Are we creating girl leaders?

This post is written by María Sofía Muratore, Master in International Development and Cooperation at Comillas University.

The problem: Only 35% of students enrolled in STEM-related careers in higher education are women.

Why it matters: In the near future it is estimated that 70% of jobs will require STEM skills.

The solution: It is important to create an educational system that promotes the STEM development of women and their digital vision.

According to the Harvard Business Review, female-led startups receive just 2.3% of venture capital funding. At the same time, they are considered to be more afraid of failure than men. For this reason, it is crucial to analyse the current context to be able to take measures that have a positive impact on the younger generations, specifically on women.

In the near future it is estimated that 70% of jobs will require STEM skills.

Thus, it is necessary to highlight that just as there is no investment in women's businesses, the importance of encouraging the STEM (science, technology, engineering, and mathematics) development of girls and adolescents is not evaluated. According to UNESCO in its report: "Cracking the code: girls' and women's education in science, technology, engineering and mathematics (STEM)" (2019), only 35% of students enrolled in STEM-related careers in higher education are women. In fact, it stands out that only 30% decide to be linked to scientific research topics, and 3% train in the field of information and communication technologies (ICT). On the other hand, according to "The Women in Business" by Grant Thornton (2021), the number of women in IT management positions is less than 25%.

The figures are not encouraging but it is important to analyse them since in the near future it is estimated that 70% of jobs will require STEM skills. So, how do we seek to reverse this situation? Are we educating girls who will lead the future?

Education cannot be as it was dictated before. Today, it is required to incorporate certain knowledge if what is sought is to promote quality and equality. In order to do this it is essential to train girls with tools that empower them and let them choose tomorrow. Personal finance, STEM skills, and entrepreneurship must be absolutely necessary for the programmes. In addition to this, the digital mind should be created from an early age. What does this mean? Girls must learn to think about every problem and solution through a digital, innovative lens.

In the second instance, women who are referents are needed. It is essential to promote companies run by women, or whose board is majority led by females, with the aim of empowering the sector and at the same time promulgating by example possibilities of action for future leaders.

How to encourage impact investments with a gender perspective?

Incentives must be created for those companies or investment groups that bet on these initiatives. This being the case, the possibility of establishing monetary policies in favour of companies run by women or whose purpose is to create or provide a product in pursuit of equity and gender equality stands out.

In addition, meeting spaces and exchanges of good practices must be established where the different actors: public, private (emphasising the financial sector and the entrepreneurial sector), the third sector, international entities, and academia can discuss and debate needs and possible action mechanisms. Among the possibilities, those that establish alliances, forums, networks, and tools or initiatives for training in the matter stand out.

At the same time, it is important to refer to awareness and communication to teach the impact of this type of investment, and create new financial products to promote a change in the economic system in pursuit of inclusion.

Violet bonds for inclusion

Depending on the need to establish impact investments, the importance of promoting gender bonds that specifically refer to development and the generation of wealth as a result of STEM entrepreneurship can be enshrined. With these improvements in place the transforming role of women would be strengthened along with their ability to break the ‘glass ceiling’.

Following this line of thought, the public sector as well as international entities, should establish spaces to promote alliances with the financial sector (investors, microfinance institutions, multilateral and development banks, commercial banks, and asset and fund managers).

How should the Gender Agenda be today to achieve change?

• Creation of strategic alliances to invest in education and STEM development of women.
• Promoting STEM education and skills for girls, as well as young professionals.
• Reduction of digital gaps: improvement of connectivity and access to smart devices.
• Strengthening and activation of digital entrepreneurship in women.
• Recognition, reduction, and redistribution of domestic work in the home: promote equality in the home so that women can work just like men.
• Communication of the role of women in leadership positions.
• Understanding of the role of women in the face of climate change: women have a crucial role in mitigating environmental impact, especially those who work in the field of science. It is essential to train them to achieve more sustainable development.

To sum-up, it is valuable to create alliances and action plans to achieve a greater incentive for women in the STEM world. Digitisation is the present and the future. Hence, if we want to achieve greater equity and inclusion, we must now work on systemic changes.

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