Empowering female leaders and founders towards an equitable future Female representation in leadership and entrepreneurship has gained important ground in recent years, but much more can be done.
Women entrepreneurs in Hong Kong have a wide range of motivations for starting their businesses, flexibility in their working arrangements and bringing positive change in society being key factors. But they also face specific challenges such as developing an online presence, family resistance and raising money. In particular, HSBC found that 68% of female founders in Hong Kong have been denied funding during the investment pitching process, 18% higher than the global average. Moreover, 58% have expressed concerns about bias when raising capital. This underlines the need to establish networks of empowerment as well as promote greater allyship between women and men in the push for gender equality. Identifying the challenges Whether it be entrenched gender bias or a lack of professional mentors, the playing field for women and men is yet to be levelled. A necessary first step is to understand these barriers so that the right remedies can be pursued. An important example is access to financing for new business ventures. An earlier survey found that over 50% of male entrepreneurs pitch to a majority or all-male panel of investors, while only 8% of female founders have the opportunity to present to all or mostly female ones. Gender bias was also discovered to be responsible for women securing, on average, 5% less capital than their male counterparts. Another area in need of attention is female representation on boards in Hong Kong, which as of 2021 was only 14.3%. Towards this end, HSBC has been connected to the 30% Club Hong Kong, whose mission is to increase the percentage of women on the boards of Hang Seng-listed companies to 30%. Greater diversity in the boardroom is increasingly seen as good for performance, role modelling and innovation, among other benefits. But new approaches to increasing representation are needed, such as transparent gender monitoring and establishing sustainable strategies that support female progression. 11
