Design Terminal Launching Female Entrepreneur Initiative

Ecosystem

After developing its own female business development program, Design Terminal could now form a European network of female entrepreneurs this year as a consortium leader within the framework of an EU initiative, according to a press release sent to the Budapest Business Journal.

Four innovation agencies, the Hungarian Design Terminal, the German Spinlab, the Estonian Tehnopol, and the Czech DEX Innovation Center, launched their joint pan-European initiative on International Women's Day. The main goal of the program is to make way for female entrepreneurs on the continent.

The Womenture program, which runs until January 2025, is looking to strengthen female entrepreneurship on two platforms. On the one hand, from October 2023, those who would like to start a business or develop their existing company can apply for the mentoring leg of the program from any country in Europe. Womenture experts will strengthen them with targeted professional mentoring. The mentoring program start is due to start with 20 participants.

In the meantime, the partner organizations expect the best European ideas from agencies, institutions, and various stakeholders concerned about the success of women's innovation programs. 

"The supportive community and the sharing of challenges can lead to great strength, which can thus contribute to individual and joint success," says Edit Ditte Szabó, founder, mentor of female entrepreneur programs.

“One of the most useful pieces of advice I heard as an entrepreneur was from a female angel investor. She suggested that I should be extra prepared for everything when I meet an investor. Because while in many cases a male founder can get millions of dollars with a simple presentation, as a woman I will be ripped to shreds," Publishdrive founder Kinga Jentetics adds.

Female entrepreneurs are underrepresented in the innovation scene across Europe, even though, according to McKinsey & Co, for example, companies with both male and female managers have a 21% greater chance of being profitable. 

According to an article by the European Institute of Innovation & Technology published last August, only 21% of the continent's businesses were founded by women, and only 2.5% of startups with multiple founders were entirely created by women.

A comprehensive report prepared last year by the venture capital investment company Atomico notes that some 87% of all VC funding in Europe was obtained by all-male teams, while the proportion of funding received by all-female startups has decreased from 3% to 1% since 2018.  In addition, the report noted that for every 6 male decision-makers in the VC field, there is only 1 female one.

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