Female-Led Companies: The Unicorns of Startups
Out of the $130 billion dollars put toward venture capital investments in the last year, only 2.2% went to female-led startups. According to Fortune, they reported the exact same percent of these “unicorn” companies in 2017.
The tech industry in general struggles with a deficit of females in leadership positions. It’s a shame because a study by BCG and MassChallenge showed companies that have women in a leadership role tend to perform better in the long run compared to startups founded by just men.
“There are not enough female-led unicorn companies,” SceneSave founder Meghan Hoover says. “Fortunately, it is something that’s changing. In the past few months, I’ve read about 3 new unicorns. Jenn Hyman and Jenny Fleiss of Rent the Runway, who are a huge inspiration of mine, reached unicorn status in March. So did Glossier, founded by Emily Weiss. Just this week, Ankiti Bose became the first billionaire unicorn in India. We need to celebrate these women paving the path for the rest of us.”
By the sheer lack of support for projects pioneered by women, it begs the question: why are female-led company success stories the unicorns in a field full of horses?
Here are a couple of the most common deterrents:
1) They Think Women Lack the Technical Expertise
In the BCG and MassChallenge survey, it became clear that gender played a role in how a pitch might be received. Women were more often questioned about whether they understood the basics of the technology they were presenting.
2) Women Play it Safe
While male founders may be more liberal with making projections and assumptions with their pitches, women tend to play it safe in terms of what they’re promising which may make the overall offer seem like it has less high-growth potential.
As a gender-diverse company with big dreams, we don’t shy away from talking about its goals in terms of tech advancements and profits. Hungry and ambitious, SceneSave strives to implement cutting-edge technology. In the future, audio and image recognition will revolutionize how users search for products straight from the screen. Meghan aims for SceneSave to become a household name and is excited to foster a generous relationship with its many charity alignments.
The idea of bringing products “as seen on TV” into the hands of consumers has been attempted in the past. However, we are the only app spearheaded by a female entrepreneur passionate about fostering the connection between the emotions and storytelling seen on screen with what watchers wear in their everyday lives.
Meghan says: “There’s no reason why there shouldn’t be more female-owned unicorns. I just want to help pave that path.”