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In this paper, we address the need to further conceptualize high impact (HI) female entrepreneurship exploring the existing literature and adapting the 2012 World Development Report framework and index model to create a basis for internationally comparative quantitative analysis. We incorporate a review of the existing literature on female entrepreneurship identifying the issues that seem to affect HI female entrepreneurship and identify the National Systems of Entrepreneurship approach as important for HI female entrepreneurship development . In addition, we compare and contrast the existing indices that measure entrepreneurship development in general and female entrepreneurship in particular. Finally, we propose the most suitable approach for developing a comprehensive quantitative model for studying HI female entrepreneurship.