Head of Development at Social Entrepreneurs Ireland, Lucy Masterson looks at the number of female entrepreneurs launching projects in the commercial and social enterprise sectors, and some of the potential factors influencing the gap.
In her article Women, Tech and Hell, Dublin’s Commissioner for Startup’s, Niamh Bushnell, talks about the growth of female entrepreneurship in Ireland. The good news for advocates of #changetheratio? Since Enterprise Ireland started offering female specific programmes in 2012, funding for female led businesses has jumped from 7% to 23% – an impressive figure and one that is ahead of both EU and US levels.
On the down side we are still more risk averse than our male counterparts and while female led technology companies achieve 35% higher return on investment, new research in the US and UK shows that men are still 40% more likely than women to get approved for a bank loan.
In contrast, when we look at activity in the social landscape the terrain is different – women are rocking it!
Almost 50% of the high potential social impact (HPSI) start-ups coming to us for support each year are female led organisations and these numbers show no sign of flat lining. That rate is significantly higher than the traditional commercial space, where men are twice as likely to be engaged in early stage entrepreneurial activities then their female counterparts.
More than two thirds of SEI supported businesses in 2014 were female led organisations – FoodCloud, Virtual Community College, Sensational Kids, Future Voices Ireland, Irish Charity Lab, MyLife Solutions, and Sólás. These women are highly entrepreneurial in their approach to driving social change. Like all innovators they refuse to take no for an answer because the alternative simply isn’t acceptable. They are willing to put everything on the line for their idea. They are not afraid of risk and we all know that every business investment worth its salt involves risk.
Why is this?
Is it that women tend to be the glue that holds communities together? Is it because women take action around specific causes that are closest to them? Is it that women are serial connectors and when we are deeply dissatisfied with a status quo we aren’t afraid of rolling up our sleeves and coming up with new ways to address the gaping holes in our education, childcare, political or environmental systems? Whatever the reasons, we salute those mothers of invention. And, as our Awards process gets ready to kick in to gear this March we look forward to supporting many more women as they step forward with bold new solutions to Ireland’s social problems.
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