It is time to Genuinely #InvestInHer Beyond Unambitious commitment.

The investment landscape for women remains abysmal, and too often, organisations escape accountability by making big promises while offering tiny crumbs. This is why many women don’t even bother applying for these so-called opportunities—they're time-consuming and often feel like little more than a data collection exercise or an attempt to grow email lists for the award givers. After inevitable rejections, we’re bombarded with sales pitches or asked to support other initiatives, adding insult to injury.

This isn’t just a message for Innovate UK; it’s a call-out to all funding bodies and investors. This year’s International Women’s Day theme was #InvestInHer, yet here we are, more than halfway through 2024, still stuck in the same old patterns. As costs rise and resources stretch, there's an urgent need—and a rich opportunity—for pooling funds and working collaboratively. The time to rethink how we invest in women and take tangible, meaningful action is now.

This blog was inspired by a LinkedIn thread discussing the terrible funding allocation from Innovate UK. You can join the conversation and read more insights on this issue here.

Consider the case of Innovate UK's 'Women in Innovation' awards: they received 1,452 applications, sent 1,271 for assessment, and awarded only 25. This translates to a success rate of approximately 1.97%. Such a low success rate highlights the staggering gap between the promises made and the actual support provided. Women entrepreneurs are often left feeling that the odds are stacked against them from the start, and this must change.

About Innovate UK

Innovate UK is part of UK Research and Innovation (UKRI), the national funding agency investing in science and research in the UK. As the UK’s innovation agency, Innovate UK drives productivity and economic growth by supporting businesses in developing and commercialising innovative ideas, products, and services. It aims to connect businesses with partners, customers, and investors who can help turn ideas into commercially successful solutions and increase the number of women applying and succeeding in innovation.

However, as seen in the recent allocation of the 'Women in Innovation' awards, there is a glaring disconnect between these ambitions and actual outcomes. Innovate UK has an opportunity and responsibility to not just open doors but to ensure that these doors lead to real, accessible, and equitable opportunities for women.

Moreover, poor funding allocation disproportionately affects diverse founders, particularly women of colour. A report highlighted by TechCrunch reveals that in 2019, just 2.87% of UK venture capital went to all-female teams, and Black entrepreneurs received only 0.24% of total venture capital investment. This immense disparity reflects systemic barriers that urgently need to be addressed if we are to create a fairer funding environment.

See the footnote for further reading.

How Funder/Investors Can #DoSomething:

1. Analyse the Data: Funding bodies need to assign data analysts to visualise and analyse application data—how many women are applying, what they’re applying for, and where the gaps in funding lie. This will provide valuable insights into the needs and trends among women entrepreneurs, enabling more targeted and effective funding strategies.

2. Read and Act on Applications: Tracking the details of what women entrepreneurs seek funding for can highlight the critical needs in the community. Use this information to align future funding opportunities to better meet the needs that are consistently identified.

3. Set an Application Cap: Be transparent about the number of awards available and cap applications when that number is reached. There’s no benefit to anyone applying to a process already over capacity. Let’s move back to under-promising and over-delivering, creating a more honest and rewarding experience for applicants.

4. Collaborate with Larger Investors: It’s time for collaboration. Join forces with investors who have larger pots of funds. By pooling resources, you can create more significant, impactful awards rather than scattering small sums that barely make a difference. Together, you can genuinely #InvestInHer in a way that’s meaningful.

5. Increase Awards Yearly: Commit to growing the size and number of awards annually. Investing in women should not be seen as a one-off PR opportunity but as a long-term commitment to change. By demonstrating year-on-year growth in support, funding bodies can show they are serious about making a difference.

6. Innovate Funding Approaches: Explore new, inclusive funding models that share risk and reward. Collaborative funds, profit-sharing models, or equity-based funding can drive real change and offer women entrepreneurs more sustainable and impactful support.

7. Provide Feedback and Accountability: Applicants deserve to know how decisions are made. Providing feedback helps them improve their future applications and fosters a sense of transparency and trust. It’s a simple but often overlooked step that can make a huge difference in how women perceive and engage with funding bodies.

8. Making the application process accessible and

Women deserve more than crumbs. It’s time for innovative thinking and bold funding actions. By uniting resources, committing to genuine change, and investing in women’s potential, we can move beyond empty promises to real, impactful investments.

Let's talk if you’re serious about making funding inclusive and impactful.

Book a "Pick My Brain" session—I’ve worked with various funding organisations to help them drive meaningful change.

It’s time to #InvestInHer, #FundWomen, #SupportWomenInBusiness, #WomenInLeadership, #EmpowerHer, #WomenWhoLead. Women deserve better, and it’s time to #DoSomething.

Footnote resources: UK report spotlights the huge investment gap facing diverse founders