It is estimated that women in the United States control between 52 percent and 60 percent of wealth.
The global business landscape is evolving as more and more women are entering the economic mainstream. Reports suggest that within the next decade there will be 3 billion additions to the ecosystem as employees, employers, producers and entrepreneurs. This group is often referred to as #3rdBillion.
Still, there is a disparity when it comes to funding of entrepreneurial ventures. In 2016, 5,839 male-founded companies got VC funding, compared with just 359 female-founded companies, according to Fortune Magazine.
CrunchBase Research showed no growth in the past five years, and only 17 percent of all startups have a female founder. Here are a couple of other statistics:
- Women hold 25 percent of senior management roles in the Financial Services Industry.
- Women have 25 percent of jobs in computing and it has been declining since its peak in 1991 when it was at 36 percent. (The current market is sometimes referred to as the code economy because so much of business process is reliant on APIs and algorithms.)
We need more women in finance. We need more women who code. We need to fund more women founders.
Progress through participation
Upstate Capital Women recently hosted an event titled “Women, Money & Power” at Marist College to raise visibility on the issue and ignite participation.
Jennifer Tegan, a partner at Cayuga Venture Fund, kicked off the event with this staggering statistic: Only 7 percent of all U.S. capital goes to fund businesses founded by women.
Our region is going to move the needle on this statistic.
Positive change is happening and how we make a difference is to amplify those who are positively modeling the way. Chloe Capital’s Elisa Miller-Out passionately states: “We need the people making the future to be more diverse as diversity makes the future better for all of us.”
Success in funding requires confidence, clarity and strategy. Four founders shared their business models at the Marist event. It was exciting to see the range of strategy used.
Allison Lamb, founder of Limegreen, is building her company of the power of storytelling–live your multi. Through a clear understanding of social media and contextual intelligence in millennial culture-there is a huge focus on community listening and engagement.
Colleen Costello, co-founder of Vital Vio, is building her company have an intellectual capital strategy in the science of antibacterial white light. They have three patents and are clear on where they want to outsource.
Calandra Cruickshank, president and CEO of StateBook International, is the first online marketplace for site selection and economic growth. Its strategy is leveraging API and SmartCity data to make it easier for businesses to determine where to start and where to grow.
Joan Fallon, CEO and founder of Curemark, has claimed the space as an innovator for creating therapies for the treatment of neurological and other disorders. Fallon, who is a doctor of chiropractic, says “our strategy is based on milestones.” If you are raising money you have to demonstrate not only a sound idea, but also achievement.
How do we make positive change for women getting funded? The way I would like to contribute is sharing the credibility of great thinkers and doers in our region.
Jennifer Sertl is an internationally recognized influencer in social media and thought leader in the emerging field of corporate consciousness. She is president and founder of Agility3R, a leadership development company dedicated to strengthening strategic skills and helping leaders become more resilient, responsive, and reflective.