The Regional Development Companies (ROMs) can play an important role in accelerating female entrepreneurship. What are they doing to offer female entrepreneurs better opportunities? Dorien Lathouwers (ROM InWest) and Rob van Beek (ROM Utrecht Region) talk about the challenges of female entrepreneurship and the solutions that Code-V and the ROMs are jointly developing.
Double standards
“There is a double standard in how female entrepreneurs are approached,” says Dorien. “On the one hand, women want to emphasize that they are women to distinguish themselves. But at the same time, they are being pigeonholed, which sometimes reduces the chance of equal treatment.” Rob adds: “Women often wait longer to apply for financing. They generally want to get further with their company before taking the step, while male entrepreneurs are more willing to take risks. This means that some promising companies simply approach financiers too late. Some initiatives therefore fail, while they probably would have made it with the right financing. This is an incredible shame.”
Code-V: structural change through collaboration
To break through these barriers, Code-V focuses on three pillars: data, awareness and interventions. They collect data on female entrepreneurs, are committed to influencing policy and develop interventions to guide more women to financing. The ROMs play a hybrid role between public and private parties. Dorien Lathouwers indicates that ROM InWest took the lead on behalf of almost all ROMs as a collective public financing party in the establishment of Code-V. “We want to actively contribute to reducing the difference in financing for female entrepreneurs. We do this ourselves with our own investment colleagues, but also from the board of Code-V,” says Dorien.
The funding gap: where does it go wrong?
Women are well represented in Dutch entrepreneurship: approximately 38% of all entrepreneurs are women. But when it comes to financing, this group structurally lags behind. According to research by Code-V, a public-private initiative that aims to reduce the financing gap for women, female entrepreneurs experience three major barriers:
- Biases in the financing process: Women are more likely to be asked questions about risks and evidence during pitch sessions, while men are more likely to be asked about growth potential.
- Lack of female investors: The financial world is dominated by male investors. This can be a barrier for female entrepreneurs to register or to report problems.
- Insufficient access to networks and mentorship: Women have less access to informal business networks and lack a strong ecosystem to guide them to financing.
Data and monitoring
Code-V is working on a national dashboard that will track financing data for female entrepreneurs. This dashboard, which will be published in June 2025, should provide structural insight into the extent to which women receive financing. “At ROM Utrecht Region, we have already done an initial data analysis,” says Rob. “Our business intelligence department is now collecting national startup data, so that we can better steer policy.”
Events and networking to accelerate female entrepreneurship
One of these initiatives that ROM Inwest has taken is the Growth Table, started by Borski Fund and LIOF (ROM from Limburg) and has since been expanded to multiple ROMs Here, female entrepreneurs are brought together with investors and experts to exchange experiences and gain knowledge. “These sessions show how great the need is for a safe environment where all questions can be asked,” says Dorien. “The great thing is that connections are made with investors directly.” In addition, the ROMs strive for better representation of women in startup and tech events. ROM Utrecht Region aims for 50% of the speakers to be women, although this appears to be a challenge in some sectors. “At technical clusters such as Earth Valley, we now achieve 23%,” says Rob. “The goal is to gradually increase that percentage, because a diverse line-up ensures more balance and better conversations. It starts with measuring, otherwise you don't know anything.”
Research and awareness
One of the most striking research results of Code-V is the effect of unconscious biases. In an experiment, men and women presented exactly the same pitch to investors. The outcome? Women were questioned more critically about risks, while men were asked questions about growth opportunities. “This is not conscious discrimination,” says Rob. “It is a deep-rooted bias that we can only address through awareness and training within and outside the financial sector.” For this reason, ROM Utrecht Region will start a broad student survey into female entrepreneurs at the Utrecht Science Park in 2025. “We do not only want to look at current entrepreneurs, but also at the future generation. What barriers do they experience? And what can we do about them now?”
The impact of Code-V
“The goal is for the Netherlands to be recognized worldwide as a leading example in female entrepreneurship by 2034,” says Dorien. “Code-V already has more than 100 signatories, from banks to investors and government institutions. We want to build on this in the coming years.” Rob: “The most important thing is that you don’t just have an opinion, but also take action. There is much more potential in female entrepreneurship. This is a missed opportunity for the entrepreneurs themselves, but also for the Dutch economy. It is estimated that it can grow by €139 billion if this inequality is addressed. We as ROMs can really make a difference in this.”
Tips for financing female entrepreneurs
What tips do Dorien and Rob have for other financing parties that do not yet play an active role for female entrepreneurs?
- Get female investors on your team. This increases accessibility for female entrepreneurs.
- Organize networking events like the Groeitafel. This helps female entrepreneurs to find the right contacts and mentorship.
- Increase the visibility of female entrepreneurs. Actively involve them in panels and events.
- Measure your own impact. For example, collect data on financing and involvement of female entrepreneurs to focus on improvement.
- Collaborate with other ROMs and financiers Code-V. Share your best practices and learn from successful initiatives!
