It’s an ‘amazing time’ to be a woman in business: Female founders say the entrepreneurial landscape is changing

By Quek Jie Ann
Published Thu, Jan 4 20246:30 PM EST | Updated Fri, Jan 5 20249:57 AM EST

Starting a business is always challenging. While women have historically faced additional challenges, some female founders say the landscape is changing for the better.

“It’s an amazing time to raise funding as a female founder,” Victoria Zorin, founder of Australian crowd analytics software company Nola Technologies, told CNBC at the Forbes 30 Under 30 Summit Asia in Singapore. Zorin was also among this year’s list of honorees.

More women are starting their own businesses, accounting for nearly half of new entrepreneurs in recent years according to a report from Gusto, which operates a payroll, benefits and HR platform.

In 2020, women made up 47% of new business owners, a significant jump from 29% in 2019, the report showed. That figure has held near that level — at 49% in 2021 and 47% in 2022 — signaling a stable trend rather than a one-off surge, the report said.

Is the funding gap closing?

Still, there is no doubt a funding gap exists. In 2022, only 2.1% of venture capital investments in the U.S. went to businesses that were founded solely by women, according to a Pitchbook report.

While the entrepreneurial landscape has become more supportive of women-led businesses in recent years, female founders still face discrimination in fundraising, Olivia Cotes-James told CNBC. Cotes-James founded menstrual health startup Luüna and was named in the Forbes 30 Under 30 Asia list in 2021.

“I have been able to point to many instances where you are asked questions that you know a male counterpart would not be asked during the pitching process and hurdles that exist due to gender. But truthfully, from my perspective, I do think it’s oftentimes or has been a little bit different now,” she said.

Cotes-James shared that because her company was able demonstrate a compelling vision and good growth, raising funds gradually became easier. Today, Luüna has advocates from all genders, she added.