The research study commissioned by Evelyn Partners shows that male business owners exited at an average of £5.2 million, compared to £3.9 million for female-owned businesses.

Alison Fitzsimons, Head of Entrepreneurs Business Development at Evelyn Partners, says: “Our guest entrepreneurs at the event were disappointed but not necessarily surprised at the significant valuation gap that we uncovered in speaking to business founders. This seems indicative of structural barriers, such as access to funding in order to scale and negotiation bias when it comes to an exit. Anecdotally, from years of advising business founders, we know these are both headwinds that can leave female entrepreneurs with lower returns from their hard graft in building businesses.

“Securing funding is no easy task for all entrepreneurs, but especially for female founders: less than 2% of venture capital funding, and only 3% of equity capital overall in UK, goes to women-led businesses. Can we as a business community in Scotland do more to support those women who want to fundraise, and equally, those who may have decided this is not the route for them?”

The Next Exit report will reveal that 65% of female entrepreneurs reported high stress compared to 47% of men, and that women were also 15% less likely to be satisfied post-sale than men.

Attendee Caroline Macgregor, Founder of scaleup consultancy Up-Scale, added: “What stood out for me is that the challenges for female founders don’t stop at the funding gap. With data showing women achieve on average 25% less than men at exit, it’s clear they are undervalued all the way through their journey, including at the negotiating table.

“For Scotland, where our entrepreneurial ecosystem already suffers a sharp drop-off at the small-to-large scale-up stage, this compounds the challenge. If female founders are disadvantaged both at funding and at exit, we risk weakening the funnel even further.

“That’s why conversations like last nights are so important – not just to close the funding gap, but to ensure female founders are fully valued right through to a fair exit.”

Sophie Randles of Livingston James said: “There’s real power in creating a space like this – where business leaders and advisers come together not just to share insights, but to take ownership of driving meaningful change for women in business. The energy and support in the room never surprises me; it’s personal, it’s passionate, and it’s purposeful. 

“The question we must keep asking is: how do we truly support the next generation of female founders to overcome today’s challenges, access the right resources, and unlock their full potential?”

No Diversity, No Deal was founded by Alison Fitzsimons, Sophie Randles, and Jane Stewart, who is an Ambassador for Women’s Enterprise Scotland, to inspire female business founders and leaders, and encourage more women to take up the challenges of entrepreneurship. The latest No Diversity, No Deal series also benefits from the support of KPMG in Scotland. 

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