Leaders from the world’s biggest financial institutions have called for the number of women-led businesses going public to triple by 2025.
Senior women from competitor banks, law firms and insurance companies came together at Monday’s opening of London Stock Exchange markets to make the call to action. Their calls came as part of a drive to ensure that female business leaders and entrepreneurs realise their full potential with the support of the finance industry.
The group, who together are founding partners of The WealthiHer Network created to champion women and to help them to prosper, want to see growth in the number of female-led initial public offerings (IPO) from 10 per cent to 30 per cent over the next six years.
According to the government-backed Rose Review published earlier this year, men in the UK are five times more likely than women to build a business of more than £1m turnover, despite the fact that women are as successful as men in sustaining a business once established, with 73% of entrepreneurs of both sexes running businesses older than 3 and a half years.
The report also found only 1% of all venture funding currently goes to businesses founded by all-female teams, inhibiting scale up.
The WealthiHer Network Co-Founder and entrepreneur Tamara Gillan said: “There are already so many societal barriers and institutional biases which prevent female entrepreneurs from growing their business from start-up to scale-up. Something needs to change.
“With the backing of the country’s biggest financial institutions, we’re confident that we can accelerate the number of women-led businesses going public and support female entrepreneurs to flourish, ultimately growing women’s wealth and prosperity.”
The WealthiHer founding partners include Barclays Private Bank; Brewin Dolphin; Brown Advisory; C5 Capital; Chubb; Close Brothers; Asset Management; HSBC Private Banking; Investec Private Bank; J.P. Morgan; Julius Baer; Irwin Mitchell; and Kleinwort Hambros.