{"id":19044,"date":"2024-07-09T08:43:00","date_gmt":"2024-07-09T08:43:00","guid":{"rendered":"https:\/\/reinvantage-dev.eonserver.com\/?p=19044"},"modified":"2024-07-09T08:43:00","modified_gmt":"2024-07-09T08:43:00","slug":"empowering-founders-in-europes-start-up-ecosystem","status":"publish","type":"post","link":"https:\/\/reinvantage-dev.eonserver.com\/?p=19044","title":{"rendered":"Empowering women founders in Europe&#8217;s start-up ecosystem"},"content":{"rendered":"\n<p><strong>A wave of initiatives is empowering female founders, igniting a surge of innovation and entrepreneurship. But more work needs to be done.<\/strong><\/p>\n\n\n\n<p>The European start-up ecosystem is increasingly a hotbed of innovation and entrepreneurship. However, the gender gap in start-up leadership remains a significant issue, particularly in Central and Eastern Europe (CEE).&nbsp;&nbsp;<\/p>\n\n\n\n<p>Despite these challenges, the region is witnessing a burgeoning movement aimed at empowering female founders, with a series of programmes and initiatives designed to ensure that women are provided with the opportunities to shine.&nbsp;&nbsp;<\/p>\n\n\n\n<p>According to a 2023 report by Startup Europe, the percentage of start-ups with at least one female founder in CEE has risen to 25 per cent, up from 18 per cent in 2019. Nevertheless, while this progress is commendable, it is still behind Western Europe, where women make up approximately 30 per cent of start-up founders.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-cyan-bluish-gray-background-color has-cyan-bluish-gray-color is-style-wide\"\/>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/emerging-europe.com\/news\/ukraines-war-for-talent-why-investment-in-education-must-be-a-key-part-of-reconstruction\/\">Ukraine\u2019s war for talent: Why investment in education must be a key part of reconstruction<\/a><\/li><li><a href=\"https:\/\/emerging-europe.com\/news\/the-ngo-empowering-tajik-women-and-girls-to-take-up-careers-in-it\/\">The NGO empowering Tajik women and girls to take up careers in IT<\/a><\/li><li><a href=\"https:\/\/emerging-europe.com\/news\/in-the-agrifood-sector-women-can-be-agents-of-change\/\">In the agrifood sector, women can be agents of change<\/a><\/li><\/ul>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-cyan-bluish-gray-background-color has-cyan-bluish-gray-color is-style-wide\"\/>\n\n\n\n<p>Pilar Trucios is an investor and co-founder of Wa4steam, a growing international community of women angel investors seeking to expand women-led entrepreneurship.&nbsp;<\/p>\n\n\n\n<p>She believes that sometimes, women need to believe in their own abilities and not always look to men for answers.&nbsp;<\/p>\n\n\n\n<p>\u201cWe invested in a project founded by a talented woman who decided she needed a CEO. So she hired one, a man. I said, \u2018no, you are the CEO\u2019. He was a disaster and eventually she realised that she was indeed the best CEO for the job,\u201d Trucios says.&nbsp;<\/p>\n\n\n\n<p>\u201cThis lack of confidence is a big issue for many women, because they have the skills and the abilities to succeed.\u201d&nbsp;<\/p>\n\n\n\n<p>Deep-rooted cultural norms and biases also pose a significant challenge. Many women report experiencing gender discrimination and a lack of support from male counterparts and investors who doubt their capabilities.&nbsp;<\/p>\n\n\n\n<p>Diana Koziarska of venture capital firm Smok VC says that it\u2019s important to ensure that girls are taught from an early age to be as ambitious as boys\u2014in all fields.&nbsp;<\/p>\n\n\n\n<p>\u201cAt pre-school we were all given dolls to take care of, with care being the key word. Take care of a doll, then when we grow up, take care of a family. I think this plays a major role in how girls, when they become young adults, view things.\u201d&nbsp;<\/p>\n\n\n\n<p>Angela Gusztos, RIS project lead at the European Institute for Technology\u2019s (EIT) Health InnoStars initative, agrees. She says that research has shown that women tend to apply for jobs only if they see themselves as a 95 or 100 per cent fit for the post. \u201cMen apply if they feel they are a 67 per cent fit,\u201d she says. \u201cThis shows that it\u2019s a matter of confidence\u2014or a lack of it.\u201d&nbsp;<\/p>\n\n\n\n<p>Encouraging women to make the most of the skills that they unquestionably possess is a key milestone on the road to empowering more female entrepreneurs, adds Gusztos, as well as teaching them those which they lack.&nbsp;<\/p>\n\n\n\n<p>&#8220;We carried out research amongst our alumni start-ups and it tapped into the idea of soft skills. What we identified is they want to learn more about communication, how to communicate their strengths, how to negotiate with a board of men, and how to identify the right investment,\u201d she says.&nbsp;<\/p>\n\n\n\n<p>For Joana Pinto of Portugal\u2019s Instituto de Telecomunica\u00e7\u00f5es, which exists to create and disseminate scientific knowledge in the field of telecommunications, analytical skills are also important.&nbsp;&nbsp;<\/p>\n\n\n\n<p>\u201cKnowing what metrics to analyse, what data sets are relevant. With the right data you can bring in another key skill, critical thinking, which will allow you to deep dive into the problem and find a way of solving it,\u201d she says.&nbsp;<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Access to finance&nbsp;<\/h5>\n\n\n\n<p>One of the most significant barriers for female founders is access to capital. Despite the growing venture capital scene, women receive a disproportionately small share of investment. A study by Deloitte in 2022 revealed that only 12 per cent of venture capital funding in CEE went to female-founded start-ups.&nbsp;<\/p>\n\n\n\n<p>For Diana Koziarska, diversity is key. Diverse companies building diverse teams see more revenue and are more profitable, she says.&nbsp;<\/p>\n\n\n\n<p>\u201cDiversity has an impact,\u201d she adds. \u201cIf you have diverse team, you have diverse perspectives. You understand different audiences, different customers. It allows you to better scale the company and your products.\u201d&nbsp;<\/p>\n\n\n\n<p>The good news, suggests, Angela Gusztos, is that VCs are increasingly likely to fund impact start-ups, and female-led companies are more likely to be impact projects.&nbsp;<\/p>\n\n\n\n<p>But she adds that VCs also need to take part in workshops and training sessions in order to, \u201clearn about how they can value female-led companies\u201d.&nbsp;<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">The importance of community&nbsp;<\/h5>\n\n\n\n<p>Ultimately, however, it is rethinking education that will likely be crucial for the development of the female-led entrepreneurial ecosystem\u2014and this must include more role models showing that women can be successful in any fields. And with effective networking also important for start-up success, it does not help that many female founders find themselves excluded from key networking events and opportunities, which are often dominated by men. It is here that initiatives, such as those run by EIT, come into their own.&nbsp;<\/p>\n\n\n\n<p>\u201cIt\u2019s important to be part of a community that has these role models,\u201d says Gusztos. \u201cIt\u2019s huge. EIT runs a programme called Women In Venture, specially designed for women who are interested in being entrepreneurs, but they don&#8217;t have a company yet or may be at a very early stage. We also run JumpStarter, where there is a 50-50 split between male and female-led start-ups,\u201d she says.&nbsp;<\/p>\n\n\n\n<p>Joana Pinto, who has been part of EIT, agrees.&nbsp;<\/p>\n\n\n\n<p>\u201cBeing part of the right community can make a huge difference for a first-time founder,\u201d she says. \u201cMy experience is that EIT gave me the opportunity to meet with mentors and engage with people who were key players in the industry that I was about to enter.\u201d&nbsp;<\/p>\n\n\n\n<p>Empowering female founders in Central and Eastern Europe is not just a matter of equity; it is essential for driving economic growth and innovation.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The region has made commendable progress, but there is still much work to be done. By continuing to break down barriers and create supportive environments for female entrepreneurs, CEE can unlock the full potential of its start-up ecosystem.&nbsp;&nbsp;<\/p>\n\n\n\n<p>With sustained efforts from all stakeholders\u2014governments, investors, and the start-up community\u2014female founders in CEE will undoubtedly continue to thrive and contribute to a more dynamic and inclusive economy.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-cyan-bluish-gray-background-color has-cyan-bluish-gray-color is-style-wide\"\/>\n\n\n\n<p><em>Angela Gusztos, Diana Koziarska, Joana Pinto, and Pilar Trucios were speaking with Emerging Europe&#8217;s Andrew Wrobel at the Women in Tech Summit, held in Warsaw in June. You can watch the full discussion below.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Panel discussion: Shifting the balance: Empowering female founders in Europe&#039;s start-up ecosystem\" width=\"1220\" height=\"686\" src=\"https:\/\/www.youtube.com\/embed\/pyWiUuvDRkU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-cyan-bluish-gray-background-color has-cyan-bluish-gray-color is-style-wide\"\/>\n\n\n\n<p><strong>Unlike many news and information platforms,&nbsp;<em>Emerging Europe<\/em>&nbsp;is free to read, and always will be.&nbsp;There is no paywall here.&nbsp;We are independent,&nbsp;not affiliated with nor representing any political party or business&nbsp;organisation.&nbsp;We want the very best for emerging Europe, nothing more, nothing less. Your support will help us continue to spread the word about this amazing region.<\/strong><\/p>\n\n\n\n<p><strong>You can contribute&nbsp;<a href=\"https:\/\/emergingeurope.krtra.com\/t\/NlQnFuOA2C9c\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>. Thank you.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><a href=\"https:\/\/emergingeurope.krtra.com\/t\/NlQnFuOA2C9c\"><img decoding=\"async\" src=\"https:\/\/emerging-europe.com\/wp-content\/uploads\/2020\/04\/copy-of-add-a-heading.png\" alt=\"emerging europe support independent journalism\" class=\"wp-image-50811\"\/><\/a><\/figure><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-cyan-bluish-gray-background-color has-cyan-bluish-gray-color is-style-wide\"\/>\n\n\n\n<p><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-cyan-bluish-gray-background-color has-cyan-bluish-gray-color is-style-wide\"\/>\n\n\n\n<p><strong>Unlike many news and information platforms,&nbsp;<em>Emerging Europe<\/em>&nbsp;is free to read, and always will be.&nbsp;There is no paywall here.&nbsp;We are independent,&nbsp;not affiliated with nor representing any political party or business&nbsp;organisation.&nbsp;We want the very best for emerging Europe, nothing more, nothing less. Your support will help us continue to spread the word about this amazing region.<\/strong><\/p>\n\n\n\n<p><strong>You can contribute&nbsp;<a href=\"https:\/\/emergingeurope.krtra.com\/t\/NlQnFuOA2C9c\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>. Thank you.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><a href=\"https:\/\/emergingeurope.krtra.com\/t\/NlQnFuOA2C9c\"><img decoding=\"async\" src=\"https:\/\/emerging-europe.com\/wp-content\/uploads\/2020\/04\/copy-of-add-a-heading.png\" alt=\"emerging europe support independent journalism\" class=\"wp-image-50811\"\/><\/a><\/figure><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-cyan-bluish-gray-background-color has-cyan-bluish-gray-color is-style-wide\"\/>\n","protected":false},"excerpt":{"rendered":"<p>A wave of initiatives is empowering female founders, igniting a surge of innovation and entrepreneurship. But more work needs to be done. The European start-up ecosystem<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":19045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[7567,7562,6612,6912,7540,7563,7568,7569,7564,7566,6613,6624,6621,7565],"class_list":["post-19044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-angela-gusztos","tag-diana-koziarska","tag-education","tag-eit","tag-eit-health-innostars","tag-empowerment","tag-european-institute-for-technology","tag-joana-pinto","tag-pilar-trucios","tag-smok-vc","tag-society","tag-start-ups","tag-startups","tag-wa4steam"],"_links":{"self":[{"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=\/wp\/v2\/posts\/19044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19044"}],"version-history":[{"count":0,"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=\/wp\/v2\/posts\/19044\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=\/wp\/v2\/media\/19045"}],"wp:attachment":[{"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}