Written statement (Wales): Female Entrepreneurship - Mar 6

Rebecca Evans, Cabinet Secretary for Economy, Energy & Planning: The female entrepreneurs of today are creating a better tomorrow for everyone. This International Women's Day, I am proud to celebrate and recognise their contribution and reaffirm the Welsh Government's commitment to supporting and empowering female entrepreneurs and business owners in Wales. 

The Welsh Government welcomes the contribution of women in business and is fully committed to encouraging more women entrepreneurs to start, sustain and grow their own businesses in Wales. The success of female entrepreneurs is not just a win for them personally, but for their entire community. It is a powerful cycle where one person's success helps to create a ripple effect, lifting others along the way. By fostering an environment where female entrepreneurs can thrive, we are investing not only in their future but in the future of generations.

This week, I had the pleasure of visiting Deploy Tech based in Pontyclun where I met the inspirational business co-founder and Chief Technology Officer Beren Kayali. Deploy Tech manufactures and sells portable air-deployable water storage tanks that are flat packed for transportation and are constructed in situ. I was impressed by the entrepreneur's achievements and the economic and societal impact of the business.  The units have a variety of uses ranging from rainwater harvesting to providing a clean and stable water supply for areas hit by disaster, as well as livestock feeding in areas which are difficult to manage. Beren has been central to the establishment and success of the company to date and has been featured in the European Forbes 30 Under 30 List, UNICEF's Innovation 30 list and was awarded the 2024 Vodafone Business' Woman of the Year Innovation Award.

I also had the privilege of hosting a roundtable this week with female business owners, where they shared their personal journeys in entrepreneurship. From these discussions, we delved into the opportunities and challenges they face. The conversation highlighted the essential role that women entrepreneurs play in driving economic growth, fostering innovation, and promoting equality, all while ensuring a diverse and inclusive workforce. It was also clear that when women succeed in the workforce, economies grow, families thrive, and communities become more equal.

Research tells us that women-led businesses make up a small percentage of high-growth enterprises in the UK, which means that we are not maximising the opportunities. To address this, we must continue to improve the key drivers of business growth such as access to finance, particularly equity, innovation grants and new markets through export opportunities. Women's economic empowerment opens up opportunities and choices for women, and the ability for women to start, grow, and sustain successful businesses plays a central role in this process. I am committed to supporting female entrepreneurs on their journey, to unlock these opportunities. 

The Welsh Government is committed to delivering business growth in an inclusive way. Business Wales provides access to business advice, opportunities to reach supply chains, and experienced relationship managers that can help navigate the ecosystem and support their journey along with mentors and positive role models to work alongside them as business owners.

Business Wales also offers advice and support on employment, fair work, equality and diversity policies and practices. Equality and diversity is a key part of discussions with clients and includes information such as the Equality Pledge, flexible working rights and duties. We encourage all businesses to adopt the Equality Pledge which provides a practical way for businesses to improve their equality performance in the way they lead their business and services they provide.   

The Welsh Government has published a framework and good practice guide for supporting entrepreneurial women in Wales. This includes the Business Wales service proactively targeting female entrepreneurs and regularly engaging representative groups and supporting female focused events as well as supporting outreach activity within the community. This has resulted in 44% of those accessing the service being female-led existing businesses and 56% of those who have started a business with help from service being female-led businesses since the start of this Senedd term. 

I am also pleased to highlight that, as part of the Export Action Plan for Wales, a programme of ‘in-Wales' export focussed events for businesses are being delivered, including a ‘Women in Export' event on 7 March in Cardiff. The focus of the event is to promote women's economic empowerment, to enable women in business and women-led businesses to grow through exporting and give businesses the opportunity to listen to, and ask questions of, a panel of successful women exporters.

Access to finance remains a challenge for many female entrepreneurs.  Female entrepreneurs often face obstacles when seeking investment into their start-up and around a third of women say access to funding is the biggest barrier they face to becoming an entrepreneur. The Development Bank of Wales works closely with businesses and stakeholders in Wales to ensure their funding supports financial inclusion across sectors and demographics. The Annual Report of the bank reports on equality and diversity measures and around a third of the businesses the bank supports have women directors. 

The Development Bank is focused on a number of projects to support women entrepreneurs.  These include the launch of the Women's Angel Wales network in 2023 increasing the activity of female investors in Wales. Since 2021 the bank has been a signatory of the Investing in Women Code - a commitment by financial services firms to improve access to tools, resources and finance for women entrepreneurs.  

As a government, our role is to not only encourage female entrepreneurship, but to inspire and empower the next generation of female entrepreneurs. Through Big Ideas Wales we are working with schools, further education and higher education institutions to encourage young women to consider entrepreneurship as a viable and exciting careers path. Big Ideas Wales recruits and facilitates a network of over 400 Welsh entrepreneurs, 46% of whom are female, to visit schools, colleges, universities and community partners to raise awareness of what it takes to be a successful entrepreneur, deliver inspirational workshops, and coach future entrepreneurs.

Female entrepreneurs are powerful catalysts for change in the business world, breaking down barriers and challenging stereotypes. Their unique strengths, innovative ideas, and dedication to making a difference are reshaping industries and fuelling economic growth. As we recognise and address the challenges they face, it is crucial to create an inclusive environment that empowers women entrepreneurs to thrive and leave their mark on the national and global stage. Supporting women in entrepreneurship not only promotes economic growth but also drives innovation, diversity, and social impact.

On International Women's Day I hope you will join me in celebrating the inspirational female entrepreneurs across Wales who are shaping our future, continuing to break down barriers, driving economic growth and inspiring the next generation.