The last decades have seen major welfare state retrenchment in Europe, not least in Sweden with public sector downsizing, including privatization of schools, care, and health care. The rhetoric connected to privatization stressed the unique opportunities for formerly publicly employed women to start their own businesses in sectors now open for enterprise. Did this materialize? Analyzing twenty years of empirical research on women's entrepreneurship in Sweden we find that privatization resulted in oligopolization and masculinization of the market(s), and that gendered public sector practices were reproduced in the private sector – women turned from low-wage labor to low-profit entrepreneurship. In addition, divisions among women along lines of ethnicity resulted.