A review examining the barriers women face is business has been published by Natwest Business Hub. The review was to identify the entrepreneurial gender gap and what can be done to reduce it. Her findings uncovered the key sectors where female entrepreneurs are underrepresented, the opportunity for the economy with the advancement of female entrepreneurs and recommends ways of supporting women in business.
The results show female entrepreneurs are underrepresented in the most productive, high value sectors which are Transportation, Financial Services, Manufacturing and I.T. and Communications.
Advancing female entrepreneurship represents a £250 billion opportunity for the UK economy. Only 5.6% of UK women run their own companies which is significantly below the best practice peer countries. Women are only half as likely to scale their businesses.
The report concludes with recommendations with practical initiatives to increase the numbers and successes of female entrepreneurs in the UK. Alison Rose recommends three oppurtunities:
- Increase funding directed towards female entrepreneurs
- Provide greater family care support for female entrepreneurs
- Making entrepreneurship more accessible for women and increasing support locally, through relatable and accessible mentors and networks
Initiatives such as the Talent 2030 National Engineering Competition for Girls have been developed to ensure the international competitiveness of engineering in the UK, and to meet the government’s ambitions as set out in the Industrial Strategy.