Starting up a business from the ground up is no easy task. Not only does it require years of hard work and dedication, but it also requires unmatched entrepreneurship and a drive for success.
For women in tech, however, the challenge of starting a business doubles.
From the funding gap to stereotyping, bias and discrimination, women entrepreneurs face multiple barriers to success that their male counterparts simply don’t have to put up with.
The challenges of being a women entrepreneur
1. The gender funding gap
It's a well-documented fact that women-led businesses receive significantly less funding than those with men at the helm. According to The Gender Index, Women attracted less than 12% of the 1.3 million investments made in UK firms in 2021 – that equates to just 0.1% of UK private equity investments (by value) and 0.5% of UK venture capital investments (by value).
Read: Why Female-led AI Startups are Being Left out of the AI Boom
Research in 2022 by startups.co.uk paints a similar picture, revealing that businesses with male founders or co-founders receive nearly seven times more funding on average than businesses owned by female entrepreneurs.
This can be due to unconscious bias among investors, who tend to be mostly male, and who may be more comfortable investing in people they perceive as similar to themselves.
2. A lack of female entrepreneurs
Navigating the business world is often easier with a strong network and access to experienced mentors. These connections are crucial for getting advice, sharing experiences, and making those all-important connections,
Unfortunately, these networks have traditionally been male-dominated, making it harder for women to find mentors who can provide valuable guidance and connections. Today, the business world can still be a boys' club, and the lack of family role models can discourage aspiring women entrepreneurs, as they may not see a clear path to success led by someone who looks like them.
3. Work-life balance
The burden of work-life balance also falls disproportionately on women. They often carry a larger share of childcare and domestic responsibilities, making it incredibly challenging to dedicate the long hours often required to get a startup off the ground.
The limited availability of childcare options, especially for non-traditional work hours, can also force female entrepreneurs to choose between prioritizing their business or their family's immediate needs. This constant pressure can lead to feelings of guilt, and stress, and ultimately, hinder a woman entrepreneur's ability to fully dedicate herself to her business goals.
This burden doesn't just impact the time available to women entrepreneurs. There are multiple studies showing that the mental and emotional toll of constantly juggling responsibilities can lead to burnout.
Breaking through the barriers
Despite these challenges, there are more and more resources available to help women entrepreneurs succeed. A growing number of organizations and investors are specifically focused on supporting female-led businesses, and Mentorship programs designed for women entrepreneurs are providing much-needed guidance and connections.
Read More: International Women's Day 2024: Celebrating Women in Tech
There are also angel investor groups specifically focused on funding women-led businesses, and there are mentorship programs designed to connect women with experienced businesswomen.
Still, the journey for women entrepreneurs is undeniably challenging. However, with increased awareness, targeted support systems, and the unwavering determination of women themselves, these barriers are being chipped away.
Most successful women entrepreneurs
With so many barriers to success for women entrepreneurs today, it’s more important than ever before to spotlight women who can overcome those barriers and reach incredible heights of success in the world of business.
In this list, we’re counting down ten of the most successful women entrepreneurs in history, exploring how each of them found success and the barriers they overcame in the process.
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