Women face a unique journey starting a business in any industry. Specifically, if you’re a woman ready to start your own tech business, get prepared for a challenging pathway to ownership, and other women looking to you for guidance on how to succeed should you make it.
Although starting a tech business as a woman is tough, it’s a powerful opportunity. If you can rise to the occasion, you make it possible for other women to realize their visions of doing the same. And this creates more space for women leaders in industries primarily headed by men.
So, here are four actionable tips for women taking on the challenge of starting a tech business.
Women in STEM refers to women in science, technology, engineering, and mathematics. Unfortunately, women are underrepresented in these fields. And women of color are the least represented in the group of women who are in STEM.
Because of reports of a huge gender pay gap, toxic work environments, lack of female representation in tech leadership positions, and professional identity challenges, women should absolutely pursue starting a tech business. There lies an opportunity to reshape the experience women have as business owners in tech. Therese Tucker, founder of $1.5 billion dollar tech company Blackline, is a great example of a female boss who successfully broke the gender barrier in the tech industry.
So, be mindful of these gender inequalities but don’t let them stop you. Although you’re a part of the fight to end these gender inequalities in tech, don’t let them overshadow the beautiful things you’re doing in the tech world that help people.
Gender inequalities will also show themselves in the financial resources available to women starting businesses. But with thorough research, women can leverage the plenty and many out there when starting a tech business.
Research Various Financial Resources
Women have a more challenging time obtaining financial support for their businesses in general. In addition, starting a business in the tech industry requires taking some significant risks, making financial backing doubly harder to obtain.
Fortunately, there are plenty of financial resources out there to help women launch a successful tech business. But taking full advantage of them will require extensive research to navigate all available financial resources. Melanie Perkins, co-founder and CEO of Canva, was able to raise $60 million dollars for her tech company with extensive research and work on how to obtain substantial financial backing. And when it’s been done once, it can be done again.
So, first, it’s best to figure out what you need in the way of financial support. You can then choose the best options for financing, like any tech startup-related grants for women, loans, lines of credit, savings, crowdfunding, and so forth. And finally, ensure you’ve thoroughly prepared your business and financial documents to reflect why supporting your tech business is a profitable investment.
In addition to researching and leveraging various financial resources, it’s an excellent idea to take advantage of educational opportunities.
Take Advantage of Educational Opportunities
Women starting a tech business should take advantage of various educational opportunities as well. Continuously learning influences business longevity. You become knowledgeable in different ways to succeed in business, build a network, and seize opportunities in the tech industry.
A good example of taking advantage of educational opportunities is Dr. Anne-Marie Imafidon. She got her Master’s degree in computer science and mathematics at 20 years old, followed by her MBE at 27, and went on to found the successful tech company Stemettes. This goes to show how influential a solid education can be.
So, explore traditional educational opportunities like a business degree from a university. Research two-year and four-year degree programs that help you master the logistics of building a profitable business. Also, explore certificate programs focused on developing the soft skills fostered by successful business owners like public speaking or project management.
Aside from traditional educational opportunities, women starting a tech business should also take advantage of their education from a suitable mentor.
Get a Female Tech Exec as a Mentor
One of the best ways to start and scale a tech business is to learn from someone who is already running a successful one. Although women tech executives and business owners only make up a small portion of individuals in the industry, it’s incredibly beneficial to do the work to find one and make them your mentor.
Women tech executives or business owners can relate to what you’re going through as a woman running a tech business. From the pay gap to not being taken seriously, to the highs of success as a woman in tech, all the way to the low points of trying to prove yourself. They get you. And you need someone who gets you if you’re a female entrepreneur in the tech world.
For example, Kimberly Eberl, CEO and owner of The Motion Agency raves about how her mentors give her influential insights and coach her through the obstacles of running a tech business. She also talks about how she wishes she had mentors early on in her career.
So, to get a female tech exec as a mentor, utilize your social media platforms to reach out to suitable candidates. You’d be surprised at how accessible executives and business owners are on social media and how willing they are to connect with you. Start by engaging with their posts, lives, and stories regularly. Then reach out to them via direct message to start the conversation about mentorship.
We Need Women Leaders in Tech
We need women leaders in the technology industry. Especially women business owners. If we want everyone to feel inspired, encouraged, and confident in any industry, all enterprises must make an intentional effort to become more diverse and inclusive. Women who choose to start a tech business play an integral role in achieving the representation we need in every industry across the globe.
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