It’s safe to say we’re all well-versed in the gender funding gap. Our Theory of Change report found when trying to get funding men were asked about their business development 67% of the time while 66% of women were asked about their strategies to prevent failure. In February, The State of Australian Startup Funding report revealed in 2023 just 18% of total capital was invested in startups with at least one woman founder.
At F5 Collective, one of our pillars for creating change is about connections. This means we are passionate about mentoring women and giving them the opportunities to expand their networks to receive knowledge and further development. In our Theory of Change, we outline how our pillars will create change. In our connect pillar we are passionate about mentoring women and giving them the opportunities to expand their networks to receive knowledge and further development.
Over the past year, I’ve had the honour of mentoring more than 60 women founders. And while the evidence is anecdotal, a clear pattern has emerged. I’ve witnessed firsthand that mentorship is instrumental in shifting the scales for women entrepreneurs. When we uplift women founders and amplify underrepresented voices, we don’t just advance individual aspirations; we propel the entire APAC region towards a future brimming with untapped potential.
Why is this focus on mentorship and community crucial? Consider the findings of a study on mentorship: 30% of women rated mentor relationships as extremely important to their careers versus 23% of men. Moreover, minority groups placed even greater value on mentoring, with 32% finding it extremely important. This isn’t mere coincidence — it’s indicative of the barriers that these groups encounter, barriers that mentorship can help dismantle by accelerating founder development and startup progression.
The narrative is familiar — women in business have long been navigating an environment that questions their capacity more than it celebrates their potential. Reports reveal a stark confidence gap with one study showing: two-thirds of men believe they’re capable of starting a business versus less than half of women with comparable qualifications. It’s a gap that mentorship can help bridge. By showcasing possibilities, offering support, and expanding networks, mentors serve not just as guides but as mirrors reflecting the often-unseen capabilities of women entrepreneurs.
Take another study in Uganda for instance which found that women entrepreneurs mentored by women saw a 34% increase in sales and a 29% rise in profits. These women mentors engaged with more relational language, fostering closer bonds and enhancing their mentees’ customer relations—a key driver of the positive outcomes observed. It’s clear that aspirational women entrepreneurs are not just in need of guidance; they thrive under mentorship that resonates with their experiences and aspirations.
The sense of community, too, is inextricably linked to the entrepreneurial journey of women. It’s this communal network, and peer-to-peer mentoring that instils confidence, a sense of belonging, and a support system crucial for navigating the unpredictable waters of business ownership. Women often excel at building strong, collaborative networks, creating ecosystems where success is not a zero-sum game but a collective victory.
Mentorship extends beyond the one-on-one — it’s also about reaching back once you’ve ascended the heights of success. In many male-dominated industries, a ‘boys’ club’ culture has prevailed, where succession planning and mentorship are rife. It’s time to build a new, inclusive culture, where success breeds more success, and the ladder to the top becomes less a solitary climb and more a communal ascent.
As we strive to foster a culture of mentorship and build communities that support women entrepreneurship, we must remember that our actions are the most potent form of advocacy. By committing to mentorship, we enable a future where women entrepreneurs no longer just dream of success — they expect it, prepare for it, and most importantly, they achieve it, collectively.
Tracey Warren is the CEO of F5 Collective.
