Mark Zuckerberg wants business to ‘man up’, but what it really needs is more women entrepreneurs

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Meta CEO Mark Zuckerberg is overlooking one of the biggest untapped opportunities for economic growth – women entrepreneurs.

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Still, women appear substantially underrepresented as startup founders, especially in high-growth sectors.

According to a study which looks at startup ecosystems around the world, 26% of founders in New Zealand are women (which is still one of the higher rates globally). Nonetheless, around 4% of venture capital funding in Australia goes to startups founded solely by women, and roughly 7% in New Zealand.

Encouraging women to think like entrepreneurs may assist in boosting productivity in both countries. So, what discourages women from following this path?

Investigates why fewer female undergraduate students at the University of Auckland pursue entrepreneurship and how universities can assist in bridging the gap.

Lagging behind

A study involving over 267,000 students from 57 countries measured the gender gap. This included 1,050 students in their undergrad years from the University of Auckland.

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About five years down the track, 28% of University of Auckland men and 18% of women said they'd love to run their own business. While there's been an increase in the desire to become an entrepreneur, the gap between the sexes is getting wider. Still, both genders are not as keen on starting their own business as the global average – 37% of blokes and 30% of sheilas worldwide share this goal.

University experience shapes career goals, but external factors after graduation can also deter women from starting their own businesses.

Societal expectations, industry norms, and lack of access to funding all play a role. Self-assurance is also a factor. In the survey, women reported lower self-assurance in their ability to go into business for themselves.

The connection between science, technology, engineering and mathematics (STEM) and business and innovation.

Subjects the students choose to study also influence their awareness of entrepreneurship.

Women at the University of Auckland are woefully underrepresented in the STEM (science, technology, engineering and maths) and business fields.

This is important because these areas of study often go hand-in-hand with stronger business start-up intentions. Students enrolled in commerce and STEAM courses are more likely to come across entrepreneurial concepts, be inspired by business role models and establish valuable industry connections.

Sort of skipping over business at first for other areas of study, a heap of women might be missing out on these crucial opportunities and connections.

Closing the gender gap

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Our study shows women tend to sign up for business courses and extracurricular activities at a lower rate than men. These experiences have an impact. Women who participate in them are more likely to see themselves as future business owners.

To bridge the gap, universities must instil entrepreneurial thinking into every course. Not just students of tech, business, and maths, but also those studying health, law and social sciences can benefit from learning how to approach problems in an entrepreneurial way. Well-designed programs that demonstrate how entrepreneurial skills can be applied in these fields can make a real difference.

Role models and mentorship are also crucial. Women students need to see successful female entrepreneurs who are an inspiration for them to believe in their own ability to pursue a similar path also. Universities should actively engage women founders as speakers, mentors and industry partners.

Having real-life experience is a game-changer. Unis have to make sure their startup incubators, pitch competitions and funding programs are open to female students. Having special funding just for ventures run by women can even things out.

Lastly, how entrepreneurship is portrayed is quite important.

A lot of women are attracted to careers that can make a difference in the community. Zealous universities should showcase how new businesses can drive progress in the areas of environmental sustainability, health and community building. A wider definition of entrepreneurship will make it more appealing.

By incorporating entrepreneurship into all courses of study, highlighting the contributions of women founders, and encouraging inclusive networks, universities can assist in dismantling the obstacles that hinder women's progress.

If Australian universities take action now, they can unlock hidden potential and drive future economic and social impact.

The authors are independent and have no financial links to any organisation or company that may benefit from this article, and they've made transparent declarations of any relevant associations beyond their employment with the University.