EIT Community Supernovas, Esade and Equinox Equality Experts launch first dedicated tool to address gender bias in Europe’s VC ecosystem
A new report has found that progress towards gender equity in early-stage entrepreneurship remains slow due to invisible yet deeply entrenched gender biases, which limit the opportunities available to women founders and contribute to persistent funding disparities.
It is accompanied by the first dedicated tool to address gender bias in early-stage investing, which integrates the most effective mechanisms to counteract unconscious bias and assists organizations in identifying areas for improvement.
EIT Community Supernovas commissioned the report from the Esade Center for Social Impact and Equinox Equality. The EIT Supernovas Programme is an initiative of the European Institute of Innovation and Technology (EIT) and its Knowledge and Innovation Communities, and aims to bring more women into the world of entrepreneurship and investment. The programme empowers women-led startups and future role models for women in business while also supporting to the next generation of women VCs and angel investors. The EIT is an EU body and an integral part of Horizon Europe, the EU Framework Programme for Research and Innovation. So far, 524 women have been trained in Investment, and 102 women-led startups from 23 countries have been supported, with €86M investment attracted. Moreover, its dedicated Data Room contains +1,150 women-led and EIT supported startups.
The report draws on qualitative and quantitative data collected from six European VC firms, including interviews, a survey on entrepreneurial stereotypes, and one on gender equity measures already in place. It shows that early-stage entrepreneurship in Europe is still a space of significant barriers for women, and it’s clear that there are forward-looking VC firms, like the ones in the study, that are increasingly aware of and attempting to address these gender biases.
It will be launched on 18th November at SLUSH 2025, the world’s leading gathering for startups, at a EIT Supernovas networking event aimed at connecting women entrepreneurs and investors.
EIT Supernovas will also be co-hosting the Women’s Power Pavilion, a two-day immersive experience dedicated to exploring new models of capital that drive inclusive growth. The Pavilion is organised in partnership with HER Fund, SCALE’HER, Women TechEU, WomenInvestEU, European Female Founders & Green Transition Forum, and Gender Gap in Investments.
The issue: Gender bias in the VC ecosystem
Between 2011 and 2021, only one in ten funded founders and CEOs were women, and all-women founding teams secured just 2% of early-stage VC funding (European Investment Fund, 2023). Linked to this is the lack of women investment professionals, particularly at more senior levels.
Despite efforts to address this disparity, entrenched gender roles and stereotypes continue to influence pipeline visibility, founder assessment, and deal flow. For instance, although investors are beginning to acknowledge the importance of including family responsibilities in long-term planning – and recognise the growing role of men caregivers – several interviewees noted that assumptions about women founders’ work-life balance still influence decisions around funding and hiring.
Gender norms can also influence behaviour: men founders often pitch ‘bigger’, projecting ambitious outcomes that may or may not ultimately materialize. Women, on the other hand, tend to pitch more realistically, anchoring their claims in what they are confident they can deliver. While this grounded approach signals credibility, it can sometimes work against women in an environment that rewards grand visions of future potential.
While individual firms have the power to shape the ecosystem they inhabit, there are external factors that are harder to tackle. One such factor is the gender gap in STEM fields, which affects the pipeline of women founders. Although progress in public policy and funding is needed to address this, several interviewees noted that the gap is amplified by the culture and atmosphere within the VC industry itself.
The way forward
The research identified five key levers for addressing gender biases in VC. They are accompanied with practical steps and best practices coming from the firms in the research and are further outlined in the Gender Bias Mitigation Tool:
· Lever 1: Awareness of Gender Bias
o This the first critical step, which requires unconscious bias training across organisations and attention to how gender bias operates within each investment decision context. Biases are often subtle and difficult to detect, making awareness a fundamental pillar for action.
· Lever 2: Leadership Support for Inclusion
o Leadership support, whether from women or men partners, is critical in generating the required energy and focus to tackle gender bias in a robust manner.
· Lever 3: Gender Diversity and Inclusive Working Culture
o Increasing gender diversity at all levels of the VC firm commonly translates into greater funding flows to women founders. This can require some intentional hiring of women to address the disproportionate lack of women applying for VC positions.
· Lever 4: Gender Inclusive Investment Process
o Every stage of the investment cycle, from sourcing to post-investment, presents opportunities to challenge norms, reduce bias, and foster inclusivity. This can include having scouts working to uncover underrepresented founders and ensuring standardised interview questions for all founders.
· Lever 5: Gender Inclusive Ecosystem
o Engaging with the wider ecosystem through participating in field-level events, mentoring women founders, joining in collective actions related to gender diversity are a critical part of working at different levels of the system, moving beyond the boundaries of each firm.
Martin Kern, Director, European Institute of Innovation and Technology (EIT), said: “Innovation cannot thrive when bias determines who gets the chance to build the future. Through our work, we see the transformative power of inclusion every day – in ideas that reach markets, in teams that scale, and in solutions that change lives.”