Stop trying to fix women founders – fix the funding system, says Starling Bank founder ANNE BODEN

Reflecting on the journey that led me to establish Starling Bank, I am reminded of the countless meetings and the sheer determination it took to secure our first investment. 

It was a gruelling process, one that involved close to 300 meetings over two years! But beyond the challenges of building a business from scratch, what struck me most profoundly was the glaring inequality that pervaded every room I entered. 

I was often the lone woman amidst a sea of men, all dressed in similar attire, almost to the tee (gilets seemed to be a big hit).

‘Uneven playing field’: Anne Boden says female-led companies still face struggles when it comes to securing funding 

Despite being armed with a compelling vision to disrupt the banking system and a solid plan, most people couldn’t perceive how this middle-aged Welshwoman could be a tech entrepreneur. 

It was clear that I was playing in an uneven playing field. And it wasn’t that men were keeping women out, it was that men were maintaining the status quo. 

There has been a lot of progress in terms of female representation on company boards over the last few years, but inequality in terms of the backing that female led or founded companies receive remains. 

Access to funding is one of the most consistent barriers to the progress of female led enterprises – for every £1 of equity investment in the UK, just 2p goes to fully female-founded businesses, representing no improvement over the past decade. 

The irony is that in the world of entrepreneurship and fundraising, you are told to ‘choose your investor’. Most of the time, women don’t get to choose. We get what we are given.

I often get asked by aspiring female entrepreneurs: ‘so what must be done to change these attitudes?’

First, women aren’t the problem. We don’t need to change, the system does. Women have ideas, drive and skills. 

There is nothing wrong with our ambition or desire to build high-growth ventures. We don’t need to temper our personalities to suit the environment. The status quo needs to shift. 

Second, female entrepreneurs must find a supportive ecosystem. This is something I understand all too well. 

Because there are very few successful high-growth female entrepreneurs, it can be  very lonely. However, there is a network, small as it may be, of brilliant women founders willing to lend a hand, give access to their contacts and sometimes even invest.

Founder: Anne Boden is the woman behind the award-winning challenger bank, Starling

My supportive team came in handy when I needed it most. Don’t underestimate the power of a good support system.

Finally, while an idea is important, execution is everything. I understand the anxiety that comes with wanting to get everything right as a leader but do not let that stop you from acting. Shut out the naysayers and get it done!

We stand on the cusp of the fifth industrial revolution (or industry 5.0) which will be driven by Artificial Intelligence (AI) and deep learning.

I think it is a game changer for female entrepreneurs because it represents a shift in focus from economic value to societal value. 

The focus of the innovations that come next will be to solve some of the most pressing issues of the day; health, social care and climate change. People orientated issues: where female entrepreneurs have already proven they excel.

But, for us to fully reap the benefits we need to create the environment where everyone’s creativity is allowed to flourish and we field our full resource of talent.

This means including women from ideation to leading high growth businesses. This time, we won’t be pushed away when things start getting interesting.

Anne Boden founded the award-winning Starling Bank. She has recently published her latest book: Female Founders’ Playbook – Insights from the superwomen who made it.

This post first appeared on Dailymail.co.uk