IWD 2024 Addressing the gender disparity among female tech entrepreneurs.

In the realm of technology startups, innovation often stems from a great idea, a group of college graduates identifying gaps in the market, or the need to address specific business challenges. While many tech startups bootstrap their way to success, there are instances, as witnessed in December 2022, where startups are founded solely on an idea.

During that time, I attended a pitch where an entrepreneur presented the potential of ChatGPT to over 30 investors. The audience was captivated by the capabilities of ChatGPT in writing, designing, and reimagining, aiming to raise $20 million to enhance solutions complementing ChatGPT using the latest GPT-3 technology. However, despite efforts, the fundraising fell short, garnering only $12 million, indicating the challenges even promising startups face in securing funding.

This experience left me frustrated, particularly when reflecting on my own startup journey. Despite my extensive background in marketing and technology development, and the success of my previous ventures, raising capital proved to be a daunting task. Conversations with "Female Funds" further highlighted the biases in funding preferences, with a preference for retail or health-related startups, often overlooking ventures outside these realms. Additionally, female-only founders encountered challenges in securing investments, with some funds preferring businesses with multiple founders or male representation.

Women founders face an uphill battle in gaining recognition and support for their innovations. While male counterparts often secure substantial funding based solely on their ideas, women-led ventures are scrutinized more intensely, with expectations of detailed metrics and projections. This bias not only hampers the growth of women in tech but also undermines the diversity and innovation potential of the industry.

Efforts to address this disparity through government grants and initiatives have fallen short, as evidenced by the State of Australian Startup Funding report, where only a mere 4 percent of funding went to women-founded businesses. Bridging this gap requires active support and advocacy from influential figures in VC firms, tech companies, and government bodies. Mentorship programs, funding initiatives, and policy changes aimed at leveling the playing field are essential steps in fostering inclusivity and diversity in the tech industry.

Ultimately, creating a culture that values diversity and inclusivity is crucial for driving innovation and progress in technology. As we celebrate International Women's Day, it's imperative that both men and women hold themselves and others accountable for creating a more equitable and supportive environment for women in tech.