According to the Financial Times, the percentage of venture capital funding that went to female-led start-ups in the U.S. fell from 2.4% in 2021 to 1.9% last year. It then rose to 17% if at least one man was included.
There is so much work to be done to change these statistics!
Show up & Pave the Way for the Next Generation
Female founders’ share of funds remains anemic internationally and within the MENA region even more so, hindering these founders' ability to innovate, scale, and fully contribute to the business ecosystem. Why would that be the case?
There is still a big issue of unconscious bias against women founders, referring to the systematic preference or discrimination against female founders or female-led startups when it comes to funding.
Are we aware of our own bias? Being aware is the first step to reducing instances of judgement resulting from our own social construct. Becoming aware of our own unconscious biases, start by educating ourselves, paying attention to our thoughts and examining our beliefs. This can help us identify the assumptions we currently hold.
To show up for these founders, we can give back in the form of support, mentorship, perhaps even in consumption habits -to become clients of these businesses.
Be Well Prepared | Know that Scrutiny will Be Bigger
Female founders hold immense promise, but face hurdles in accessing opportunities. Celebrate the hurdles when they come. Celebrate the scrutiny when it comes. They can be great learning opportunities. By listening and making the appropriate changes, the hurdles become steppingstone toward success. If things don't work the first time, try a second, third and fourth time. One thing not to do is to take it personally and give up.
For example, if you are getting ready to pitch your idea, get prepared, run through your presentation multiple times. Use a critical audience to tear your pitch apart and put it back together again. Ensure you have a clear understanding of your audience, their interests and concerns.
Embrace "setbacks" and don’t be afraid to push yourself outside of your comfort zone. It may be intimidating at first, but will get easier and taking risks can lead to incredible rewards for your business.
One Thing for Sure, If You don’t Ask, You Don’t Get!
If you don't ask, if you don't pitch, if you don't apply to various programs, you won't get opportunities. For example, the UAE government has created multiple programs to support and promote entrepreneurs and small businesses, including the launch of the Entrepreneurial Nation programme, seeking to develop more than 8,000 SMEs and start-ups, the Future 100 designed to connect UAE entrepreneurs with investors and mentors, and much more.
Women entrepreneurs’ representation is disproportionately low in many of these programmes. So why not participate?
If you are just starting in the entrepreneurial journey, here are few tips to consider:
Figure out what your competitive talents are and what you can offer the world. Reflect on your unique strengths, embrace your individuality and let it be your driving force.
Figure out your tribe. Forge connections. Start conversations with other entrepreneurs and like-minded individuals. Get a mentor. Attend industry events and stay up to date with the latest trends in the field.
Build your brand. It’s time to develop your business identity, to communicate your value proposition, to reflect your vision. A compelling personal brand is pivotal in standing out amidst the competitive landscape. Learn to promote yourself and get your name out there.
The strategy, business plan, pitch deck, projections and the rest will come in due time. You do not have to have answers to ALL aspects of the business, you just need to surround yourself with people who do.
Remember, it starts with investing in yourself and taking a bet on yourself.
So, Are you in? Can you Break the Glass Ceiling?
While we hope to see more VCs, Angels and the likes distinguish themselves, begin to address the disparity and lead in this space, we also hope to see more targeted programmes specifically addressing female entrepreneurs.
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