Branson's Virgin StartUp scheme makes gender equality pledge over funding

Linda Grant and Andy Fishburn of the Virgin Startup organisation. Picture: Contributed

Recent research has suggested that there are twice as many men who are entrepreneurs as women and closing the gender gap could provide a major boost to the UK’s economy.

The Virgin StartUp initiative is being driven by newly appointed chairwoman, Linda Grant, and recently promoted managing director, Andy Fishburn.

They stressed that the 50/50 gender pledge was about “more than just funding”, with the scheme “proactively” addressing the barriers faced by women starting up their own businesses thanks to a new programme of women-led initiatives.

The organisation said that in a bid to encourage more women to start up businesses and thrive, it was creating an entrepreneurial model that will provide equal gender-based funding with expert business advice, guidance and mentoring.

It is also partnering with Genderscope, a Virgin StartUp funded business, to develop a “comprehensive gender strategy”, addressing key organisational areas.

As part of the 50/50 pledge, the venture is actively seeking more women mentors, who currently account for just 30 per cent of the mentor community.

Although women mentors are not necessarily always paired with women founders, the organisation said it believed it was crucial to address the gender balance across the board.

Genderscope provides businesses with training, workshops and consultancy services to support the understanding of the gender dimension in their organisation.

Grant said: “The barriers have been well documented. It’s now time to make a promise that will deliver a positive change for women entrepreneurs and the British economy as a whole.

“We are committed to delivering on our 50/50 gender pledge and have worked with a number of external advisors to introduce a raft of women-focused initiatives that will address the barriers women face when starting up.”

Yael Nevo, co-director of Genderscope, added: “We commend Virgin StartUp for their progressive leadership.

“A growing body of research clearly demonstrates how gender equality and diversity lead to better decision-making processes, greater employee satisfaction and performance, improvement in productivity, economic growth and much more.”