The GEM 2021/22 Women's Entrepreneurship Report offers a trend analysis of women’s entrepreneurship in 50 countries, five global regions and three national income levels. We focus on four key themes in the first half of the report, followed by a closer analysis of region- and country-specific patterns in the second half. The four themes are (1) gender differences in rates at various points in the entrepreneurial lifecycle, from intentions through to startup activity, new business, established business and business exit; (2) gender differences in COVID impacts, both positive and negative; (3) structural inequalities and women’s participation in high-potential startups; and (4) factors in the enabling environment that likely influence gender differences in entrepreneurial activity. Our findings offer insights to a diverse audience of researchers, policymakers, educators and practitioners. Our goal is to highlight areas where women entrepreneurs have made significant progress, where the COVID-19 pandemic impacted their business outcomes, and where there are still gaps, challenges and opportunities that can be better addressed.