Why are Women in Business Initiatives Important to Enterprise Ireland?

By Sophie O'Grady

Celebrating both St Brigid’s Day and the upcoming International Women’s Day has got me thinking, why is it important to continue to promote women in business initiatives? And why is it important for Irish women to harness the power of strong women in business networks in global markets?

Despite progress, and accounting for 51% of the world’s population, women remain underrepresented in executive and leadership roles globally and also here in Australia and New Zealand. As of 2023, only 19% of CEOs in ASX200 companies are women, despite women holding 35.1% of board positions (Chief Executive Women, 2023) and New Zealand is similar with women making up 31% of board members but only 22% of CEOs in listed companies (Institute of Directors, New Zealand, 2022).

And it’s not just the top jobs that women are looking for. From senior leadership roles, Board roles and investments in female-founded startups, women face significantly more barriers than men despite research showing that companies with greater gender diversity in leadership outperform their peers in terms of profitability, innovation, and employee satisfaction (McKinsey & Company 2020).

I’m so grateful to work in the supportive environment of Team Ireland in Australia & New Zealand. It is a young, dynamic and primarily woman-led team consisting of. Jane Connolly, Ambassador of Ireland to New Zealand, Rosie Keane Consul General of Ireland (New South Wales), Lydia Rogers Director of Enterprise Ireland Australia & New Zealand, Kathryn O’Shea Director of IDA Australia & New Zealand and Sofia Hansson Director of Tourism Ireland Australia & New Zealand. These business leaders are not only excelling in what they do but also paving the way for my female colleagues and I in a world that until recently was very male dominated and often still can be in many specific industry sectors or countries.

This is why Enterprise Ireland has strategies and actions plans to support female founded businesses. The objectives of our Women in Business Action Plan are to:

1.???? Increase the number of women-led established Irish companies growing internationally.

2.???? Increasing the number of women in middle and senior management and leadership roles in Irish companies.

3.???? Increasing the number of women becoming entrepreneurs in Ireland.

4.???? Increasing the number of women-led start-ups with high growth potential in Ireland.

It is worth noting that there are significant benefits to companies of gender diversity in senior positions, such as increased profitability, better performance on investments, increased ability to attract and retain talent, and enhanced company reputation (International Labour Office, McKinsey & Company, First Round Capital).

Enterprise Ireland’s commitment to supporting female-led businesses isn’t just about fairness—it’s about results. The impact of this focus is evident in the growing success of female founders, demonstrating that when given the right opportunities, they thrive. Billy Hanley , Senior Development Advisor at Enterprise Ireland and a member of its Women in Business Steering Group, shared his perspective on this progress:

“A diverse and inclusive business environment is key to a successful economy, and this is something that has been recognised and prioritised by Enterprise Ireland for many years now, and its success is evident in the data. In 2011, only 7% of the start-ups Enterprise Ireland invested in were led by women and by 2023, that figure rose to 29% (and peaked in 2022 at 37%). While much progress has been made, parity is the goal, so work remains to be done. Enterprise Ireland strongly champions this agenda.”

This momentum is also reflected in broader investment trends. Billy highlighted key findings from a recent report that underscores Ireland’s strong position in funding female-led start-ups:

“In March 2024, the ‘All In- Female Founders in the VC Ecosystem’ report by PitchBook, a financial data and research firm, detailed?that €100 million was invested by venture capital (VC) firms in Irish women founders in 2023. It also found that Ireland is the 3rd country in Europe per deal count on a per capita basis for investment in women-led start-ups. The report also noted that Ireland has consistently ranked in the top 5 countries in Europe for investment in women founders over the past 10 years.”

In today’s dynamic global market, fostering strong networks and supporting women in business is not just a matter of equality but a strategic imperative but a recent LinkedIn study found women are 28% less likely than men to have a strong professional network, limiting access to key resources and opportunities.

Enterprise Ireland’s commitment to maintaining a robust global network of Irish women in business is crucial for several reasons to drive economic growth and address the gender pay gap, to facilitate access to mentors and sponsors and to support business innovation and growth through diversity of perspectives and lived experiences.

Given the strong diaspora of Irish in Australia, Irish women, women of Irish heritage and women with an Irish connection living here have a unique opportunity harness this commonality to build a strong network of Irish women in business and to use this supportive network as a way to give one another an edge. Which is such a huge advantage when building a career so far away from ‘home’.

As well as this, plugging into the Irish network in a local market facilitates the exchange of knowledge, resources, and opportunities for Irish SME’s and is a way to help Irish businesses to navigate international challenges and seize new opportunities. In the context of Australia, where there is a significant Irish diaspora, these connections are even more valuable, and can help bridge cultural and business gaps.

Leveraging the Irish-Australian Connection can offer huge advantages to Irish SME’s looking to enter the market. Australia has a rich history of Irish immigration, resulting in a strong and influential Irish community. This connection provides a unique advantage for Irish businesses looking to expand into the Australian market. Networking events organised by Enterprise Ireland can tap into this community, leveraging the shared heritage and mutual understanding to build trust and open doors. Irish women in business can play a pivotal role in this, using their networks to support each other and promote Irish businesses.

At Enterprise Ireland, our aim is to foster an inclusive business ecosystem where female entrepreneurs can thrive and make their mark on the global stage. Hosting women in business networking events also underscores our commitment to diversity and inclusion. Diverse teams are proven to be more innovative and effective, and by promoting gender diversity. By creating a more inclusive business environment this not only benefits women but also enhances the overall competitiveness of Irish businesses on the global stage.