by Jules Weldon & Stacey Pierce
The movement began over 100 years ago when women demanded two things: the right to vote and equal pay. Ok, we know we just brought up two of the three subjects we are not supposed to talk about…politics and money. Maybe by the end of this article we will also bring up religion so we can cover all three social faux pas. But, really, who was the ultimate authority that determined we should not talk about these things? How will things change if they are not brought to an equally represented table for a mature discussion?
Fun Fact: The 19th Amendment was introduced in 1878 stating it was illegal to deny anyone the right to vote based on their sex, but that amendment wasn’t granted until 42 years later in 1920.
A question we have been wrestling with is this though. Of the women who have voted, or do vote, how many actually vote based on their own merit and/or thought processing?
In many career paths, thankfully, the gender lines have become more blurred over the past 75, or so, years. More men are becoming nurses and teachers, and more women are becoming doctors and lawyers. But the gap is still as wide as the Grand Canyon when it comes to inventors, manufacturing, and funding. Why is this?
For far too long the statistics have been bleak regarding women in business.
Women represent 12% of the unique inventors. Women only represent 13% of all patent holders. Women founder teams receive a dismal “1.6% of all venture funding” (Biz Women, 2023). Women with a male co-founder receive “28.1% of VC funding” (Biz Women, 2023).
Women researchers received substantially less funding in grant awards than men—an average of about $342,000 compared to men’s $659,000. Women represent roughly 1 in 4 C-suite leaders, and women of color just 1 in 16. Women represent only 15% of venture capital check writers.
When comparing women and men with the same job title, seniority level and hours worked, a gender gap of 11% still exists in terms of take-home pay.
Haan, Gender Pay Gap Stats, Forbes, 2023
This litany of statistics will either breed depression and despair for women founders, or create a deep, motivated desire for individuals to be part of the change that needs to happen.
Fun Fact #3: If you placed two brains – a man’s and a woman’s brain – on a table no distinct details exist to tell which one is male, and which one is female.
So how can we, as women, continue to close the gap within these spaces: inventors, manufacturing, and gaining access to funding?
- Keep inventing!! If you have an idea, or a solution to a problem, develop it! Just imagine the complete gridlock there would be on I-5 in LA, or the accidents in NYC, if Mary Anderson didn’t invent the windshield wipers, Dorothy Levitt didn’t invent the rearview mirror, Florence Lawrence didn’t invent the turn signal and brake light, or Dr. Gladys West didn’t build the foundation of today’s GPS…who really knows how to read a map these days?
- Become the expert on your invention/product when talking to manufacturers. Maybe women should think bigger and figure out a way to set up their own manufacturing facility to produce their own products. Yes, manufacturing is known as “a man’s world” but women are just as capable. Right now, there are a little shy of 8000 woman-owned manufacturers in the US – which only makes up about 2% – but it is estimated that one third of all manufacturing will be woman-owned by 2030…talk about closing the gap!
- Don’t be afraid to put together a pitch deck and seek funding. With less than 2% of all funding going to women, we need more of us to rise and dream big. It may feel entirely out of your comfort zone right now, but many have gone before you to show you it can be done, and Google has all the answers you need to get started. Apply for pitch competitions, talk with angel investors, ask entrepreneurial friends to see their pitch decks and then get them to give you feedback on yours. It is a fact that fewer women even explore venture funding, which is one reason the numbers are skewed. We have to believe though that these statistics, or odds, do not give women the excuse to give up or not try. For every “yes” a woman gets in funding, the gap, albeit still large, gets a little less one-sided. There is money out there, it is up to us women to put our names in the hat.
This is in no way an article to disrespect men because, let’s be honest, without men, women wouldn’t have anyone to nag or tell how to drive. In all seriousness, on a daily basis, we value, respect, and are inspired by men’s contributions to this world. This is more about shining a light on what women have done and are capable of continuing to do to help close the gender gap in the entrepreneurial, inventor, manufacturing, and funding space.
It is high time for us women to use our voices and our talents and turn this groundswell into a movement to continue changing history.
Jules and Stacy are the founders of BoldSKY Foundation is a 501c3 organization dedicated to empowering women entrepreneurial inventors by providing financial investment and strategic coaching services to support their product business endeavors. Recognizing the immense potential and largely untapped talent of women in the business world, Bold SKY aims to bridge the gender gap in entrepreneurship and foster a culture of empowerment, innovation, and success.
