The research, by Harvard Business School Associate Professor Katherine B. Coffman reveals businesses can draw more women applicants by making it easier for candidates to know whether they’re qualified. This involves getting rid of vague language about the experience and skills required in job postings and listing more precise qualifications.  

“We found that candidates were talented, and yet they self-selected out,” said Coffman, whose research study was inspired by a commonly quoted statistic: Men apply for a job when they meet only 60 per cent of the qualifications, but women apply only if they meet 100 per cent of them.

Coffman and her research team set out to provide empirical evidence to this age-old statistic by first running experimental ads on freelance job platform UpWork. 

The first ads called for expertise in stereotypically male-dominated domains, and used fairly generic and vague language: “We are looking for candidates with [management expertise/experience in analytical thinking], as demonstrated through education, past work experience, and test scores. Successful applicants will also have strong writing and communication skills.” 

The research team offered an “intermediate” position, as well as an “expert” track that was considered more challenging but also came with more pay. Candidates had to choose which position to apply for, if any.

Just 6 per cent of women applied for the expert job, compared to 22 per cent of qualified men. 

Conversely, when the ad language was changed to provide clear guidance on the required qualifications, more women applicants (29 per cent) responded. The ‘clear guidance’ included asking candidates for an exact threshold of analytical or management UpWork test scores to apply to the advanced position. 

Coffman’s team then repeated the experiment on the research platform Prolific to clarify the results, which turned out to be similar to the UpWork study. Only 42 per cent of qualified women applied when vague job qualification language was used, compared to 56 per cent of men. And when specific guidance was given, the per cent of women applicants jumped up to 62 per cent.

In light of these results, Coffman offers some advice for hiring managers looking to attract more female candidates to their job postings: steer clear of vague qualifications, state the amount of experience and the skills candidates should possess, as well as actively recruit qualified female candidates, rather than waiting for people to apply. 

The advice is imperative for businesses as the World Economic Forum’s 2023 Global Gender Gap Report has declared only slow and steady gains for the proportion of women hired to leadership positions in the past eight years (a rate of just one per cent annually, that dropped to just 32 per cent in the first quarter of 2023). 

The data also shows women represent 46 per cent of entry-level roles, but then only 25 per cent of C-Suite roles. And the Global Gender Gap is also still 131 years away from closing. 

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There are many contributing factors that need to be tackled to achieve equality for female entrepreneurs – from an increased number of women on boards, to encouraging women to apply for funding and back themselves more. Just as men apply for a job when they meet only 60 per cent of the qualifications, but women apply only if they meet 100 per cent of them – the same imbalance can be seen in funding applications. However, this is only part of the problem.

Rarely if ever will an entrepreneur thrive without various supports around them. Being connected with a mentor and other business owners through organisations like Entrepreneurs’ Organization (17,500+ members globally) who have faced the same daily challenges, is essential.

Entrepreneurs’ Organization Queensland spoke to six female members of the organization about the most significant and impactful lessons their mentors have imparted.

Kate Save, Co-Founder and CEO of BeFitFood and Entrepreneurs’ Organisation Melbourne Member

My female business mentor was Janine Allis. She told me to ‘hire slow and fire fast’ and she used an analogy that ‘one rotten apple could ruin the whole bunch’. She also believed that there were two types of people of which she classified them by their attitude as either those who were VERB’s (Victim, Entitled, Rescue, Blame) and those who would SOAR (Solutions, Ownership, Accountability, Responsibility). I have never forgotten this advice as I believe that I am more ‘grey’ rather than ‘black and white’ when it comes to making decisions. Therefore, I will often procrastinate when it comes to ‘off-boarding’ team members who are not the right fit due to my strong dislike for conflict, however I would always seek those employees who had the ‘SOAR’ attitude as it was easy to avoid those with the ‘VERB’ attitude by using a good interview technique and a strong line of questioning about previous employment.

Alicia Cook, Founder of Emerson Health and Entrepreneurs’ Organisation Melbourne Member

I’m still practicing this one. EO appointed me the most brilliant mentor I could hope for… and Caroline is constantly asking me “What did I say no to?”. Truthfully, it’s a daily struggle, because I want to do more than I have time for. It pains me every time I have to knock back an opportunity that sounds interesting or challenging!

Lauren French, Managing Director of Motto Fashions and Entrepreneurs’ Organisation Queensland member

Getting new customers is the only way to grow your business. Focusing on repeat buyers or business will only allow you to grow so far, so always make sure a portion of your time is solely focused on customer acquisition.

Belinda Vesey-Brown, Founder of Meet Aandi and Entrepreneurs’ Organisation Queensland member

I have for some time been working on becoming more feminine, after I had one of my business coaches said to me, “Belinda, you operate with so much male energy, have you ever thought about the business leader you could be if you were your feminine self?”

At the time, I had short hair, only wore pant suits, drove a navy almost black very male looking car that was loud and confident. It was what I needed to stand out, be seen and heard, as a blonde woman in a male dominated world.

I was working mostly with 50+ corporates, you know the ones who would put their hands behind their heads and lean back in their chair before saying “so how can you help us with ……”. I learnt how take back control of that conversation, how to bring them out of that power pose and get them to listen to what I had to say. It served me, but I lost who I was. I became something that deep down I didn’t really like.

About 10 years ago I started to grow my hair longer, I wore more skirts and sold the car. I started to engage with more empathy, as I was trying to figure out who I really was as a female business owner and leader in my circle of influence.

Today I am still evolving and working on ensuring that I am being true to myself as a female business leader. The lesson I have taken from this awareness is that it is so important to be yourself and not reflect the traits that I had observed in the men competing for the same work. I now bring a different type of confidence that comes from within, instead of trying to reflect it on the outside.

Shivani Gupta, CEO of AskShivani and Entrepreneurs’ Organization Queensland member

One of my mentors told me to believe in myself and create space before taking big actions. He said that key decisions need space to not only think through but also feel through. We also speak about feminine and masculine energy. I am female with male energy and he is male with female energy. It is important to balance these out. I try and remember this guidance he gave me when making bigger decisions in business and in life. The space gives me an opportunity to tune into my intuition. The balancing of energies helps me step more into my feminine when I need and more into my masculine when I need to. I also practice saying positive affirmations to myself to create belief in myself.

Emilya Colliver, Director of Art Pharmacy & Sugar Glider Digital and Entrepreneurs’ Organization Sydney member

My female business mentor is Jane Bianchini, a fellow sole female founder. She helps me look at various business challenges through a different lens and perspective. One of my favourite quotes from Jane is ‘sacred cows make the best hamburgers’ which helped me make tough decisions on people and business challenges. Jane also believes that business is not black or white, nor shades of grey, yet shades of colour. This energises me and reminds me that all problems can be solved with a bit of colour. She constantly reminds me that what I focus on grows which ensures my energy goes into the right areas of my business to ensure it thrives. She reminds me constantly that most businesses fail when the founder gives up. So no matter how difficult owning and running your own business is, I’m determined to never give up!

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That may seem like an odd thing to write because businesses fail every day. I don’t own a single WeWork share and I don’t know founder Adam Neumann from a bar of soap.

Still, the news gives me a little pang of sadness, and I bet I’m not the only one.

It’s not often you have a shared work experience with probably millions of people, most of them strangers, across 39 countries despite different cultures, languages, market nuances, and more.

WeWork understood culture and was able to scale an atmosphere that I thought only existed in Silicon Valley – apparently to 777 spaces globally.

Whether you’re a well-established scale-up, or an early idea trying to find some traction, it’s safe to assume we’ve all stepped into a WeWork at some stage over the past decade and we’ve all felt that familiar electricity.

Maybe it was your home base, perhaps you snuck in for Friday drinks or to finally meet IRL with that new LinkedIn connection. You probably listened in to the countless community events that lit up every WeWork space after hours, or swapped your (probably Moo) business cards with other aspiring founders.

WeWork was all of those things for me and many others. In fact, WeWork is part of why LaunchLink Communications, our PR agency for tech fast-movers, exists today.

Starting a business in San Francisco was rough and I could barely afford rent, let alone an office. WeWork was the only place I could get a few free co-working passes and eventually transition to a hotdesk membership.

At the time, 23-year-old me found herself solo and way out of her depth in San Francisco. I didn’t fit in from the second I landed. I couldn’t code, I didn’t wear hoodies and if my hair and makeup wasn’t a dead giveaway that I wasn’t a local, my Aussie accent was.

I went to San Francisco to build a business, but all I made was a shit sandwich stuffed with a half-cooked business plan, no friends, no cash, no job, and no idea what I had gotten myself into. This was not the Silicon Valley I had binged from The Pirate Bay.

That was until I stepped foot into my first WeWork. From my first trial day, I was welcomed like an old friend and I was greeted with that same energy every time I checked in to snag an empty chair at spaces in New York, Melbourne, Sydney and beyond.

WeWork’s earlier spaces were nowhere near as lush as the ones we have in Melbourne or Sydney. Those who visited Melbourne’s iconic Inspire9 will know the familiar worn-in hardwood floors, exposed brick walls, and dimly lit industrial decor I’m talking about.

If you’ve never been goblin-hunched over a recycled timber table top with your hand in a bag of chips to match the bags under your eyes, you’ve probably never worked in startup land.

It’s not very sexy, but I can promise if you spend enough time in these spaces, you’re bound to meet a potential business partner, future staff member, advisor, mentor, investor — or at minimum, a friendly smile.

The communities inside those spaces were tall-poppy-syndrome-free. Through introductions, blind coffee meets and the willingness to take a chance, that community helped build the early foundations of LaunchLink, and gifted me with lifelong friends.

May Samali, CEO of Human Leadership Lab (pictured below at a San Francisco WeWork) is an example of those who thrived in these communities, gathered a wealth of knowledge working in Silicon Valley VC circles, and is now bringing those valuable learnings back home to strengthen our own ecosystem of tech leaders.

I know countless Aussie founders came through those doors and were able to find a home away from home, especially if they were meeting anyone providing support services to Aussie startups. This includes the Australian Landing Pad (which was also based in WeWork), or supporters who floated across these spaces like the Australian Founders Network and the Australian American Chamber of Commerce.

I spent hours upon hours in those co-working spaces, and even when business was bad and everything felt like it was crumbling around me, I could go to 2nd Street or Mission Street, grab a cup of joe, and remember why I was 8,000 miles away from home.

Maybe I’m romanticising, but it felt like everyone grinding at WeWork was trying to build their dream. It’s energy that you can’t manufacture, but WeWork helped foster that mindset, with even the smallest details that reminded you to do what you love.

Co-working spaces are part of the DNA of startup communities, but the past few years have crushed them and when everything is a numbers game, the question is whether they can recover.

Covo, another space known to house budding Aussie entrepreneurs in San Francisco, has shut its doors. Meanwhile, Google listings for spaces like WorkShop Cafe are brandished with a ‘Permanently Closed’ label.  If they can’t survive in the startup capital of the world, do they have any hope back home?

If reading this news has you feeling as nostalgic as me, then you’ll know that the value of spaces like WeWork far exceeds the numbers on a Bloomberg terminal. Shares may be down over 50%, and maybe this really does signal the end of WeWork, but the contribution the company made to the growth of startups around the world outweighs the losses on the P&L – though I doubt investors care about that today.

I’m not the only one who made lifelong friends, and game-changing connections and saw many cool startups born in these spaces. None of that matters to the balance sheet, but it’s an important reminder that business is about so much more than money.

This article was first published by Smart Company. Read the original article here.

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That’s the advice that Wiradjuri woman Jo-Ann Lee gives to other solo mums in Australia. She is a chef, a mother of three and the founder of Goanna Hut, where she creates her own native teas and offers a modern Koori catering service.

But none of it would have been possible without the guidance of Global Sisters, a non-for-profit (NFP) organisation supporting women to start their own business and achieve financial security. 

Jo-Ann’s $200 start-up has now generated over $300,000 in revenue.

“It’s an extensive and nurturing support system which gave me a strong sense of security,” Jo-Ann said.

“I was surrounded by a group of women, who offered unwavering expertise and valuable connections.”

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On Tuesday, Global Sisters announced the launch of a new program for solo mums receiving government payments (Parenting Payment Single) to receive three years of free and tailored business support.

With funding from the NSW government and the private sector, the NFP’s project will help 300 single mums to kick start their business.

Traditional employment for solo mums is challenging to maintain whilst raising children, Global Sister founder and CEO Mandy Richards said, and the purpose of their program is to give these mums another option for income.

“It’s incredibly difficult for solo mums to access flexible, secure and sustained employment when they are juggling family life,” she said.

“The more traditional and full-time employment opportunities are largely out of reach, leaving them to navigate options that are generally casual, unstable and short-term by nature. 

“As a result, women who are solo parenting are more likely to circle back to social security payments by necessity of their circumstances.”

Global Sisters’ flexible and accessible programs give women what they need, when they need it, for their business pursuits.

“What is important is the flexibility that comes with being able to earn an income from home despite other circumstances,” Richards said.

The AMP Foundation donated $1 million to the Global Sisters’ program, while the NSW government committed to a Payment-by-Results contract. The Paul Ramsay Foundation has also partnered with Global Sisters to deliver the program.

The funding facilitates the program reaching 300 solo mums, providing a three-year program, to the value of $4,500, free of charge for single mums on the Parenting Payment Single government payment.

Richards said the program will contribute to the broader systemic change needed to increase women’s economic participation and foster their financial independence.

“It takes us one step closer to our vision for a world where every woman is financially independent and where self-employment is a genuine option for any woman who chooses that pathway,” Richards said.

Global Sisters was founded in 2016. Over the last seven years, the NFP has provided assistance to 5,500 women and enabled emerging women-led micro businesses to access more than $7.6 million in pro bono business support.

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Currently, only 10.5 per cent of ASX 200 leaders are women.

Helen Lofthouse, ASX, CEO since August 2022

Lofthouse has been working as a financial markets executive for the past two decades, holding roles in companies including UBS and J.P. Morgan. When she stepped into her role as ASX managing director & CEO in August last year, she was the first women ever to helm the position.

Her wide-ranging expertise in the financial markets include clearing and settlement services,  OTC clearing, derivatives prime brokerage, credit markets and cash equities. In 2021, she was announced as one of the World Federation of Exchanges’ (WFE) Women Leaders.

Susan van der Merwe, The Lottery Corporation, CEO since June 2022

van der Merwe stepped into the role of CEO of The Lottery Corporation after the demerger from Tabcorp Holdings last year. Prior, she had leading Tabcorp Holdings’ Lotteries & Keno. Over the past three decades, she has been a key figure in Australia’s lottery industry, helping acquire multiple lottery licences and successfully integrating businesses. 

As the Chairperson of the Asia Pacific Lottery Association, she sits on the World Lottery Association Executive Committee. In 2016, she was inducted into the Public Gaming Research Institute’s (PGRI’s) Lottery Industry Hall of Fame. 

Jolie Hodson, Spark New Zealand, CEO since July 2019

Before heading New Zealand’s largest telecommunications and digital services company, Hodson had worked at Spark for a number of years,  leading different areas of the operating business including Customer Director, CFO and Board Director. 

As a passionate climate advocate, Hodson became the Convenor of the Climate Leaders Coalition in 2022, along with a group of New Zealand businesses that account for almost 60 per cent of the country’s gross emissions in an effort to make more businesses climate accountable. 

She is also a strong advocate for diversity and women’s leadership — she is the founder of On Being Bold — an organisation that empowers women towards purposeful leadership, and a member of Global Women. 

Last year, she was named Deloitte Top 200’s CEO of the year. After her win, she gave aspiring female CEOs some advice:  “Aim high, be courageous and curious enough to try new things and keep learning, build the teams around you that will help you drive the change you want to see, and never lose sight of ‘your crew’ — the people who will support and challenge you through the good times and the bad.”

Amanda Margaret Lacaze, Lynas Corporation, CEO since June 2014

Lacaze heads the world’s second largest producer of rare earths, Lynas, helping to supply our most advanced technological devices including electric vehicles, electronics and renewable energy.

She began her career in marketing, working for Nestle before moving onto the role of Managing Director of Marketing at Telstra.

Throughout her diverse career, she has worked a number of industries. She is currently  a Non-Executive Director of ING Bank Australia Ltd, a board member of the Minerals Council of Australia and a member of Chief Executive Women and the Australian Institute of Company Directors.

For her role as CEO of Lynas, she has received several public nods, including being listed as one of the Top 10 Australian Financial Review Magazine’s ‘Power List’ in 2019, and named CEO of the Year in 2018 by MiningNews.Net Awards.

Tennealle O’Shannessy, IDP Education, CEO since August 2022

As a recognised leader in global education, O’Shannessy was picked to lead IDP Education after a world-wide search last year. 

As the former CEO of Adore Beauty, she has spent years building successful digital businesses with a customer-centric approach. Before her leadership role at Adore, O’Shannessy worked at SEEK within a range of  global leadership roles, including the role of Learning Head of Strategy — helping to expand the company’s multinational education services and digital platforms.  

Marnie Baker, Bendigo and Adelaide Bank, CEO since July 2018

Prior to her role as CEO of Bendigo and Adelaide Bank, Baker held executive roles within the bank, including Chief Customer Officer, Executive Customer Voice and Corporate Resources. She has been part of Bendigo and Adelaide Bank, one of the largest retail banks in Australia, since 1989, extending her wide range of financial services expertise across multiple sectors within the industry. 

As the daughter of dairy farmers from Cohuna, a small farming town in Northern Victoria, she decided to study accounting at university before venturing into business studies, eventually graduating with a Bachelor of Business from La Trobe University in 1994. In 2003, she became the first female CEO and Managing Director of Sandhurst Trustee. 

Katie Page, Harvey Norman, CEO since 1999

High-profile CEO of Harvey Norman, Katie Page began working at a Harvey Norman store in Sydney when she was still in her 20s. In 1988, she became the second wife of the company’s co-founder, Gerry Harvey. In 1999, she became the CEO of the company, with her husband as executive chairman. 

Since then, she has been involved in backing several professional sports and sports teams — in 2004, she was the first woman to be elected to the board of the National Rugby League (NRL) and helped introduce the NRL’s Women in League a year later.
Her company sponsors the Women in League round and Indigenous All Stars matches.

She co-owns (with her husband) the Magic Millions bloodstock sale. They also sponsor the Gatcombe Three Day Event in the UK.  

Julie Coates, CSR Limited, CEO since September 2019

Coates has spent decades holding senior roles at other ASX 200 companies, including Woolworths Limited and food manufacture Goodman Fielder in Australia and New Zealand. 

She has also been the managing director of Big W, utilising her expertise in supply chain efficiency, optimisation and operation processes. Coates is an avid supporter of getting more women into leadership roles. She was a member of the Champions of Change National Group in 2017, along with other leaders within male-dominated spaces. 

Jane M. Hastings, Event Hospitality & Entertainment (EVT), CEO since June 2017

Before heading the entertainment provider business, EVT, Hastings was the CEO of The Radio Network between 2012-2014 and CEO of New Zealand Media and Entertainment until 2016. She began her career as a management trainee at Air New Zealand  before venturing into several roles across the tourism, hospitality and entertainment sectors. 

Throughout her career, she has consulted for major companies in Asia, including Cathay Pacific, Singapore Airlines, Shell, Pan Pacific Hotels & Resorts and Mars Inc. In 2007, she became the Group General Manager of SkyCity Entertainment Group. 

Maxine Jaquet, Healius, CEO since March 2023

When Maxine Jaquet was appointed CEO of pathology and diagnostic imaging company, Healius, last December, she became one of the youngest of the 14 female CEOs on the ASX 200. 

Now 45, Jaquet leads the company, formerly known as Primary Health Care — which has 97 medical laboratories and employs over 11,000 people across Australia. Jaquet has been with  Healius since 2015. In August 2019, she became the company’s Chief Financial Officer. In January 2021, her role expanded to include Chief Operating Officer. 

O’Neill has 27 years experience in the global oil and gas industry, working in the USA, Europe, Africa, Asia and Australia. She’s now the Chief Executive Officer and Managing Director of Woodside, having first joined the company in May 2018 as Chief Operations Officer.

Along with leading Woodside’s producing facilities, and supporting production, logistics, drilling HSEQ and reservoir management activities, O’Neill is on the Boards of West Australian Symphony Orchestra, APPEA, AMMA, GLX Digital and the University of Western Australia Business School. She’s originally from Colorado and graduated from the Massachusetts Institute of Technology with degrees in Ocean and Chemical Engineering.

Brady became the CEO and Managing Director of Telstra in September 2022, having first started with the company in 2016. Most recently, she was the Chief Financial Officer and Strategy & Finance Group Executive with Telstra. Before that, she was Telstra’s Head of Consumer & Small Business function.

Prior to working at Telstra, Brady gained extensive leadership experience in telecommunications and services companies in Australia and internationally, including roles at Optus, SingTel and KPMG. She holds a Bachelor of Commerce from the Australian National University and a Master of Science in Management from Stanford University’s Graduate School of Business.

Jablko became the CEO and Managing Director at Transurban Group in August 2023, having first joined the company as Chief Financial Officer in early 2021. She has had a broad portfolio of responsibilities while also playing a strategic role in major projects and transactions. 

Prior to her positions at Transurban, Jablko was Chief Financial Officer at ANZ for just under five years, following almost 20 years of experience in investment banking and commercial law. She holds a Bachelor of Laws with honours from Monash University.

Weckert became CEO and Managing Director of Coles Group in May 2023, having first joined the company in 2011– she held several senior roles across Coles Group in that time. Most recently, she was Chief Executive, Commercial and Express leading the supermarkets business units and the Coles Express business. Before this, Weckert was Chief Financial Officer and played a role in the demerger from Wesfarmers in 2018. 

Prior to joining Coles, she worked at McKinsey & Company and Fosters Group. Weckert holds a Master of Business Administration from Harvard Business School, a Bachelor of Engineering (Hons) from Adelaide University and a Bachelor of Science from Adelaide University.

Cassidy became CEO of Xero in February 2023. She’s an experienced CEO, digital leader and board member with more than 25 years experience building and scaling global companies such as Google, Amazon, Yodlee Joyus and StubHub.

With deep international and fintech experience, Cassidy started her career in investment banking with Merrill Lynch in New York and London. She is a Canadian national, and is strongly associated with technology companies in Silicon Valley. Along with this, Cassidy is an advocate for advancing diversity and inclusion, having founded the BoardList– an online talent marketplace connecting CEOs with qualified diverse board candidates who are peer endorsed.

Carmel became CEO of Ramsay Australia in October 2020, having worked across hospital, corporate and global positions in Ramsay for more than two decades, including as Group Chief of Staff and Group Head of Marketing and Public Affairs. 

Before joining Ramsay, Monaghan was the Manager Public Relations and Media for the Queensland Branch of the Australian Medical Association. She holds a Bachelor of Business (Communications) and a Master of Business Administration

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Advent International, a private equity firm, recently bought a majority stake in Zimmermann, a fashion brand created by Nicky and Simone Zimmermann in 1991.

The transaction, valued between AU$1.5-1.75 billion according to yesterday’s reports from The Australian Financial Review, makes it the highest valuation of an Australian fashion brand ever.

Advent International bought the majority stake from Style Capital who, in 2020, bought a 70 per cent stake in Zimmermann. Style Capital will continue to hold a minority stake in the brand, as will the Zimmermann family.

Nicky Zimmermann, the co-founder and chief creative officer of Zimmermann, said in a statement on the sale that she’s excited to partner and work with both firms to build the brand on an international scale.

“There are so many exciting opportunities for Zimmermann ahead and Simone and I feel extremely fortunate to be going on this journey with our team, one that started nearly 30 years ago at Paddington Markets in Sydney,” she said. 

“For us, the opportunity to work alongside so many talented and passionate people each day is a privilege and there is so much we want to achieve together. 

“We look forward to working collaboratively with our new partners to achieve our shared ambitions for the brand, with our loyal clients at the centre of that vision.”

While Zimmermann currently has stores in Beverly Hills, New York and London, the partnership with Advent International aims to build the label in markets like Asia and the Middle East.

Ranjan Sen, the managing partner at Advent International, said Zimmerman has potential for further expansion as a fast-growing luxury label.

“The Zimmermann team have successfully created a distinctive and desirable global luxury brand, which has built a loyal customer base around the world,” he said.

“We look forward to supporting the management team around the CEO, Chris Olliver, and Nicky and Simone Zimmermann, to help build on the company’s strong foundations and deliver superior continuous growth.”

After graduating from a design school in Sydney in 1990, Nicky Zimmermann designed and created clothes in the garage at her parents’ house to sell in markets over the weekends.

Momentum for her designs began to build after featuring in two pages of Australian Vogue. Suddenly, Nicky started receiving orders from boutiques all around the country.

She opened a store in Darlinghurst in Sydney and, together with her sister Simone, they established the Zimmermann brand.

“I could never have achieved what we have without Simone,” Nicky said in an interview with Business of Fashion.

“While the business has evolved and fashion has changed, Simone has been a voice of reason and a constant.”

Today, Zimmermann has grown significantly, boasting 3.5 million followers on Instagram.

For the first time in 2022, the brand showcased their Spring 2023 collection at Petit Palais during Paris Fashion Week.

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The general insurer announced this week it had recently increased its investment to wholly acquire the business.

Mums & Co was co-founded in 2016 by Carrie Kwan after she was approached by IAG to help it create a support network program for women and mothers across Australia.

The Mums & Co community following, including its members, is more than 28,600 strong. 

Kwan told SmartCompany the acquisition represents an exciting era and leadership opportunity for organisations and brands to show how deeply they care for customers and the community.

“I’m proud to have led Mums & Co to this opportunity and look forward to working together to add value to NRMA Insurance’s customers and de-risk business for business-owning women and mothers, and their ‘Co’, ” she said. 

“On a personal note, the acquisition of Mums & Co means a return to corporate life for me.

“I’m a two-time founder that started my career in corporate, so it feels great to come ‘full-circle’ and champion the role of intrapreneurship at a company that is committed to making the world of business-owning women a safer place, whilst still knees deep in advocating for female entrepreneurship and investment in women-led ventures.”

Kwan says there will be no change to the Mums & Co team, operations or service, only more support and scale. 

“The psychologically safe space we’ve created for our community to be connected, collaborative and to be more productive will remain and continue to thrive,” she said. 

“NRMA Insurance and Mums & Co make a powerful team supporting women to start and stay in business. Mums & Co celebrates the optimism and bravery of starting something new, NRMA Insurance supports them if things don’t go to plan.

“This exciting new phase gives more business women access to our digital subscription which helps our members build deep networks, access strategic guidance, resources and support.”

Kwan says the acquisition also means Mums & Co can tap into the strength and scale of NRMA Insurance.

“We can continue to back the women and mums behind the businesses that make Australia amazing,” she said. 

“It provides the best of both worlds for Mums & Co to continue with our entrepreneurial spirit, buoyed by the support and resources of NRMA Insurance, one of Australia’s most trusted brands.”

On Monday, NRMA Insurance and the McKell Institute launched the the ‘Micro but Mighty: Magnifying Microbusiness in Australia’ report, which found that over the past four years, the microbusiness sector has been the fastest growing business sector in Australia, increasing in size by 14%.

Kwan says the report found microbusinesses face a variety of barriers. 

“As of September 2022, 35% of businesses were owned by women. With lower barriers to entry, women are creating more businesses than men, and this increasingly becomes a viable option to earn an income and balance career and family,” she said. 

“However, as the report shows, microbusinesses are often overlooked and don’t get the attention and support they deserve. It’s vital to continue to support women at all stages of business and motherhood.

“We have some way to go, as of the 2.28 million microbusinesses across Australia, we are aiming to support as many of these women-led businesses to succeed.”

NRMA Insurance CEO Julie Batch said as The Micro but Mighty report shows, while the microbusiness sector is fast-growing and making a significant contribution to the economy, it still faces unique challenges when it comes to starting and staying in business.

“Through our small business insurance, we are here to help when things don’t go to plan, but we also want to support these entrepreneurial business owners beyond the insurance we provide,” she said.

“The acquisition of Mums & Co was a natural progression for NRMA Insurance and we are thrilled to continue to support a platform that helps business-owning women build their expertise and networks.

“Our investment will enable Mums & Co scale-up so that together we can help even more microbusinesses across the country succeed.

“We also look forward to working with all levels of government to address the key challenges and opportunities outlined in our report, to support the continued growth of microbusinesses in Australia.”

This article was first published by Smart Company. Read the original article here.

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Launched back in 2020, Airtree Explorer is a three-month program that focuses on making angel investing accessible. It teaches new angels everything from the ground up, including sourcing, due diligence, term sheets, and legal.

It also provides mentorship and catch-ups, and encourages new investors to create chapters in regional areas so they can continue supporting each other and startups.

“So one of the cool things is everybody in the cohort gets a buddy at Airtree who is an investor. And if you bring a startup then they’ll take you on a first meeting journey with them,” Jess Walker, community and programs manager at Airtree, said in a phone call with SmartCompany.

“You can sit in with the investor and the founder and hear first hand what the questions they asking. And you’re encouraged to participate and hone your own investment skills.”

Regional startups are having something of a moment post-COVID, and particularly in 2023. We’re seeing more investment into regional startups and as more founders find they don’t necessarily need to be in Sydney and Melbourne to be successful.

“Our goal is to grow and support the whole startup ecosystem. Capital cities aren’t the sole birthplace of entrepreneurial brilliance. The success of our previous cohort has affirmed our hypothesis that startup communities have begun to emerge and flourish outside of the metropolitan hubs,” Walker said.

Still, 87% of Australian venture capital dollars flow into Sydney and Melbourne. But there are those in the investor community trying to change this.

We need more diverse investors in Australia

Over the last couple of months alone we’ve seen Ocean City Labs, an offshoot of River City Labs open in Maroochydore as well as the latest SparkLabs Cultiv8 accelerator kick-off in Orange.

The ongoing economic and cost of living crisis has certainly encouraged more to happen outside major capital cities. But this is far from the only motivation for Airtree to be focusing more heavily on regional angels for its next Explorer cohort.

If the same demographics continue to dominate the investor space, we’re going to continue to see the same kinds of people and startups being invested in.

It’s only by moving the needle and helping to educate and empower diverse investors that we’re going to see money flowing into businesses that may otherwise be missed.

Airtree knows that providing education leads to a richer startup environment

“We wanted to increase the number of angel investors across the region, which we hypothesised would increase the number of investments that are diverse across the region as well,” Walker said.

“We track all about data in terms of inbound deals, outbound deals, and now Explorer deals. And with all the explorers that we have, there’s 50% women and non-binary angels and they bring in and tell us about way more diverse startups and companies.

“So more and more women are being seen as founders and being invested in. That’s one of the really special things that we’ve we’ve seen so far.”

While Airtree has always had a philosophy of ‘open source VC’ and offers all of its educational resources for free online, it can’t be everywhere.

And with the Explorer program lasting three months, the firm has been encouraging cohorts to start their own regional community hubs to continue their angel journey with them and discover startups doing great things outside of metropolitan areas.

“We’re a very small company in Surry Hills and we’re not going to see those amazing regional companies in Western Australia and Tasmania,” Walker said.

“It’s been wonderful to open our education up to bring in more angels but also for them to be able to support their own ecosystems and their own communities.”

This article was first published by SmartCompany.

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As stakeholders, boards and investors look to the ever-growing costs of inaction on climate change and the corresponding benefits of sustainability measures, business leaders are now at the forefront of decision-making on the transition to a greener, more sustainable economy.

New research from Bain & Company reveals that leaders across key sectors in Australia are unanimous in their expectation that sustainability will disrupt their industry, with 90 per cent citing a major focus on sustainability while pursuing better environmental, social and governance (ESG) performance.

One hundred per cent of business leaders interviewed agreed that inaction on sustainability presents risks to business and for two-thirds, this was their primary motivator for taking action. The other one third of leaders said they saw significant value-creation opportunities in sustainability.

For Suncorp’s Group Executive, People, Culture & Advocacy, Fiona Thompson, looking after the financial service company’s ESG strategy is front of mind. In recent years, she says attitudes to ESG have shifted within Suncorp, going from being viewed as a strategic risk, to a priority that has resonance and application across all teams.

“ESG is now seen as having the potential to drive growth and new opportunities for the organisation,” Thompson explains.

“We think success will come by continuing to understand the evolving needs of our stakeholders, having a clear purpose that drives our strategy and then developing business plans to achieve our objectives. This is the mindset we are taking to drive our progress towards having a fully embedded Net Zero Transition Plan.”

Thompson also notes it’s not just stakeholders and investors that are demanding action on ESG performance, it’s also employees. This assessment reflects the growing trend among employees, especially those from younger generations, to ensure their employers are playing a role in shaping a safe climate for future generations, as well as advancing a range of social issues.

Indeed, a recent poll from KPMG found one third of 18-24-year-olds had rejected a job offer based on a potential employer’s poor ESG record, with a massive 92 per cent of workers in that age bracket placing importance on the values and purpose of the organisation they work for.

“Collectively it’s something that all our stakeholders, customers, employees, investors, and the community expect of us,” Thompson shares on Suncorp’s ESG performance. “We know that if we don’t meet those expectations, they will vote with their feet and we won’t have a viable business left. That’s a good reason why we devote time each year to performing a Materiality Assessment – we want to ensure we have our fingers on the pulse of what matters most to our stakeholders. ”

“We also know younger people look at what their prospective employer stands for and the impact they have. Our employees want to know that they, and Suncorp, are making a difference every day to the customers and communities we serve.”

Bain & Company’s report also makes clear that business leaders are in overwhelming agreement that inaction on sustainability is risky for business. An example of this is that banks will no longer finance certain projects and tighten lending to those not meeting their sustainability plans. Meanwhile, shareholders are increasingly demanding a clear path to decarbonisation.

Thompson agrees, noting that from a risk mitigation perspective, a strong ESG strategy is key in future-proofing any business.

“If you look at it from a risk mindset, it’s why you need to participate in and move into this opportunity phase where it becomes not just something that you have to do, but something that you will benefit from, grow the business because of, and get new opportunities through,” she says.

Thompson also notes that the most successful business leaders in the ESG space are the ones leading with authenticity, empathy and adaptability. “A truly inclusive culture is critical to good business and governance,” she says

“Every leader needs to create an environment where diversity is embraced, people are empowered to share their views and diversity is celebrated.

“This allows our people to thrive but also ensures that we make the best decisions and continue to ‘lift the bar’ as an organisation.”

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Now we know a few things already thanks to some strategically timed pre-budget announcements. Labor has also warned the nation that it won’t be a “fancy” budget, citing global economic strife for its impending frugal approach to the country’s purse strings.

But that hasn’t stopped speculation and opinion on what should be included in the budget for 2022-23. So we chatted to some Aussie startup founders to find out what was most important to them for the new budget.

And a few common themes cropped up.

Budget support for women in the workforce and female founders

There was a strong call for more support of women in the workforce, as well as female founders, in the budget. Some recent numbers from Cut Through Ventures strongly highlight why this is a priority.

In the past three months, 12% of capital raises have gone to mixed-gender teams, with 8% going to all-female teams. Deal participation during that time consisted of 9% mixed-gender teams and 13% all-female teams.

Comparatively, 80% of capital raises have gone to all-male teams during that time, with 78% being involved in deal participation.

There were some other stark statistics from some of the founders we talked to

Trenna Probert, CEO of Super Fierce:

“Anthony Albanese campaigned heavily on ‘being on women’s side’. So we hope he will put his (budget) money where his mouth is during Tuesday’s announcement.

“As an example, the benefits of the Stage 3 Tax Cuts currently fall 68% to men and 32% to women. This is because the cuts mostly benefit the wealthy — most of whom are men — so they will almost certainly help to worsen Australia’s gender wealth gap if they proceed unchanged.

“We would like to see the Prime Minister take four simple steps to shift these tax measures so they support lower income earners, reduce the gender wealth imbalances inherent in our taxation system, and save the budget some money too — we really can have it all!

“Firstly, the government should scrap the Stage 3 increase of the top threshold from $180,000 to $200,000 and, secondly, it should increase the top marginal tax rate from 45% to 47%.

“Thirdly, the government should scrap the Stage 3 reduction in the 32.5% tax bracket to 30% and, finally, it should lift the tax-free threshold from $18,200 to $22,000.

“In this scenario, our lowest income earners would enjoy the greatest benefits and there would be no net benefit to those above $180,000.

“Combined, these four steps would increase the benefit to an individual on $40,000 per annum (the median part-time income for a woman) from no benefit to $1050 per annum, representing a much-needed 3.5% increase in take-home income.”

Sarah Moran, co-founder and CEO of Girl Geek Academy:

“With Minister Husic committing to assessing all federal government Women in STEM initiatives for their effectiveness, it’s unlikely we will see any new funding committed to programs in this budget. This will 100% have an impact on the Boosting Female Founders initiative over the next 12 months.

“However that’s not necessarily a bad thing given how questionably the program was run under the past government — a review is fundamental to ensuring government-funded programs aiming to increase the number of women in STEM and women-founded startups actually address the problems women face (sexism, fatigue, a gaping gender pay gap, dissatisfaction with remuneration rates, low levels of seniority and cost-cutting).

“In the meantime, there are gender equality initiatives that will support women founders more broadly and as a starting point, I’d like to see the commitment to increase Paid Parental Leave fully funded immediately.

“When funded to 26 weeks including necessary ‘use it or lose it’ partner pay, this initiative will be a fresh boost to reducing some of the barriers women in tech face, with benefits including an increase in women’s lifetime earning potential, closing the gender pay gap, better relationships between children and both of their parents and boosting the Australian economy by billions of dollars with increased women’s workforce participation.”

Rachael Evans, founder and CEO, The Workshop Whisperer and Brave Media Network:

“I’d like to see a boost to government grants for female-founded businesses with a quota system —  just over 2% of global venture capital globally is invested in female-owned startups.

“Also, more educational funding for female founders on how to better position themselves to pitch and apply for venture capital and investment in new female mentorship programs to help democratise the access and make it easier for female founders who have been successful and share the steps with the next generation of tech founders.

“It reflects the idea ‘You can’t be what you can’t see’.”

Budget support for STEM education and careers

Several founders also wanted to see more support for STEM careers in Australia. Their belief is that this can be bolstered not only by supporting early education in STEM topics, but also attracting skilled workers from overseas.

Tristan Sternson, CEO of leading digital tech services company ARQ Group:

“It’s great to fund new university courses and talent, but to get to 650,000 new jobs we need to think differently. We need to attract new job reskilling not just graduates, and at the same time, invest more in schools and curriculum to ensure kids finish school seeking careers in tech.

“To increase the talent pool we need to move beyond the major cities and look to regional areas. There is a pool of people we can reskill and areas to turn into technology hubs. To attract companies to train people in these areas, there will be an inherit cost of setup and logistics as part of distributing their workforce further. This is a great idea, but it would be great to see some financial incentives that help companies set up their regional hubs.

“We also need digital technology to speed up the Visa process to increase immigration. We should invest in intelligent automation such as Robot Process Automation to halve the time of this process and spend money on the technology rather than just on people to process the visas. We should also consider a new class of visa for urgent tech skills.”

Amit Choudhary, CEO and co-founder of saasguru:

“From our point of view, it’s all about a skilled workforce in technology. The three things we would want are to make it easier for companies to access tech-skilled workforce from overseas and incentives for companies to invest in developing skills in-house in emerging technologies.

“Lastly, we should align the curriculum in schools/unis with the tech skills of the future.”

Michael Bromley, CEO of Stone & Chalk:

“We would like to see more public investment in innovation ecosystem builders to support the development of an inclusive innovation career path for all Australians. We would welcome government assistance directed towards experts that can enable this (and avoid government having to pick winners). We would like more of a national focus and long term vision for a sustainable tech-driven economy. A strong national innovation ecosystem will lead to more job opportunities and enable Australian businesses to become more globally competitive in the long term.”

More grants, support and tax cuts for tech startups

Another common theme amongst founders was more grants, support and tax cuts for startups, particularly in the tech space. There was also discussions of more support for under-represented people in the space.

Tim Noakesmith, founder and chief product officer of Vow Food:

“Australia has proved itself an incredible hub for deep tech research, but to date has struggled with effective commercialisation. Grants and tax cuts for early and growth-stage deep technology companies will incentivise the right entrepreneurs to stay here and invest in the country’s talent pool. ”

Shivani Gopal, founder at ELLADEX (formerly The Remarkable Woman):

“Bringing back a Turnbull-style innovation agenda in the current climate would be a smart move in this round of budgets. Turnbull rightly said in 2019 that innovation is ‘key to productivity, and to the economy’ and this has never been more true post-pandemic. Scrapping the role of Innovation Minister was a real setback for Australian startups.

“A few years ago, the Australian Government would match funds for startups who successfully raised capital. This enabled Australian founders to accelerate their startups and compete against international ventures that have a thriving venture capital community.

“We also need to see the creation of tax concessions that actually benefit startups who are not yet in profit. Every budget creates tax write-offs for business in some way, as we’ve seen, but most startups won’t make a profit for the first 2 years at least, so how are they expected to compete and survive the most challenging years in business?”

Dean Arnold, Founder and CEO of PublicSquare 

“Rather than layering on new incentives and distractions I would like to see a focus on reducing existing time and cost overheads. In other words, do the things that make it easy for founders to build products and services of value rather than business building or administration. There’s a reason why businesses are constantly calling for reduced red tape and increased efficiencies – because it stifles business development and hurts small business. But this requires more than tinkering around the edges. It needs a purge.

“Finally, we must stop taxing away innovation. Certain products and services can’t come to market because of one-size-fits-all tax treatment.”

Alan Jones, interim CEO of Australia’s original startup community, Fishburners:

“In my 30 years in the tech industry, I’ve never seen a more popular Australian federal minister in the science and technology portfolio than Ed Husic.

“The most exciting budget proposal we’ve seen so far is the ‘Startup Year’ initiative, which will help 2,000 students spend a year launching a startup via a university accelerator, instead of taking the traditional gap year.

“When you combine this with the government’s plan to fund 20,000 university places for disadvantaged and marginalised Australians it becomes really interesting.

“Imagine if a sizable proportion of this cohort then went on to participate in the Startup Year initiative as well. The resulting startups could be absolutely life-changing for some of Australia’s most under-represented groups.

“But it must also be remembered that, contrary to Hollywood’s depiction of Silicon Valley, most successful Australian tech startups are founded by entrepreneurs in their mid-to-late 40s.

“This age group is under financial pressure from rising interest rates, child care costs, flat wages and inflation right now. A similar loan scheme to Startup Year could make a big difference in encouraging this demographic to take a tech startup career change risk.

“Finally, we support growing calls for changes to the definition of a sophisticated investor to increase access to tech startup investing for all Australians. We also welcome any changes that provide tax incentives for angel investing in early-stage tech startups, in particular the need to allow non-redeemable convertible notes under the current ESIC rules.”

This article was first published by SmartCompany.

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A successful female start-up founder is the living embodiment of the triumph of hope over adversity. But I was well into my start-up founder journey before I truly understand what that meant.

Don’t get me wrong, as a mature-aged, female, woman of colour tech start-up founder – I knew the odds were stacked against me from the get-go, but I had hoped it would be fair if not easy.

And did I say I am leading a tech-start up in political data? Something no one else has done before? Nor is there even some understanding of what the potential market sizing even amongst niche investors?

Yup that is me and I am a glutton for punishment. Guilty as charged.

I also knew what it would be to face rejection after rejection. As a published author, I knew to expect a wall of naysayers, but I didn’t expect the veritable comedy to shyster investors I would need to pitch to.

Investors who weren’t even interested in listening to me other than the fact that I filled their quota of listening to ‘women of colour’ box that needed to be ticked to meet their annual KPIs. One investor even recommended that I follow the Twitter account of this amazing Sri Lankan -Australian woman he’d heard of who tweeted about politics ..oh what was her name? Yes, something something..Dharmapala. Sri Lankan like you – do you know her?

Yes. I am her.

Been her, since the day I was born.

Tech start-up life is not for the faint hearted. More start-ups go under than any other investment sector in Australia, but I can tell you that investing in mature women-led start-ups is always a good idea and here is why:

1. Our start-up ideas are pre-vetted and have had the most rigorous due diligence you can ever have. Why? Because middle-aged women are the most self-critical cohort of humans on the planet. We workshop things and find a million reasons as to why something may not, would not, or could not succeed. So if our start-up ideas have got past our own self-criticism and product-market fit analysis – just wave it through
2. We are coachable. Women founders listen to more feedback and pivot more easily to market forces. We are the mothers/sisters/wives of tech dudebros – we know we don’t want to be them. We don’t even want them in our houses.
3. We will work and we work hard because we are working for something we believe in. Most of us don’t have a Plan B or Plan C. See point 1 – we ditched Plan A through our own due diligence
4. We don’t come through the front door. Look for us at the side stage or around the back in the kitchens. That is because we are where the work needs to be, not just talking the fluff
5. We are fun. Most middle-aged women start-up founders I know are a stack of fun. We have been through the wringer a few times and know that if you don’t smile, the other option is tears and we’d much rather not cry.

So my message to you angel investors and VCs is this – go out there and find women to invest in. Older women with complex lives and searing passions. Women with drive. Women with real lived experience of what it is to work for what they want. Women who not only dream big but will work to get it.

Just. Invest. In. Women.

Oh – did I mention I am seeking investment for polipedia.com.au?  – You can find me on LinkedIn.

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The gender gap in pay, positions and even pensions for working women globally is well-established, but research shows that a gender aspiration gap has also emerged in recent years.

This gap occurs when women do not aspire to rise through the ranks in the same way as men do, and it could affect efforts to encourage more women to apply for leadership roles at work.

The global drive to increase social equality in recent years has been led by ongoing research about how women are underrepresented in leadership roles throughout the business world. For example, recent research shows that while the share of women in senior management roles is increasing incrementally, the “leaky pipeline” effect means that fewer women reach the highest positions in companies.

This situation has compelled policy makers and business leaders to create diversity initiatives in an attempt to tip the balance. Afterall, research shows evidence of better financial performance among organisations with more women occupying senior roles, as well as the wider economic benefits of ensuring women can achieve their full economic potential.

These initiatives tend to focus on eliminating bias and are aimed at various stages – from recruitment to promotion. Some companies also design flexible work options such as the ability to work remotely. Creating a culture of inclusion and support can also help, for example, by implementing mentorship and advocacy programmes.

The goal of increasing women’s participation in leadership is undeniably well-intentioned. But when implementing these diversity initiatives, business leaders need to think about whether women even want to be in these leadership roles.

At the moment, many women actually do not aspire to be leaders, according to research I completed with Leah Sheppard of Washington State University and Tatiana Balushkina from the University of Milan-Bicocca. Our meta-analysis of research comparing men’s and women’s aspirations for leadership and managerial roles shows men are significantly more likely to aspire to leadership roles than women. We looked at six decades of research with a final sample of more than 138,000 US participants. We also created a simulation based on these results, which revealed that, in a company with eight hierarchical levels, the gender difference in leadership aspirations translates into having 2.13 men for every woman at the highest organisational level.

The difference in aspirations emerges around college age, according to our research. This is a time when many people gain their first taste of working life, through an internship or summer job for example. We also found that industry matters. The gender aspiration gap can certainly be seen in female-dominated fields such as nursing and education, but it is much larger in more mixed and male-dominated fields, such as politics and business.

Even as the number of diversity initiatives has increased, especially in the last decade, our meta-analysis shows the gender difference in leadership aspirations has remained the same over the past 60 years. This could suggest that, either current diversity initiatives do not address women’s concerns around these roles, or that the initiatives are too general and need to be more tailored to women’s specific needs.

Making it work

Our research indicates that company diversity initiatives are not working. So, business leaders and managers must do a better job of factoring women’s actual aspirations into the development of these initiatives. A good start would be to try to understand the specific reasons behind female employees’ lower aspirations, especially in male-dominated environments.

Although we were not able to test an explanation for the aspiration gap, we believe that it may have to do with the process of “self-stereotyping”. This is when individuals internalise gender stereotypes, voluntarily conforming to gender norms. For women, this can mean internalising a more communal stereotype, which leads them to view themselves as less similar to a leader. Unsurprisingly, such women do not tend to aspire to leadership positions. Men, on the other hand, may internalise the masculine “agentic” stereotype, which makes them think they can have greater control over themselves and others – this also aligns with the stereotypical idea people often have of leaders.

Of course, other explanations are possible. This could include women having more negative experiences in the workplace such as bias and discrimination, which puts them off aspiring to leadership roles. It is also possible that women are concerned that accepting a leadership position and the responsibility that comes might negatively affect their family lives. For example, women often hold more power when it comes to decision making at home – so much so, that they have less interest in gaining workplace power.

Any attempt to bolster women should start with specific and targeted interventions such as developing mentorship schemes or highlighting role models. Organisations should also focus on women who exhibit leadership potential early in their careers and provide them with useful resources and support to progress upwards through the organisation. Our results suggest that interventions aimed at increasing women’s leadership aspirations should ideally occur before or during college. Women at this stage in their careers might especially benefit from having the opportunity to see and interact with women that already occupy leadership roles.

It is possible to create gender diversity initiatives that will do more to increase the number of women reaching the upper echelons of business. And making space for more women to move into leadership positions is not only fair, it could also have a positive impact on company performance.

Ekaterina Netchaeva, Assistant Professor, Bocconi University

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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