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UN Women’s Entrepreneurship Day promotes women in business

Maya Shwayder
November 18, 2018

Despite huge advances worldwide, women entrepreneurs still face major obstacles when it comes to venture capital, funding, and seeing their dreams through. Women's Entrepreneurship Day is trying to change that.

Princess Martha Louise of Norway addresses the conference at the UN
Princess Martha Louise of Norway addresses the WED conferenceImage: DW/M. Shwayder

The United Nations' official Women's Entrepreneurship Day brought together an audience of around 300 people from all over the world, including speakers from China to Israel, with ages that ranged from school-age to established venture capitalists, and a few token men sprinkled in for flavor. This year, the UN has officially declared November 19th international "Women's Entrepreneurship Day."

It was the fifth annual gathering, held in conjunction with parallel events all around the world, from Germany to Uganda to Mongolia, which featured big names in fashion like designer Anna Sui alongside health care technology entrepreneurs, blockchain investors, venture capitalists, education innovators, and everybody in between.

Read more: The potential for female entrepreneurs is far from exhausted

Founder Wendy Diamond, a high-energy serial entrepreneur herself, said the event was "like TED" – referring to the renowned conference and speaker series "Technology, Entertainment, Design" – "but instead of people talking about themselves," she said, "it's about helping and promoting women entrepreneurs."

The auction held amidst the conference raised more than $180,000 in funds for microloans to be given to women entrepreneurs worldwide, Diamond announced.

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The problems they face

Worldwide in 2017, women received only 2 percent of available venture capital funding, according to to venture capital research database Pitchbook. The research also suggested that while investors tend to judge men based on their "potential" for success, those same investors will judge a woman on her proven track record.

"Inequality in treatment is a huge obstacle that women are facing," said Zainab al-Suwaij, a Women's Entrepreneurship Day board member who is also an activist and the co-founder of the American Islamic Congress. "They (investors) are always looking at women as less than men, and they don't take women seriously."

Read more: Women grapple with Silicon Valley's bro culture

This is WED's importance, said al-Suwaij: it helps to highlight successful women-led businesses, and present women as role models for future women entrepreneurs. "It is important so people get used to the idea of women being there and making a difference," she said.

Christa Ventikos, the founder of Ventikos Associates and another WED board member, said that the lack of women at the C-suite level and in board rooms presents a big hurdle, as well as a lack of access to other successful female entrepreneurs. In addition, old school expectations still dog a lot of women as they try to build their lives.

"A lot of times, women have to do everything," she said with a laugh. "From climbing the corporate ladder, to raising children, to taking care of the household, you know, how do you do it all?"

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Following your passion

Speeches about following your heart and pressing forward with an entrepreneurial idea in the face of adversity abounded throughout the day.

Princess Martha Louise of Norway received an award from WED for her work with her foundation for disabled children, a foundation she actually inherited when she was one year old. The Princess joked that because she has founded two companies in her life, she has "broken all the rules" of being a royal.

"I truly believe that women are taking over now, and we have to step up," she said. Her biggest passion in life was to teach people how to find their true calling – a mission that she said one of her companies, called Soulspring, pursues.

"My father always told me that you have to be true to who you are, otherwise people will see straight through you," she told the crowd.

"I think he might have regretted this a few times," she joked, "but really and truly you will all have to do that. We have to dare to be gamechangers. We have to dare to be who we truly are, and follow our passions. Our passions will drive us forward and make amazing things happen in the world."

 

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