#femcapital 1 feminine capital in the context of...
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#FEMCapital
Feminine Capital in the Context of Globalization
1
Dr. Barbara Orser Telfer School of Management
University of Ottawa
May 12, 2017
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#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
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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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#FEMCapital
Assumptions about the impact of gender
No Gender Differences
Gender Awareness
Gendered Process
No impact Might impact performance
Constrains/enhances performance
5
25% of women entrepreneurs
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#FEMCapital
“I would rather take a risk and build my own business than work for someone else.”
Source: Entrepreneurship at a Glance, OECD, 2016
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#FEMCapital
“I would rather take a risk and build my own business than work for someone else.”
Source: Entrepreneurship at a Glance, OECD, 2016
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#FEMCapital
“I have access to training on how to start or grow a business.”
Source: Entrepreneurship at a Glance, OECD, 2016
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#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
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#FEMCapital
Assets women mobilize through venture creation
Feminine capital has economic and social
value
Observed through
leadership, firm structures
and governance
Feminine Capital
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#FEMCapital
Entrepreneurial Leadership 12
Masculine Feminine
Financial outcomes Compe77ve Dominant
Collabora7ve Rela7onal
Empower others
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#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
Neo-classical Enterprises
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
Focused on maximizing shareholder wealth, revenue growth and profit. Governance is typically centralized through private ownership
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#FEMCapital
Social Enterprises
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
Philanthropic: often enterprises initially leverage founder’ social networks. Governance is based on volunteerism, depending on the community of need.
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#FEMCapital
Relational Enterprises
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
Relational enterprises embrace shared leadership. People, planet, profit Control varies, private, participatory and co-operative…
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#FEMCapital
Feminist Enterprises
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
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)
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#FEMCapital
New models of enterprise
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#FEMCapital
Entrepreneurial (venture creation) Process
Ente
rpris
e O
utco
mes
High Masculine High Feminine
Hig
h Fi
nanc
ial
Hig
h S
ocia
l
20
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#FEMCapital
Founders
Entrepreneurial (venture creation) Process
Ente
rpris
e O
utco
mes
High Masculine High Feminine
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
Entrepreneurial (venture creation) Process
Ente
rpris
e O
utco
mes
High Masculine High Feminine
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
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#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
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#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
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#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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#FEMCapital
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.
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#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
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#FEMCapital
Entrepreneurial ecosystems
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Source: Isenberg, 2009, 2010, 2011
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#FEMCapital
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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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