Women With Balls: how can Britain back women-led businesses?
Apr 26, 2024
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Anneliese Dodds MP, Jo Overton, and Eccie Newton discuss the rise of young female entrepreneurship and the challenges they face in securing funding. They explore the barriers, lack of clarity in finance options, and the need for support and empowerment. The podcast also delves into the entrepreneurial journey in the food industry, fundraising for startups, and empowering women through funding and representation.
Female entrepreneurship is on the rise, with 17,500 businesses led by women aged 16-25 in two years.
Access to finance remains a challenge for female entrepreneurs, hindering business growth and scalability.
Diverse funding sources and tailored strategies are crucial for female entrepreneurs to secure appropriate financial backing.
Deep dives
The Rise of Young Female Entrepreneurs
Young female entrepreneurship has seen a significant increase with 17,500 businesses led by women aged 16 to 25, a 22-fold rise in two years. In the UK, 20% of businesses are female-led, spanning diverse industries like neuroscience consultancy, beauty products, dairy farming, and fitness. Despite this growth, female entrepreneurs still face challenges in accessing finance and navigating barriers like childcare and lack of flexibility.
The Economic Impact of Small Businesses
Small businesses drive innovation and job creation in the UK, playing a vital role in sustaining regional economies. Female entrepreneurs, though successful in various sectors, continue to encounter obstacles such as limited access to finance, which impedes business growth and scalability, highlighting the need for improved financial awareness and support mechanisms.
Navigating Funding Options for Entrepreneurs
Entrepreneurs can explore diverse funding sources based on their business stage, from grants and venture capital for early growth to private equity and bank lending for expansion. Angel investors and family groups offer additional funding avenues, with tailored strategies required to secure appropriate financial backing.
Empowering Female Entrepreneurs Through Support and Advocacy
Promoting female entrepreneurship requires a collaborative effort from various stakeholders, including government initiatives and industry support. Enhancing visibility of female role models and creating networks for mentorship and funding can address funding disparities and confidence gaps faced by women entrepreneurs. Encouraging diverse representation in decision-making roles and fostering transparent finance practices are key to closing the gender gap in entrepreneurship.
Encouraging Entrepreneurial Pursuits and Overcoming Challenges
Initiating a business venture demands self-confidence and perseverance, with an understanding that failures are part of the journey. Entrepreneurs are advised to assess their funding needs early, explore diverse financial options, and leverage available support networks for guidance and mentorship. Embracing risks, seeking financial literacy, and cultivating a strong entrepreneurial community can empower individuals to navigate the complexities of starting and scaling their businesses.
Young, female entrepreneurship is on the rise. Two years ago, 17,500 businesses were founded by women aged 16-25, which is 22 times greater than in 2018. Now, 20 per cent of all businesses across the UK are all-female-led. Yet, when it comes to investment, women consistently underperform their male counterparts. Why? And should more be done to support female entrepreneurs?
To shine a light on some of these issues is Anneliese Dodds MP, the Shadow Secretary of State for Women and Equalities, and Chair of the Labour Party, Jo Overton, the Managing Director for Customer Propositions and Strategy for Business Commercial Banking at Lloyds Banking Group, and Eccie Newton, the co-founder, of Karma Cans, an office lunch delivery company, and Karma Kitchen, that provides commercial kitchen spaces to food businesses.
This podcast is kindly sponsored by Lloyds Banking Group.
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