Can tech help female entrepreneurs break the bias?
Women founders continue to come up against common challenges and biases - solving this problem is bigger than supporting women, it’s about supporting the national economy.
Women founders continue to come up against common challenges and biases
Written by Kelly Devine, Division President UK & Ireland, Mastercard
Starting a business may have historically been perceived as a man’s game, but this couldn’t be further from reality. Research shows women are actually more likely than men to actively choose to start their own business – often motivated by the desire to be their own boss or to have a better work-life balance and spend more time with their family.
The recently published Mastercard Index of Women Entrepreneurship 2021 found that in the category of 'Aspiration Driven Entrepreneurship’ – capturing those who actively choose to start their own business – women in the UK surpass men: 60% vs 56%. And Mastercard research from February 2022 found 10% of female business owners started their business in the past two years compared to 6% of men – meaning women were 67% more likely to have started a business during the pandemic.
Yet, there are common challenges that women founders continue to come up against - not least the gender imbalance in the household and long-held biases which are still prevalent.
In the UK, women are almost three times more likely to be balancing care and home commitments than men, and this was exacerbated during the pandemic as the additional barriers of school closures and lockdowns meant that the care time of dependents rose significantly on a day-to-day level for women. In addition, women were less likely to have access to a home office, greatly impacting the work they were able to accomplish when working from home was the only option.
It's also widely known that female business owners are still more likely to struggle to access funding for their business ideas. According to Dealroom, all-women founding teams received just 1.4% of the €23.7bn invested into UK start-ups in 2021, while all-male leadership teams have taken almost 90% of the available capital.
Without financial support, and when juggling significant time pressures both at home and at work, how can women grow their companies and #BreaktheBias (as this year’s International Women’s Day termed it)? What tools or support can save them time and money, and give them the headspace they need to focus on building their business?
With female owned businesses collectively estimating revenue growth of £120 billion over the next five years, solving this problem is bigger than supporting women – it’s about supporting the national economy.
Using tech to level the playing field
There are clearly societal issues at play that need to be resolved. But when we look at the rise in technology businesses during the pandemic, we can plainly see an alternative source of support critical for business growth: digital tools.
A third of female business owners say new technologies will be crucial to the success of their business in the future and one in five say it is the most important thing for business growth.
With new technology comes new ways to pay, create, and work. And yet there are barriers that prevent business owners accessing this technology. Women are significantly more likely to say they want to use more digital tools but don’t know what is best for their business and also more concerned about the security of digital tools.
When technology is adopted by businesses – whether using online accounting solutions or messenger services for communicating with staff – it saves them time, allows them to maintain and grow their customer base, and ultimately increases cost savings and profit.
By drastically improving the training and support that is available to women-owned business to access and utilise technology we will allow these businesses to grow and succeed. And we know there is demand for it.
Research done by the IFC and Dalberg shows that female entrepreneurs are more likely to invest time and money in business development. This includes product development, customer base expansion, and digital tools and training and there are plenty of services available offering this type of support – many of them for free.
One such programme is Strive UK – an initiative of the Mastercard Center for Inclusive Growth – which aims to reach 650,000 micro and small business owners across the UK and empower them with the tools they need to thrive in the digital economy through free guidance, helpful tools and one-to-one mentoring.
Working together with small business experts – Enterprise Nation, Be the Business and Digital Boost – we hope to ensure hundreds of thousands of UK female business owners have the tools they need to succeed and reach their ambitious goals. Because this ambition remains strong in the UK, with female business owners largely optimistic about the future despite the multitude of challenges they are facing. Four in ten say they will grow their business in the next five years – compared to only a third of male business owners – and they’re also 35% less likely than men to say they plan to downsize or close the business.
But if we do not empower female entrepreneurs to access the tools and technology they need to grow, there is a risk this optimism could be misplaced. Support programmes that provide business owners with guidance and mentorship can help ensure this isn’t the case, allowing female entrepreneurs to not only survive but thrive in the months and years ahead.
The best lifestyle YouTubers I follow that you've never heard of
There are so many YouTubers out there that gain little to no exposure for their amazing content. Here are some of my favorites that deserve more shine.
If I'm not engrossed in a collection of poetry, fiction novels, or taking a walk through my neighborhood, one of my favorite pastimes is to log onto YouTube to watch some beauty, music, and the occasional celebrity gossip content. Even though I enjoy all of these particular categories, lately, lifestyle vlogs have been piquing my interest. The thing about lifestyle vlogs is that there are no general themes or bounds to the content produced.
Usually, I find that they tend to create a day in the life, advice, or candid conversations about what is on their mind. It's almost identical to being right beside them, hearing them recount their stories.
Many of us know that YouTube is densely populated with notable influencers such as Patricia Bright and Jackie Aina to name a couple. Yet, the popularity of these YouTubers propelled further up in the top ranks of the algorithm, causing other YouTubers with great content and a small following to gain little to no exposure for creating something genuine and relatable to everyday life.
Without further adieu, below is a brief list of lifestyle YouTubers that deserve more shine.
Nagad Halane
work day in the life of a young black candle maker www.youtube.com
If you want a taste of the wholesome things in life, she's the person for you. The Canadian vlogger chronicles her life with montages of the off-the-grid home she shares with her boyfriend, her life as the owner of an intention candle Etsy store, her experiences growing up in a Somali home,and the complications that arose from her desire to leave Islam. She also has a book titled Who You Are, the journey to remembering, an inspirational guide to understand your soul in your own personal journey, and a podcast called A Spoonful of Consciousness. She discusses birth charts, astrology, and self-worth.
Paige Nelson (a.k.a. Love Your Natural)
Girl Talk : What We All Can GAIN from Self - QUARANTINE | (( MUST WATCH)) www.youtube.com
As soon as you click on a video, you automatically get the sense that you're talking with a close friend or sister ( she addresses her subscribers as "best friends"). Paige discusses everything from inexpensive makeup, fashion, and self-care hacks to relevant and relatable dating advice when navigating today's social climate. Even though she has accrued over 800,000 subscribers to her channel, most are still unfamiliar with her. Fun fact: she is also a talented rapper that goes by the stage name Bella Barz.
How To Get Your Confidence Back!! & Boost Your Self Esteem Sis ! | ((Highly Requested)) | www.youtube.com
Mary Jane Byarm
What I Wish I Knew Before I Started Traveling SOLO www.youtube.com
Mary Jane is probably one of the most interesting people that I've ever stumbled across on YouTube. The New Jersey native set a goal to travel all over the world and succeeded. She's traveled to over 100 countries, beautifully documenting the culture, food, best landmarks to visit, and stories about some of her wildest experiences traveling the globe. Ultimately, her travel vlogs allow you to live vicariously through her with her captivating cinematography.
After Visiting 100 Countries.. These are the Ones I DIDNT like www.youtube.com
Kelly Stamps
the truth about being a youtuber. www.youtube.com
Kelly Stamps is a witty 20-something-year-old who discusses minimalism, fashion, finances, and experiences as a YouTuber ( her following has grown to over 300,00 subscribers). She also doesn't skip a beat discussing the riveting hot mess of dating and dealing with unruly people we all have experienced at least once.
frugal living in NYC (with expensive energy) www.youtube.com
Who are some of your favorite YouTubers that deserve more recognition?