Mark Zuckerberg recently claimed that businesses need to “man up” in an interview with Joe Rogan. However, studies show that promoting female entrepreneurship can drive substantial economic growth. A 2024 study highlighted this potential, and in 2015, the McKinsey Global Institute found that advancing workforce equality could significantly boost the global economy.
Despite these findings, women remain significantly underrepresented as startup founders, particularly in high-growth industries. Only 26% of founders in New Zealand are women, which is relatively high compared to other regions. However, merely 4% of Australia’s venture capital investment goes to startups founded solely by women, with New Zealand at about 7%.
Data from the 2021 Global University Entrepreneurial Spirit Students’ Survey shows a significant gender gap. Among 1,050 undergraduate students from the University of Auckland, interest in founding a business was initially similar among male and female students – 8% versus 6% at the beginning of their careers. However, five years post-graduation, 28% of men and 18% of women expressed the desire to run their own businesses, lagging behind global averages of 37% for men and 30% for women.
Societal expectations, industry norms, and lack of access to funding are significant barriers to female entrepreneurship.
Promoting female entrepreneurship drives growth
Confidence is also a crucial factor, with women often reporting lower confidence in their ability to start a business compared to men.
The subjects that students choose influence their exposure to entrepreneurship. Women are underrepresented in STEM and business disciplines at the University of Auckland, fields that are closely associated with higher interest in business formation. Without exposure to entrepreneurial concepts, role models, and industry networks inherent in these fields, many women miss out on vital opportunities.
To bridge the gender gap, universities must incorporate entrepreneurial education across all disciplines. Role models and mentors play a pivotal role, and universities should make efforts to engage women founders as speakers, mentors, and industry partners. Hands-on experience is crucial, and universities must ensure that startup incubators, pitch competitions, and funding programs are accessible to female students.
Special funding streams for women-led ventures can help level the playing field. By integrating entrepreneurship into all disciplines, increasing the visibility of female founders, and fostering inclusive networks, universities can help remove barriers that hinder women. Taking action now can unlock vast potential, driving future economic and social impact.
