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Investing In Women’s Economic Development Is A Growth Driver

Culture

We've heard it many times. Investing in women is good business.


I've worked and developed economic development programs for women for more than ten years and I've witnessed how capital, resources and mentoring are significant drivers of growth. These ingredients can boost growth to any business, but if taken seriously by the government and private sector, investing in women's economic development has the power to transform family units, communities, towns and countries.

Last year, Christine Lagarde, head of the International Monetary Fund talked about this in a speech in Los Angeles.

“We know—based on a wealth of research and experience—that empowering women can be an economic game changer for any country. For instance, if women were to participate in the labor force to the same extent as men, national income could increase by 5 percent in the U.S., 9 percent in Japan, and 27 percent in India. Equal pay and better economic opportunities for women boost economic growth—creating a bigger pie for everyone to share, women and men alike. Better opportunities for women also promote diversity and reduce economic inequality around the world. It is an economic no-brainer."

We've read the studies and seen the data. Companies with women as part of the leadership team, perform better. As a business case, it should be a no brainer.

As business leaders, aren't we leaving money on the table by not including 50 percent of the population in key decisions that impact our bottom lines?

As citizens, aren't we shutting down opportunities by not involving 50 percent of the population in matters that impact our daily life, health and education? Let's work together—men and women—to advance the 50 percent and bring them to the table. Betting on women's economic development is a key solution to our economic transformation. Which brings me to my beloved Puerto Rico, where I was born and live today.

I bet you've heard about Puerto Rico and seen how nature's wrath has taken away so much.

These voices vary. Some hopeful, some in dismay, and some distraught. But the reality is even before the hit of two hurricanes, we were entering the 11th year of a deep recession.

In Puerto Rico, 60 percent of women in the labor force heads of households and live below poverty levels. At the same time, women are also opening up businesses at a fast rate and there are double the number of college-educated women as there are men.

As it is, Latina-owned businesses created 550,400 jobs and contributed over $97 B in revenues to the U.S. economy in 2015 – and they are projected to be nearly a third of the total U.S. population by 2060. Minorities and women represent the fastest growing segment of consumers and entrepreneurs in the United States. Latina-owned firms comprise 46 percent of all Latino-owned firms, according to The 2016 State Of Women-Owned Business Report.

That is why we founded Animus Summit: A Women's Innovation Platform. Animus opens doors, connects and provides the opportunity to listen to great stories — of both failure and success — to guide people of all ages and career stages to their next stage of growth.

Animus is the largest female innovation summit of the Americas designed to inspire women to take action to reach their highest level of personal and professional development. It's an innovation platform designed to maximize women's economic and personal development around business, mindfulness, empowerment, and entrepreneurship. It offers introductions to capital opportunities, a marketplace for local brands to showcase their products and workshops for personal development in San Juan. We also offer a pitch competition where women-owned companies can get access and FaceTime to investors.

Hailing over 1,000 women in attendance, up from 600 women in 2015, we've seen tremendous growth in such little time. Animus will provide insights, ideas, perspective and strategies to develop or hone an entrepreneurial mindset.

Women are paving their own way to success. But we need 100 percent of the population, to realize, act upon and understand that our success translates into growth for all.

Our newsletter that womansplains the week
5 Min Read
Politics

Michael Bloomberg Can’t Handle A Woman With A Voice (aka Elizabeth Warren)

Elizabeth Warren majorly called out "arrogant billionaire" Michael Bloomberg for his history of silencing women through NDAs and closed-door settlement negotiations. Sound familiar? Probably because we already have a president like that. At this point, Bloomberg may just spend the remainder of his (hopefully) ill-fated presidential campaign roasting on a spit over a fire sparked by the righteous anger of women. A lesser punishment than he deserves, if you ask me.


At last night's Democratic debate, Michael Bloomberg could barely stammer out an answer to a question on whether or not he would release any of his former accusers from their nondisclosure agreements. His unsatisfactory response was basically a halting list of what he has done for certain nondescript women in his time at City Hall and within his own company.

But that certainly wasn't enough for Elizabeth Warren, nor should it be, who perfectly rephrased his defense as, "I've been nice to some women." Michael Bloomberg is basically that weird, problematic Uncle that claims he can't be racist, "Because I have a Black friend." In a society where power is almost always in the hands of straight, white, cisgendered, men being "nice" to a lucky few is in no way a defense for benefiting from and compounding the systematic silencing of all marginalized communities, let alone women. Stop and frisk, anybody?

Here is a brief clip of the Warren v. Bloomberg exchange, which I highly recommend. It is absolutely (and hilariously) savage.

But let's talk about the deeper issues at hand here (other than Warren being an eloquent badass).

Michael Bloomberg has been sued multiple times, yet each time he was able to snake his way out of the problem with the help of his greatest and only superpower: cold, hard cash. Each time these allegations have come up, in Warren's words, he throws "a chunk of money at the table" and "forces the woman to wear a muzzle for the rest of her life."

As reported by Claire Lampen of The Cut, here are just a few of his prior indiscretions.

  • Pregnancy discrimination—Bloomberg reportedly told a former employee of his to "kill it," in reference to her developing fetus.
  • Sexual harassment—You could literally write a book on this subject (someone did), but for the sake of brevity...
"I'd like to do that piece of meat" - Michael Bloomberg in reference to various women at his company.
  • Undermining #MeToo—Not only did he defend the accused, but he went on the disparage accusers every step of the way.
  • Defaming transgender people and rights—Though he claims to support trans rights, he has also been qupted multiple times as referring to trans women as "some guy wearing a dress."
Yeah... That's not a winning formula for me, Mike.

Furthermore, Warren points out the simple fact that if, as Bloomberg claims, these instances were simply big misunderstandings (He was just joking around!) then why go to all the trouble to cover them up? Does Michael Bloomberg think women can't take a joke? Or can we only surmise that the truth of these events are far darker and dirtier than we could even imagine?

Certain commentators have called Elizabeth Warren's debate presence "agressive," especially in regards to this instance. However, it's been a frequent and long-running complaint throughout her entire campaign. But if asking poignant questions to known abusers who are seeking to further their own political power is considered "aggressive," then I am all about it.

Calling a woman aggressive for being confidant and direct is a gendered complaint. You don't see anyone complaining that Bernie is "aggressive" when he goes off on a screaming tangent. Also, have you seen our president? He's basically the poster boy for political temper tantrums. But still, it's Warren that is deemed "aggressive," for honing in on the exact issues that need to be considered in this upcoming election.

This type of derisory label is another aspect of how our society silences women—much like Bloomberg and his NDAs. Because "silencing" is more than just putting a "muzzle" on someone. It's refusing to listen to a person's cries for help. It's disregarding what a woman has to say, because she's too "aggressive." It's taking away someone's power by refusing to truly hear their side of the story. Because if you aren't listening, responding, or even just respecting someone's words, they may well have said nothing at all.

"Silence is the ocean of the unsaid, the unspeakable, the repressed, the erased, the unheard." - Renecca Solnit

Nondiscolusure agreements are a legal gag for people who have experienced harassment and abuse at the hands of those above them. Gretchen Carlson is possibly the most famous person subject to an NDA. Her story has been immortalized in the 2019 film Bombshell, and yet she is still forced to maintain her silence. She cannot tell her side of the story even when Hollywood can. She was cajoled into her current position after facing harassment in her workplace. She didn't have the power then to do more than accept her fate.

She was silenced.

After her experiences, Carlson was moved to fight for all women to have the power over their truth. In a recent op-ed for the New York Times she declared: "I want my voice back. I want it back for me, and for all those silenced by forced arbitration and NDAs."

Carlson may still be tied to her NDA, but there are those who go a different route. Celeste Headlee, who wrote an op-ed on SWAAY about her experience, chose to break her nondisclosure agreement. Though doing so undoubtedly opened her up to numerous legal ramifications, she knew that she could no longer "sign away [her] right to justice."

Because that is what an NDA is all about, signing away a person's right to justice. Their story is their justice. Their NDA is a lock and key. Headlee may have broken through that lock, but she must face the consequences.

Neither Carlson nor Headlee or any less brave for how they have handled their journeys. They are both actively working to shift the cultural and political norms that led them here, and their work will, with hope and time, lead to real change. But they are just two drops in an ocean of women who are held hostage by their nondisclosure agreements, by men like Michael Bloomberg, and by a society that would rather silence them than let truth and justice be had.