Women’s Entrepreneurship Day: 3 in 10 science- and technology-based ventures in Chile are led by a woman
Know Hub News
· Santiago
November 19 marks Women’s Entrepreneurship Day, established in 2014 by the United Nations Council to raise awareness of the business and financial obstacles and difficulties faced by women who want to become entrepreneurs. A path that can be even more complex for science- and technology-based companies.
To raise awareness of what entrepreneurship means for women, the United Nations Council established November 19 as Women’s Entrepreneurship Day in 2014. The goal is to make society aware of the obstacles and difficulties that exist at the business and financial level for women who want to become entrepreneurs, and to contribute to women’s empowerment in the global business world.
For science- and technology-based ventures (EBCTs), the obstacles and difficulties can be even greater. In Chile, according to 2021 figures from the Ministry of Science, only 11% of EBCTs are led by women and 15% have mixed leadership, while 36% of these ventures have no women among their employees.
Why are there fewer EBCTs led by women? Among the reasons is that they are concentrated only in biotechnology and human health, whereas those led by men are spread across various fields of knowledge, explains Jovanka Trebotich, innovation coordinator at Know Hub Chile. Since 2018, the institution has brought together the various players in the innovation ecosystem to turn research results into products or services, that is, into innovation. It was born from a public policy that seeks, along with other initiatives, to transform Chile into a knowledge-based economy and society, and it has eight partner universities and three research centers or institutes.
“It has also been shown that they are more incipient —less than 5 years old— and have no sales. Finally, multiple studies show that there is a gap in access to private capital, not only in Chile but across Latin America,” says Trebotich.
The Ministry of Science study adds that these ventures account for a larger share of those that had no sales in 2020 (51%), and they are companies that invested smaller amounts and obtained less investment: 32% invested more than USD 500,000 (vs. 56% for men). Meanwhile, only 9% secured investments of more than USD 500,000 (vs. 42% for men). They also made greater use of public support (84%) and rate it more favorably (60%).
Women in EBCTs
EBCTs are key players in turning the scientific knowledge generated at universities, research centers and companies into applications with transformative potential and social and economic impact. They are essential not only for growth, but also for diversifying the country’s economy and providing solutions to the socio-environmental problems it faces now and will face in the future.
How can this challenge be met? Confidence is the first step, says Sol Uribe, innovation manager at Know Hub Chile. “Trust in your abilities. In the world of science and technology, women have historically been underrepresented, and today, thanks to more women daring to take the leap, that picture is changing,” she says.
To bring about change and improvement in our society, we need new female leadership, Uribe adds, as well as new technologies and ideas that make an impact. “So if you want to be a woman entrepreneur in science and technology, give strength to your initial drive, connect with mentor networks, support institutions and contacts that can strengthen your idea, develop leadership skills and don’t be afraid of failure,” she stresses.
While entrepreneurship is a challenging path, it is full of opportunities and personal growth, adds Fernanda Maldonado, innovation manager at Know Hub Chile. For her, keeping the venture’s goal in mind is key, and it must be aligned with the passion of the women who undertake it, so that every challenge becomes a learning opportunity. “Although ventures often go through difficult times, you must not give up; the world needs brilliant minds that show us that science is the key to innovation,” she says.
“Fall in love with the problem and iterate on your solution and business model as many times as necessary. Finally, remember that the entrepreneurial journey is unique, and there is always room to grow and learn,” Uribe emphasizes. At Know Hub Chile, says Trebotich, they not only contribute to the creation and consolidation of women-led EBCTs, “but we also give visibility to these ventures so that they become role models for many girls and young women, and they see that entrepreneurship is one of many options for personal and professional growth and development.”
