FUTURE SIGHTING: The successful female entrepreneurs

Read on the Government Offices page , published on 4 September 2023

It is time for more women to dare to take the step to become entrepreneurs and start their own companies. Today, business life is characterized by an extreme homogeneity where men own a significantly larger part of the capital, invest more and run more companies. In order to change this, Minister of Energy and Business Ebba Busch and State Secretary Sara Modig have invited entrepreneurs, investors and experts to a round table with a focus on capital supply. This meeting is part of a series of talks aimed at gathering measures to increase women's entrepreneurship.

In 2023, the government is carrying out a comprehensive knowledge inventory to analyze lessons learned from previous efforts to support women's entrepreneurship and its effects. The inventory also includes a compilation of research on women's entrepreneurship as well as conversations with female entrepreneurs about what improvements are needed going forward.

Access to capital is often decisive in daring to take the step to become an entrepreneur. Today, women make up just under 30 percent of the total entrepreneurship in Sweden. In 2021, there were approximately 151,000 female entrepreneurs, compared to 319,000 males. Despite a slow increase in the proportion of women running businesses, a clear skewed distribution remains.

State Secretary Sara Modig points out that a gathering of forces is needed to encourage more women to dare to become entrepreneurs. During the round table discussion, the importance of identifying and changing the norms and behaviors that favor certain industries and entrepreneurs in connection with capital investments was highlighted. Many women work in the service sector and the beauty industry, while men are greatly overrepresented in the technology sector.

An important feature of the discussions was setting goals and measuring progress - "what gets measured gets done". The government has tasked the Agency for Growth to compile knowledge of previous measures and current research in order to identify what really produces results.

(Read more about this in my article " HOW THE GOVERNMENT IS STRENGTHENING WOMEN'S BUSINESS: New Initiatives and Opportunities 2024".)

Another central point was the importance of highlighting female role models. Having role models that women can identify with is crucial to increasing the incentive to become an entrepreneur. Ebba Busch emphasized that it is important that these role models show the many opportunities and industries that exist, and that the whole society, including business, education and the public sector, has a responsibility to broaden the view of what a successful entrepreneur is.

WOICE'S REFLECTIONS

It is inspiring to see initiatives that aim to change the prevailing view of entrepreneurship and include more women in the business world. I believe it is crucial that we highlight female role models and create an environment where everyone, regardless of gender, feels encouraged to realize their ideas. By addressing capital distribution and norms in industries, we can create a more equal and dynamic business environment. It is our joint responsibility to work for a future where everyone has the opportunity to succeed as entrepreneurs.

How can we together create a culture where more women dare to take the step into entrepreneurship?