Changing Narrative with Women in Technology Startups
Technology startups are more than catalysts for growth. They are the engine of growth itself. They solve problems no other sector is addressing with innovative thinking, thus pushing society forward - all while creating jobs, stimulating the economy, and attracting foreign investment. In today’s evolving economic landscape, technological innovation is already seen as a big tool that is moving the needle in every sector of the economy. From education, transportation, maritime, technology has continued to be a major driver helping to create different opportunities and new industries for the people.
Many developing economies including Nigeria are now catching up to build an innovation-driven economy as governments have become fully involved in the establishment of tech hubs across their countries. In Nigeria alone, tech hubs have become success stories, especially with the emergence of companies such as Flutterwave, Andela among others which sprang up from its creation.
Despite the increasing rise of startup innovators, many women in the rank have become disadvantaged and at best neglected not only in terms of support but also in recognition. This situation has led to the dearth of many businesses which hold the prospect of becoming great enterprises. This trend has elicited concerns that it might well be true that there is a deliberate attempt to deny women the opportunity to fly as they strive to.
For more than a decade now, there has been a deliberate shift in focus from women in tech startups. This is largely due to a number of factors that include bias, stereotypes and low representation of women role models in tech related fields. A research conducted by a leading mobile app, inDrive in three countriesNigeria, Brazil and Malaysia revealed the same bias against women.
Though the research revealed that the percentage of girls in STEM-related education in Brazil, Malaysia and Nigeria is the same as the percentage of boys, there is still a significant gap between the amount of startups founded by men and women. According to statistics, The Venture Capital funding to female startups is not more than 1%, a clear demonstration of a huge funding gap between men and women in IT i.e. number of female founded startups is significantly less than male in all countries.
As if that is not enough, another statistics obtained by Crunchbase revealed that only 2.3 per cent of venture funding goes to womenled startups. Poised to change the status quo, inDrive, a mobility app that provides both passengers and drivers a fair deal across 45 countries worldwide has come up with an initiative, Aurora Tech award, to assist and encourage women in tech startups. Until the Aurora Tech award came into focus, many women in innovation entrepreneurship have had to fall by the wayside due to a number of factors ranging from discrimination. The award, which is targeted at providing seed funds for women-led start-ups, was established with a view to helping women unleash their power of innovation.
The Aurora Tech Award 2024, founded in 2020 by inDrive, received an unprecedented 694 applications from 102 countries this year, underscoring the global impact of women in technology and innovation.
In addition to the prestigious recognition, the winners of the Aurora Tech Award received cash prizes of $30,000, $20,000, and $10,000 for 1st, 2nd, and 3rd place, respectively, along with access to an inDrive mentorship program. Through the award, inDrive hopes to set new and fair standards in the venture world.