As part of our work under WeGate, BAE has brought together thematic groups in the finance community across Europe to share their insights and experience in order to develop Europe's women entrepreneurship and access to finance. Under the leadership of Jenny Tooth, Executive Chair of the UK Business Angels Association, the following strategy paper has been drawn up by Business Angels Europe (BAE). Other key members of the thematic group who contributed to this paper are Claire Munck (CEO BeAngels and Scalefund), Inez Murray (CEO Financial Alliance for Women) and Anna Amati (co-founder Angels4Women and founding partner Eureka Ventures). Access it now to explore the key steps that can be taken at both practical and policy level to boost access to finance for women entrepreneurs, with examples of good practice that the finance community is taking.
Key considerations include:
- The number of female entrepreneurs applying for funding from banks and equity investors is considerably lower than their male counterparts.
- At the same time, there is a continuing low representation of women in decision-making roles in the finance community which directly impacts the experience and outcomes for women led businesses.
- On average only 14% of Angel Investors are women across Europe. This number is even lower in EU member states with less developed Angel markets.
- In bank finance, there is a lack of female-focused banking services/products, a lack of access to timely information, business and financial education to structure the business case for debt/loans as well as lack of access to women business networks.
Key suggestions include:
- Establish a European Women Backing Women Campaign.
- Education for Women Angel Investors.
- Increase women's financial confidence and opportunities for leadership.
- Financial and Wealth Advisors to change their approach to investment advice.
- Increase the number of women in Venture Capital.
- Establish an industry Code of Good Practice for Financing Women Entrepreneurs.
- Dedicated Funds and co-Investment Funds for Women Founders.
Read on to find out more considerations and suggestions, including European best practice examples on the matters listed above.