In 2022, women in the UK established over 150,000 new companies, more than double the number from 2018. Despite these advances, female entrepreneurs remain less visible than they should be.
I have been fortunate to achieve some milestones as a female entrepreneur. In 2015, I developed build and launched the 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. Today, our personalised, 3D-printed nutrient-supplement brand, Nourished, is sold around the world and was recently honoured with the King’s Award for Enterprise in the innovation category. While proud of these achievements, it’s clear that more must be done to encourage female representation in business.
The Treasury’s Rose Review stated that “up to £250 billion of new value could be added to the UK economy if women started and scaled new businesses at the same rate as men.” It is incumbent upon all business leaders, both male and female, to help make this a reality.
Building better support networks
Starting a business can be challenging and often lonely, particularly for women who may face perceived prejudices and barriers. Female entrepreneurs should build and join support networks that provide encouragement, advocacy, and advice. Organisations such as Buy Women Built are doing excellent work by offering mentorship, resources, and a platform for sharing experiences. They empower women to overcome challenges and succeed in business, helping to bridge the gender gap in entrepreneurship.
Female entrepreneurs should engage in programmes and attend events to network and enhance their profiles and investment opportunities. Participating in mentorship opportunities, like those provided by Buy Women Built, can be invaluable. Additionally, many towns have chambers of commerce and other organisations where women can receive peer support on financing and funding, while increasing their local visibility among businesses.
Mentorship plays a crucial role in this process. As a mentor to other female entrepreneurs, I often share my experiences and insights to help them navigate the challenges of starting and scaling a business. I encourage others, regardless of their gender, to support and mentor young female entrepreneurs. By sharing your expertise and offering guidance, you can make a significant impact on their journey. It’s essential for experienced business leaders to step up and help foster a more inclusive and supportive business environment. The government should also introduce more initiatives that encourage mentorship and provide resources to budding female entrepreneurs.
Boosting girls in STEM
To ensure women play a significant role among the founders of future tech, health, and other innovative SMEs, we need to encourage them to pursue these paths during their education by highlighting the rewarding career opportunities in these fields. As a business community, we must involve as many girls in STEM as possible. Female tech entrepreneurs can inspire students by giving talks at schools, showcasing the diverse career paths that STEM education can lead to. Health businesses can invite students to their headquarters to spark their interest in research, and other firms can offer female-focused internships.
I participate in several mentoring programmes and initiatives to promote diversity, equity, and inclusion, particularly focusing on women in business and STEM fields. As an ambassador for Tech Nation, I support the UK’s leading growth platform for tech success. At Nourished, we strive for inclusive and equitable recruitment and retention practices. I frequently give talks at schools and universities to inspire the next generation of female leaders in technology.
But it shouldn’t stop there. I encourage other businesses and entrepreneurs to actively engage in similar initiatives. By offering internships, mentorships, or simply taking time to speak to students about their careers, you can help plant the seeds of interest and confidence in the next generation of female leaders. It’s about creating a pipeline of talented women who are ready to take on roles in tech and other STEM fields, ensuring a more balanced and innovative future.
Tell the female story
The most compelling presentations to potential investors, clients, or business partners go beyond numbers. They tell a story – from how a business developed a game-changing product to overcoming financial challenges. Women in business, who may juggle family responsibilities or face prejudice, often have particularly powerful stories to share. As female SME and start-up leaders, we need to leverage this narrative strength and speak honestly from our unique experience with passion.
Focus on purpose
In my experience, purpose-driven businesses often achieve greater success. These are companies that aim to solve others’ problems with their products or services, rather than just focusing on profit. Women often bring empathy and a sense of purpose to their businesses, and this can be a valuable asset when creating a company that makes a meaningful impact.
Putting female led business in the spotlight
Industry reports indicate that as much as 89p of every £1 of UK venture capital investment goes to all-male founder teams. As long as this remains the case, many female founders will not reach their full potential. Investors need to challenge their biases and reconsider where they place their funds. They should seek advice and take a closer look at how female-led SMEs can benefit them.
Most businesspeople don’t intentionally overlook women-led SMEs, but female entrepreneurs often encounter unconscious and conscious bias. I have experienced this myself on many occasions. Companies and business schools must invest in training to eliminate stereotypes and misperceptions that hinder women’s progress.
It’s also important for the broader business community to shine a spotlight on successful women-led enterprises. Media coverage, awards, and public speaking opportunities can help elevate female entrepreneurs and their businesses, making them more visible and accessible. I encourage other business leaders and organisations to actively seek out and promote women-led companies. By providing these platforms, we can help bridge the visibility gap and inspire the next generation of female entrepreneurs.
Making your mark as a female entrepreneur can be extremely challenging. But with the right support, passion, and unique skills, it can also be incredibly rewarding. Change is needed for women-led businesses to become more visible, and it’s a change we all have the power to bring about.
