Co-Founder of Women in Cloud. I influence brands and entrepreneurs to unlock economic access through digital strategy and partnerships.
It’s been shown that diverse teams, including those with greater gender diversity, are on average more creative and innovative, and ultimately, they are associated with greater profitability. However, as McKinsey & Company notes, “despite the growing number of voices pushing for gender equality across the United States, and many tech companies stating that diversity is a priority, we are not yet seeing concrete gains in the tech industry.”
Women-led technology businesses face significant barriers when it comes to economic access. In 2018, female technology founders brought in just 2.2% of U.S. venture capital dollars.
While women in the technology sector were behind in the race for economic opportunities before the Covid-19 outbreak, the recent pandemic-related restrictions have had devastating economic and emotional impacts, pushing them even further to the back. According to a recent survey we conducted with Microsoft, women-led technology businesses are expected to lose between $1.5 million and $5 million in revenue and opportunities as a result of Covid-19.
Now more than ever, we need to increase economic access and leadership opportunities for women-led technology companies to support their recovery and growth. Here are four ways corporations, businesses and the private sector can improve economic access for women technology founders and their companies and support their recovery from — and growth beyond — the Covid-19 pandemic.
Unlocking Procurement Opportunities For Women Technology Founders
Many mistakenly assume that market competition and anti-discrimination legislation address any improper biases in contracting and procurement. However, only 1% of women technology entrepreneurs win contracts.
In order to improve women-led technology companies’ chances of securing high-level contracts, businesses and governments alike must unlock procurement vehicles to make them more accessible to women tech