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Home › Topics › Women Life Scientists as Entrepreneurs › Overview

What Is a Women-Owned Business Certification? What Are the Benefits?

Topics Women Life Scientists as Entrepreneurs Overview What Is a Women-Owned Business Certification? What Are the Benefits?

Definitions

Women-Owned Business Enterprise (WBE)

Women-Owned Business Enterprise (WBE) is a designation used by the US government and certain other organizations, including industry agencies, to encourage and support female business ownership. A women-owned business must meet these criteria to be certified as a WBE:

  • Be at least 51% owned and controlled by one or more women. Also, it must be primarily managed by one or more women. The women must be US citizens.

Women-Owned Small Business (WOSB)

The federal government must give at least 5% of its contract dollars to women-owned small businesses (WOSBs). In addition to the criteria described above for a WBE, a WOSB must meet these criteria to be certified:

  • Be “small” for its industry according to the Small Business Administration (SBA) size standards
  • Be of a certain type of industry. (See WOSB Qualifying North American Industry Classification System (NAICS) codes.)

What Are the Benefits of Being a Certified Women-Owned Business?

WBE certification affords a network of support, education, and mentoring opportunities. It increases a business’s visibility in programs designed to support a business growth. Some of the advantages offered through local, state, and federal government for WBEs or WOBs are certain:

  • Tax incentives
  • Loan guarantees
  • Grants – For the NIH, companies can self-identify as women-owned small businesses and receive support in submitting grants via outreach by NIH staff and programs and corporate-sponsored grants. For example, women-owned businesses potentially qualify for. . .
    • Applicant Assistance Program (NIH) – A 10-week program to support first-time SBIR applicants in preparing their grant proposals.
    • NIH administrative supplements to grants from some institutes or programs.
    • Corporate-sponsored grants for women-owned businesses sponsored by several large corporations.
  • Contracts – The federal government has a goal of giving at least 5% of contracting dollars to women-owned small businesses (SBA, 2023). (See “Women-Owned Small Business Federal Contracting Program” in Resources below.)
  • Tax advantages for their investors
  • Other benefits provided by some businesses
  • Training, education, and development programs to
    • Develop business and leadership skills
    • Support capacity development

State, regional, and local business bureaus can provide information on what advantages are available.

Reference

SBA. WOSB Federal Contract Program Administration. 2023.

Resources

Women-Owned Small Business Federal Contracting Program – Includes information on how to get certified as a women-owned small business.

Top 10 Benefits Available for Women-Owned Businesses in the US – Describes the definition and status of US women-owned small businesses of all types and ten advantages available to them. Blog by Samir Sampat for Smith, a virtual receptionist firm.

Accelerating Innovation: Funding for Women Entrepreneurs in Biotechnology and Healthcare – Webinar co-hosted by three NIH agencies (NCATS, NHLBI, NCI) and the Association for Women in Science (AWIS). Describes programs and funding opportunities, and provides advice to support women-owned small businesses and women in research and technology transfer. Video length: 1:19 hours (*Starts at the 6-minute mark.)

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Topic Home Expand All
Overview
5 Articles
Few Women Start Life Science Businesses, but Numbers Are Growing
What Is a Women-Owned Business Certification? What Are the Benefits?
Case Example: Sasha Thomas, PhD and Entrepreneur
Groups Supporting Women in Science, Business, and Entrepreneurship
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Barriers, Bias, and Unfair Treatment
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Discussion Group: Women Scientists on Barriers, Bias, and Unfair Treatment
Return to Women Life Scientists as Entrepreneurs

This project is funded by National Institute of General Medical Sciences (Grants 1R43 GM131458-01 & 2R GM131458-02)


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