Getting funding for the female founder is quite difficult. The startup and funding process is mostly dominated by male founders. According to
Crunchbase News, Venture Capitalist funding for women dropped by 27% in 2020, compared to 2019. This is a global phenomenon, and it shows how much there is so much gender disparity.
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These declining statistics have called for major concerns among founders, investors, policymakers, and entrepreneurs. However, the picture is not bleak compared to five to seven years ago. Between 2016 and 2017, the number of sole female-led startups that received funding increased by 72% compared, with the periods of 2011 and 2015. This was a fourfold increase. But the question remains if gender affects funding. There are various reasons why founders receive or don’t receive funding.
However, the question doesn’t lie on if the startup is male-led or female-led, but if the idea/product is profitable, has a ready market, has a solid team that can sustain growth, and works well with numbers, and so on.
Therefore, it is self-defeating when women founders think about the gender issue, rather than focusing on their startups’ strength and how best to pitch it. In this article, we shall highlight how women founders can thrive amid gender-biased funding.
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Don’t See Yourself As A “Female Founder,” But As A “Founder.”
Female founders who see themselves as “female founders” often do this to their detriment. It has a long way in affecting their psychology. Female founders should see themselves as “founders”, “solution providers”, “CEOs” and “business leaders”. They should declutter the mindset of being a female founder. They should step into the ball as their male counterparts. Women founders should approach funding rounds like men do, without thinking about gender.
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Rely On The Strength Of Your Startup
Female founders, rather than focusing on their gender and the gender bias that exists in funding, should focus on the strength of their startups’ team, achievements, marketability, profitability, visions and missions.
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Blow Your Horns
Female founders must develop the habit of blowing their horns, especially when they achieve a milestone. This builds their confidence and prepares them mentality for funding. Furthermore, it gives the necessary confidence to thrive in a funding series. During pitching, don’t hesitate to share strong figures. After all, figures are part of the most important things investors look at, before giving their backing.
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Master Your Numbers
Studies have shown that women are often scrutinized more when it comes to numbers. Therefore, be extra prepared, learn your numbers thoroughly. Numbers are an investor’s “love language.”
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Project Your Future Self
Female founders must learn to sell their future selves. If you are a female founder, let investors know that your startup stands the chance of being among the Fortune 500 companies in the future. Sell them your visionary self. Amplify your dream in every facet of your life. This self-projected image can infuse confidence in prospective founders.
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Synergize With Successful Female Founders And Business Leaders
Another way to thrive in a male-dominated VC is to synergize with other strong, successful women in your network. Networks like LinkedIn, alumni, workplaces, or communities for women founders and investors like Women Founders Unite, are the best places to start.
Featured Image Source: BBC
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This article was first published on 8th December 2021 and updated on December 13th, 2021 at 1:13 pm
nnaemeka-emmanuel
Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.
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