Female entrepreneurs hold immense promise, but face hurdles in accessing opportunities. Despite significant progress, disparities persist, particularly in the realm of funding and access to capital.
Female founders receive only a miniscule fraction of the investment capital dedicated to male entrepreneurs, hindering their ability to innovate, scale, and fully contribute to the UAE business ecosystem.
The UAE government has worked tirelessly to create an environment that supports and promotes entrepreneurs and small businesses, including the launch of the Entrepreneurial Nation programme, seeking to develop more than 8,000 SMEs and start-ups, the Future 100 designed to connect UAE entrepreneurs with investors and mentors, and much more.
Why are women entrepreneurs’ representation disproportionately low in many of these programmes?
Female aspiring entrepreneurs often grapple with limiting belief systems from “Having a family will constrain my success in business,” to “I have to work twice as hard to affirm my leadership,” or “I need to come across like a male entrepreneur.”
When we free ourselves from these beliefs and understand that having a seat at the table is a right earned through showing up, and not a privilege someone gives you, we can break through our own imposter syndrome.
In the UAE, women are more than two-thirds less likely than men to start an early-stage business (3 percent of women versus 9.6 percent of men), as reported by the recently published Global Entrepreneurship Monitor, and according to Wanda Digital Digest, capital raised by female founded start-ups in MENA represented an anaemic 1.3 percent of the total $4 billion raised in 2022.
One thing for sure. If you don’t ask, if you don’t pitch, you don’t get. So why not ask?
Limiting beliefs, combined with limited resources often leave young female entrepreneurs on their own, being held back from accomplishing everything they’re capable of.
Limited resources include insufficient role models to redefine what is possible, scarcity of mentorship programmes, small and limited networks, constrained access to financial and technical know-how, and of course very scarce funding opportunities, if any.
The venture capital world is very busy, racing to find unicorns; having a mandate to produce returns in relation to the risk they take, within a specific investment horizon.
Not enough resources are dedicated to longer term growth of young female entrepreneurs, particularly as it relates to long term, affordable or “no-equity” approaches to enabling opportunities of sustainable, organic growth.
It’s our obligation to show up and change the narrative for the next generation. We have an unprecedented opportunity in front of us right now. With just an idea, unwavering drive and determination, we can start.
Not to mention, having the kind of freedom and potential impact that our mothers, grandmothers only dreamed of. So, here are few tips to get started:
First, figure out what your competitive talents are and what you can offer the world. Reflect on your unique strengths, embrace your individuality and let it be your driving force.
Second, figure out your tribe. Forge connections. Start conversations with other entrepreneurs and like-minded individuals. Get a mentor. Attend industry events and stay up to date with the latest trends in the field.
Third, build your brand. It’s time to develop your business identity, to communicate your value proposition, to reflect your vision. A compelling personal brand is pivotal in standing out amidst the competitive landscape. Promote yourself and get your name out there.
Finally, don’t let setbacks discourage you! Embrace failure as a steppingstone toward success. Don’t be afraid to push yourself outside of your comfort zone, embrace calculated risks. It may be scary, but it can also be extremely rewarding.
The strategy, business plan, pitch deck, projections and the rest will come in due time. You do not have to have answers to all aspects of the business, you just need to surround yourself with people who do. Remember, it starts with investing in yourself and taking a bet on yourself.
So, are you in? Can you break through your glass ceiling?
While we hope to see more VCs distinguish themselves, begin to address the disparity and lead in this space, we hope to see more targeted programmes specifically addressing female entrepreneurs, we hope more companies will address their gender imbalances and lead by example, we equally need to start to believe. We have to believe we can.
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