Laura Hutton is the cofounder and chief customer officer of Quantexa, a global AI, data and analytics software company working on decision intelligence to empower organisations to make operational decisions with data in context. Since being founded in London in 2016, Quantexa has grown to 800 team members serving leading enterprises in banking and insurance, as well as government agencies.
But despite the company’s obvious success, Hutton says that there are still many obstacles and challenges that women face when it comes to climbing the ranks in the tech industry.
“My fellow male cofounders and colleagues are presenting to people who look and sound like them. In my younger days, I found being different a challenge. I used to take somebody with me [to meetings at investment banks],” she says. “Now I’ve realised the fact that I’m different means I’m remembered.”
Quantexa is one of the high-growth businesses named in J.P. Morgan Private Bank’s Top 200 Women Powered Businesses Report, published in partnership with Beauhurst.
The report reveals that, despite the odds being stacked against them, women-powered businesses — those that are led or founded by women, majority owned by women, or with a management team comprised of at least 50% women — now account for £116bn of the annual turnover generated by high-growth companies in the UK, and almost a third (30.2%) of investment share.
Since 2014, the private investment in businesses founded, led or managed by women has tripled, reaching £4.01bn today, Maya Prabhu, managing director, market head for UK domestic, at J.P. Morgan Private Bank, says.
“That’s great progress, as is the fact that nearly 30% of the high-growth companies are women-powered,” she says. “It’s fantastic to see that growth and the real sums of money involved. But of course, women continue to face some challenges in accessing investment.”
Breaking funding barriers for women
Another company in the report is AI speech technology startup Speechmatics. CEO Katy Wigdahl says while female representation in AI engineering has grown in recent years, they’re still underrepresented in leadership roles.
“I’m constantly surprised at the lack of women at a C-suite level,” she says. “When you’re the only female CEO in a conference room, you do have to question what’s gone wrong.”
She knows fundraising in particular can fill female CEOs with dread. “It is tough when you’re scaling a business and you know you’re slightly against the odds to make it happen. Studies have shown if there’s a female decision maker around the table, you double the likelihood of getting funding. But there aren’t many female decision makers in the VC world.”
Wigdahl has raised two rounds of more than £60m and taken a previous company to exit. She says working to build relationships with investors in advance has really helped.
“By the time I got to the round, I already had trusted relationships. I’d been delivering on what I said I’d do. That meant when we got to the investment round, it was very straightforward,” she says.
Building networks has also helped her forge a path, Wigdahl adds.
“I have sought people out and surrounded myself with great female leaders who are so inspirational in what they do,” she says. “I’m a member of WhatsApp groups, forums and communities, try to mentor actively and make myself available to listen and share horror stories.”
Future female leaders
To boost networking opportunities, J.P. Morgan organises events such as the Future Female Leaders series through their Innovation Economy team. The Innovation Economy team’s focus is on venture-backed startups with high-growth potential in industries such as disruptive commerce, technology, life sciences, healthcare, IT and climate tech. The team offers global corporate banking support, as well as help with capital raising and other strategic advisory services.
“Historically, female founders have given away a larger portion of their businesses compared to their male counterparts,” says Alexandra Wyatt, the team’s vice president, however she notes there is action towards change.
The Alison Rose Review of female entrepreneurship, for example, shed new light on the barriers faced by female founders, and has led to initiatives such as the Invest in Women Taskforce, which just announced a £250m fund of funds for female-founded businesses.
“Those kinds of initiatives are making a difference and are leading to tangible improvements,” Wyatt says.
Prabhu agrees, adding “the rise in both the number and proportion of women-powered businesses not only makes significant strides towards gender parity but also fosters an environment where innovative ideas are celebrated. As women-powered businesses continue to be a driving force in the UK, this positive impact serves as a catalyst for ongoing economic productivity and social progress.”
However, she believes more needs to be done to inspire young women to think of entrepreneurship as a viable option and to give them the confidence to get into STEM.
And to those women already on this journey, Prabhu says resilience is key.
“One thread that runs through this whole report is that there will undoubtedly be tough times. Keep going. Believe in yourself and come back to the mission and purpose behind your business. There will always be ups and downs. Join networks of women founders to build your community of support and resilience.”
Read the orginal article: https://sifted.eu/articles/top-200-women-powered-businesses-brnd/
