Report on women in entrepreneurship unveils recommendations - but also flags gender gap being a 'chasm'

The renowned businesswoman chosen to lead a review of the gender gap in Scottish entrepreneurship has said she is shocked by the scale of the "chasm" as the document and its recommendations are unveiled.

Ana Stewart, a partner at investment vehicle Eos Advisory, has published the independent Pathways: A New Approach for Women in Entrepreneurship study, which was commissioned by the Scottish Government to identify ways to unlock untapped potential, close the gender gap, and boost Scotland’s economy.

Co-authored with Mark Logan, chief entrepreneur to the Scottish Government, it has made 31 recommendations such as providing start-up training and support in a range of pop-up locations; clarifying existing access pathways into entrepreneurship; and improving access to start-up and growth finance.

Ms Stewart was joined by First Minister Nicola Sturgeon as they visited the Roslin Institute in Midlothian to mark the report’s publication, where they met the founders of two biotech companies – Ishani Malhotra of Carcinotech and Dr Kate Cameron of Cytochroma.

From left: Dr Kate Cameron of Cytochroma, Nicola Sturgeon, Ana Stewart, and Ishani Malhotra of Carcinotech. Picture: contributed.

Asked about the size of the gap between women and men in business, Ms Stewart said: "I'm shocked myself by the scale of the chasm, really. Only one in five businesses in Scotland is female-led, and that hasn't changed in the last ten years.” She also noted that start-ups founded by women have received only 2 per cent of overall investment capital in the last five years. “By taking a root cause and effect approach, our recommendations focus on dramatically increasing female participation rates to drive a vibrant and fairer entrepreneurial economy.”

The First Minister said: “Fully realising the entrepreneurial potential of women in Scotland will not only promote greater equality in our society, it will also deliver significant benefits for the economy. The Scottish Government will respond quickly to the review as a whole, and its recommendations.”

Catherine McWilliam of the Institute of Directors Scotland said: “We welcome this report… Training, access to support and cross sector collaboration are at the centre of IoD’s mission, and so it is heartening to see these reflected in the recommendations. We fully support this drive to create a more equal entrepreneurial environment for Scotland.”

Niki Mckenzie, joint MD of Scottish investment syndicate Archangels, said: “This report is a significant milestone, which highlights fundamental issues preventing women’s ability to maximise their potential in business in Scotland.”

She added: "The Scottish Government must consider the report’s innovative and wide-ranging recommendations very carefully and ensure that positive actions are taken to effect change. This is not just about creating a fairer economy, it’s about cultivating all of the talent we’ve got here in Scotland which, in turn, will increase our entrepreneurial capacity and drive economic growth.”