The World Business Angel Forum (WBAF) held a virtual press conference on October 13 to share results of a global entrepreneurial survey aiming to highlight the pandemic’s impact on women entrepreneurship.
WBAF also discussed the comprehensive economic and financial support plan to the G20 leadership in order to alert policymakers about the urgent support needed by women startups, scale-ups, entrepreneurs and SMEs.
Based on WBAF’s international survey, almost 60% of women entrepreneurs voted financial inclusion as one of the biggest challenges faced in women entrepreneurship, while digital fluency and education came in second with approximately 30% of votes.
Additionally, over 40% of women entrepreneurs chose childcare as one of the major challenges faced during the pandemic, showing a clear struggle in managing both finances and family at the same time.
The survey also presented opinions on issues in a variety of domains ranging from financing, the workforce, business model realignment, and types of support that are needed during the pandemic induced economic crisis.
According to the guest speaker, Professor Inderjit Singh, President of WBAF Research Institute, although entrepreneurs worldwide are all currently dealing the same challenges, it is women entrepreneurs who have to tackle greater obstacles as they are more vulnerable to limited financial access as well as workplace and domestic violence compared to their male counterparts.
He also added that 60% of positions held by women were lost during the pandemic, while others chose to leave their jobs for childcare purposes.
Meanwhile, guest speaker Ayumi Moore Aoki, President of Women in Tech stated that their organization aims to have five million girls and women to be empowered through technology in 2030 as many women startups are having difficulties with online transitions due to the lack of digital education.
WBAF plans to hold another press conference by the end of 2020 as a follow-up to their survey conducted this May, and will resume conducting further surveys to understand current socio-economic issues.