Business consultancy QU has commissioned a study to gain a better understanding of the lack of support networks that hinder female founded businesses to successfully scale up.

Reacting to the UK government's launch of a taskforce to help women start fast-growing firms, Marla Ubhi, co-founder of QU, said it is a leap towards creating a more inclusive business ecosystem but gender inequality in UK business remains rife.

The ‘Taskforce on Women-Led High-Growth Enterprises,’ chaired by Anne Bowden, has incited 134 financial institutions with an investing power of nearly £1 trillion ($1.27 trillion) to sign up to the Investing in Women Code, the firm said.

The government-backed initiative aims to give female entrepreneurs the tools to take their businesses to the next level by helping provide access to finance and growth capital, increase technological adoption, and improve leadership skills.

The taskforce builds on the work of the Rose Review which found that breaking down the barriers for women entrepreneurs could boost the economy by up to £250 billion.

However, new research from business consultancy QU, which specialises in mentorship for female and ethnic minority-owned businesses, found that empowering women in business requires more than increasing tech skills and access to finance. This is because 27 per cent of British women feel they have no support role model from whom they feel comfortable taking guidance, the firm said., so

The initiative comes at a time when the wealth management industry - a traditionally male-dominated one - continues to wrestle with how to attract more women clients and advisors. As women push further into the ranks of high net worth individuals, often via business, the need to position the industry to serve their needs becomes more urgent.
 
QU commissioned the study to gain a better understanding of the lack of support networks that hinder female founded businesses to scale successfully.

The research found that 19 per cent of British female entrepreneurs don’t have support from their families to carry out their business activities, with a striking 21 per cent of British women stating that they feel like an outcast from their family and community for having different career aspirations. The data highlights that one in five women feel marginalised from what should be their strongest support foundations, their family and community, the firm said.
 
The research also shows that 31 per cent of British women don’t know where to source investment opportunities to grow their business. Whilst 25 per cent of British women feel that they are taken less seriously as a business leader, the firm added.

Marla Ubhi, a business consultant and investor, said: “QU’s data indicates that by applying a holistic approach which addresses the different social factors which hinder female founded businesses from scaling, as well as reducing financial barriers, will help the UK reach their gender equality objectives much faster.”