IWD 2024: seismic shifts in entrepreneurship, guest blog by Ana Stewart, Partner with investment firm Eos and Chair of Pathways : A New Approach for Women in Entrepreneurship

The seismic achievements and sheer volume of social media that surrounds International Women's Day every year serves as a poignant reminder of the huge strides made towards gender equality since the first IWD in 1911. On the one hand, these achievements evoke a sense of pride in society’s progress, on the other they highlight how far we still have to go and the danger of resting on our laurels.

I experienced two seismic activities of a different nature on a recent visit to Iceland. The first was a so-called seismic swarm, where underground tremors occur in rapid succession in a short period. The second one was above ground when, on the very same day, Iceland's economy ground to a halt. I assumed this was because of the swarm, but I was entirely wrong. 

Iceland was closed because women across the country were staging a one-day strike led by female prime minister Katrín Jakobsdóttir in protest of persistent gender inequality and violence against women.  With Iceland setting the global standard in gender equality for the past four years, it serves as a reality check for the rest of the world which lags behind and is a stark reminder of how much we still have to do 

It's tempting to embrace a convenient truth that gender equality is inevitable, “it is just a matter of time”, a “generational thing”, to reference language I’ve heard recently, where the patriarch will be swept aside by our inclusive-minded successors. However, the data tells us otherwise, and nowhere is this more pronounced than in the field of entrepreneurship. As highlighted in the Pathways report last year, just 1 in 5 companies are female-led and only 2p in every £1 of institutional investment goes to female founders in Scotland.

But here is the nub of it, these numbers have not materially changed in twenty years. This demands our attention. 

Merely acknowledging these disparities is insufficient too; we must actively work to address them. This entails implementing policies and structural changes which tackle the issue at a more profound, system-wide level.

Why should we do this? Entrepreneurs are the lifeblood of the Scottish economy and we should be laser-focused on creating an environment which opens up the opportunity to all would-be founders, at all stages of their journey, regardless of gender or socio-economic background. Statistics tell us that gender diverse leadership delivers more profitable businesses. Investing in the other 52% of our population will significantly increase our entrepreneurial base, our scale-ups and increase Scotland’s economic output. In short, it makes economic sense.

By coordinating our individual efforts and taking collective ownership we will have a significantly bigger impact. The Pathways Pledge embraces this approach, where organisations collaborate and commit to measurable actions to influence behaviours, investment, and government policy. The Authority Gap, written by Mary Ann Sieghart, spells out 139 different actions we can take as individuals, as employers, as educators and as parents to narrow the gender gap within a generation. 

Scotland has an opportunity to do something meaningful here, so let’s embrace the idea of welcoming everyone on their entrepreneurial journey. Let’s move forward faster and create our own seismic shift towards a more scalable, sustainable, and inclusive economy.