The UN WOMEN announced the theme for International Women’s Day 2023 in December last year. For us in the tech startup ecosystem, it was something that is near and dear to our heart: Innovation and technology for gender equality.

“The United Nations Observance of IWD recognises and celebrates the women and girls who are championing the advancement of transformative technology and digital education. IWD 2023 will explore the impact of the digital gender gap on widening economic and social inequalities. The event will also spotlight the importance of protecting the rights of women and girls in digital spaces and addressing online and ICT-facilitated gender-based violence,” the organisation announced in a statement.

This theme calls for the inclusion of women and other marginalised groups into the digital world. It highlights that their lack of inclusion has shaved US$1 trillion from the gross domestic product of low- and middle-income countries in the last decade, according to the UN Women’s Gender Snapshot 2022 report. This loss is expected to grow to US$1.5 trillion by 2025 without action.

The problem–and the possibility for us to take part in providing the solutions–sounds like an exciting challenge to tackle. But before we go out to try to solve the problem, perhaps we should aim to sit down and reflect: Are we alright?

Because we can never solve a problem when we are still part of that problem itself.

Also Read: Uplifting the underserved and women in fintech: Retail technology on the frontier of equality

Women in the startup ecosystem today

The state of gender equality in the tech startup ecosystem has always been a hot topic. For years, we have touched upon different angles from the lack of women in leadership position, access to funding for women-led companies, to sexual harassment in the workplace.

Today, in 2023, we certainly would like to ask ourselves: How far have we come? What challenges have we managed to tackle? What challenges remain?

There are many ways to answer these questions, depending on which problem you would like to focus on. But I would like to highlight the state of startup funding given to women founders–as funding is the very thing that allows impactful companies to grow and thrive.

“Women are not only raising less funding, but they are also raising it at lower valuations. This has ripple effects throughout the gender ecosystem, from decreased equity to more modest exits than male founders,” Nikkei Asia Review wrote in December 2022.

“And as women amass less personal wealth, fewer become limited partners, venture capitalists, angel investors or serial entrepreneurs – the people providing the investment money for funds, those making the decisions on how that money will be invested, and those allowed to use the funds.”

The report further highlighted that in Southeast Asia, startups founded solely by women accounted for only 0.6 per cent of capital invested in the region in 2021.

Also Read: Uplifting the underserved and women in fintech: Retail technology on the frontier of equality

One might say that “Hey, back in 2021, nobody raised any funding. Everyone suffered.” Sure.

That is why mainstreaming the discussion on gender equality is even more urgent.

Last year, I attended a debate at the She Loves Tech conference in Singapore which pointed out the harm in treating women as an impact investment. This meant that when a crisis happens, investment in women and other minorities will usually be the first to go. So, investors need to put investing in women as part of their core agenda–not a charity or a CSR.

This is by no means stating that the tech startup ecosystem should not be involved in the general movement for gender equality in society. After all, the tech industry does not stand in a silo. We are the society itself. Whatever is going on within the tech startup ecosystem is a reflection of the society it lives in.

But perhaps the way for us to make a change is by looking at how operate as an ecosystem and see how we can continue to improve. To allow talents to thrive regardless of gender, race, sexuality, and economic background. To give room for every entrepreneur to build and grow their companies.

Once we were able to get there, then perhaps that is where true disruption can happen.

—

Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: ThisisEngineering RAEng on Unsplash

The post This year, International Women’s Day calls for the tech startup ecosystem to look within appeared first on e27.