Bridging the gender funding gap: do female entrepreneurs have equal access to venture capital?

摘要

In this study, we examine whether access to venture capital for female entrepreneurs is more constrained than for their male counterparts, taking into account their educational background and innovativeness. We use an econometric approach to analyse gender differences in gaining access to external equity capital, based on data of 3,137 German new ventures founded between 2005 and 2009. Our results emphasise a gender gap with respect to external equity funding. We find that female entrepreneurs receive less venture capital than male entrepreneurs do. This effect is particularly strong in the case of entrepreneurs with university degrees and entrepreneurial projects with high research and development activity.