Empowering Women in STEM Entrepreneurship: "Only around 13% of venture capital dollars go to startups with a woman on the founding team, according to research from the Harvard Kennedy School. And an average of 2.4% of venture funding each year goes to firms with all-female founders, a level that has remained stagnant for decades.
This underrepresentation has consequences not only for U.S. innovation but also for women themselves, since their insights and needs may be overlooked as new technologies and products are developed, explained speaker Andrea Mohamed, chief operating officer and co-founder of QuantumBloom.
'If we don’t have women participating in the innovation ecosystems, literally the future will be built by people who don’t look like us and don’t experience the same challenges and opportunities that we do.'
'I think what’s needed is a dual approach for strengthening ecosystem access, improving access to capital … while also developing focused support spaces where women can share unfiltered insights about leadership challenges, access targeted resources, build strategic relationships,' said Jacqueline Olich, PhD, principal and founder of Veza Alliance Management.
'The ripple effects of women’s increased participation in entrepreneurship and investment create positive change throughout our innovation ecosystem.'
Olich, along with other speakers, noted the importance of professional networks. 'Rather than waiting for existing systems to change, women are creating their own ecosystems of support and innovation,' she said. An example is the Biotech CEO Sisterhood, which connects women leaders in the biopharmaceutical industry to support one another.
Mohamed relayed how networks had supported her at pivotal parts of her career. 'These are the people you call when you’re down, or you’re concerned, or you hit a roadblock, and they’re brainstorming in the moment.'
'Invest in your network before you need it,' she advised, urging women to develop the networks they are already a part of — alumni communities, work communities, and the physical communities where they live — and to seek out new ones. 'Find groups that align with your values, your goals, and put into things as much as you want to eventually take out.'"
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