The entrepreneurial landscape is changing, and female founders are thriving in this 'amazing time' for women in business.

The process of launching a business is always difficult. Although women have traditionally encountered extra obstacles, some female entrepreneurs assert that the environment is becoming more favorable for them.

"Raising funding as a female founder is an amazing opportunity," said Victoria Zorin, founder of Australian crowd analytics software company Nola Technologies, at the Forbes 30 Under 30 Summit Asia in Singapore. Zorin was also among this year's honorees.

Nearly half of new entrepreneurs in recent years are women, according to a report from Gusto, which provides payroll, benefits, and HR services.

The percentage of women as new business owners has remained relatively stable over the past few years, with a slight increase from 29% in 2019 to 47% in 2022, according to a report.

Is the funding gap closing?

A funding gap exists for women-founded businesses in the U.S., as only 2.1% of venture capital investments in 2022 went to such businesses, according to a Pitchbook report.

Despite the growing support for women-led businesses in the entrepreneurial landscape, female founders still encounter discrimination in fundraising, according to Olivia Cotes-James, founder of menstrual health startup Luüna and a 2021 Forbes 30 Under 30 Asia list honoree.

She pointed out that she has observed instances where women are asked different types of questions during the pitching process and face hurdles due to gender. However, she believes that things have changed a bit and it's not always the same now.

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

In the past eight years, there has been a significant change in the investment landscape due to increased funding for programs and awareness, resulting in the expectation that investors will now support female-led startups.

The funding rate for women-owned businesses increased to 41% in 2022, surpassing the 37% rate for male-owned businesses, as per a report by Biz2Credit, a platform that connects small businesses with funding opportunities.

Despite the glass ceiling becoming less opaque, there is still potential for advancement.

The Biz2Credit report revealed that in 2022, the average funding size for women-owned companies was $55,898, which is still significantly lower than the $93,976 average for businesses owned by men.

Cotes-James pointed out that while supporting women and female founders has become a trend in recent years, it can offer opportunities, but it may also overlook the underlying problems.

Breaking stereotypes

Despite progress, female founders continue to confront the misconception that they lack the ability to establish successful companies.

She stated that the belief that individuals are not as ambitious or driven to achieve commercial success is incorrect, as she knows it to be false.

A UBS report found that despite similar pitches from women and men, male-led startups still received more investment. The report suggests that the majority of startup CEOs being white men may lead investors to perceive male entrepreneurs as more capable.

Cotes-James, the founder of a menstrual health startup, stated that she did not anticipate personal opinions to outweigh data during the pitching process.

Cotes-James stated that if an investor in their circle, particularly a man, expressed that they would not try their products based on their personal opinion, it could eliminate all data and proof points, indicating the personal stigma that people carry with them.

Despite the difficulties, Cotes-James’ Luüna managed to raise more than $1.5 million in seed funding within two rounds. Since then, Luüna has collaborated with companies such as UBS, Goldman Sachs, and Morgan Stanley to provide free menstrual products in women's bathrooms, with the organization covering the cost, just like toilet paper, as Cotes-James explained to CNBC.

Zorin stated that age and a lack of experience were her biggest obstacles.

Dealing with more enterprise customers often involves more senior executives, and when you have less experience, you may be more easily taken advantage of.

Zorin highlighted the importance of having a diverse perspective and not solely relying on one mentor. In three years, Nola Technologies secured $136,200 in pre-seed investments and is projected to achieve cashflow positivity in March 2024, as Zorin shared with CNBC.

Advice for young entrepreneurs

Cotes-James encouraged standing up for one's beliefs.

All the women in my network are eager to connect and advocate for their business, dreams, and missions. However, being heard can be challenging, which can take a toll over time.

Starting a business can be challenging, but being passionate about your cause and knowing your customers will propel you forward, advised Zorin.

Sophie Chapman, a 2023 Forbes' 30 Under 30 honoree in Asia, advised young women to seize opportunities, even if they're not entirely sure they can succeed at first.

Investment deals can be significantly influenced by confidence, as observed by Chapman, the co-founder of EcoBricks, Hong Kong, a startup that converts plastic waste into construction materials.

VCs are backing you because of your ability to project confidence in yourself and your plan's execution, according to Chapman.

Learning to say no is a powerful thing, especially when it comes to distinguishing between good and bad opportunities, as Cotes-James pointed out.

Recounting her experience, she emphasized the importance of saying no to investors, even when it's difficult, especially when starting out, as the short-term gain of capital can come at a longer-term cost.

It is crucial to prioritize your own time and concentrate on long-term objectives, even if short-term profits appear enticing.

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