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Women’s Entrepreneurship: The Research Based View. Elizabeth Gatewood, Wake Forest University Candida Brush, Babson College Nancy Carter, Catalyst Patricia Greene, Babson College Myra Hart, Harvard University (retired) ESBRI 2012. The Diana Partners Magnus Aronsson and ESBRI

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women s entrepreneurship the research based view

Women’s Entrepreneurship: The Research Based View

Elizabeth Gatewood, Wake Forest University

Candida Brush, Babson College

Nancy Carter, Catalyst

Patricia Greene, Babson College

Myra Hart, Harvard University (retired)

ESBRI 2012

slide2

The Diana Partners

Magnus Aronsson and ESBRI

Kauffman Foundation

U.S. Small Business Administration

National Women’s Business Council

Numerous Universities

motivation
Motivation
  • News article----”Women receive less than 5% of venture capital investment in the U.S.”
  • We were friends and colleagues and interested in a joint project that would have impact---especially on women entrepreneurs
women and vc investments 1957 1996
Women and VC Investments1957-1996

3.5 % for all years (290 of 8298)

  • 3.8% in 1996 n= 43
  • 3.5% in 1997 n= 52
  • 4.1% in 1998 n= 54
myths
Myths
  • Women don’t want to run high growth businesses
  • Women lack the human capital
  • Women are unable to build strong management teams
  • Women are in industries unattractive to equity providers
  • Women lack the commitment
  • Women lack the financial savvy and resources
  • Women aren’t in the “network”
  • Women aren’t a force in the venture capital industry
working model
Working Model

Capital Seekers

Financial Suppliers

Context

Financial Capital

Financial Capital

Facilitators

Financial Providers

Strategic Choice

Firm

Strategic Choice

Social Capital

Social Capital

DEAL

Human Capital

Human Capital

Structural Barriers

Personal Goals

Personal Goals

D

findings demand side
Findings: Demand Side

Human Capital:

Women in U.S. generally well educated, and increasingly acquiring business experience;Women seekers were very well educated and hadappropriate experience

Social Capital:

Women’s networks are more diverse than men’s; Women focus on friendship & obligation in network relationships; men on exchange; Women seekers networked extensively

findings demand side1
Findings: Demand Side

Financial Capital:

Women in U.S. generally preferred internal sources of capital; manywomen seekers used sophisticated bootstrap financing to position company for VC

Personal Goals:

Women’s growth goals may differ from men’s; like men, varying motives; Women have slightly lower aspirations for business size; Women seekers were interested in growing their businesses

findings demand side2
Findings: Demand Side

Strategic Choice:

Women’s business concentrated in service and retail sector; Women more likely to start in health, education and medical field; Men in construction, manufacturing, transportation/communication; Increasing numbers of women starting ventures in technology sectors; Many Women seekers were in investment attractive industries

findings supply side
Findings: Supply Side

It’s the Industry:

Only 10% of decision makers in venture capital industry are women

Industry increased 62% between 1995-2000; number of men increased 64%; women 47%

Attrition rate among women in industry higher than for men (64% vs. 33%)

Gender of entrepreneur doesn’t influence women VC vetting

growth influencers
Growth Influencers

Growth

Venture Concept

industry, potential

Individual

Goals, capabilities

Resources

Financial, social,

organizational

diana international
Diana International

To provide a platform to develop, conduct and share a global research agenda

To create an international community of scholars dedicated to answering questions about women entrepreneurs

history
History

2003 a & b ESBRI, Stockholm, Workshops

2004 ESBRI, Stockholm- Int’l Conference

2006 ESBRI, Stockholm - Int’l Conference

2007 Madrid - Int’l Symposium

2008 Belfast - Int’l Symposium

2010 Banff – Int’l Symposium

2012 Fremantle – Int’l Symposium

2014 ?

diana international1
Diana International
  • Australia
  • Bulgaria
  • Canada
  • Chile
  • China
  • Denmark
  • Finland
  • Ireland
  • Germany
  • Hungary
  • Ireland
  • Korea
  • Netherlands
  • New Zealand
  • Northern Ireland
  • Norway
  • Scotland
  • Slovenia
  • Spain
  • Sweden
  • United Kingdom
  • USA
growth influencers1
Growth Influencers

Growth

Venture Concept

industry, potential

Environment

Environment

Individual

Goals, capabilities

Resources

Financial, social,

organizational

Environment

Culture, religion, legal and tax system