Visibility and financial support for female founders

There are still significantly fewer women than men venturing into self-employment and thus starting a business. Even though the "KfW Entrepreneurship Monitor" found an increase in the proportion of female founders in start-up activities in Germany to around 44% last year, neither a positive nor a negative trend can be identified in the long term. The long-term average proportion of female founders is only 39%. This means that the number of business start-ups by women last year was higher, but within the fluctuation range of ±5 percentage points.

Starting a business still not attractive enough for women

One aspect that the KfW Entrepreneurship Monitor emphasizes is that the proportion of female founders is permanently at the same level as the proportion of women who would permanently prefer self-employment to salaried employment. This means that starting a business is still not perceived by women as an attractive career path. The KfW Start-up Monitor cites gender-specific stereotypes that girls are taught in education, school and training as reasons for this. It also points out that there are too few visible female role models who have successfully founded companies, which is also an important aspect that determines the proportion of women among founders. The desire to start a business therefore also determines the realization of start-ups among women. Conversely, this means that as long as the preference for self-employment among women does not increase, the proportion of female founders will not rise sustainably.

You cannot be what you cannot see

The current KfW study also discusses the term "Entrepreneurial Role Model Effects" coined in science. This describes the positive influence of role models on start-up activity. Having self-employed people in one's family or circle of acquaintances has a positive effect on one's own start-up intentions, as multivariate analyses of the Start-up Monitor show. It is also worth noting that the effect is greater for women than for men. Making successful female entrepreneurs more visible and putting them in the spotlight can therefore help to sustainably increase the proportion of female founders.

Visibility for female founders

With the European Prize for Women Innovators, the EU Commission honors women in particular who are behind Europe's most groundbreaking innovations. The prize was once again awarded this year by the European Innovation Council (EIC) and the European Institute for Innovation & Technology (EIT). The aim of the European Prize for Women Innovators is to highlight female founders and their disruptive innovations and make them known as role models. The winners receive attractive prize money and will be publicly recognized at an awards ceremony the following year.

A total of three female founders will be honored in three categories:

• The EIC Women Innovators category recognizes deep tech founders with three prizes of 100,000 euros, 70,000 euros and 50,000 euros.
  
  
• Three female innovators will also be honored in the EIC Rising Innovators category. The award particularly recognizes young female founders under the age of 35. In addition to the award, the founders receive a grant of 50,000 euros, 30,000 euros and 20,000 euros.
  
  
• Finally, the EIT Women Leadership Award is presented to three outstanding leaders from the EIT community. The winner receives prize money of 50,000 euros, the runners-up 30,000 euros and 20,000 euros respectively.
  
  

Female founders or co-founders from the EU and associated countries can apply. It is also important that the start-up activities are carried out in the EU or an associated country. Applicants for the EIC Rising Innovators category must be under the age of 35 at the start of the application year. There is no age limit for the other two categories. Applicants who are eligible for several award categories can only apply for one category. The application deadline is September 25, 2024 at 17:00 and must be submitted via the European Funding and Calls Portal.

The application documents may not exceed 15 A4 pages. In addition to the groundbreaking innovation and its impact on people and the environment, the female entrepreneur should present herself, her role in founding the company and her potential as a role model for other women and girls in a chapter. A short motivational video of no more than 90 seconds in length rounds off the application.

Grant for start-ups by female founders

These awards for successful female founders are not the only way in which the EU is strengthening women's start-ups. With the Women TechEU funding program, the EU Commission supports female deep-tech innovators who are in the early stages of setting up a company. The funding instrument offers an attractive, non-repayable grant of 75,000 euros and access to first-class coaching and mentoring. The next deadline for applications is September 30, 2024. In our blog post on Woman TechEU, we have summarized all the important information on this funding program for you.

Summary

With the European Prize for Women Innovators and the Women TechEU funding program, the EU has created two valuable initiatives to encourage female founders and innovators in their start-up activities.

The aim of the initiatives is to identify successful female deep tech entrepreneurs in the EU and increase their visibility in order to inspire other women and girls. In addition to publicity, the most promising European female innovators will be rewarded with attractive cash prizes and/or funding.

Do you have questions about applying for the European Prize for Women Innovators or are you interested in the Women TechEU funding program? We will be happy to answer all your questions and guide you through the application process. Book your non-binding consultation appointment today.

Text: Christina Tanosova