The UK Government has launched a taskforce to boost the number of women entrepreneurs starting fast-growing companies.
The taskforce on women-led high-growth enterprises will support women entrepreneurs; tackle investing barriers; and increase the number of women-led fast-growing businesses. The Government will use its convening power to influence high growth investors, the wider business community, and to raise the aspirations of the next generation of female entrepreneurs; especially looking to encourage women based outside of the capital.
Currently, only one in three UK entrepreneurs is a woman; a gender gap equivalent to 1.1 million missing businesses. Additionally male-led SMEs are five times more likely to scale up to £1 million turnover than female-led SMEs. The Government aims to increase the number of female entrepreneurs by half by 2030.
“This country can only grasp its full potential by ensuring everyone, regardless of their background or where they live, has the opportunity to succeed,” said Minister for Women and Equalities, Liz Truss. “We want women to be at the heart of the recovery effort. We’ll do that by helping more women start a business; by getting them into higher paid work, by focusing on skills.”
BREAKING BARRIERS FOR WOMEN ENTREPRENEURS
Anne Boden, CEO and founder of Starling Bank and Chair of the task force, along with other members, will use their combined expertise and connections to work collaboratively with organisations across the UK to support the Government’s overall target of increasing the number of female entrepreneurs by half by 2030; (equivalent to nearly 600,000 female entrepreneurs). They will focus on driving change in the area of growth capital. The taskforce will build on the work of the Rose Review; which found that breaking down the barriers for women entrepreneurs could boost the economy by £250bn. While there is encouraging evidence of a pipeline of innovative woman-led start-ups, more help is needed in supporting women in high-growth business.
“More women than ever are starting new businesses and many of them are scaling-up their companies. The Taskforce aims to give women entrepreneurs the tools to take their businesses to the next level; access to finance and growth capital, technology adoption and leadership skills,” commented Boden. “The Taskforce’s work will provide a blueprint for all entrepreneurs to follow.”
The launch follows a package of initiatives announced on International Women’s Day, to level up employment opportunities for women. This includes a pay transparency pilot to help businesses who want to go even further in attracting women to their companies. Evidence shows listing a salary range on a job advert and not asking applicants to disclose salary history provides a firm footing for women to negotiate pay on a fairer basis. Click here to read more.
2022’s Rising Star Awards celebrates 100 female talent, representing the leaders and role models of tomorrow. Click here to read more.
Sign up for our newsletter
