At the Development Bank of Wales, we’ve placed a renewed focus on tackling one of the persistent challenges in our economy – the gender gap in business investment. While the statistics remain sobering, there is progress to build on, and here in Wales, we’ve got a genuine opportunity to lead the way.
I’m proud that the Development Bank is a signatory to the Investing in Women Code. This means we report our data on the funding of female-led businesses and, just as importantly, that someone in our organisation is accountable for delivering on our commitments. That person is me. It’s a responsibility I take seriously – not only in terms of how we support female founders, but also how we ensure greater diversity in our own investment teams.
It’s well evidenced that women investors are more likely to back women-led businesses. So if we want to improve funding outcomes, we need to look at who is in the room making decisions. That’s one reason why our focus on building a stronger network of women angels in Wales has been so important.
A few years ago, only 2% of our Angels Invest Wales network were women. Today, thanks to the creation of Women Angels of Wales, that figure has risen to 14% and continues to grow. That group of around 50 investors now has a clear focus on supporting female-led businesses and on making angel investing more accessible – with investment entry points as low as £2,000 and the option to syndicate and co-invest via our matched funding pot. This is making a tangible difference, not just in the volume of deals being done but in the kinds of businesses receiving investment.
We also know that success stories matter. Visibility matters. And Wales already has much to be proud of. We have the highest percentage of women-led fast-growing businesses of any UK nation or region. And we rank highest for the proportion of mixed-gender leadership teams receiving investment. These are positive indicators and show that when the right support is in place, women-led businesses in Wales do scale and do succeed.
That was one of the key messages I took to the Invest in Women Taskforce regional roundtable held recently in Cardiff. It was encouraging to be joined by the First Minister, the Secretary of State for Wales and the Chancellor of the Exchequer – three senior women in politics, all listening to what is needed to help female entrepreneurs thrive.
The discussion focused on a new £250 million fund to back female founders across the UK. The clear consensus in the room was that Wales must have its fair share of this fund, and I was pleased to hear that message land.
But funding alone is not enough. We need to keep building the wider support ecosystem – mentoring, networking, practical advice – and we need to make sure that female entrepreneurs of all backgrounds feel that these spaces are open to them.
There’s still more to do. And we shouldn’t pretend otherwise. But if we continue to showcase what works – and continue to back women at every stage of their journey – we can shift the dial.
My hope is that in five years’ time, when people are asked to name ten female-led Welsh success stories, they won’t hesitate. Those names will be well known, their achievements widely recognised. And we’ll have built an investment culture that makes that success possible – not just for the few, but for the many.
Rhian Elston talks about this and more in the Cardiff Capital Region podcast episode Empowering Female Entrepreneurs. Listen to the podcast here:
