Firms founded by women show ambition
Female company founders across the UK are showing strong appetite for growth, but require more support in key areas cited as lagging to help them flourish and power up their contribution to the economy, according to a report issued today – International Women’s Day (IWD).
The survey from female founders’ network Accelerateherofabout320womenentrepreneurs nationwide showed that 92 per cent believed their business proposition had growth potential. What’s more, in excess of half are currently focused on scaling their businesses, with nearly two in five keen to expand on an international scale, and about the same proportion saying they were actively seeking investment to catalyse their companies.
Accelerateher added that the respondents represent a broad range of sectors including financial and business services, technology, life sciences, food and drink, and creative industries. Less than a quarter are currently engaged with the female-focused organisation and its network, while nearly six in ten reported being keen to grow their contacts books and connect with others who could support their business journey.
Access to finance was cited as a key issue, with half of those surveyed saying this was proving a barrier to growth, while cashflow issues, especially with late payments from large companies, also came under the spotlight as a major hurdle. Less than a third of all respondents cited lack of confidence in their abilities as a barrier to success, but nearly two in five said getting access to the right resources and guidance was a challenge, while other core concerns raised included managing a work-life balance.
Accelerateher chief executive Elizabeth Pirrie said the survey highlights the progress being made by women entrepreneurs across the UK. “The findings challenge some of the existing conceptions about female company-founders, showing a majority of women believe they can scale their businesses, with many currently focused on achieving this on a global level. We are also highly encouraged to see that a large majority of female founders feel self-confident in developing their companies, an important area that Accelerateher has been focused on in our work with aspiring businesswomen.”
The publication of the survey findings follows the recent launch of the Accelerateherrun Female Founders Accelerator programme with 100 participating tech firms.
Separately, Edinburghbased legal firm Watermans is rebranding to Waterwomans for 24 hours to celebrate IWD and help raise awareness of gender inequality. MD Scott Whyte said: “We recognise the progress that has been made towards equality for women in the past, but also the significant level of inequality that women still face in every aspect of life.”