Female founders share their experiences on Women’s Entrepreneurship Day
Signs of improvement in Northern Ireland but more works needs to be done
Female-led companies account for around just 17.8% of all businesses in Northern Ireland which means this part of the UK is playing catch-up in comparison to the other nations and regions.
As the world marked Women’s Entrepreneurship Day this week (Nov 19) there have been small signs of improvement in Northern Ireland, but much works remains to be done.
The 2024 Gender Index report found that on average, in comparison to 2023, the number of newly incorporated companies across the UK increased by 11.6%. Yet, in Northern Ireland, there was a disproportionately higher increase of 65.0%.
Within this increase, female-led incorporations were up 71.5% on 2023 which compares to an increase of only 38.8% for male-led incorporations.
The report also found that 13% of fast growth companies in Northern Ireland were female-led, higher than the UK average of 12.4%. However, local female-led companies have the lowest share of external funding, at 18.7%.
Speaking at a recent Investment Fund for Northern Ireland roundtable, three female business founders discussed their journey from start up to scale up and how they navigate the access to finance ecosystem locally.
Co-founder of GoPlugable, Maebh Reynolds, owner of the Harrison Chambers of Distinction, Melanie Harrison and CEO of Gran Lab, Dr Pragya Sharma all noted they had never experienced bias against them when it came to seeking funding but recognised the continued need to improve access to finance for female founders.
Maebh Reynolds said: “When I speak to funders I don’t feel I am being perceived in a different way. I have never experienced being treated differently because I am a woman.
“But having said that, in terms of capital deployment into female-led businesses, there needs to be more movement and more must be done to encourage more angel investors to come forward.
“There is definitely a lot of good work going on now to support female founders. The local funds are doing great work and we have organisations like AwakenAngels which is also moving the dial.”
Supported by the British Business Bank and InterTradeIreland, AwakenAngels is the first and only women-led angel investment syndicate on the island of Ireland.
Co-founded by Mary McKenna, Denise McQuaid, Clare McGee, Sinead Crowley, Mary Carty and Mary Ann Pierce, AwakenAngels has also been created to empower female entrepreneurs and investors, democratise the investment process and foster all-island collaboration.
Dr Pragya Sharma said she has never encountered gender bias against her when it came to her funding journey.
She said: “It is something that I have never experienced. In fact, Gran Lab's journey was turbo charged with the support of two private investors. These individuals, who happen to be white males, were the first to recognise the potential in my vision.”
Dr. Sharma expressed a nuanced view when asked about funding programmes targeted specifically at women.
While acknowledging the importance of supporting women in entrepreneurship, she pointed out, what she believes is a critical imbalance in the current landscape.
She said: “What we're seeing is an abundance of mentoring programmes for women, but often these programmes aren't paired with actual financial investment.
“The real need is for more direct funding opportunities. We don't lack advice - we lack capital. It's time to move beyond mentorship and provide women entrepreneurs with the financial backing necessary to turn their innovations into reality.”
Melanie Harrison echoed the the other two founders saying she had never experienced any issues on her funding journey – in fact she had a very positive experience working with Whiterock, one of the Investment Fund for Northern Ireland’s fund managers.
She said: “In terms of women-only programmes, I think there is room for them. Not everyone’s experience will be like mine and if this helps women then I am all for it.
“I believe things are improving for women in business. I think back to when I signed my deal with the Investment Fund for Northern Ireland, there was myself, someone from Whiterock and someone from the British Business Bank in the photography and we were all females.
“Not too long ago I would have been in that picture with two men in grey suits, so I do think things are improving but we still have some distance to cover.”
To find out more more about the Investment Fund for Northern Ireland visit www.british-business-bank.co.uk/finance-options/nations-and-regions-investment-funds/investment-fund-for-northern-ireland