The landscape of entrepreneurship and leadership within the BioAg industry is evolving with increasing recognition of the contributions and potential of women leaders. The success stories of women in BioAg, such as those of female co-founders and senior executives transforming industries with innovative solutions and leadership, spotlight the untapped potential within this industry. Despite their contributions, women continue to face systemic barriers that hinder their full participation and recognition. Nonetheless, women are making significant strides, driven by values, resilience, and a commitment to innovation.

The session “Leadership Challenges and Opportunities” at the 2024 BioAgTech World Congress focused on “Women Leaders and Entrepreneurs: Still a Long Way to Go; Leaders’ Own Journeys, Updates, and Guidance from Different Perspectives.” The panel was constituted of women leaders in the BioAgTech industry: Pam Marrone, Co-founder, and Executive Chairperson of Invasive Species Corporation; Magalie Guilhabert, Vice President and Head of the Agriculture Department at Ginkgo Bioworks; Sarah McHatton, Vice President of Global R&D and Regulatory Affairs at Valent BioSciences; and Poornima Parameswaran, CEO and Co-Founder of Trace Genomics. The session was co-chaired by Amy O’Shea, CEO at Invaio Sciences and CEO Partner at Flagship Pioneering, and Roger Tripathi, CEO and Founder of Global BioAg Linkages (GBL).

The panelists shared their journeys of challenges and triumphs, emphasizing resilience, adaptability, and a sense of purpose as key recurring themes among women leaders in BioAg. Their lived experiences show how overcoming personal and professional obstacles can fuel innovation and leadership.

This white paper encapsulates the insights and advice shared during the discussion, providing an overview of the current state, challenges, and strategies for promoting gender equity in BioAg. By examining media portrayals, financial disparities, and the impact of diversity, we aim to provide actionable recommendations for an inclusive and equitable environment.

Key Themes and Insights

Media Portrayal and Gender Bias

The media plays an essential role in shaping perceptions of entrepreneurship. Often, the media aligns entrepreneurship with masculinity, portraying women’s entrepreneurship as deviant, less common, and less successful. When women are successful, they often face backlash. This skewed representation perpetuates stereotypes and discourages potential female entrepreneurs. Globally, only one in three businesses is owned by women, and in 2019, the share of startups with at least one female founding member was a mere 20%.

Financial Disparities and Opportunities

Financial bias is a major barrier for women in entrepreneurship. Women in high-income countries experience less gender discrimination in financing compared to those in countries with conservative political ideologies. Despite these challenges, women co-founders raise about 20% of venture capital and generate 78% more revenue per invested capital than men, with firms having at least one female co-founder performing better in terms of revenue per invested capital.

VC firms with at least 10% female investing partners have 1.5% better fund returns and 9.7% more profitable exits.When a woman is on the investing team, a female entrepreneur is 70% more likely to be funded than if no women are on the team. Evaluating gender equity in funding policies and normalizing women’s empowerment are necessary steps toward an inclusive BioAg industry.

The Impact of Diversity on Decision-Making

Diversity in leadership and decision-making processes enhances innovation, organizational outcomes, and reduces risks associated with groupthink. Homogeneous groups tend to seek consensus, leading to poorer decisions and less innovation. Pam Marrone quoted, “As Emma Wheeler from UBS Women’s Wealth Management pointed out, if female entrepreneurs were invested in equally to their male counterparts, the global GDP could increase by $5.5 trillion.”

Practical Advice for Aspiring Women Leaders

By integrating the following insights and practical advice, we can make the BioAg industry more inclusive and innovative, where women leaders thrive and contribute significantly to global progress.

Anchor Yourself in Your Values

Confidence in leadership stems from a strong sense of personal values and integrity.

• Embrace authenticity early in your career.
• Remain true to your principles, even in the face of adversity.
• Do not compromise your integrity to fit into expected norms.

Create a Supportive Network

Build a support network of mentors, peers, and allies who provide encouragement and guidance for personal and professional growth.

• Engage with diverse perspectives; essential in navigating the complexities of leadership.
• Ensure your voice is heard in meetings and discussions.

Suppress Impostor Syndrome

Women leaders often struggle with feelings of inadequacy despite their accomplishments.

• Embrace your capabilities.
• Recognize and celebrate your achievements.
• Seek feedback and guidance from trusted mentors.

Step Forward and Take Risks

• Embrace opportunities and be willing to fail.
• Taking calculated risks is essential for growth and innovation.
• Learn from setbacks and use them as stepping stones.

Integrate Work and Life

The concept of work-life balance is often unrealistic.

• Integrate work and family life in a way that harmonizes professional and personal responsibilities.
• Prioritize self-care and unplug during vacations to recharge.

Normalize Women’s Empowerment

• Advocate consistently for gender equity in funding policies and organizational practices.
• Remain vigilant in addressing gender biases.
• Promote and normalize women’s empowerment to create a more inclusive and supportive ecosystem.

The “Leadership Challenges and Opportunities” session at the BioAgTech World Congress offered valuable insights into the journeys and experiences of leading women in the BioAg industry, marked by both challenges and triumphs. The discussion highlighted the need for continued vigilance, advocacy, and support for women’s empowerment in BioAg. Addressing media biases, financial disparities, and the lack of diversity in leadership can create a more inclusive and innovative environment. By integrating the insights and practical advice captured in this white paper, we can make a more inclusive and innovative BioAg industry, where women leaders thrive and contribute significantly to global progress.

References

1. Global Entrepreneurship Monitor. (2023). 2022/2023 Women’s Entrepreneurship: Challenging Bias and Stereotypes.
2. Global Entrepreneurship Monitor. (2019). Statistics on Women-Owned Startups.
3. The Boston Consulting Group. (2018). Why Women-Owned Startups Are a Better Bet.
4. Radjy, T. (2024). Gender lens investing cuts risk and boosts returns. Retrieved from IMD.org: https://www.imd.org/ibyimd/finance/gender-lens-investing-cuts-risk-and-boosts-returns/.
5. PitchBook & All Raise. (2021). US Venture Capital Female Founders Dashboard.
6. Boston Consulting Group. (2019). Want to Boost the Global Economy by $5 Trillion? Support Women as Entrepreneurs.