Championing women investors and entrepreneurs
Recognising women who are breaking down barriers
Women and diverse leaders build better businesses
And many are forging their own paths. Alison Rose’s review of female entrepreneurship reports that there are record numbers of new female-fronted firms.
Among those blazing a trail is Eléonore Crespo, investor and co-founder of Pigment. In the first half of 2024, Europe saw two new unicorns (start-ups valued at over US$1 billion). One was Eléonore’s Paris-based software company, dubbed the next Excel.
That’s the good news. We’ve started there, because while things are moving in the right direction, there’s still a mountain to climb. Only 2% of global venture capital funding goes to women-led enterprises.
The ambition, talent and grit needed to be a successful founder is present in women everywhere. Deloitte is championing women leading the way, with a new category in our UK Technology Fast 50 recognising the success of female founders and leaders.
Through our role as a founding partner of Women in Venture Capital: Europe (WVC:E), we’re also collaborating with and supporting women working within the venture capital industry.
If women started and scaled businesses at the same rate as men, it’s estimated that £250 billion could be added to the economy
In the year the UK’s first-ever female Chancellor of the Exchequer has made economic growth a main priority, it’s time this economic potential was taken seriously.
But all too often, women’s ideas aren’t. Research shows that a staggering 84% of investment goes to male-only founding teams. Well-documented challenges that contribute to this include fewer women learning technical skills like coding or data engineering and entering careers in the tech field. For those that do specialise in tech, working cultures in the start-up world have often disadvantaged women.
“A lot of people seem to think that women just don’t have start-ups,” says Alejandra de Brunner, founder and CEO of social network ETHOS. Commenting on pitching as the main route to access funding, she acknowledges the process is especially difficult for female founders, recalling her own early experiences.
“In theory, it was my pitch but within 2 minutes I’d be cut off and the rest of the call was advice being given to me. There’s a lot to consider when pitching anyway, but even more so when you take into account what assumptions others might have about you.”
In an industry dominated by men, bias in the venture capital market is widely acknowledged to contribute to a lack of diversity among founders. Women investors are twice as likely to back female founders. But with fewer women working in venture capital roles, there’s a vicious cycle to break.
“We are really excited by the women who are starting their own funds. They’ll build them with more of an inclusive lens.”
Sophie Winwood, Co-founder and CEO, WVC:E
Breaking down barriers
With its broad view across the financial services and the world of privately held businesses, Deloitte is championing women founders and investors.
“Deloitte isn’t an active investor, but we have a voice and a platform,” says senior manager Kariel Parian. “Highlighting some of the inspiring work we know is out there can make a lasting impact on the industry and society at large.”
Recognising rapid growth, Deloitte’s UK Technology Fast 50 is one of the UK’s leading tech awards programmes. Introducing a Women in Leadership category is shining a light on female-founded and female-led enterprises.
“The UK’s tech sector is a symbol of talent, innovation and competitiveness,” says Kiren Asad, lead partner for the programme.
“The Women in Leadership award is one way we can highlight the achievements of women in the tech field, providing a platform to support and celebrate female founders and CEOs as they grow and scale their companies.”
In addition, for the third year running, Deloitte is sponsoring the WVC:E summit. Taking place in Paris in October, the event will bring together women from across the venture capital world, including established founders, emerging entrepreneurs, investors and advisers.
The community, which has now grown to over 1000 women working in the industry, has a positive impact on women navigating a male-dominated sector. “After the first summit in 2022, someone messaged me to say, ‘Thank you, I’ve never felt part of the industry until now,’” says WVC:E Co-founder and CEO Sophie Winwood.
Conversations that matter
“In the long term, we hope that additional support for women investors and founders will no longer be needed, because there is gender parity,” says Kariel.
“Until then, we will continue listening to women, hearing their challenges and using our platform and skills to help tackle them.”
Talking about the challenges and what works is an important part of making a change, so Kariel invited WVC:E’s Sophie Winwood to join Deloitte partner and UK TMT Leader Jodi Birkett on our award-winning The Green Room podcast.
Here are three memorable and important messages that will help inform the conversations we have about women founders and investors as we keep championing their efforts.
1. Diversity in business makes economic sense
Data from Blackrock shows financial returns are higher among more diverse companies. If we fail to recognise and support ideas from a diverse group of people, we’re missing out on innovations and businesses that could enhance our lives and bring hundreds of billions to our economy.
2. Women are not a niche market
One of our Fast 50 winners, Elvie, was founded a decade ago by women’s health expert Tania Boler. Its smart pelvic floor trainer and breast milk pumps are disrupting the femtech industry and challenging taboos. Securing early funding was tough but Elvie got there. Some investors branded the products ‘niche’ – despite a target market of half the population.
3. Be an angel
Have you ever heard of angel investors? They provide funding, often in exchange for equity. Only 13% are women – but it’s one way for those who can invest to make a difference. The Female Invest platform is a great way to learn more.
