The recently launched WES Manifesto for Accelerating Action on Economic Growth highlights the immense potential of women’s enterprise to add billions to the economy. Meanwhile, the Women’s Business Club is providing vital support and resources to female entrepreneurs, further driving economic change.
The WES Manifesto identifies five key priority areas essential for fostering the growth of women-led businesses: dedicated business support, robust access to funding, access to care, financial inclusion, and mandatory assessments with data monitoring. These areas address the structural inequalities that have historically hindered women entrepreneurs (Scottish Business News) (Scottish Financial News).
Dedicated business support
WES advocates for personalised business support tailored to the unique challenges faced by women entrepreneurs. This includes having advisors with lived experience of running their own businesses and training in delivering gender-specific support. Nearly three-quarters of women entrepreneurs believe dedicated support is vital for realising their business aspirations (Scotsman) (Scottish Financial News).
Access to funding
A significant challenge for women entrepreneurs is the disparity in access to capital. Women start their businesses with 53% less capital than men, and only 2% of venture capital funding has gone to female-led teams over the past decade. Addressing this funding gap is crucial for ensuring the sustainability and growth of women-owned businesses (Scottish Business News) (Scottish Financial News).
Access to care
The availability of care services is a critical factor enabling women to participate fully in activities. By improving the infrastructure of care, more women can engage in enterprise, thereby increasing economic inclusion (Scotsman).
Financial inclusion
Financial security remains a significant concern, with nearly half of the surveyed women not contributing to pensions while running their businesses, and many relying on personal savings for business funding. This has severe implications for their long-term financial security and highlights the need for policies promoting financial inclusion (Scotsman).
Assessment, data, and monitoring
Effective policy-making requires robust data. WES emphasises the need for comprehensive data collection and analysis to ensure women receive fair allocation of business support resources and that strategic commitments translate into tangible actions. This will help in tracking progress and identifying areas needing further intervention (Scottish Financial News).
In addition to the initiatives by WES, the Women’s Business Club is making significant strides in supporting women entrepreneurs in Scotland. The Club provides a platform for networking, mentorship, and business growth, offering a range of resources tailored specifically for women. Their focus on creating a supportive community helps female entrepreneurs navigate the challenges of business ownership and expand their professional networks.
One of the key events organised by the Women’s Business Club is the annual Scotland Women’s Business Conference, set to take place on 29th October at the Royal College of Physicians of Edinburgh. This conference brings together women entrepreneurs from across Scotland, providing a forum for sharing knowledge, experiences, and strategies for business success. The event features speed networking, Expert Pods®, and workshops designed to inspire and equip women with the tools they need to grow their businesses. It also offers an opportunity for women to connect with potential investors, partners, and clients, fostering an environment conducive to business growth and innovation.
Angela De Souza, CEO of Women’s Business Club, stresses the urgency of “providing comprehensive support and resources to female entrepreneurs to ensure they can thrive in today’s competitive economic landscape.”
The benefits of supporting women entrepreneurs extend beyond the immediate economic impact. Investing in women’s enterprise contributes to broader societal benefits, such as increased job creation and innovation. For instance, investing in care not only supports women in business but also has the potential to create significantly more jobs compared to investments in other sectors like construction (Scottish Financial News).
WES’s vision is for Scotland to become a world leader in supporting women-owned businesses, enabling equal access to resources and opportunities. Achieving this vision requires a collaborative effort from the government, financial institutions, and the business community to dismantle existing barriers and create an environment where women entrepreneurs can thrive (Scotsman) (Scottish Financial News).
Women are reshaping the economic landscape of Scotland, supported by the efforts of organisations like Women’s Enterprise Scotland and the Women’s Business Club. Through targeted initiatives, dedicated support, and comprehensive policies, Scotland can unlock the untapped potential of women entrepreneurs, fostering a more inclusive and prosperous economic future. The upcoming Women’s Business Conference will further spotlight the contributions of women in business, providing a platform for growth, networking, and inspiration. The call to action is clear: it is time to prioritise women’s enterprise and unlock the immense economic potential they represent.
