In 2022, women will start more than 150,000 new companies in the UK, more than double the number in 2018. Despite this progress, female entrepreneurs are still largely invisible.
I’ve been fortunate to achieve several milestones as a female entrepreneur. In 2015, I developed, built and launched Magic Candy Factory, the world’s first FDA and FSA compliant 3D food printer. More recently, in 2020, I raised a seed round for Rem3dy Health, which set a UK record for a female founder. Now, our personalised 3D printed nutritional supplement brand, Nourished, is sold worldwide and was recently awarded a King’s Award for Innovation. While I’m proud of these achievements, it’s clear that more needs to be done to advance female representation in business.
The Treasury’s Rose Review stated that “if women started and grew new businesses at the same rate as men, up to £250 billion in new value could be added to the UK economy.” It is the responsibility of all business leaders, men and women, to make this happen.
Building a better support network
Starting a business can be difficult and often lonely, especially for women who may face prejudices and barriers. Women entrepreneurs need to build and join support networks that offer encouragement, assistance, and advice. Organisations like Buy Women Built are doing great work by providing mentorship, resources and a platform to share experiences. These organisations are empowering women to overcome challenges and succeed in business, helping to close the gender gap in entrepreneurship.
Women entrepreneurs should participate in programs and attend events that will help them build their network and raise their profile and investment opportunities. Participating in mentorship opportunities, such as those offered by Buy Women Built, can be extremely beneficial. Additionally, many towns have chambers of commerce and other organizations where women can gain visibility among local businesses while receiving peer support for fundraising and financing.
Mentorship plays a key role in this process. As a mentor to other women entrepreneurs, I frequently share my experience and insights to help them navigate the challenges of starting and scaling their businesses. I encourage others to support and mentor young women entrepreneurs, regardless of gender. Sharing your expertise and mentoring can have a significant impact on their journey. It is essential that experienced business leaders step up and help foster a more inclusive and supportive business environment. Governments too must introduce more initiatives to encourage mentorship and provide resources to budding women entrepreneurs.
Educating Girls in STEM
To ensure that women play a key role among future tech, health, and other innovative small business founders, we need to highlight the rewarding career opportunities in these fields and encourage them to pursue these paths while in school. As a business community, we need to get as many girls involved in STEM as possible. Female tech entrepreneurs can inspire students by giving talks at schools and showcasing the diverse career paths a STEM education can lead to. Health-related companies can invite students to their headquarters to spark their interest in research, and others can offer women-focused internships.
I am involved in several mentoring programs and initiatives to promote diversity, equity and inclusion, with a particular focus on women in business and STEM. I am an ambassador for Tech Nation, supporting the UK’s leading growth platform for tech success. At Nourished, we strive for inclusive and equitable recruitment and retention practices. I am a frequent speaker at schools and universities to inspire the next generation of female leaders in tech.
But we can’t stop there. We encourage other companies and entrepreneurs to get actively involved in similar efforts. By offering internships and mentorships, or simply taking the time to talk to students about their careers, we can plant seeds of interest and confidence in the next generation of female leaders. The goal is to create a pipeline of talented women ready to play roles in technology and other STEM fields, ensuring a more balanced and innovative future.
Telling women’s stories
The most compelling presentations to potential investors, customers, and business partners aren’t just about numbers. They tell a story: how your company developed a groundbreaking product or how you overcame financial challenges. Women in business, who juggle family responsibilities or face prejudice, often have especially powerful stories to share. As women leaders of small businesses and startups, we need to leverage the strength of this story and tell our unique experiences with passion and honesty.
Focus on the purpose
In my experience, purpose-driven businesses often have greater success. These are companies that aim to solve other people’s problems with their products and services, rather than focusing solely on profits. Women often bring empathy and a sense of purpose to business, which can be valuable assets when creating companies that make a meaningful impact.
Spotlight on women-led businesses
According to industry reports, 89p of every pound of UK venture capital investment goes to all-male founding teams. As long as this continues, many female founders will not fulfil their potential. Investors need to set aside their biases and rethink where they put their money. They should seek advice and take a closer look at how female-led SMEs could benefit them.
While most business people don’t intentionally ignore small businesses led by women, women entrepreneurs often encounter unconscious or conscious bias. I’ve experienced this myself many times. Companies and business schools need to invest in training to eliminate the stereotypes and misconceptions that impede women’s advancement.
It’s also important that the broader business community shines a spotlight on successful women-led companies. Media coverage, awards, and public speaking opportunities help put women entrepreneurs and their companies in the public eye, making them more visible and more accessible. I encourage other business leaders and organizations to actively seek out and promote women-led companies. By providing these platforms, we can close the visibility gap and inspire the next generation of women entrepreneurs.
Making a name for yourself as a female entrepreneur can be incredibly challenging, but with the right support, passion and unique skills, it can also be incredibly rewarding. Change is needed to bring more visibility to women-led businesses, but it’s within our reach.
