When COVID-19 hit last year, Senator Patty Kuderer asked, “How are the WIC founders doing and is there any meaningful data to share with legislators? And how will you be serving the new landscape?”
After talking to WIC Board of Directors and the Board of Advisors we commissioned COVID-19 Impact Survey to understand the state of the ecosystem and also impact on businesses.
When we saw the data, we were devastated with the results and it was much worse than we had anticipated. The report indicated that the average loss of revenue in the next 24 months, across women tech entrepreneurs surveyed expanding 16 industries, is $500 thousand to $1 million per company. An additional $1 million to $5 million per company is expected in opportunity loss over the next three years.
Women entrepreneurs face many complex challenges in setting up, growing and sustaining their tech businesses.
Gender stereotypes, a lack of access to finance and complex societal threats like political instability, enormous uncertainty and a range of different barriers can prevent women’s businesses from thriving. It is particularly striking that the majority of women reported that the impact of the COVID-19 pandemic was the single greatest challenge they had ever faced.
In partnership with M12 Ventures, they commissioned a second edition of COVID-19 research to understand the comparison and see if something changed or if it is getting worse.
What did the 2021 Edition OF COVID-19 research reveal?
Respondents of the survey in 2021 reflected those who responded in 2020, companies serving small-to-medium sized and enterprise level businesses, as well as nonprofit and public sector organizations, serving a wide breadth of more than 15 industries.
DOWNLOAD THE 2021 EDITION of COVID-19 RESEARCH MATERIALS
Recommendations: What’s Next?
While the outlook moving forward in a post pandemic world isn’t completely grim for women technology entrepreneurs and their businesses, many organizations and individuals will not be able to recover from the severe impacts alone.
In order to support the recovery needs for women technology entrepreneurs and their businesses, Women in Cloud has created a number of turn-key events and initiatives.
Solutions: Taking Action to Unlock Economic Opportunities
Get Introduced – 70% of women entrepreneurs in our network stated their #1 request was a warm introduction to an advisor, leader or mentor who can transform the trajectory of their career through the power of collective access and action. A streamlined platform to facilitate warm introductions between women in tech and potential clients, sponsors, mentors and advisors that allows women technologists easy access to WIC’s large and growing network of industry leaders, driving connection and collaboration. Request a Warm Introduction Today
Fortune 100 Lunch and Learn Sessions – Women in Cloud intends to double down on Fortune brand representation and engagement through a number of initiatives to facilitate relationships between women technology professionals and Fortune100 companies. #WICxFortune100 Lunch & Learn series is a networking experience designed to open the doors for leading fortune companies and brands to connect with technology business builders. Apply today to attend
WIC Microsoft Cloud Accelerator – An immersive 6 month program to assist women-led tech companies to co-build, co-market and co-sell with Microsoft and their distribution channels to help women in tech win enterprise opportunities, get access to Azure credits, an advisor community and a global stage to showcase their solutions. Secure Your Spot at the next Cloud Accelerator Open House
WIC Digital Academy – A digital learning initiative offering courses designed for anyone who wants to break into the world of enterprise sales to support women entrepreneurs in the development of skills for marketing and selling of cloud solutions in an enterprise environment. Get started with the Winning & Keeping Enterprise Contracts Course today
WIC Solution Marketplace – A one-stop shop for technology solutions and services for the mid-to-enterprise market, created, owned and operated by women entrepreneurs, creating an easy way for businesses to find and source women-led technology solutions. Here, buyers can easily find a variety of enterprise-ready solutions, special offers, and ability to schedule demos. Get started & Submit Your Solution today
Resources: Tools to Keep Handy
- 2021 Edition of the COVID-19 Impact Report
- Webinar: Impact of COVID-19 on Women Technology Entrepreneurs
- The Ultimate Enterprise Cloud Solution Building Toolkit
Here is how you can help the entire community and get involved.
Share this report with investors, policy makers and corporate executives. Understand how they can advance economic access. If they don’t have answers, suggest or recommend Women in Cloud as an economic development solution to accelerate sustainable growth.