by Benjamin Noble
What was the HER FUND project?
What was the HER FUND project?
Back in March, the HER FUND project officially concluded, after two incredible years working together with nine different partners across seven European countries. Backed by the European Innovation Ecosystems program and coordinated by Bulgarian business consultancy “The Edge”. The main objectives of the HER FUND project have been to bridge the gap between what we like to refer to as better connected innovation ecosystems (BCIEs) and less connected innovation ecosystems (LCIEs), with the goal of creating a wider European network of gender conscious investors.
What key aspects do we take away from the HER FUND project?
The start of the project saw significant analysis and research into the differences in innovation ecosystems across Europe and the barriers and difficulties, especially those female entrepreneurs face. Research shows that while female entrepreneurs are a massive key to economic growth, they still face challenges on the markets not experienced by their male counterparts. This particularly includes having fewer financial opportunities due to difficulties in accessing funds and venture capital. It also includes being questioned more on legitimacy and capability and overall experiencing lower levels of confidence, with the European Commission’s “Women Entrepreneurs in Europe” report pointing out that 53% of women considering starting a business hold back due to the fear of failure. This type of existing gender bias, as well as a lack of female role models not only limits opportunities for women, but also has an impact on confidence and motivation to become an entrepreneur in the first place.
This research proves that it is not only more investment opportunities that is needed in order to stimulate female entrepreneurship, but rather a better overall support system and infrastructure. This can include things such as more female targeted financial initiatives in both public and private investments, something more commonly seen in BCIEs. According to data presented by the World Economic Forum, venture capital investment into women-founded startups accounted for only around 2% of European VC funding in 2023.
Visibility of role models as well as designated opportunities for female networking also plays a crucial part, especially in increasing confidence. This has been a key aspect of HER FUND as the project incorporated its very own training, mentoring, coaching and investment programmes. Women entrepreneurs for instance got to learn and develop skills such as mental resilience, pitching and finance essentials, all of which are topics that the founders in the HER FUND survey wished to have more training on. Investors such as venture capitalists on the other hand, got to learn tools in order to better support female entrepreneurs as well as learning the importance of fostering gender conscious investment. The project brought together female coaches with a wide range of expertise in different fields, all dedicated to supporting female entrepreneurs across the continent. The HER FUND talks series which can be found on the project YouTube channel as well as on the website, also contributed to the visibility of female role models.
Another key aspect is that of societal expectations for women. Many female entrepreneurs struggle with work-life balance especially after having children. This is an increased problem for women due to stereotypes in gender roles, where women often end up with a greater domestic responsibility making commitment to work harder as well as more tiring in the long run. Many male entrepreneurs have stay-at- home partners, something which many women lack. Actively working to change culture around stereotypical and traditional gender roles is something we have to continue to strive for. In addition to this HER FUND calls for more concrete efforts around equality to be made such as improving access to childcare and improving access and opportunity to shared living services, all of which are important in lightening the domestic load for women to be able to focus more on work.
What’s next for HER FUND?
Even though the HER FUND project itself has come to an end, its legacy certainly has not. By bringing together several female founders and coaches from all across Europe, a new network of female entrepreneurs has already started taking form. As these women now go on to use their newly garnered expertise within their respective fields, they are now better equipped in being able to grow and later scale up their own businesses with the ultimate goal being that they themselves end up as female role models for future potential entrepreneurs.
HER FUND also has a little sister project which goes by the name of SCALE’ HER. The SCALE’ HER project’s main objective is to support female-led startups in scaling, more specifically within what is referred to as high-growth sectors such as digital development and deep-tech which includes many relevant topics such as AI-development. SCALE’ HER involves a consortium of 10 partners from 9 countries, many of which are the same as for HER FUND. SCALE’ HER runs until December of 2027 and is project managed by our team here at Wonderfund.