In honour of Women’s History Month, Women Who Tech has opened up the application process for this year’s Women Startup Challenge. The tech organisation that’s combating the severe lack of funding for women-owned ventures, says this year’s funding will favour female founders who are ‘smashing’ the status quo, and disrupting the gender gap in tech.
“If we’re going to create products for the masses and build breakthrough technologies that solve the biggest problems, we need to make shift happen by building a culture and inclusive economy that accelerates women entrepreneurs,” stated Allyson Kapin, Founder of Women Who Tech. “The funding gap is dire and not really moving, but we’re here to change that.”
However, despite pledges by VCs to increase funding for startups led by diverse founders, the numbers are barely budging. In 2019, only 2.8% of investor funding went to women-led startups, up a mere 0.1% from 2017, according to Pitchbook.
ACCELERATING WOMEN ENTREPRENEURS
The Women Startup Challenge will showcase 10 of the best women-led startups to pitch their tech companies. The event will be co-hosted by Google in NYC in June 2020. This year’s investor jury panel includes Susan Lyne, President and Managing Partner of BBG Ventures; Andrew Beebe, Managing Director of Obvious Ventures; and Shelly Kapoor Collins, Founder of The Shatter Fund.
Winning ventures will be awarded $75,000 and pro bono services. Women Who Tech will award a $50,000 cash grant and the W Fund is committing a $25,000 investment. The W Fund will also be arranging an investor ‘mentoring’ day where founders will meet one-on-one with several investors to expand their access to VC networks, which have traditionally been off limits to underrepresented founders.
SHOWCASING UNDERREPRESENTED POTENTIAL
“The tech industry can’t afford not to support diverse founders or else we lose out on innovation. It’s programmes like the Women Startup Challenge and allies working together that are needed now to increase diversity, equity and inclusion in tech,” commented Craig Newmark, Founder of craigslist and Craig Newmark Philanthropies, and a member of the Advisory Board for Women Who Tech.
Adding to his comments, Kate Brodock, Founding Partner of the W Fund, said: “We’re excited for the opportunity to invest in one of the great companies taking the stage at the Women Startup Challenge. We firmly believe that the next wave of $1bn companies will be led by women and underrepresented founders. Women Who Tech has been a consistent leader in showcasing that potential and pushing the ecosystem closer to that reality.”
Applications for the Women Startup Challenge are open to tech startups with at least one woman founder or co-founder based in North America. Applications close on 29th March 2020.
Click here for criteria and submission details.
Sign up for our newsletter
