Launching the #MeTooPay campaign, more than 100 of the UK’s most successful women seek to end pay discrimination.
The campaign was the result of action from more than 100 of the UK’s most successful women after being shocked by the details of a female banker’s employment battle.
The #MeTooPay campaign has brought together high-profile names across politics, arts and business, including former Royal Mail boss Moya Greene, GSK chief executive Emma Walmsley, and London School of Economics director Minouche Shafik. Former TalkTalk director Lady Dido Harding is another signatories. Maya Green organised the group as a reaction to the news of an equal pay case involving French lender BNP Paribas, which made headlines last month.
It is to be seen whether companies will take notice and level the playing field for female business leaders. Not only would this campaign ensure fairer representation for the work that women in business do, there are consequential implications that could see levels of investment into female-founded business accelerated.
The British Business Bank’s Equity Tracker for 2018 highlighted that year on year investment into female-founded businesses experienced a decline. Furthermore, start-ups with all-female founder teams get less than 1% of available capital compared with 89% invested in all-male founders. Mixed gender teams make up the remaining 10%.
The hope for many is that with greater pay, female business leaders will invest more into female-led businesses, therefore empowering an even greater share of future female business leaders. Jenny Tooth OBE, CEO of the UK Business Angels Association, has commented on how women require greater equity share to propel female-founded businesses.
“The proportion of equity in the UK going to companies with at least one female founder has declined to 18% from 20% in 2017. Companies with female founders were only five per cent of total deals and only two per cent of total investment value. This reveals the challenge that women founders have in accessing growth stage capital. The magnitude of the task to get women their fair proportion of equity is vast.
But female founders are more likely to get funded at seed stage with 24% of all seed stage deals being in companies with at least one female founder. However, angel investments in women founders represent 22% of seed stage deals. Angel investors are therefore a significant source of investment for companies with at least one female founder and demonstrate the importance of encouraging more female angel investors who are much more likely to support female-founded business. It is my hope that with greater available capital earned by women in business, we will see a spike in female-led investment, helping to propel women in business reach new heights.”
Founder Dinis Guarda
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