Women entrepreneurs started 4 out of every 10 businesses in America in 2014, with women starting a 1200 businesses a day, according to the latest OPEN State of Women-Owned Business report.

Source: Screenshot, American Express OPEN.

The size of women-owned firms is also growing; women-owned firms will make $1.4 trillion in revenues in 2014.

More good news: minority women also open 1 in 3 women-owned businesses, up from 17% just 7 years ago.

Source: Screenshot, American Express OPEN.

But there’s still a long way to go, according to the report. The average annual revenue for women-owned firm is $155,000, whereas the average annual revenue for all firms is $1.2 million.

Source: Screenshot, American Express OPEN.

Read the full report here to learn more about women-owned businesses and the tools we need to support women-owned businesses in the future.