Shaping the Horizon: Rising Influence of Women in Business and Technology

International Women’s Day on March 8th serves as a significant moment to celebrate the impactful role of women in business, technology, and innovation.

In 2024, the theme “Invest in women: Accelerate progress” resonates with the idea that investing in women and championing gender equality propels society towards a future where everyone can thrive. This approach fosters a world of boundless opportunity and empowerment for all, acknowledging the transformative journey of women who navigate opportunities and challenges in the realms of entrepreneurship and innovation.

The World Bank’s “Women, Business and the Law Report 2024” emphasizes that when more women participate in the workforce, economies experience growth, and closing gender employment gaps could potentially increase GDP per capita by 20%. Additionally, a study by UN-Women suggests that closing the gender gap globally could provide a substantial USD 7 trillion boost to the economy.

In the technology sector, women play crucial roles as catalysts for transformative change. Their contributions, whether as professionals, startup founders, or leaders, address talent shortages and bring valuable diversity of insight to tech teams. Research from UNWomen indicates that businesses with three or more women in senior management functions tend to score higher in various dimensions of organizational performance, highlighting the positive impact of women in leadership roles.

Despite progress, the Global Gender Gap Report 2023 from the World Economic Forum highlights that women constitute only 29.2% of STEM workers, facing challenges such as hostile work environments and systemic gender bias. However, women in tech remain pivotal to the ongoing digital revolution, influencing societal norms and shaping technology developments for broader inclusivity.

To address these challenges and enhance the tech industry, efforts to foster inclusivity, celebrate successes, and dismantle legal barriers are crucial. Increasing the representation of women in the tech workforce goes beyond addressing talent shortages; it strategically enriches the industry with diversity, innovation, and enhanced problem-solving capabilities. Encouraging more girls to pursue STEM fields becomes imperative not only to address the demand for STEM graduates but also as a missed opportunity for the industry.

The unique perspectives and skillsets that women bring to the tech industry act as a catalyst for a more dynamic and inclusive landscape. Their diverse insights not only address critical challenges but also foster a culture of innovation, creating a collaborative environment where a variety of viewpoints lead to more comprehensive and effective solutions.

Despite women constituting 41.9% of the overall workforce in 2023, their representation in senior leadership positions, such as directors, vice-presidents, and other C-suite executives, stands at 32.2%. Balancing innovation with a commitment to social equity becomes essential in harnessing the full potential of technology for the betterment of diverse communities.

In the STEM field, where women constitute only 29.2% of the workforce, the imbalance is exacerbated by hostile work environments. To address this, there is a growing trend in startups with higher female participation in ownership among newly registered firms globally, according to World Bank data.

STEM education is crucial for girls and women, emphasizing technical skills and values associated with technology use. Positive change in science becomes a catalyst for gender equality, requiring efforts to enhance the representation and retention of women in science and technology sectors. Embracing diversity is not only a moral imperative but also a strategic decision for advancing innovation and progress in these critical industries.

Female-founded and female-led startups, while still a small fraction globally, are showing a notable and encouraging trend with a surge in startups having higher female ownership. According to the EoY Diversity Report 2019, women found 20% of tech startups worldwide, reflecting a transformative momentum breaking traditional barriers and providing women with unprecedented opportunities to lead and shape the entrepreneurial landscape.

This shift signifies progress and holds the potential to reshape industries, foster innovation, and contribute to a more inclusive and equitable global business environment. The evolution in the startup landscape highlights the instrumental role women are playing in driving entrepreneurial ventures and contributing to economic growth on a global scale.

A notable shift is occurring as more women pursue education in STEM fields, breaking down traditional barriers. Simultaneously, there’s a transformation in the funding landscape, with women gaining access to venture capital. This dual momentum reflects a positive trajectory toward gender inclusivity, providing women with resources for success in STEM careers and entrepreneurial pursuits.

Increased educational opportunities and access to funding align with a positive shift in societal norms supporting female entrepreneurship. This evolving culture dismantles gender stereotypes and fosters an environment that values women’s contributions in business and entrepreneurship.

The influence of female tech founders extends beyond individual success, contributing significantly to economic growth and job creation. Their entrepreneurial endeavors stimulate innovation, fostering a thriving business ecosystem. Successful women in tech serve as role models, inspiring future generations and leading to a more diverse range of innovative solutions.

Despite advancements, women in tech face systemic gender bias and challenges. Building robust support networks and mentorship programs is essential for bridging gaps, fostering professional development, and encouraging sustained success among women entrepreneurs.

Highlighting the achievements of successful female tech founders challenges stereotypes, breaks down barriers, and encourages more women to pursue careers in technology and entrepreneurship. By fostering inclusivity, supporting mentorship, and addressing legal constraints, we can propel a more equitable and innovative future for women in business and technology.