Professor Maura McAdam talks about an early experience that influenced her entrepreneurial outlook on the world and how finding your tribe can help you succeed in business.
For decades, traditional biases have impacted women starting businesses, limiting their equitable access to capital, mentorship and leadership opportunities.
Undoubtedly, great strides have been made in recent years, with many companies actively working to create equal, diverse and supportive work environments, but according to a World Economic Forum study, women will still receive less than 2% of venture capital funding by 2024.
Maura McAdam is Professor of Management and Director of Entrepreneurship at Dublin City University, where she is the 2024 InvestHer SummitShe told SiliconRepublic.com that it’s not “women who need to change or adapt, but rather the system needs to evolve.”
“The InvestHer Summit is important because it aims to bridge this gap by providing a platform specifically for women, increasing visibility and opportunities for women in the investment community.”
Higher goals
Growing up in the North, McAdam understood early on that hard work, innovation and drive could pay off: running her father’s bar during the tumultuous years of the Northern Ireland Troubles and seeing the diverse locals come together despite the tensions of the time helped her recognise the deep-rooted complexities of the community.
“I didn’t just grow up watching my parents run this business, but I grew up watching their actions ripple through the community and have a lasting impact.”
These childhood experiences piqued McAdam’s interest and opened his eyes to “the challenges, rewards and ‘everydayness’ of owning and managing his own business.” She was encouraged to pursue higher education and completed a degree in Business Management and a Masters in Technology Change and Innovation at Ulster University.
She went into manufacturing and production and loved “the hustle and bustle”, but eventually felt “disconnected from end users and the wider community”, so she left to do a PhD in Entrepreneurship at Ulster University.
Armed with her PhD, intellect and ambition, she dove into the entrepreneurial world only to find herself asking, ‘Where are the women?’ Since this realization, and encouraged by a deep-rooted sense of equality, finding the answer to this question has been her constant drive.
Eliminate perfectionism
As a professor, keynote speaker, author and entrepreneur, McAdam’s day-to-day work is varied, but she takes particular pride in mentoring early-career academics and other women seeking to establish themselves.
“My research explores the social, cultural and institutional factors that affect women entrepreneurs, looking at key issues such as access to funding, mentorship and networking opportunities. The insights and strategies developed through my research aim to drive global systemic change and create a more equitable and supportive environment for women in entrepreneurship,” she said.
However, it is crucial that the barriers preventing women from realising their potential are not seen as primarily women’s issues, and that women are not seen as solely responsible for destabilising inequalities. Men also have a responsibility to drive positive change in promoting gender equality. “Men who advocate and support their female colleagues, friends and family play a key role in challenging gender bias and creating an inclusive environment,” McAdam said. Throughout her life, the men around her have actively encouraged and nurtured her career ambitions, “and still do.”
Another issue to consider is how women see themselves. As a group that is constantly held to higher standards, women can sometimes unwittingly contribute to perpetuating these unspoken rules.
“Don’t ask for permission,” McAdam says. “Women in general may feel like they need permission to start, build and grow their companies due to a combination of societal expectations, stereotypes, cultural norms and personal experiences.”
“It’s important to realize that you don’t have to wait until you’ve earned a degree, gained 10 years of experience, or achieved any milestone you set for yourself until you’re ready to be an entrepreneur.”
McAdam said perfectionism is often a trap for women, leading them to set too high standards and ultimately become paralyzed by fear of failure.
“For many people, readiness may mean or consist of over-planning. I know many women, myself included, who feel like they need to have everything not only ready but in order before they can take the next step, whether that be getting a job, getting a promotion, or starting a business.”
Advance
McAdam has achieved great success, winning numerous awards for his research and ranking in the top 2% of social scientists in the world, but what many outside academia don’t realise is the vulnerability that comes with putting yourself out there.
“The process of submitting papers, presenting at conferences, and applying for grants involves rigorous review and often harsh criticism,” McAdam explains, but she believes that over time, people will come to realise the value of constructive feedback and improving their critical thinking skills.
For McAdam, “IIt takes more than just a village to succeed – it takes an “ecosystem.”
“Surrounding yourself with like-minded people, your peers, is a great way to build self-efficacy, or a ‘can-do’ attitude. If you’re surrounded by people who are doing great things, you’ll be motivated to do great things.”
Looking to the future, McAdam predicts that entrepreneurship will be more important than ever, regardless of career path.
Her own journey, heavily influenced by her childhood experiences and positive academic pursuits, is deeply personal, and she looks forward to continuing to bring about “meaningful change in the entrepreneurial landscape,” with a focus “particularly for women.”
InvestHer Summit It will take place at the Dublin Royal Convention Centre from 19th to 21st June 2024. Book your tickets Join now.
