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As I reflect on the journey that led me to establish Starling Bank, I remember the countless meetings and the sheer determination it took to secure our first investment.
It was an exhausting process that involved nearly 300 meetings over two years! But beyond the challenges of building a business from scratch, what struck me most was the glaring inequality that permeated every room I entered.
I was often the lone woman in a sea of men, all dressed in similar outfits, almost to the end (the vests seemed to be a big hit).
‘Uneven playing field’: Anne Boden says women-led businesses still face difficulties when it comes to securing funding
Despite being armed with a compelling vision to disrupt the banking system and a solid plan, most people couldn’t see how this middle-aged Welshwoman could be a tech entrepreneur.
It was clear he was playing on an uneven playing field. And it wasn’t that men excluded women, but that they maintained the status quo.
There has been much progress in terms of female representation on company boards in recent years, but inequality in terms of the support that companies run or founded by women receive persists.
Access to finance is one of the most persistent barriers to the progress of women-led businesses: for every £1 of capital investment in the UK, only two pence goes to businesses founded entirely by women, which is not represents no improvement in the last decade.
The irony is that in the world of entrepreneurship and fundraising, you are told to “choose your investor.” Most of the time women don’t have a choice. We get what we are given.
We do not need to moderate our personality to adapt it to the environment. The status quo needs to change
I am often asked by aspiring businesswomen: ‘So what needs to be done to change these attitudes?’
First, women are not the problem. We don’t need to change, the system does. Women have ideas, drive and skills.
There is nothing wrong with our ambition or desire to create high-growth companies. We do not need to moderate our personality to adapt it to the environment. It is necessary to change the status quo.
Second, female entrepreneurs must find a supportive ecosystem. This is something I understand very well.
Because there are so few successful, high-growth female entrepreneurs, it can be very lonely. However, there is a network, no matter how small, of brilliant female founders willing to lend a hand, give access to their contacts, and sometimes even invest.
Founder: Anne Boden is the woman behind award-winning challenger bank Starling
My support team was helpful when I needed it most. Don’t underestimate the power of a good support system.
Finally, while an idea is important, execution is everything. I understand the anxiety that comes with wanting to do everything right as a leader, but don’t let that stop you from taking action. Leave out the naysayers and just do it!
We are on the cusp of the fifth industrial revolution (or industry 5.0), which will be driven by Artificial Intelligence (AI) and deep learning.
I think it is a turning point for women entrepreneurs because it represents a shift in focus from economic value to social value.
The goal of upcoming innovations will be to solve some of the most pressing problems of the moment; health, social assistance and climate change. People-oriented issues: where women entrepreneurs have already demonstrated their excellence.
But, for us to fully reap the benefits, we need to create the environment where everyone’s creativity is allowed to flourish and we can harness all of our talent resources.
This means including women from ideation to leadership of high-growth businesses. This time, we won’t be left out when things start to get interesting.
Anne Boden founded the award-winning Starling Bank. She recently published her latest book: Female Founders’ Playbook: Insights from the superwomen who made it.