The Rise of the Unicorns: A Global Phenomenon
In a constantly evolving technological world, unicorns have emerged as a symbol of unprecedented innovation and growth. Since 2018, Europe has seen an exponential increase in the creation of these startups valued at over $1 billion. At the height of 2021, the number of unicorns skyrocketed to a staggering 787, marking a milestone in the European business landscape.
Descent of the Unicorns: A Year of Challenges
However, the year 2022 brought with it a change of course. The creation of unicorns plummeted, along with investment in startups. This decline was largely attributed to falling funding, making it difficult for startups to achieve the valuations needed to obtain unicorn status. Additionally, some companies that had achieved this milestone were dethroned, losing their coveted designation.
Unicorns in Spain: An Uncertain Panorama
In the case of Spain, the number of unicorns is a topic of debate. Some reports suggest there are five, while others claim there are seven or even ten. This discrepancy is due to the nature of unicorn companies, which are unlisted and less than ten years old. As a result, some companies may have achieved unicorn status in the past, but no longer maintain it due to share sales or loss of valuation.
Lack of Female Representation: A Persistent Challenge
Amid the astonishing growth of unicorns, a persistent concern has been the lack of female representation. In Spain, only one in five startup founders is a woman, and this figure is even lower in the case of unicorns. No Spanish company led by a woman has achieved unicorn status, and among the ten companies valued at more than a billion dollars, there is no female CEO.
Personal Experiences: Overcoming Barriers
Mireia Trepat, co-founder of Freshly Cosmetics, has shared her experiences as a woman in a leadership position in the technology industry. She acknowledges that she has had opportunities to gain experience, but she also points out the lack of female representation and the difficulty of being taken seriously as a young woman. However, she expresses optimism about the gradual shift toward greater inclusivity.
Investing with a Male Label: A Gender Gap
The lack of female representation also extends to the field of investment. In Europe, only 16% of general partners at venture capital firms are women, and only 2% of startup funding goes to projects led by women. In Spain, the average number of women investors is 20%.
Helena Torras, Venture Partner at Hans(wo)menGroup, highlights the need to differentiate between female business angels and fund partners. Although the number of individual investors is growing, the representation of women in leadership positions in investment funds remains low.
The Future of Female Representation: Optimistic Perspectives
Despite persistent challenges, the future prospects for female representation in the technology sector are promising. Torras believes the numbers will increase, driven by the growing number of women managing large sums of money and increased awareness of the importance of gender diversity.
The Female Presence in Spanish Start-ups
The lack of female representation in unicorns and venture capital is not an isolated phenomenon. In the Spanish start-up ecosystem, mixed founding teams are still 80% male-dominated, while all-male start-ups have 100% male CEOs. In contrast, only 28% of start-ups founded only by women have a male CEO.
Women Entrepreneurs: Higher Education and Leadership Challenges
Women entrepreneurs in Spain stand out for their high academic training. 15% have a PhD and 73% have a master’s degree, compared to 13% and 64% of male entrepreneurs, respectively. However, despite their higher education, Carme Poveda, director of the Dona Empresa Economia Observatory (ODEE), points out that women have difficulties accessing management positions.
Need for Awareness and Support
Poveda highlights the need for greater awareness of the benefits of gender diversity in companies. She also advocates for measures to promote women into management positions and for supporting women in the technology sector from a young age. These efforts are essential to creating a more inclusive and equitable ecosystem where women can reach their full potential.