Title: Women's fault? Investigating the demand behaviour of founders and their access to venture capital

Authors: Elfi M. Lange; Karina Sopp

Addresses: TU Bergakademie Freiberg, Schlossplatz 1, 09599 Freiberg, Germany ' TU Bergakademie Freiberg, Schlossplatz 1, 09599 Freiberg, Germany

Abstract: Previous research has shown that venture capital is often not distributed equally among people of different genders. In addition to the supply side, however, the demand behaviour of founders must also be questioned. This study was conducted to investigate gender-specific demand behaviour related to venture capital distribution in the start-up seed phase and to examine the success rate of venture capital requests. The research is based on a quantitative survey of founders in Germany. Our results suggest that female founders approach even more venture capitalists than their male counterparts. It could not be proven that the success rate of venture capital requests depends on gender. Rather, entrepreneurial experience and the contact channel are decisive factors. The study results reveal positive developments in the women's venture capital demand behaviour. These results can be used as a basis for further political and economic measures to improve the ecosystem for female entrepreneurs.

Keywords: start-ups; gender differences; demand behaviour; entrepreneurship; female entrepreneurship; venture capital; requesting financing.

DOI: 10.1504/IJEV.2024.138258

International Journal of Entrepreneurial Venturing, 2024 Vol.16 No.1, pp.69 - 89

Received: 01 Nov 2022
Accepted: 04 Dec 2023
Published online: 30 Apr 2024 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article