Rise of Female Tech Entrepreneurs Promotes Industry Development
Uploaded Time: 2017-07-16

According to recent studies, more and more Chinese female entrepreneurs are getting involved in the tech business. As they do so, they play a vital role in promoting the industry's sustainable development.

In recent years, as a vital factor in the process of production and wealth creation in the country, data processing has been a main drive for economic growth.

With the advancement of data technology including cloud computing and AI, more women have been breaking through the traditional industrial boundaries and started to utilize cutting-edge technologies for business innovations.

The latest report indicates that the technological innovation index for Chinese women has surpassed counterparts in some developed countries such as the UK and the U.S.

In particular, an increasing number of Chinese women entrepreneurs have chosen to start their own businesses for self-improvement, displaying their unique qualities and creating commercial wealth as well as social value, say experts.

Characteristics of Female Entrepreneurs

Related studies have outlined some of the key characteristics of the new generation of businesswomen.

In terms of age, those between 28-37 have been the major force among entrepreneurs and the number of those between 18-27 is increasing. The most common age for businesswomen in China is 35.

Among those women, nearly 20 percent have studied abroad with higher education attainments and a large number have experiences in foreign enterprises or business colleges.

With high capabilities, they have demonstrated a globalized vision and ideas in multiple sectors.

Findings indicate that nearly 70 percent have prior business experience, with roughly 60 percent having entrepreneurial experience. With strong self-recognition, they tended to cross industrial boundaries in the digital era.

A report has further pointed to women's high sensitivity towards cutting-edge technologies.

More precisely, the new generation of female entrepreneurs has realized the significance of data technology, stressing its role in saving costs, improving efficiency, facilitating market insights and promoting enterprise development.

Challenges on Female Entrepreneurship

In terms of the current situation, experts noted that on the one hand, entrepreneurship is regarded as a significant channel for women to alleviate poverty, improve their social status, reduce employment strains and promote social progress and economic development.

On the other hand, compared with men, they still faced greater challenges and had to make sacrifices in the process of starting up businesses.

More precisely, organization management and capital acquisition were the most two difficult issues for them, according to a survey.

Perhaps surprisingly, keeping the balance between family and career did not impact on their development since working women have regarded it as an "inevitable issue".

Compared to male entrepreneurs, women often lacked business relation networks and run their enterprises relying on self-accumulation with limited capital. In addition, only a small proportion of them have succeeded in applying for bank loans.

According to a study issued by the U.S. media site TechCrunch in 2016, only 10 percent of the venture capital globally was distributed to women during 2010-2015. The annual financial gap for enterprises operated by women has reached U.S.$ 260-320 billion and most of the businesses were mid-sized.

Women's Advantages on Entrepreneurship

In recent years, women's positive impact at the workplace has been in the spotlight.

According to a report released by the Peterson Institute for International Economics, the performance of an enterprise will rise by roughly six percent if its board has female members with regards to their task execution, loyalty and cooperative skills. Meanwhile, a higher proportion will contribute to the company's even better achievement.

For female employees in startups, the involvement of women in senior management inspires their motivation to pursue better career development and promotion, which reduces the loss of personnel turnover, say experts.

Findings also pointed to women leaders' advantages in communication, expressing views and facilitating team solidarity. Confronted with a complicated and dynamic pioneering working environment, they could inspire employees' motivation thereby promoting stable and sustainable development.

At the eighth annual Business Mulan Meeting, He Zhenhong, director of China Entrepreneur magazine, noted that gender bias still existed in the workplace, since less than five percent of big companies were founded or operated by women, and female senior executives in large enterprises only accounted for roughly 10 percent.

However, the proportion of female entrepreneurs in China has also surpassed developed countries.

According to a list of the richest self-made women around the world, Chinese citizens have accounted for around 70-80 percent for several years, remaining the most active, said He.

Also, at the 2017 Global Conference on Women and Entrepreneurship on July 10, Jack Ma, chairperson of Alibaba Group, hailed women's ability to focus on customer experience and customer service, which plays a significant role in building a platform's reputation.