{"id":18810,"date":"2019-11-18T17:09:03","date_gmt":"2019-11-18T16:09:03","guid":{"rendered":"https:\/\/www.microsoft.com\/en-gb\/industry\/blog\/?p=18810"},"modified":"2019-11-20T17:46:35","modified_gmt":"2019-11-20T16:46:35","slug":"3-skills-female-founders-success","status":"publish","type":"post","link":"https:\/\/www.microsoft.com\/en-gb\/industry\/blog\/cross-industry\/2019\/11\/18\/3-skills-female-founders-success\/","title":{"rendered":"3 skills to position female founders for success"},"content":{"rendered":"
The UK is one of the best countries in the world to start a business, attracting more venture capital than any other European country and home to 1,100 new businesses born each day.<\/span><\/span><\/p>\n But a closer look reveals that only 1 in 3 entrepreneurs in the UK is female, and according to a<\/span>\u00a0<\/span><\/span> Review of Female Entrepreneurship<\/a> by Alison Rose, Deputy CEO of NatWest Holdings and CEO of Commercial and Private Banking, women are half as likely as men to pursue entrepreneurship<\/span><\/span>. Yet, as Microsoft\u2019s Executive Vice President of Business Development, Peggy Johnson reveals, women-led companies deliver higher returns over time than those founded by men.\u00a0<\/span><\/span><\/p>\n <\/p>\n As a small business\u00a0<\/span>owner<\/span>\u00a0myself\u00a0<\/span><\/span>prior to joining Microsoft,<\/span><\/span>\u00a0increasing female representation in entrepreneurship and technology has always been important to me. At Microsoft, I\u2019m surrounded by\u00a0<\/span><\/span>high-performing women, many of them also founders themselves, who do all they can to empower their customers and team members to achieve more.<\/span><\/span>\u00a0<\/span><\/p>\n Some of the biggest barriers to starting a business identified in the review is cultural \u2013 that women are less likely to believe they have entrepreneurial skills, are more risk-averse<\/span><\/span>\u00a0and fear \u2018going it alone\u2019.<\/span><\/span>\u00a0<\/span><\/span>\u00a0<\/span><\/p>\n To help address these concerns, we interviewed female founders who graduated from last year\u2019s Microsoft AI for Good<\/a> cohort, a 4-month accelerator programme delivered by Microsoft for Startups<\/a> in partnership with the Social Tech Trust<\/a>. Together, they\u2019re helping UK organisations with a social mission to advance their AI solutions that fall into the following pillars: AI for Earth, AI for Accessibility, AI for Cultural Heritage and AI for Humanitarian Action.<\/p>\n Amanda Pickford, founder and CEO of thermal imaging software start-up ThermaFY<\/a><\/span><\/span>, graduated from last year\u2019s AI for\u00a0<\/span>Good<\/span>\u00a0<\/span>programme<\/span>\u00a0under the AI for Earth umbrella. Isabel Van de\u00a0<\/span>Keere<\/span>, CEO of Immersive Rehab<\/a><\/span><\/span>,\u00a0<\/span><\/span>creates interactive physiotherapy\u00a0<\/span>programmes<\/span>\u00a0in\u00a0<\/span><\/span>v<\/span><\/span>irtual\u00a0<\/span><\/span>reality<\/span><\/span>\u00a0for p<\/span><\/span>eople with neurological upper limb mobility limitations and balance issues<\/span><\/span>. Immersive Rehab was part of the AI for Good 2019 cohort under the AI for Accessibility pillar, joined also by Rene Perkins, the CEO and founder of CityMaas<\/a><\/span><\/span>, a disability-friendly travel app that leverages crowdsourced data, AI and adaptive filtering technology to recommend the best routes for both able and disabled\u00a0<\/span>travellers<\/span>.<\/span><\/span>\u00a0<\/span><\/p>\n We asked them what they thought the top skills were that had helped them achieve success in starting their own business<\/span><\/span>\u00a0and<\/span><\/span>\u00a0getting their idea off the ground.<\/span><\/span>\u00a0<\/span><\/p>\n <\/p>\n ThermaFY<\/span>\u00a0CEO\u00a0<\/span><\/span>Amanda Pickford<\/span><\/span>\u00a0describes herself as an entrepreneurial pioneer, having<\/span><\/span>\u00a0<\/span><\/span>left school at 15 and started her own business at 19.\u00a0<\/span><\/span>S<\/span><\/span>he identified an issue around the interpretation of the images and took advantage of an opportunity to develop software that could use machine learning and image analysis to produce visual reports<\/span><\/span>, at first in the equine market.<\/span><\/span>\u00a0<\/span><\/span>Amanda saw first-hand how risk-taking paid off, saying that:<\/span><\/span><\/p>\n \u201c<\/span><\/span>One of the first things I did was working with a research company. I wanted to test our software and ensure it did what it said on the tin, so we did a research project with the Veterinary School at Edinburgh university. And they loved it!<\/span><\/span>\u201d<\/span><\/span> \u00a0<\/span><\/p>\n Shortly after,<\/span><\/span>\u00a0Amanda connected with Bosch, who ended up selling their software through their distribution networks.<\/span><\/span>\u00a0This was the moment that led to\u00a0<\/span>ThermaFY<\/span>\u00a0developing efficiency software to tackle heating inefficiencies for the housing industry.\u00a0<\/span><\/span>\u00a0<\/span><\/p>\n Since graduating from the AI for Good cohort, Amanda has seen a change in her business, both from a skills and business growth perspective:<\/span><\/span>\u00a0<\/span><\/p>\n \u201cWe came [into the cohort] as app developers. Now we have a suite of tools, training modules, metric dashboards and so much more. Additionally, I couldn\u2019t pitch for toffee, the tools and confidence that\u00a0<\/span><\/span>Microsoft<\/span><\/span>\u00a0and their team have given me has transformed the way I now pitch, this will have a major impact on me and the business as we go forward.<\/span><\/span>\u201d<\/span><\/span>\u00a0<\/span><\/p>\n Amanda, who was\u00a0<\/span>recognised<\/span>\u00a0as\u00a0<\/span><\/span>Innovator of the Year in this year\u2019s Women in Enterprise Scotland Awards<\/span><\/span>, has this advice for other female founders:<\/span><\/span>\u00a0<\/span><\/p>\n \u201cG<\/span><\/span>o out and give it a go. Don\u2019t\u00a0<\/span>be scared of<\/span>\u00a0failure. Go and try and tackle some of the big issues in society. Give it a shot\u2026<\/span><\/span>\u00a0<\/span><\/span>it\u2019s good fun!<\/span><\/span>\u201d<\/span><\/span>\u00a0<\/span><\/p>\n CityMaas<\/span>\u00a0CEO, Rene Perkins,<\/span><\/span>\u00a0also believes women should be bold with their vision.\u00a0<\/span><\/span>\u00a0<\/span><\/p>\n \u201cBe confident in your own vision and ability to deliver \u2013 this is very important to external stakeholders and investors, who tend to be male. Ultimately, though, f<\/span><\/span>emale entrepreneur or not, we need to remember we are all individual<\/span><\/span>s. P<\/span><\/span>lease let your individual\u00a0<\/span>self-shine<\/span>\u00a0through, don’t be afraid to be open and show your knowledge, skills, experience and most importantly the challenges you<\/span><\/span>\u2019<\/span><\/span>r<\/span><\/span>e<\/span><\/span>\u00a0facing.\u00a0<\/span><\/span>O<\/span><\/span>nly when you are fully aware of your current challenges\u00a0<\/span><\/span>at<\/span><\/span>\u00a0<\/span><\/span>a\u00a0<\/span><\/span>detail<\/span><\/span>ed<\/span><\/span>\u00a0level<\/span><\/span>\u00a0<\/span><\/span>you\u00a0<\/span>are able to<\/span>\u00a0ask for specific help from like-minded individuals and\u00a0<\/span>organisations<\/span>\u00a0around you<\/span><\/span>, as I experienced during the AI for Good\u00a0<\/span>programme<\/span>.\u201d<\/span><\/span>\u00a0<\/span><\/p>\n Amali<\/span>\u00a0de\u00a0<\/span>Alwis<\/span>,\u00a0<\/span><\/span>UK Managing Director of\u00a0<\/span><\/span>Microsoft for Startups<\/span><\/span>, echoes this sentiment:<\/span><\/span>\u00a0<\/span><\/p>\n \u201cBe ambitious and you have absolutely more knowledge that you think you have<\/span><\/span>,<\/span><\/span>\u00a0so have a go and get started!\u201d<\/span><\/span>\u00a0<\/span><\/p>\n <\/p>\n Building rapport with employees, setting the company vision and delivering a business pitch are moments when communication skills need to be at their peak. Isabel Van de Keere<\/span>, CEO of Immersive Rehab, explains why she thinks communication skills are of particular importance<\/span>. Immersive Rehab, who recently took their virtual reality physiotherapy solution to trial stage in various hospitals and rehab clinics, was recognised <\/span>by TIME Magazine as one of the<\/span>\u00a012 innovations that would change healthcare in 2020<\/a>.<\/p>\n \u201cBeing able to articulate your company\u2019s mission and why you founded it is key to engage customers, users, corporate and investment partners. Listening is equally important to get feedback from your different stakeholders. And lastly, enabling two-way communication with employees is something I strongly believe in,\u201d says Isabel.<\/span><\/span>\u00a0<\/span><\/p>\n <\/p>\n Both Isabel and Rene ranked resilience as a key skill for female entrepreneurs.<\/span>\u00a0<\/span><\/p>\n \u201cBuilding a business is hard and can often feel like\u00a0<\/span>you’re on a rollercoaster with many highs and lows on the journey. There will be hopefully more highs than lows, but in order to get through all these stages of building a business, being resilient and having the perseverance to pursue your mission and vision for the business is key<\/span>,\u201d says Isabel.<\/span>\u00a0<\/span><\/p>\n \u201cS<\/span><\/span>Biggest barriers<\/h2>\n
1. Taking risks<\/h2>\n
2. Communicating with empathy<\/h2>\n
3. Building resilience<\/h2>\n