#FEMCapital 1 Feminine Capital in the Context of...

#FEMCapital

Feminine Capital in the Context of Globalization

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Dr. Barbara Orser Telfer School of Management

University of Ottawa

May 12, 2017

#FEMCapital

Overview • Emerging models of enterprise • Feminist theory • Resourcing women-owned firms • Women’s business support services

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#FEMCapital

Strength in numbers

200-400 million

Female-owned firms

worldwide

Worldwide, women own a stake in 1/3 of all SMEs

North America, women own a stake in 1/2 of all SMEs

#FEMCapital

Assumptions about the impact of gender

No Gender Differences

Gender Awareness

Gendered Process

No impact Might impact performance

Constrains/enhances performance

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#FEMCapital

Assumptions about the impact of gender

No Gender Differences

Gender Awareness

Gendered Process

No impact Might impact performance

Constrains/enhances performance

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25% of women entrepreneurs

#FEMCapital

“I would rather take a risk and build my own business than work for someone else.”

Source: Entrepreneurship at a Glance, OECD, 2016

#FEMCapital

“I have access to training on how to start or grow a business.”

Source: Entrepreneurship at a Glance, OECD, 2016

#FEMCapital

Changing profiles •  In 2011, gender affected

all measures of enterprise performance in Canada

•  In 2014, only sales per employee, rate of employment differed

• No difference in growth intentions or aspirations

(Rosa & Scilla, Statistics Canada 2016)

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#FEMCapital

Individual-level

Firm-level

Industry-level

Entrepreneurial ecosystem

Regulatory environment

Levels of challenges

#FEMCapital

Assets women mobilize through venture creation

Feminine capital has economic and social

value

Observed through

leadership, firm structures

and governance

Feminine Capital

#FEMCapital

Entrepreneurial Leadership 12

Masculine Feminine

Financial outcomes Compe77ve Dominant

Collabora7ve Rela7onal

Empower others

#FEMCapital

Gendered Nature of Venture Creation

Entrepreneurial (venture creation) Process

Ente

rpris

e O

utco

mes

High Masculine High Feminine

Hig

h Fi

nanc

ial

Neo-classical Enterprises

Relational Enterprises

Hig

h S

ocia

l Social

Enterprises Feminist

Enterprises

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#FEMCapital



Ente

rpris

e O

utco

mes


Hig

h Fi

nanc

ial



Hig

h S

ocia

l Social


Enterprises

Focused on maximizing shareholder wealth, revenue growth and profit. Governance is typically centralized through private ownership

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#FEMCapital

Social Enterprises


Ente

rpris

e O

utco

mes


Hig

h Fi

nanc

ial



Hig

h S

ocia

l Social


Enterprises

Philanthropic: often enterprises initially leverage founder’ social networks. Governance is based on volunteerism, depending on the community of need.

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#FEMCapital



Ente

rpris

e O

utco

mes


Hig

h Fi

nanc

ial



Hig

h S

ocia

l Social


Enterprises

Relational enterprises embrace shared leadership. People, planet, profit Control varies, private, participatory and co-operative…

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#FEMCapital

Feminist Enterprises


Ente

rpris

e O

utco

mes


Hig

h Fi

nanc

ial



Hig

h S

ocia

l Social


Enterprises

Performance linked to outcomes such as improving the wellbeing of others, particularly women and girls. Governance is typically collective.

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#FEMCapital 18

Entrepreneurial feminism (Orser & Elliott, forthcoming)

#FEMCapital

New models of enterprise

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#FEMCapital


Ente

rpris

e O

utco

mes


Hig

h Fi

nanc

ial

Hig

h S

ocia

l

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#FEMCapital

Founders


Ente

rpris

e O

utco

mes


Hig

h Fi

nanc

ial

Hig

h S

ocia

l

Teri Kirk The Funding Portal Kathleen Kemp CigBins Janet Longmore Digital Opportunity Trust Marissa McTasney Moxie Trades

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#FEMCapital

Founders


Ente

rpris

e O

utco

mes


Hig

h Fi

nanc

ial

Hig

h S

ocia

l

Teri Kirk The Funding Portal Kathleen Kemp CigBins Janet Longmore Digital Opportunity Trust Marissa McTasney Moxie Trades

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#FEMCapital

Individual-level

Firm-level

Industry-level

Entrepreneurial ecosystem

Regulatory environment

Levels of challenges

#FEMCapital

Resourcing capital • Gender differences in firm capitalization

• No gender differences in ‘terms of lending’

• Women more likely to be ‘discouraged borrowers’ • Literature is mixed

#FEMCapital

Female-focused SME capital • Business Development Bank

of Canada (BDC) •  $700 million debt (2016) •  $50M in VC (2017)

• SHEO • Pique Ventures • MarS (BDC) • Start-up Canada (Dell) • Vancouver Founder Fund

#FEMCapital

Resourcing capital 1979: “Need for financing…” (D. Lavoie) 1979−2017: More complex than thought Emerging factors:

• Differences in scale (Rosa & Scilla, 2016) • Difference in financial knowledge (OECD, 2016) • Differences in risk aversion (OECD, 2016) • Differences in productivity (Orser et al., 2016)

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Digital adoption (Start-up Canada, 2017)

• Women entrepreneurs are 20 percent less likely than male entrepreneurs to adopt digital technologies to start, operate, and scale their firms.

#FEMCapital

Country comparison of ICT Index

1.00

1.20

1.40

1.60

1.80

2.00

2.20

2.40

Belgium Canada (English)

United States

Canada (French)

Austria Finland Japan Sweden

Male Female

#FEMCapital

Entrepreneurial ecosystems

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Source: Isenberg, 2009, 2010, 2011

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#FEMCapital

Takeaways 1.  Resourcing: inclusive ENT ecosystem 2.  Theory: feminine capital + feminism =

‘femininities’ (Lewis, 2014)

3.  New models: entrepreneurial feminist 4.  SME support services: not just ‘add women

and stir’ …

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#FEMCapital 1 Feminine Capital in the Context of...

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