Women's fault? Investigating the demand behaviour of founders and their access to venture capital

Previous research has shown that venture capital is often not distributed equally among people of different genders. In addition to the supply side, however, the demand behaviour of founders must also be questioned. This study was conducted to investigate gender-specific demand behaviour related to venture capital distribution in the start-up seed phase and to examine the success rate of venture capital requests. The research is based on a quantitative survey of founders in Germany. Our results suggest that female founders approach even more venture capitalists than their male counterparts. It could not be proven that the success rate of venture capital requests depends on gender. Rather, entrepreneurial experience and the contact channel are decisive factors. The study results reveal positive developments in the women's venture capital demand behaviour. These results can be used as a basis for further political and economic measures to improve the ecosystem for female entrepreneurs.