Over the past decade at DollarsAndSense, I’ve had the privilege of interviewing many entrepreneurs in Singapore.
One trend has stood out in recent years: the rise of female founders and leaders across various industries. Whether at business networking events, entrepreneurship awards, or even in traditionally male-dominated sectors such as manufacturing and construction, the presence of female entrepreneurs has steadily grown.
According to OCBC, in 2023, 30% of newly incorporated businesses in Singapore were SMEs founded by women, a notable increase from 23% in 2018. Even more impressively, women are making their mark in industries long dominated by men, such as manufacturing, resources, construction and transport.
This growth isn’t entirely unexpected. In Singapore, education and career opportunities are accessible to both men and women. With an almost equal gender split in the population, it’s reasonable to expect that the number of women founders will continue to rise.
Yet, things are not as simple.
A Funding Problem (And More)?
While it’s not a prerequisite to start a business, many entrepreneurs do fundraise. Fundraising provides the necessary capital for businesses to grow, scale operations, and invest in innovation. Beyond financial support, it enhances credibility and can lead to valuable strategic partnerships with investors with expertise and industry connections.
The fundraising statistics, however, don’t look good for women entrepreneurs.
According to Crunchbase, startups led by women-only founders received just 2.3% of venture capital funding in 2020. Earlier this year, the World Economic Forum published an article stating that women-founded startups accounted for 2% or less of venture capital funding invested in Europe and the United States in 2023.
In my opinion, access to capital is just one of many challenges women entrepreneurs face.
Balancing parental responsibilities with the demands of running a business adds another layer of complexity for those with children. Women are often expected to take on a greater share of caregiving duties, which can limit their time and energy for networking, business development, or pursuing new opportunities.
This “double burden” can hinder growth, making it harder for women entrepreneurs to scale their ventures. Additionally, women in business may encounter barriers such as limited access to mentorship and smaller networks compared to their male counterparts.
How OCBC Women Unlimited Hopes To Support Women Entrepreneurs
To tackle the unique challenges women entrepreneurs face, OCBC has introduced OCBC Women Unlimited—the first program by a Singapore bank dedicated solely to supporting women entrepreneurs. OCBC aims to close the gap by equipping women entrepreneurs with the necessary tools, knowledge, and support to help them launch and grow their businesses successfully.
These comprise three areas.
Empower: Provide access to financial support, networking opportunities, and valuable regional connections. These include business loans with fees waived and business and personal insurance plans at discounted rates.
Enable: Prepare women founders with industry-specific knowledge and boost their business and financial know-how. This is done through series of events organised by OCBC.
Engage: Foster a safe and supportive community of women entrepreneurs where knowledge and experience are shared openly. This gives women a safe and supportive community of women entrepreneurs where knowledge and experience are shared openly.
While women entrepreneurship is gaining momentum in Singapore and is expected to grow in the coming years, challenges such as limited access to capital and the need to balance caregiving responsibilities remain significant. The venture capital gap for women founders is still a pressing issue. However, initiatives like OCBC Women Unlimited present a valuable opportunity to provide the essential support, mentorship, and networks needed to help women entrepreneurs succeed across various industries.
Read Also: 7 Female CEO Leading Fortune Southeast Asia 500 Companies Based In Singapore
Photo by John Schnobrich on Unsplash
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