Women Technology Entrepreneurs Report Devastating Financial
(1888 PressRelease) Read more about the impacts of COVID-19 on women technology entrepreneurs in 2021 and necessary steps Women in Cloud is taking to address these challenges.
Washington – Women in Cloud, in partnership with M12, Microsoft’s venture arm, today released a report highlighting the results of their recent survey of the impacts of the COVID-19 pandemic on women technology entrepreneurs.
The 2021 report provides the latest data on the financial, operational and emotional effects women technology entrepreneurs and their businesses have faced as a result of the ongoing pandemic-related lockdowns and restrictions. This information builds upon Women in Cloud’s initial COVID-19 Impact Report, published in 2020, and provides a year-over-year comparison of the devastating blows the pandemic has dealt women entrepreneurs, particularly those in the technology sector.
The 2021 report reveals that while the financial and operational impacts have yet to reach the 24-month projections made by women technology entrepreneurs in 2020, ongoing restrictions could result in millions of dollars in lost income and opportunities for women-led technology businesses. All 2021 survey respondents reported a minimum of $10,000 in losses to date, with the majority of participants seeing $100,000 or more in lost revenue due to operational disruptions.
“The ongoing turmoil of COVID-19 has been a mainstay in news headlines, but the major implications of the pandemic on female founders has largely been a footnote,” said Tamara Steffens, Managing Director at M12. “The current situation facing women-led technology businesses is urgent and dire. We must find innovative and inclusive solutions to support women entrepreneurs. There is an incredible opportunity to improve their access to funding and business decision makers.”
While the financial and operational disruptions to date have yet to result in the loss predicted by women technology entrepreneurs at the onset of the pandemic, the emotional toll on business owners and their employees has proven to be much worse than initially anticipated. Reports of negative or somewhat negative emotional impacts are more than 22 percent higher than they were in 2020, while responses of higher stress and anxiety levels were indicated by more than 82 percent of 2021 respondents, a six percent increase from 2020 responses.
“The outcomes of the 2021 edition of the COVID-19 Impact Survey, and challenges women entrepreneurs are facing as a result of the pandemic, increase the need and importance of Women in Cloud’s mission and the collective action we are taking with other individuals, organizations and governments,” said Chaitra Vedullapalli, Women in Cloud President and Co-Founder.
To meet the needs of the overwhelming number of survey participants who noted “warm introductions” as a beneficial solution to support economic recovery, Women in Cloud has developed a streamlined platform called Get Introduced to facilitate introductions between women in technology and potential clients, sponsors, mentors and advisors. The newly launched solution allows women technologists easy access to Women in Cloud’s large and growing network of industry leaders, driving the connections and collaborations required to support women-led businesses in their recuperation from the pandemic-related impacts, and future growth and sustainability.
To read more about the impacts of COVID-19 on women technology entrepreneurs, and the turnkey solutions proposed by Women in Cloud and M12, download the full impact survey report at https://www.womenincloud.com/empowheraccess-campaign/
For quotes, questions or additional information, please contact:
Olivia Bechthold
PR & Marketing Manager, Women in Cloud
wicmarketing ( @ ) womenincloud dot com
https://www.womenincloud.com
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