Overcoming Structural Barriers for Women in Entrepreneurship Proceedings of a Workshop–in Brief (2021) / Chapter Skim
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Overcoming Structural Barriers for Women in Entrepreneurship: Proceedings of a Workshopin Brief
Overcoming Structural Barriers for Women in Entrepreneurship: Proceedings of a Workshopin Brief
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women entrepreneurs in STEMM industries face compounded structural barriers due to the gender biases and systemic disadvantages in STEMM fields and in entrepreneurship more broadly.2 Thus, the two-day workshop brought together experts and leaders to discuss promising practices for advancing aspiring and current women entrepreneurs in STEMM, and to provide insights on how stakeholders in the innovation ecosystem can address structural barriers facing women entrepreneurs -- especially women of color. While the speakers highlighted a subset of existing programs to advance women entrepreneurs, they tended to focus their remarks on broad, cross-cutting themes and strategies that can support women entrepreneurs from diverse backgrounds in STEMM fields.
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Women in entrepreneurship are not being funded or receiving patents at the rates of men. Women received only 2 percent of all venture capital funding in 2019; the rate drops to 0.7 percent for women of color.4,5 Barabino noted that structural barriers are driving these low rates of participation, including diminished access to capital, implicit and explicit bias, and a lack of role models and mentors, among other challenges.
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More than 65 percent of venture capital funds do not have a single female partner.12 Murray also emphasized that diversifying innovation decision-makers leads to more inclusive investment decisions (e.g., studies show that female venture capital partners are more likely to fund startups with at least one female founder, and even more likely to fund startups with female CEOs)
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On the industry side, Gaspard described the lack of scientific expertise of investors and the need to build investors' knowledge particularly in technological research areas. Gaspard and Richards-Kortum discussed the significant structural barriers facing women, especially women of color, in participating in entrepreneurship.
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How do we provide a better life to 8 billion people? We can't do it without you." STRUCTURAL BARRIERS FOR WOMEN ENTREPRENEURS During breakout sessions, workshop presenters, panelists, and participants discussed the range of barriers women face in innovation and entrepreneurship.
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Glangchai urged stakeholders to create safe spaces in schools or incubator programs to encourage girls to embrace failure because it is the first attempt at learning and a part of the STEM process. Barriers in the Venture Capital Ecosystem Jorge Guzman, Columbia Business School, Angela Jackson, Portland Seed Fund, and Jessica Patton, 5th Century Partners discussed barriers in the venture capital ecosystem, including a lack of generational wealth creation.
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lack of consolidation of current databases) and the under-utilization of data to mitigate structural barriers for women entrepreneurs (e.g., the opacity around compensation in early stage venture capital)
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Nitin Rai, Elevate Capital, emphasized that venture capitalists need to combine mentorship with funding support as it is critical for building confidence in women of color entrepreneurs and gaining their trust. "The challenge of raising capital is not limited to the first check," and it is important to have a mentor-centric approach to guide women of color entrepreneurs along the fundraising journey, said Rai.
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Sephus mentioned the need to direct funding to untapped geographic areas for innovation with potential for growth, such as Mississippi and Alabama. Identifying and Cultivating Role Models and Mentors and Developing Networks to Support Women in Entrepreneurship Throughout the workshop, participants discussed the lack of role models, mentors, and networks to support women, particularly women of color, in pursuing entrepreneurship.
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Frazier added that university technology transfer offices can also support women new to entrepreneurship by helping them in identifying and writing grants and offering education about commercialization, patenting, and intellectual property processes. Increasing Access to Capital for Women Entrepreneurs Several workshop participants discussed the importance of capital for women entrepreneurs, particularly for women of color; as Frazier noted, "capital is the starting point." Jump discussed the responsibility of venture capital firms in addressing the lack of capital currently available to women: they need to lead by reexamining how they make decisions about capital allocations.
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Martin-Wallace said that a strength of the Academies is its ability to bring together diverse groups, supporting collaboration and partnerships, while Frazier discussed the need for the organization to leverage and disseminate ongoing work related to women in entrepreneurship. Jump added that the National Academies can convene influential decision-makers across the STEMM entrepreneurial spectrum to help them understand current opportunities to support women in innovation.
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2021. Overcoming Structural Barriers for Women in Entrepreneurship: Proceedings from a Workshop -- In Brief (2021)
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