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Éva Komlósi, Hanga Bilicz, Mónika Tiszberger, Erkko Autio, Donghyun Park, and Shu Tian ADB ECONOMICSWORKING PAPER SERIES NO. 814 ADB Economics Working Paper Series The Global Index of Female Entrepreneurship Systems Éva Komlósi (komlosi.eva@ktk.pte.hu) is a researchfellow, Hanga Bilicz (bilicz.hanga@ktk.pte.hu)is an assistant lecturer, and Mónika Tiszberger(tiszbergerm@ktk.pte.hu) is an associateprofessor at the University of Pécs. Erkko Autio(erkko.autio@imperial.ac.uk) is a professor at ImperialCollege London. Donghyun Park (dpark@adb.org) isan economic advisor and Shu Tian (stian@adb.org)is a principal economist at the Economic Researchand Development Impact Department, AsianDevelopment Bank. Éva Komlósi, Hanga Bilicz, Mónika Tiszberger,Erkko Autio, Donghyun Park, and Shu Tian No. 814 | October 2025 TheADB Economics Working Paper Seriespresents research in progress to elicit commentsand encourage debate on development issuesin Asia and the Pacific. The views expressedare those of the authors and do not necessarilyreflect the views and policies of ADB orits Board of Governors or the governmentsthey represent. Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) © 2025 Asian Development Bank6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, PhilippinesTel +63 2 8632 4444; Fax +63 2 8636 2444www.adb.org Some rights reserved. Published in 2025. ISSN 2313-6537 (print), 2313-6545 (PDF)Publication Stock No. WPS250427-2DOI: http://dx.doi.org/10.22617/WPS250427-2 The views expressed in this publication are those of the authors and do not necessarily reflect the views and policiesof the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for anyconsequence of their use. The mention of specific companies or products of manufacturers does not imply that theyare endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned. By making any designation of or reference to a particular territory or geographic area in this document, ADB does notintend to make any judgments as to the legal or other status of any territory or area. This publication is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be boundby the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisionsand terms of use at https://www.adb.org/terms-use#openaccess. This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributedto another source, please contact the copyright owner or publisher of that source for permission to reproduce it.ADB cannot be held liable for any claims that arise as a result of your use of the material. Please contact pubsmarketing@adb.org if you have questions or comments with respect to content, or if you wishto obtain copyright permission for your intended use that does not fall within these terms, or for permission to usethe ADB logo. Corrigenda to ADB publications may be found at http://www.adb.org/publications/corrigenda. ABSTRACT The Female Entrepreneurship Index (FEI) for 2024 aims to pinpoint the elements that facilitatethe success of promising high-potential female entrepreneurs—those who manage and possessventures characterized by innovation, market growth, and a focus on exports. Ambitious femaleentrepreneurs, through their commercial pursuits, not only enhance their personal financialstanding but also make significant contributions to their society’s economic and social structure.The FEI’s methodical framework allows for international comparisons and evaluations of gender-specific circumstances that typically influence the growth of productive female entrepreneurship.As an analytical tool for comprehensively recognizing and examining the environment that isconducive to the advancement of productive businesses led by women, the FEI goes beyondmerely tallying the number of female entrepreneurs. Instead, it concentrates on highlighting aneconomy’s assets and limitations in cultivating an atmosphere or potential that could nurture thedevelopment of exceptional female-driven enterprises. Keywords:female entrepreneurship, innovation-driven enterprises, export-oriented ventures,gender-specific business environment, comparative entrepreneurial analysis JEL codes:L26, J16, O57 A.Introduction Womenentrepreneurs play a crucial role in economic growth by creating jobs,fosteringinnovation, and driving social progress (Minniti and Nardone 2007, Allen et al. 2008, Minniti 2010,Okah-Efogo and Timba 2015, Bullough et al. 2019, Hechevarría et al. 2019, Espinoza Trujanoand Welter 2022, Franzke et al. 2022). Binh, Pham, and Nguyen (2024) find that femaleentrepreneurshipboosts economic growth acros