The author of a recent report on how to empower more women into entrepreneurship has called on the government to boost the economy by implementing its recommendations.
Speaking as part of an International Women’s Day discussion focused on the Pathways: A New Approach for Women in Entrepreneurship review, chair and co-author Ana Stewart pointed out that "it's just words until government embraces the action points".
The report was commissioned by Finance Secretary Kate Forbes around this time last year, focused on education, access to finance, support and mentoring for women in business.
Stewart, also an investment partner with Eos Advisory, who previously founded and exited fintech firm i-design, said that the response to its publication a few weeks ago had been "remarkably positive", but now something needed to be done.
"I’ll be continuing to push for the government to embrace all the recommendations in the report - I really want to make sure we act on this, because if we actually do, Scotland could lead on these issues.
"So I’d like to see some action from ministers, but we need some hands in pockets to invest in it."
The rest of the panel was in agreement with the need to keep the momentum going.
Professor Eleanor Shaw, an associate principal at the University of Strathclyde with responsibility for the university’s entrepreneurship strategy, pointed out the progress that has been made since the publication of Mark Logan's Technology Ecosystem Review, with five new tech scaler hubs being built by the government
"Hopefully we get a similar action from government and the wider ecosystem," she commented.
Shaw also stated that despite progress being made, in the last 30 years, the number of UK businesses owned by women has remained stubbornly around 17.5%.
"One of the big problems is unequal access when women try to pull together the capital to set up a business - both social, financial, reputational and human - as they may not be seen as a credible entrepreneur.
Carolyn Jameson, the chief trust officer at Trustpilot, who also sits on the board of the Scottish National Investment Bank, said that there "definitely aren’t enough women asking for the money at the moment" and while people are striving to make a difference, "we need a more collaborative effort across the board".
She noted that one example is indicative of the wider problem, in that when female founders go to pitch at accelerator events, investor panels are very often completely male dominated.
Also round the panel was Sarah Ronald, founding director of strategic design firm Nile and an active angel investor, who talked about her struggle with the hidden social networks that make things easier for men.
"I’ve had to build these groups and spaces to get and give support at the different stages of entrepreneurship - it can be really lonely, but it doesn’t have to be that way.
"The same challenges exist getting into angel investing syndicates, which are something Scotland has more of than perhaps anywhere else, but can be uncomfortable spaces for women."
Stewart said that while much of the report was critical of the status quo, she didn't want it to be a lamentation, but rather than the start of renewed action.
"We want to create a discussion about why only 2% of institutional investment goes to female-led firms at the moment.
"So few female entrepreneurs are coming through to the institutional space, the ecosystem is so imbalanced, it's around 95% made up of men, and most from the same background - because human nature means you gravitate to what you’re used to.
"By incentivising investment groups to be more inclusive - I don’t think it's too much to ask for one in five in the investment community to be women."
While the response has been positive, Stewart said she was aware such positive discrimination may seem provocative to some.
"But you have to discuss it, because in the last 10 years nothing has changed, and 53 years after the Equal Pay Act we’re still talking about the gap.
"We must be positive about what we can do though, it's not about victimhood, and it's important that everyone’s included in this discussion."
Coming back to the idea of invisible networks, Shaw noted that these are not just a problem for women in business, "it's incredibly difficult for every underrepresented group - so new spaces must be created".
Stewart agreed and explained that in trying to speak to as diverse a group as possible when researching the report, she realised that there needs to be a separate review into the broader lack of inclusivity in the Scottish economy - and especially business ownership.
Fundamentally, she concluded: "We need to help connect businesses to the next rung on the ladder and improve the structure of these pathways - the platform is designed for all, but particularly those not participating in the system fully."
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