Source · Select Committees · Women and Equalities Committee
Recommendation 7
7
Accepted
Prepare Government to intervene on gender quotas if female entrepreneur investment does not improve.
Recommendation
Wo do not support mandating gender quotas on investment committees at this stage, as measures to improve transparency and increased incentives to change behaviour should be given time to have an effect; but the Government should not rule out intervention in the future if the level of venture capital investment in female entrepreneurs shows no sign of improvement. (Recommendation, Paragraph 40)
Government Response Summary
The government agrees on supporting women-led businesses and highlights its current strategies, including the new British Business Bank £400m Investor Pathways scheme, to back under-represented entrepreneurs and foster an action-based approach through initiatives like the Invest in Women Taskforce.
Government Response
Accepted
HM Government
Accepted
We agree with the Committee that supporting women-led businesses is complementary to the Industrial and SME Strategies and we are working collaboratively across government on this basis. It should be noted that women were included in the SME Strategy14 through policies to back under-represented entrepreneurs as well as the recently published British Business Bank’s Strategic Plan15 to unlock potential across people and places. For example, we will back more businesses and investors from under-represented backgrounds through the new British Business Bank £400m Investor Pathways scheme, expanding support to diverse angel 14 https://assets.publishing.service.gov.uk/media/688b1f6f1affbf4bedb7b11d/our-plan-for- small-and-medium-sized-businesses.pdf 15 https://www.british-business-bank.co.uk/about/research-and-publications/five-year- strategic-plan networks through new Angel Syndicate Support and Embracing Diversity programmes, and by supporting the Invest in Women Taskforce and other initiatives. Backing women and other overlooked entrepreneurs is at the heart of the Government’s economic strategy. Our greatest successes have come from an action-based approach to supporting women-led businesses through collaboration with industry leaders, including through the £635 million funding pot raised by the Invest in Women Taskforce, the largest such fund in the world. We will continue to work across departments, with the British Business Bank, and industry in our mission to unlock the untapped potential of overlooked entrepreneurs. This includes aligning the Industrial Strategy, SME Strategy, and future policies to ensure that women business leaders are fully recognised and supported.