How can we ‘embrace equity’ in STEM industries? South West innovators share their thoughts on International Women’s’ Day

Finance for female innovators

This year, International Women’s Day focuses on “embracing equity” – i.e., recognising the different needs and circumstances of individuals and allocating resources to create more equal outcomes.?

The campaign aims to celebrate women's achievements, raise awareness about discrimination and take action to drive gender parity. Nowhere do these initiatives seem more appropriate than in the UK’s Science, Technology, Engineering and Maths (STEM) disciplines.

The need for greater equality and opportunity is clearly outlined in the?research from Wise, where they identify that women make up only 23% of STEM occupations across the UK and a mere 15% of management roles in science, engineering and technology.

However, inequality extends far beyond paid roles. Research from the Gender Index, which published a 2022 study of all 4.4m active UK companies, indicates that only 17% of all active companies are led by women, and collectively only attract less than 12% of the 1.3m financial investments made annually into UK firms.

Not only is the number of investments low, but the total value of the investment is even more disappointing. The Financial Times indicates?that the?female entrepreneurs’ share of the UK’s multibillion-pound Venture Capital (VC) funding has stayed ‘stubbornly below’?2% for most of the past decade.

Dr Chen Mao Davies, Founder of Anya (formerly LatchAid), comments: “as a solo Chinese female founder in the women's health sector, it is extremely challenging to raise investment compared with young, white male founding teams.”

“It's not impossible - the funding and support we have received from Innovate UK and Innovate UK EDGE have been critical for us to build a really good foundation for our R&D work, to build commercial traction, and eventually attract VC investment – but it is still very challenging.”

Diversity in the workplace

Diversity of experience and background tends to fuel better innovation environments as Izzy Taylor, Head of Business Development at Jet Connectivity, states; “to build a company you need skills from all areas and when you bring them together you get thoughts and questions from different perspectives.”

“This shouldn't stop with job roles. Having diversity across the team will always bring new things each individual person hasn't thought of and will therefore lead to a better product, service, and/or business.”

For Philippa Doyle, Co-Founder of Bshirt, more focus on female role models can help drive diversity in STEM industries: “I studied computer science at university and was quite often one of the few females in the room, so I know from experience that it can feel daunting to be in the minority.

“I think we’re still seeing a lack of female role models in innovation and particularly in STEM, but I’m pleased to see organisations like Innovate UK going to some lengths to redress this through programmes such as the Women in Innovation Award.”

Georgia Barrie, Co-Founder of Learn.ink, believes we should be focusing less on the challenges for women in STEM, and more on the opportunities: “I think one of the reasons there aren't as many women in this space is because women think that it's going to be really challenging, they think it's going to be harder for them. And yes, there are challenges, but for me, the opportunities massively outweigh them.”

“We're at such an interesting point in time right now. We are on the cusp of a tech revolution when it comes to artificial intelligence and there are massive problems we need to solve such as climate change. We need a diverse set of people in the room to meet these challenges, we can't just have a small group of predominantly men from the US calling the shots on this. So don't think about the challenges, think about the opportunities, think about how important it is to be a part of this.”

Dr Deborah Watson, Manager of the Great South West Regional Innovation Team at Innovate UK EDGE makes the case clearly: “my background is in Physics and I’m fortunate enough to have worked with many female pioneers like the innovate UK EDGE clients quoted here, so I understand and have direct experience of the issues raised.

“We work hard at Innovate UK EDGE to provide game-changing growth support to ambitious female innovators. Helping them to become aspirational role models and identify and promote the success stories that can inspire the next generation of women in STEM.”