Breaking the gender boundary – How grants overcome barriers for female founders

Female-founded businesses continue to struggle to get funding compared to businesses governed by men.

While private investors may be reticent to support women, there are a range of grants that could fill the gap.

Knowing the availability of these grants and how to make the most of them could pave the way for a brighter future for female-founded businesses.

What grants are there for female-founded businesses?

While women are increasingly getting more involved in the business world, there continues to be a distinct lack of funding opportunities, as only 2p of every £1 invested in VC funding in the UK goes to female-founded businesses.

In instances where a lack of private investment is threatening to hold your business back, seeking out grants can be the way to keep a business operational.

Grants are more dependent on what the business is doing rather than who is at the top, though there are some grants that aim to clear the way for female founders to demonstrate their capabilities.

If you are located in Northern Ireland, the Female Founders Grant is one such opportunity and it is “awarded on a competitive basis to enable female founders to validate novel ideas, develop prototypes and progress towards commercialisation.”

Across the UK more generally, grants such as the Innovate UK Women in Innovation can be valuable.

Given when grant applications have gone live in the past, it appears likely that it will soon be possible to get a bid put together.

The previous pot amounted to £75,000 for women who demonstrated true commitment to innovation, but the grant has awarded around £15 million over the last decade.

There are likely to be additional grants that can help female-founded businesses get the funds they need, with many being specific to the area in which you operate, so it is worth conducting thorough research to discover the best opportunities for you.

Making the most of grant funding as a female-founded business

The frustration for many female founders is getting access to the funds they need to get their business moving in the right direction, so effectively using the grant funding could be overlooked.

Engaging with an expert accountant is the key to turning the short-term boost in fortune that comes with winning a grant into long-term growth for the business.

We can support you in making the most of a grant, incorporating it into your business’s budget and highlighting its impact through financial forecasting.

Getting expert support with the grant application can also improve your chances of getting the grant and this will be dependent on the criteria for each funding body.

At its core, though, most grants will want you to demonstrate the value of your business and the way in which the grant money will serve a greater purpose.

With female-founded businesses, this can often involve paving the way for future female entrepreneurs by highlighting how the business world benefits from a plurality of voices.

To make the most of available grant funding, get in touch with our team.