Amidst challenges for women-led ventures, three accelerators in Asia are redefining success by implementing gender-inclusive strategies that outperform traditional models.

While accelerators are often touted as engines of growth for startups, a troubling trend has emerged: these programs often fail to deliver the same benefits to women-led ventures as they do to those led by men. A 2020 study by the Global Accelerator Learning Initiative (GALI) revealed that women-led startups face significant hurdles in accelerator programs, receiving less funding and support compared to men. This disparity is particularly concerning given the vital role women entrepreneurs play in driving economic growth and innovation.

This imbalance is not merely an unfortunate trend; it reflects deep-seated biases and systemic barriers that hinder women entrepreneurs. Studies have shown that women-led ventures are less likely to receive funding, even when they demonstrate comparable growth potential to businesses led by men. This funding gap is often attributed to a lack of confidence among women entrepreneurs, but research suggests a more complex reality. For example, a 2017 article in the Harvard Business Review highlights how investors tend to focus on growth potential when evaluating male-led ventures while scrutinizing women entrepreneurs with risk-centric questions. This implicit bias creates an uneven playing field, hindering women’s ability to secure funding and scale their businesses.

Success Factors for Inclusive Acceleration

However, a new study by ANDE, supported by the Sasakawa Peace Foundation (SPF), offers a glimmer of hope. This research examines three accelerator programs in Asia that have successfully bucked the trend, selecting and supporting women-led startups whose performance has met or exceeded the performance of their men counterparts. These programs, based in Cambodia, Pakistan, and across Asia, share several key characteristics that contribute to their success in fostering gender-equitable acceleration.

Firstly, these programs employ rigorous selection processes designed to identify the most promising women entrepreneurs while mitigating gender bias. For instance, Cnai, a Cambodian accelerator, uses a data-driven approach to ensure objectivity, while Pakistan’s WeRaise program, run by Invest2Innovate (i2i), prioritizes a coachability and fundraising potential alongside business scalability. These programs also implement targeted marketing campaigns to attract high-potential women entrepreneurs through both online marketing and direct outreach.

Secondly, these accelerators prioritize one-on-one mentorship and real-time learning, moving away from traditional classroom-style instruction. With smaller cohort sizes, they offer individualized guidance and support, allowing women entrepreneurs to address specific challenges and build strong relationships with mentors. Cnai, for example, boasts a phased acceleration process with an initial cohort size of 20, while the WeRaise program adopts a cluster approach with four to five ventures per group. This personalized approach enables entrepreneurs to make real-time adjustments in their ventures in a supportive environment where they can confidently navigate the changes under the guidance of experienced mentors. 

Thirdly, and perhaps most importantly, these programs are led by program managers who are experienced and well-connected in their respective ecosystems, particularly with investor networks. For example, Cnai is led by venture capital fund Emerging Market Entrepreneurs (EME) and thus brings years of fundraising expertise into their programming, while Seedstars Asia leverages local networks and partnerships to maximize its impact across different regions. The i2i team leans on successful entrepreneurs who reinvest in program participants as mentors and angel investors.

Incorporating Gender Equality into Programming from the Start

A commonality across each program is their dedication to gender equality as a central pillar of their work. Cnai, for instance, requires entrepreneurs to incorporate a gender lens into their objectives and key results (OKRs) and accommodates founders’ caregiving responsibilities. Seedstars Asia, meanwhile, continuously monitors its program’s impact through data analysis, ensuring that women derive comparable benefits from acceleration, changing their approach guided by data-driven insights. Importantly, each of the programs featured in this study collect gender-disaggregated data so they can easily compare the performance of women and men in their programs and have transparent, informed discussions about their strategy.

The success of these programs is further amplified by the strong representation of women in leadership and mentorship roles. The 2020 GALI study found that women are more likely to apply to programs that had gender balanced selection teams and mentor pools. Cnai and Seedstars Asia have significant female representation in key roles, while i2i was founded by women. This representation not only provides aspiring entrepreneurs with relatable role models but also fosters a supportive environment where women’s experiences and challenges are understood and addressed.

While the specific mechanisms implemented by these programs may need to be adapted to different contexts, the underlying principles offer valuable lessons for accelerators worldwide. By embracing these principles, we can create a more equitable and supportive entrepreneurial ecosystem, unlocking the vast potential of women-led businesses and driving economic growth for all.

Want to learn more?

We invite you to read the full research report for deeper insights. Additionally, here are three helpful resources recently published by leading organizations in this field:

• Gender-lens Incubation and Acceleration Toolkit 2.0 (Sasakawa Peace Foundation, YGAP)
• Smarter Systems (Village Capital)
• What We Learned about Women-led Ventures & Acceleration: Examining Evidence from Four New Studies (ANDE, IDRC)