EU Commission launching support for women-led tech startups
The EU Commission has launched the second Women TechEU call. Up to 130 deep-tech start-ups led by women will qualify for funding and business acceleration services to grow into tomorrow’s female tech leaders.
After the first pilot in 2021, the Commission is more than doubling the budget to EUR 10 million this year, which is expected to fund up to 130 companies. Applications are open until 4 October 2022, 17:00 (CET), the Commission announced.
We received a very positive response to this first pilot, with nearly 400 applications from across the EU and Associated Countries. I am proud that we are now supporting 50 ambitious women-led companies from 16 countries”, said Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth.
“This is a huge step in the right direction to bridge the deep tech gender gap, and encourage women to fulfil their true potential. women-led deep-tech companies should build EU’s innovation DNA and this year we will support even more of them.”
Women TechEU provides support to women-led startups at the earliest, riskiest stage of their company’s growth. In addition to a EUR 75 000 grant, the finalists receive mentoring and coaching for leadership, internationalisation, business modelling, implementation strategy, market entry, fundraising, negotiating with investors, and much more, through the EIC Women Leadership Programme.
The Commission says that by supporting women-led deep tech startups it aims to create an equal and more prosperous European deep-tech ecosystem.
“In addition, the Women TechEU scheme promotes female leaders in their industries but also in their capacity of decision-makers. The Commission’s funding label targets leveraging their position in the investment space, where women remain underrepresented.”
”Women TechEU is Europe’s answer to the very low representation of women in deep tech today”, the Commission says.
”Deep tech represents more than a quarter of Europe’s start-up ecosystem, and European deep tech companies are now valued at €700 billion. Yet women remain largely underrepresented across this industry.”
”Today, women obtain only 10% of patent applications in the EU, and less than 15% of start-ups are founded or co-founded by women (and only 6% by women-only teams). This translates into low amounts of capital invested into women-led companies, creating a vicious circle.”
”Only 5% of venture capital goes to mixed teams (with men and women) and only 2% to all-women teams. The Covid crisis has only made matters worse. Funding to female founders during the pandemic was down 31% compared to 2019, while funding for all-male teams dropped by just 16% during the same period.”
”Often based on scientific research, deep tech startups tend to have longer R&D cycles, and usually require more time and capital to grow than tech startups. These companies can succeed if they receive the right support and investment early on.
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