocate for gender equality and diversity in the workplace.
CEO of Accenture (ACN) a global professional services company that provides consulting, technology, and outsourcing services to clients in over 120 countries. Sweet has been with Accenture since 2010 and has held a variety of senior leadership positions before assuming the CEO role in 2019.
8. Lisa Su
CEO of Advanced Micro Devices (AMD), a leading semiconductor company that designs and produces microprocessors, graphics processors, and other computer components. Su has been with AMD since 2012 and has played a key role in the company’s turnaround and resurgence in recent years.
Known for her technical expertise and strategic vision, particularly in the areas of high-performance computing and graphics. Under her leadership, AMD has regained market share and positioned itself as a major player in the semiconductor industry.
9. Carol B. Tomé
CEO of United Parcel Service (UPS), one of the world’s largest package delivery and logistics companies, with operations in over 220 countries and territories.
Tomé joined UPS in 2020 after a successful career at Home Depot, where she served as CFO for more than a decade.
Known for her financial acumen and operational expertise, particularly in the areas of supply chain management and e-commerce. Under her leadership, UPS has continued to innovate and adapt to the changing needs of customers and the marketplace.
10. Corie Barry
CEO of Best Buy (BBY), an American-based multinational consumer electronics retailer. She took over the helm of the company in June 2019, becoming the first female CEO in the Best Buy’s history. Barry joined Best Buy in 1999 as a financial analyst and steadily rose through the ranks to become the CFO in 2016, a position she held until her promotion to CEO.
Under her leadership, Best Buy has continued to thrive and adapt to the ever-changing retail landscape, particularly during the COVID-19 pandemic. Barry is known for her focus on customer experience, digital transformation, and employee development, and she has received widespread recognition for her leadership.
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In recent years, there has been a noticeable rise in women entrepreneurship with more women starting and running their own businesses. This trend can be attributed to several factors, including greater access to education and funding opportunities, as well as changing social norms and attitudes towards women in the workplace. Additionally, the rise of the digital economy has provided a new platform for women to launch and grow their businesses, as technology has made it easier than ever to connect with customers and reach new markets.
Despite the challenges that women entrepreneurs may face, such as gender bias and limited access to capital, many are succeeding and making a significant impact in their respective industries. As more and more women break through these barriers and succeed in entrepreneurship, they are inspiring a new generation of female business leaders and paving the way for a more equitable and inclusive future.
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Top Women Entrepreneurs
Here are some of the most successful female entrepreneurs, who have not only broken through the glass ceiling but have also created some of the most innovative and successful companies in the world:
1. Whitney Wolfe Herd
Founder of Bumble (BMBL): Wolfe Herd’s dating app puts women in control, giving them the power to initiate conversations and make the first move. At 31 when Bumble IPO’d, Wolfe Herd is the youngest female founder to take a U.S. company public.
Born in Salt Lake City, Utah, Wolfe Herd attended Southern Methodist University and started her career at the dating app Tinder. After leaving Tinder, Wolfe Herd founded Bumble in 2014 with the aim of creating a more inclusive and empowering online dating experience for women.
Wolfe Herd has been recognized for her entrepreneurial achievements, including being named on Forbes’ 30 Under 30 list and Time magazine’s 100 most influential people in the world. She is a prominent figure in the tech industry and a vocal advocate for gender equality and women’s empowerment.
2. Tan Hooi Ling
Founder of Grab (GRAB): Ling co-founded Southeast Asia’s largest ride-hailing service, revolutionizing the transportation industry in the region.
Born in Malaysia, Tan attended the Massachusetts Institute of Technology (MIT) in the United States, where she earned degrees in electrical engineering and computer science. After working for McKinsey & Company, she co-founded Grab in 2012 along with fellow MIT alumnus Anthony Tan.
Under Tan Hooi Ling’s leadership, Grab has grown from a small startup to a company with a valuation of over $40 billion, offering a range of services such as ride-hailing, food delivery, and financial services. Tan has been recognized for her entrepreneurial success and leadership, including being named on Forbes’ list of Asia’s Power Businesswomen. She continues to be an important figure in the tech industry, particularly in Southeast Asia.
3. Jennifer Hyman and Jennifer Fleiss
Founders of Rent The Runway (RENT): Hyman and Fleiss co-founded Rent The Runway, a fashion rental service that has disrupted the traditional retail industry.
The company revolutionized the fashion industry by allowing women to rent high-end designer dresses and accessories for special occasions. Both women attended Harvard Business School, where they met and developed the concept for Rent The Runway.
Hyman and Fleiss have been recognized for their innovative business model and leadership in the fashion industry, with Hyman named on Fortune’s 40 Under 40 list and Fleiss on Forbes’ 30 Under 30 list. They have also been vocal advocates for women in business and entrepreneurship, sharing their insights and experiences through speaking engagements and media appearances.
4. Anne Wojcicki and Linda Avey
Founders of 23andMe (ME): Wojcicki and Avey co-founded 23andMe, a DNA testing and analysis company that has helped millions of people learn about their ancestry and health risks.
Wojcicki, a former healthcare industry analyst, and Avey, a biologist with experience in biotech startups, founded the company in 2006 with the goal of making genetic testing more accessible to the general public.
23andMe’s DNA testing kits allow customers to learn about their ancestry, genetic health risks, and inherited traits. The company has also partnered with pharmaceutical companies for research purposes, leveraging its vast genetic database to develop new treatments and therapies. Wojcicki and Avey have been recognized for their contributions to the biotech industry, with Wojcicki named on Fortune’s Most Powerful Women list and Avey on Forbes’ 30 Under 30 list. Wojcicki is also the sister of Susan Wojcicki, who recently stepped down from her role as the CEO of YouTube after a 9 year run.
5. Katrina Lake
Founder of Stitch Fix (SFIX): Katrina Lake is an American entrepreneur and the founder of Stitch Fix, a popular online personal styling service. Lake founded the company in 2011 while she was still a student at Harvard Business School, and has since grown it into a multi-billion dollar business, though the company has struggled more coming out of the pandemic.
Lake’s approach to personal styling has disrupted the traditional retail industry, with a focus on using data and algorithms to provide customers with personalized recommendations. Her innovative approach to customer service has earned her a loyal following of customers who appreciate the convenience and personal touch of Stitch Fix.
In addition to her entrepreneurial success, Lake is also committed to supporting other women in business, and has been a vocal advocate for gender diversity in the tech industry. Her leadership and vision have made her one of the most successful and inspiring entrepreneurs of our time.
6. Sara Blakely
Founder of Spanx: Sara Blakely is the founder and CEO of Spanx, a brand of shapewear and undergarments that has become synonymous with smoothing and shaping women’s figures. Blakely started her company with just $5,000 and turned it into a billion-dollar enterprise.
Born in Clearwater, Florida, Blakely started her career in sales before launching Spanx in 2000. She developed the idea for the company after cutting the feet off a pair of pantyhose to create a smoother silhouette under a pair of white pants. Since then, Spanx has become a multimillion-dollar company, expanding to include a range of undergarments, activewear, and swimwear.
Blakely has been recognized for her entrepreneurial success, including being named on Time’s list of 100 most influential people in the world and Forbes’ list of America’s Richest Self-Made Women. She is also a philanthropist and advocate for women’s empowerment, using her wealth and influence to support causes such as education and entrepreneurship.
7. Dr. Kathy Fields and Dr. Katie Rodan
Founders of Proactiv: The dermatologists turned entrepreneurs disrupted the beauty industry with their acne treatment, Proactiv. Their groundbreaking three-step acne treatment system has helped millions of people achieve clearer, healthier-looking skin.
Dr. Fields and Dr. Rodan’s success with Proactiv has led them to become some of the most successful female entrepreneurs in the beauty industry. In addition to their innovative products, they are also passionate about empowering women to take control of their careers and become successful business leaders. Dr. Kathy Fields and Dr. Katie Rodan’s dedication to innovation and entrepreneurship has made them icons in the world of business and beauty.
8. Melanie Perkins
Founder of Canva: Melanie Perkins is an Australian entrepreneur and the co-founder of Canva, a graphic design platform that has taken the world by storm. Her vision was to create a user-friendly and accessible tool that would allow anyone, regardless of design experience, to create professional-grade graphics.
Under Perkins’ leadership, Canva has grown to become one of the most valuable software companies in the world, with over 55 million users in 190 countries. Perkins’ innovative approach to design and her commitment to creating a positive impact in the world has earned her numerous accolades, including being named one of Time Magazine’s 100 most influential people in the world.
9. Emily Weiss
Founder of Glossier: Emily Weiss is an American entrepreneur and the founder of Glossier, a beauty brand that has revolutionized the industry. After working in fashion and beauty journalism, Weiss identified a gap in the market for a brand that put the needs of the customer first. Glossier was born out of that idea, and has since become one of the fastest-growing beauty companies in the world.
Weiss’ approach to building the brand has been focused on creating a sense of community and engagement with her customers, who she sees as the key to Glossier’s success. Her innovative use of social media and customer feedback has helped to shape the company’s products and messaging, and has earned her a devoted following of beauty enthusiasts.
Emily Weiss’ dedication to creating a brand that puts the customer first has made her a role model for entrepreneurs looking to make a positive impact on their industry.
10. Reshma Saujani
Founder of Girls Who Code: Reshma Saujani is an American lawyer, author, and the founder of Girls Who Code, a non-profit organization that aims to close the gender gap in technology by inspiring and educating young women. Saujani founded the organization in 2012 with a vision of empowering girls with the skills and confidence they need to pursue careers in technology.
Under her leadership, Girls Who Code has grown into a global movement, reaching over 300,000 girls in all 50 U.S. states as well as the U.K., Canada, and India. Saujani is a passionate advocate for women and girls in tech, and has been recognized for her efforts with numerous awards and accolades. Her work has inspired a generation of young women to pursue careers in technology and has helped to create a more diverse and inclusive tech industry.
Reshma Saujani’s vision and dedication have made her a role model for anyone looking to make a positive impact in the world.
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Advancements for Women in Business
While there is still much work to be done to achieve gender equality in the business world, there have been some significant advancements in recent years to support women entrepreneurs and CEOs.
Here are some of the most notable:
- Women-focused venture capital funds: In recent years, there has been a rise in venture capital funds that focus on investing in female-founded startups, such as Female Founders Fund, BBG Ventures, and The Helm.
- Mentorship programs: Many organizations, such as Girls Who Code, Lean In, and Women’s Startup Lab, provide mentorship and networking opportunities for women entrepreneurs and CEOs.
- Business incubators: Business incubators, such as the Women’s Business Center and the Tory Burch Foundation, provide resources and support for women-owned businesses.
💡 Analyst Opinion 💡
“Several studies show that women-led companies tend to outperform, on average, those led by men in the long run. There is certainly a plethora of factors behind that trend, but one key element is that women that reach CEO positions usually do so by overcoming greater obstacles and facing greater scrutiny than their male counterparts. Therefore, you will hardly find an unprepared or inexperienced female CEO — which is not always the case for male CEOs.
We have seen positive growth in female presence on both the board of directors and the realm of many companies over the last decade. That’s partially due to important names opening the door for other women with impressive performances, such as Mary Barra at GM, Adena Friedman at Nasdaq, and Julie Sweet at Accenture.”
Thomas Monteiro– Investing.com Analyst and Editor
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Conclusion
Women entrepreneurs and CEOs have come a long way in recent years, breaking through the glass ceiling and shattering gender stereotypes. There is still much work to be done to achieve gender equality, but the progress made so far is cause for celebration. This progress doesn’t happen on its own, and continued support and investment are needed to ensure that women have equal opportunities to succeed in business. But with the rise of women-focused venture capital funds, mentorship programs, and business incubators, and better understanding of what women need to succeed at the highest levels of the business world, the future looks bright for women entrepreneurs and CEOs.
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