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The gender gap in venture capital- progress, problems, and perspectives

Author

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  • Candida Brush
  • Patricia Greene
  • Lakshmi Balachandra
  • Amy Davis

Abstract

Financial capital is a critical resource for growing firms, yet women entrepreneurs received very small percent of the funding. This research updates earlier research by the Diana Project using a data base of all venture capital funded firms in the US. We compare funding in those firms led by men and women across stage, sector, state, region and outcomes. Results show women have made progress in attracting venture capital, although there is still a significant gender gap. A research framework and future research directions are proposed.

Suggested Citation

  • Candida Brush & Patricia Greene & Lakshmi Balachandra & Amy Davis, 2018. "The gender gap in venture capital- progress, problems, and perspectives," Venture Capital, Taylor & Francis Journals, vol. 20(2), pages 115-136, April.
    • Handle: RePEc:taf:veecee:v:20:y:2018:i:2:p:115-136
    DOI: 10.1080/13691066.2017.1349266
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    Citations

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    Cited by:

    1. Gil Avnimelech & Yaron Zelekha, 2023. "Religion and the gender gap in entrepreneurship," International Entrepreneurship and Management Journal, Springer, vol. 19(2), pages 629-665, June.
    2. Bort, James & Totterman, Henrik, 2023. "The growth aspirations of underdog entrepreneurs," Journal of Business Research, Elsevier, vol. 165(C).
    3. Katherina Kuschel & Kerstin Ettl & Cristina Díaz-García & Gry Agnete Alsos, 2020. "Stemming the gender gap in STEM entrepreneurship – insights into women’s entrepreneurship in science, technology, engineering and mathematics," International Entrepreneurship and Management Journal, Springer, vol. 16(1), pages 1-15, March.
    4. Johansson, Jeaneth & Malmström, Malin & Lahti, Tom & Wincent, Joakim, 2021. "Oh, it’s complex to see women here, isn’t it and this seems to take all my attention! A repertory grid approach to capture venture capitalists cognitive structures when evaluating women entrepreneurs," Journal of Business Venturing Insights, Elsevier, vol. 15(C).
    5. Pavlova, Elitsa & Gvetadze, Salome, 2023. "Female access to finance: A survey of literature," EIF Working Paper Series 2022/87, European Investment Fund (EIF).
    6. Romi Kher & Shu Yang & Scott L. Newbert, 2023. "Accelerating emergence: the causal (but contextual) effect of social impact accelerators on nascent for-profit social ventures," Small Business Economics, Springer, vol. 61(1), pages 389-413, June.
    7. John O. Aiyedogbon, Ph.D & Ogwuche D. David, Ph.D. & EZIE Progress Kelechi, 2023. "Effect of Financial Literacy on the Performance of Women Owned SMEs in Nigeria: A Study of Awka, Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(9), pages 1831-1848, September.
    8. Jetter, Michael & Stockley, Kieran, 2021. "Gender Match and the Gender Gap in Venture Capital Financing: Evidence from Shark Tank," IZA Discussion Papers 14069, Institute of Labor Economics (IZA).
    9. Mercedes Delgado & Fiona Murray, 2021. "Mapping the Regions, Organizations and Individuals That Drive Inclusion in the Innovation Economy," NBER Chapters, in: Entrepreneurship and Innovation Policy and the Economy, volume 1, pages 67-101, National Bureau of Economic Research, Inc.
    10. Avnimelech, Gil & Rechter, Eyal, 2023. "How and why accelerators enhance female entrepreneurship," Research Policy, Elsevier, vol. 52(2).
    11. Brush, Candida G. & Greene, Patricia G. & Welter, Friederike, 2020. "The Diana project: a legacy for research on gender in entrepreneurship," Working Papers 02/20, Institut für Mittelstandsforschung (IfM) Bonn.
    12. Indu Khurana & Daniel J. Lee, 2023. "Gender bias in high stakes pitching: an NLP approach," Small Business Economics, Springer, vol. 60(2), pages 485-502, February.
    13. Andrea Bellucci & Gianluca Gucciardi & Rossella Locatelli & Cristiana Schena, 2022. "Gender Gap in Business Angel financing," Mo.Fi.R. Working Papers 175, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    14. Simon Kleinert & Kazem Mochkabadi, 2022. "Gender stereotypes in equity crowdfunding: the effect of gender bias on the interpretation of quality signals," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1640-1661, December.
    15. Allison, Lee & Liu, Yu & Murtinu, Samuele & Wei, Zuobao, 2023. "Gender and firm performance around the world: The roles of finance, technology and labor," Journal of Business Research, Elsevier, vol. 154(C).
    16. Ewens, Michael, 2022. "Race and Gender in Entrepreneurial Finance," SocArXiv djf8z, Center for Open Science.
    17. Alakent, Ekin & Goktan, M. Sinan & Khoury, Theodore A., 2020. "Is venture capital socially responsible? Exploring the imprinting effect of VC funding on CSR practices," Journal of Business Venturing, Elsevier, vol. 35(3).
    18. Abraham Abebe & Meketaw Kegne, 2023. "The role of microfinance institutions on women’s entrepreneurship development," Journal of Innovation and Entrepreneurship, Springer, vol. 12(1), pages 1-24, December.
    19. Kamran Ahmed Siddiqui & Mohammad Emad Al-Shaikh & Ishtiaq Ahmed Bajwa & Omar Alenzi, 2021. "Venture capital challenges in Saudi Arabia," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(3), pages 291-302, March.
    20. Francisco Liñán & Inmaculada Jaén & Domingo Martín, 2022. "Does entrepreneurship fit her? Women entrepreneurs, gender-role orientation, and entrepreneurial culture," Small Business Economics, Springer, vol. 58(2), pages 1051-1071, February.
    21. Balachandra, Lakshmi & Fischer, Katrin & Brush, Candida, 2021. "Do (women’s) words matter? The influence of gendered language in entrepreneurial pitching," Journal of Business Venturing Insights, Elsevier, vol. 15(C).
    22. Ana Laguía & Cristina García-Ael & Dominika Wach & Juan A. Moriano, 2019. "“Think entrepreneur - think male”: a task and relationship scale to measure gender stereotypes in entrepreneurship," International Entrepreneurship and Management Journal, Springer, vol. 15(3), pages 749-772, September.
    23. Candida Brush & Linda F. Edelman & Tatiana Manolova & Friederike Welter, 2019. "A gendered look at entrepreneurship ecosystems," Small Business Economics, Springer, vol. 53(2), pages 393-408, August.
    24. Voitkane, Aija & Johansson, Jeaneth & Malmström, Malin & Wincent, Joakim, 2019. "How much does the “same-gender effect” matter in VCs' assessments of entrepreneurs?," Journal of Business Venturing Insights, Elsevier, vol. 12(C).
    25. Hmieleski, Keith M. & Sheppard, Leah D., 2019. "The Yin and Yang of entrepreneurship: Gender differences in the importance of communal and agentic characteristics for entrepreneurs' subjective well-being and performance," Journal of Business Venturing, Elsevier, vol. 34(4), pages 709-730.

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