At the fabl, the majority of our clients are entrepreneurs, from Wren Kitchens to Wellocks, Lynx Purchasing and ICB to name a few. One of the reasons these partnerships have been successful is that we work with business owners directly. As entrepreneurs ourselves we understand the entrepreneurial spirit.
That’s why we were shocked – and a bit sad – to discover that only 1 in 3 UK entrepreneurs is female – that includes our own MD.
According to The Rose Report released on International Women’s Day, only 6% of UK women run their own businesses compared to 15% in Canada, almost 11% in the US and more than 9% in Australia and the Netherlands. And that’s despite the UK being the start up capital of Europe with a 5.1% growth rate in the number of new businesses between 2013-2017.
The Rose Report says that the gender gap represents an estimated 1.1 million ‘missing’ businesses that could boost the economy by a much-needed £250 billion.
It identifies access to investment capital as the number one barrier facing female entrepreneurs with female-led businesses receiving less funding than those run by men at every stage of development.
The report recommends making UK banks and investment houses help their wealthy clients invest in female entrepreneurs. It also outlines a ‘code’ committing investors to show the gender split of investments which has been signed by one bank so far – well done, NatWest!
But what women entrepreneurs need is for investors to show them the money – not just talk about it. Until they do, business women will continue to do what they’ve always had to do – nurture relationships, be more creative, and work even harder and smarter to get their enterprises off the ground.