Up to 70% of female entrepreneurs anticipate a negative impact from the corona crisis on their start-up. While male-run start-ups are suffering from the current development, they could be less exposed, as shown in a new infographic from Kryptoszene.de.
66.3% of female founders anticipate a decline in turnover. A comparable proportion stated that they expect cancellations of events and delays in orders. This was revealed by data from the „Female Founders Monitor“.
It also shows that there is still a large gap, with just 15.7% of German start-ups founded by women. Of start-ups managed by women, just 5.2% have received investments exceeding one million euros – among male founders the figure is significantly higher at 27.8%.
Startups and Corona
As the infographics show, women are disproportionately inclined to found start-ups in the fields of social entrepreneurship, green economy and the health sector. Other industries in which women are underrepresented have even benefitted from the Corona crisis, a notable example being the Fintech sector. Around 70% of Fintech bosses are convinced that the pandemic is likely to be advantageous to their company, and neobanks such as Revolut and N26 have also recorded strong growth recently.
The impact of the corona crisis on start-ups is also illustrated by looking at job vacancies. At the start of the year, 63% of companies still reported having vacancies, according to a „Onetoone“ report. This figure has now dropped to 49%. The magazine uses data from the „Bitkom“ association.
All in all, entrepreneurs everywhere appear to be suffering the effects of the pandemic. However, female business founders have been affected more acutely. There are principally two factors at play here: women are more likely to found businesses in sectors that haven’t been among the winners of the crisis, and in the face of the pandemic, female business owners have been forced to reduce their working hours even more than their male equivalents – especially if they already have children, according to results from the Female Founders Monitor.