[entrepreneurs]
Making substantial change is necessary to increase funding for female business owners. Decisions must be made differently for institutions and for individuals. Women must be more adequately represented on investment committees, where many of these choices are made. In contrast, female entrepreneurs require greater assistance.
Although we were aware of the scope of this issue when we released the Rose Review of Female Entrepreneurship in 2019, we also realized that progress could be sped up by fostering more openness around funding.
The end result was the Investing in Women Code, a Government-supported program that requires members to report information about their support for female-led businesses, increase the likelihood that female entrepreneurs will succeed, and ensure that a senior leader assumes responsibility for promoting equality.
We are aware that more women than ever are beginning businesses, and that the proportion of young women-owned enterprises is increasing more quickly than that of any other age group. We must now ensure that they have access to the funding they need to realize their goals.
According to the Code’s annual report, 160 institutions have now joined on, including 30 angel syndicates, over 100 venture capital and growth capital companies, four of the “big six” banks in the United Kingdom, and the largest building society. They all have made the decision to act, communicate, and evaluate their results.
Data provided to the Department for Business, Energy, and Industrial Strategy by code signatories demonstrates that advancements are being achieved. The average amount of angel investment requested by all female companies last year came very close to matching the amount requested by male teams.
