In her book Invisible Women: Data Bias in a World Designed for Men, Caroline Criado Perez writes, “Seeing men as the human default is fundamental to the structure of our society. It’s a by-product of a way of thinking that has been around for millennia. Thus, it’s not always easy to convince someone a need exists if they don’t have that need themselves.“

For women, this notion has played out in many areas of life: health, sport, reproduction and careers. When innovation occurs in the absence of women, it leads to significant gaps in the suitability of solutions for all genders. For years, medical devices such as pacemakers and artificial hips were designed based on the average male body, causing women to experience complications or have less effective health outcomes.

Similarly, many workplaces are, or have been, constructed and operated by and for men. It results in a gender bias that is so deeply ingrained many of us don’t even notice it. One key lever to change this situation is to design products and companies using diverse lenses. And to do this, we need to support female entrepreneurs and start-ups with female founders.

However, even though the world of entrepreneurship and start-ups is often considered a bastion of innovation, creativity and meritocracy, entrepreneurial women face systemic barriers in starting and growing their businesses, which limit their potential and stifle success.

According to a 2019 study by Deloitte, only 36 per cent of all businesses in Australia are owned by women. This figure is even lower in the technology and innovation sectors, where women represent only 25 per cent of entrepreneurs. The study also found that female-led businesses receive significantly less funding than male-led businesses, with companies with only women founders securing just 2 per cent of venture capital funding.

It’s important for venture capitalists to step up and support female founders in every step of the start-up creation process. While there are some programs and initiatives in place to provide funding and support for women in entrepreneurship, we really need to prioritise and accelerate these efforts.

If funders are only assessing and funding companies with predominantly male or all-male founder teams, they are likely not seeing solutions needed by the whole population.

It’s not just a matter of equity but simple financial sense. Without diverse perspectives and experiences, companies are likely to miss out on valuable insights and opportunities that boost their performance, especially since there’s plenty of evidence that promoting diversity in leadership positions has significant benefits for businesses.

The Kauffman Foundation discovered that women-led teams generate a 35 per cent higher return on investment than all-male teams.