Stop trying to fix female founders – fix the financing system, says Starling Bank founder ANNE BODEN

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

It was a grueling process, with almost 300 meetings taking place in two years! But beyond the challenges of building a business from scratch, what struck me most was the glaring inequality that permeated every room I entered.

I was often the only woman among a sea of ​​men, all dressed in similar attire, almost down to the tee (waistcoats seemed to be a big hit).

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

It was clear that I was playing on an uneven playing field. And it wasn’t that men excluded women, but that men maintained the status quo.

Much progress has been made in recent years in women’s representation on company boards, but disparities in the support given to women-led or founded companies remain.

Access to finance is one of the most consistent barriers to the progress of women-led businesses – for every £1 of equity investment in Britain, just 2p goes to all-women-founded businesses, marking no improvement over the past decade.

The irony is that in the world of entrepreneurship and fundraising you are told to ‘choose your investor’. Usually women cannot choose. We get what we are given.

I am often asked by aspiring female entrepreneurs, “What needs to be done to change these attitudes?”

First of all, women are not the problem. We don’t have to change, the system does. Women have ideas, drive and skills.

There is nothing wrong with our ambition or desire to build fast-growing companies. We don’t have to adapt our personality to the environment. The status quo must change.

Second, women entrepreneurs need to 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, however small, of brilliant female founders who are willing to lend a hand, provide access to their contacts and sometimes even invest.

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

My support 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, the execution is everything. I understand the fear that comes with wanting to do it all as a leader, but don’t let that stop you from acting. Shut out the naysayers and get started!

We are on the cusp of the fifth industrial revolution (or industry 5.0), which will be powered by artificial intelligence (AI) and deep learning.

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

The focus of the innovations that come next will be on solving some of the most pressing problems of our time; healthcare, social care and climate change. People-oriented issues: where female entrepreneurs have already proven that they excel.

But to reap the full benefits, we need to create an environment where everyone’s creativity can flourish and we can utilize all our talents.

This means that women are involved from the moment they develop ideas to leading fast-growing companies. This time we won’t be pushed away when things start to get interesting.

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