We’ve talked about the gap in income inequality that’s grown over the years which still exists to this day. The gender pay gap is no different. Even in 2015, there is still a gender inequality of wages in Australia as well as the world. In this day and age, this shouldn’t even be an issue anymore but alas, it remains as a global issue.

Gender Inequality – Inequal Funding and Support

Female entrepreneurs in Australia are disadvantaged by the gender inequality when it comes to money and having access to investors. Entrepreneurship isn’t an easy gig. You need to understand how your sector works, how the corporate environment is, how to grow your business quickly, as well as how to get investors to choose your idea over others.

Due to the gender inequality, female entrepreneurs are still under-represented; most of the companies tend to stay small for lack of funding and support. Fast growth companies need external investors to grow a minimum of 20 percent annual compound sales growth within five years. It has been estimated that fewer than 4 percent of such companies were founded by women; that’s a very low number.

High-growth start-ups are one of the main drivers of job creation and economic leadership in new industries and women actually make up almost half of the workforce. If women entrepreneurships were on the same level as men’s, there could be an increase in creating jobs and more strength in emerging industries. Gender inequality has been hindering proper growth in the economy; if only there were more female entrepreneurs starting up growth companies.

It is important to encourage the support of reducing and hopefully eradicating the gender inequality in the Australian entrepreneurships and workforce. Women who are capable of starting successful businesses and growth companies could be an under-used economic resource that needs to be identified. Entrepreneurship should be accessible and supported for all genders and promoting equal opportunity only drives competition and growth for the economy.

Progress in closing the gender funding gap can be made by creating a stronger pipeline of female entrepreneurs and showcasing talent; creating more accessible mentor programs and tools; starting the encouragement at school or university; and promoting more leadership development. We, as a nation, must work together to achieve these goals and end the gender gap once and for all and double the economic power of the country to its full potential.