Closing the Gender Gap in UK Entrepreneurship
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The document discusses closing the gender gap in entrepreneurship in the UK based on data from the Global Entrepreneurship Monitor (GEM). GEM UK data shows a persistent 50% gender gap, with fewer than five female entrepreneurs for every ten male entrepreneurs. Women also have more fear of failure and perceive they lack necessary skills. In response, the Alison Rose Review estimated the gender gap represents 1.1 million missing businesses and made recommendations to increase funding, support, and mentoring for female entrepreneurs. The UK government launched a new "Investing in Women" initiative with actions like transparency in funding, new investment vehicles, support for work-life balance, and expanded mentorship in response.
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Closing the Gender Gap in UK Entrepreneurship
- 1. Global Entrepreneurship Monitor Prof Mark Hart & Dr Anastasia Ri GEM 2020 Annual Meeting, Miami, March 2 GEM DATA IN ACTION CLOSING THE GENDER ENTREPRENEURIAL GAP IN THE UK GEM UK team
- 2. GEM: FROM DATA COLLECTION TO POLICY MAKING
- 3. GEM UK PROVIDES STRONG EVIDENCE OF GENDER GAP IN ENTREPRENEURSHIP IN THE UK • Persistent gender gap in TEA and EBO rates at just under 50%: for every ten male UK entrepreneurs, there are fewer than five female entrepreneurs. • Consistent difference in entrepreneurial attitudes between women and men: women are more likely to fear failure and perceive lack of skills and less likely to know other entrepreneurs.
- 4. THE ALISON ROSE REVIEW: UNREALISED POTENTIAL IS ENORMOUS Alison Rose, Deputy CEO NatWest “I firmly believe that the disparity that exists between female and male entrepreneurs is unacceptable and holding the UK back. The unrealised potential for the UK economy is enormous.” Based on GEM UK data, the Alison rose review of Female entrepreneurship • estimates that the gender gap is equivalent to ~1.1 million missing businesses • and formulates a set of Recommendations: 1. Increase funding directed towards female entrepreneurs. 2. Provide greater family care support for female entrepreneurs. 3. Making entrepreneurship more accessible for women and increasing support locally, through relatable and accessible mentors and networks.
- 5. GOVERNMENT RESPONSE: NEW CODE “INVESTING IN WOMEN” Initiative 1: Promote greater transparency in UK funding allocation through a new Investing in Female Entrepreneurs Code Initiative 2: Launch new investment vehicles to increase funding going to female entrepreneurs Initiative 3: Encourage UK based institutional and private investors to further support and invest in female entrepreneurs Initiative 4: Review existing and create new banking products aimed at entrepreneurs with family care responsibilities Initiative 5: Improve access to professional expertise by expanding the entrepreneur and expert in residence programme Initiative 6: Expand existing mentorship and networking opportunities Initiative 7: Accelerate development and roll-out of entrepreneurship-related courses to schools and colleges Initiative 8: Create an entrepreneur first-stop shop
- 6. BUILDING PARTNERSHIPS AND CULTIVATING CONTINUOUS ENGAGEMENT WITH POLICY MAKERS Our strategic partners and sponsors: • NatWest Bank, the UK’s biggest supporter of small businesses • Department for Business, Energy and Industrial Strategy (BEIS) • The Welsh Government • Department for the Economy (Northern Ireland) • Hunter Centre for Entrepreneurship, University of Strathclyde