13.04.14 digi women jean-o'sullivan

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Female Entrepreneurship Female Entrepreneurship

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Page 1: 13.04.14 digi women  jean-o'sullivan

Female Entrepreneurship Female Entrepreneurship

Page 2: 13.04.14 digi women  jean-o'sullivan

Is there a Problem/Opportunity ?• International Studies suggest that Female Entrepreneurs are

lagging significantly behind their male counterparts.

• Ireland reflects the international trend; Early stage entrepreneurial activity among men is more than twice that of females.

Country Ratio of men to women early stage entrepreneurs

Ratio of men to women established owner managers

Ireland 2.5:1 2.2:1

Australia 1.5:1 2.1:1

UK 1.8:1 2.0:1

United States 1.4:1 1.7:1

OCED average 1.8:1 2.2:1

EU – 15 average 1.9:1 2.2:1

Page 3: 13.04.14 digi women  jean-o'sullivan

HPSU Female Entrepreneurs

• Within the Enterprise Ireland remit the level of female participation is significantly lower than male.

*Female Promoter or Female Co-Founders/Managers at time of investment.

Year HPSU Approvals

Female Entrepreneurs

2012 97 8

2011 93 7

2010 80 9 (2 in one company)

2009 73 9 (2 in one company)

2008 71 5

Page 4: 13.04.14 digi women  jean-o'sullivan

Competitive Start Fund

The Competitive Start Fund is an early stage seed fund whereby the promoter receives €50,000 investment from Enterprise Ireland and is matched by €5,000 investment from the start up company. Prior to the Women In Business Initiative the female applicants for this fund where less than 10% the awareness campaign has boosted the applicant number to 30% in 2013. Evidence that awareness and targetted campaigns for women do work.

*Female Promoter or Female Co-Founders/Managers at time of investment.

Year Applicants Female Approvals Female

2011/ 2012 724 9% 85 8%

Page 5: 13.04.14 digi women  jean-o'sullivan

What Sectors typically apply for and receive support?

Software 25%

Internet, Media, games 31%

Lifesciences 17%

Cleantech 12%

Electronics 7%

Engineering 5%

Food 3%

HPSUs per yearHPSUs per year

Page 6: 13.04.14 digi women  jean-o'sullivan

Background of Promoters

Indigenous 37%

MNC 32%

3rd Level 10%

Serial Promoter 16%

Other 5%

Most HPSU Entrepreneurs were managers in Indigenous Companies or Multinationals. The Women in Business initiative focus’s on all segments above with a key focus on women in management positions.

Most HPSU Entrepreneurs were managers in Indigenous Companies or Multinationals. The Women in Business initiative focus’s on all segments above with a key focus on women in management positions.

Page 7: 13.04.14 digi women  jean-o'sullivan

Challenges facing Female Entrepreneurs

based on International Studies • Risk Averse – Concern about raising Investment

• Lower ambition

• Lack of knowledge in information technology and business skills

• Self Confidence in own skills

• Networking

• Few Role Models

Page 8: 13.04.14 digi women  jean-o'sullivan

How is Enterprise Ireland Responding

Enterprise Ireland launched two financial products in 2012 specifically focused on female led early stage start up companies. • Competitive Feasibility Fund for Female Entrepreneurs

120+ applications received good sectoral spread 20 feasibilty grants awarded

• Competitive Start Fund for Female Entrepreneurs 80+ applications received good sectoral spread 10 equity investments of 50K awarded

• Resulted in an additional 30 females becoming EI clients and accessing supports.

Page 9: 13.04.14 digi women  jean-o'sullivan

2013 – A Twelve Month Review What works?

• Working in tandem with accelerator programmes. Launchpad @ndrc, propellor @ dcuryanacademy, new frontiers@Enterprise Ireland and wira@telefonica 02

• Liaising with Networks in the technology area /Technology events (women have highlighted at all stages their need for a technology focused support to bridge their lack of academic tech knowledge.

• Participating and creating awareness at female led events

• Awareness campaigns

• Supporting Female Entrepreneur awards

• Further female only financial supports