ACV Capital, BCG, and Stellar Women unveil whitepaper revealing key barriers and opportunities for women entrepreneurs
Published on December 23, 2024
Boston Consulting Group (BCG) and Stellar Women unveiled a women-focused whitepaper, “Closing the Funding Gap for Women Entrepreneurs in Indonesia,” at a groundbreaking event powered by ACV Capital (formerly AC Ventures). Held at ACV Capital’s headquarters in Jakarta, the event brought together prominent female founders and investors to spotlight the challenges and opportunities for women entrepreneurs in Indonesia.
This report marks the second edition of the collaboration between BCG and Stellar Women. While the inaugural edition focused on foundational insights and strategies to support and empower women entrepreneurs, this latest edition delves deeper into the persistent funding gaps that continue to impede their progress. With a spotlight on Indonesia’s glaring US$1.7 trillion funding gap[1], the report explores systemic barriers such as limited access to capital, persistent societal biases, and lack of mentorship. Despite these challenges, women-led businesses have proven their ability to deliver superior returns and drive economic growth.
Samira Shihab, Principal at ACV Capital and Founder of Stellar Women, emphasized, “Empowering women is not just a mission. It is imperative for a brighter, more equitable future. At ACV Capital, we are proud to support initiatives like this one that drive systemic change. Our commitment to empowering women entrepreneurs is central to our investment approach, and this whitepaper aligns perfectly with our mission to foster gender-inclusive growth in Indonesia’s entrepreneurial ecosystem.”
ACV Capital has seen firsthand the benefits of investing in gender-inclusive businesses. The firm’s approach, as highlighted in its 2024 Impact Report, has helped elevate women-led businesses, with 40% of its portfolio companies co-founded by women. ACV Capital has also prioritized gender diversity within its own ranks, with half of its senior leadership positions held by women. This not only contributes to the firm’s long-term success but also reinforces the idea that gender diversity is a key driver of economic and social progress. In fact, 40% of jobs within its portfolio are led by women, reflecting the firm’s commitment to fostering sustainable growth through gender-inclusive entrepreneurship.
Following the presentation of this impactful data, a dynamic panel discussion took place, bringing together key figures to explore these insights and their implications for the future of women entrepreneurs in Indonesia. The discussion also featured Lenita Tobing, Managing Director & Partner at BCG; Sreejita Deb, Co-Founder and CEO of Raena Beauty; Marcella Moniaga, Co-Founder and CFO of Astro; and Debora Gondokusumo, Co-Founder of Stellar Women and CEO of Herbiology.
Lenita shared, “At BCG, we are deeply committed to breaking down barriers and empowering women to unlock their full potential. This second edition of our collaboration with Stellar Women goes deeper into understanding the funding gaps that hinder progress. Through our research, we’ve identified actionable insights and solutions for stakeholders. Women-led businesses hold extraordinary potential to drive economic growth, and building a sustainable, inclusive ecosystem for these businesses will benefit society at large.”
Drawing from compelling global data that underscores the transformative potential of investing in women entrepreneurs, this study highlights how empowering women entrepreneurs could contribute up to 26% to the global annual GDP and contribute US$160 trillion to human capital wealth. Global data also shows that women-led businesses are 15% more likely to perform better, and the estimated additional global market capitalization could reach US$5.9 trillion[2].
The survey conducted for the whitepaper revealed five key challenges that women entrepreneurs face in accessing funding, including limited networking opportunities, difficulties in crafting investor-aligned pitch decks, and a lack of tailored information on financing options. These challenges are further exacerbated by gender bias and mismatches between women-led business models and investor criteria.
To address these gaps, our analysis identifies three key pillars for progress: governments and organizations should provide mentorship and knowledge platforms tailored to female entrepreneurs, women entrepreneurs must actively engage in self-development to navigate funding and business challenges, and they should proactively seek funding options aligned with their business models.
“Gender diversity isn’t just a value. It’s a catalyst for economic and social progress,” said Samira Shihab. “Through events like this and partnerships with BCG, Stellar Women, and ACV Capital, we are working to bridge systemic gaps and unlock the immense potential of women entrepreneurs.”
The whitepaper and event serve as a call to action for governments, investors, and businesses to work together in creating a more inclusive ecosystem where women entrepreneurs can thrive. With actionable recommendations and deep insights into the challenges women face, the report offers a blueprint for overcoming the funding gap and ensuring that women-led businesses can continue to drive economic growth and innovation.
[1] https://www.weforum.org/agenda/2023/10/women-entrepreneurs-finance-banking/
[2] https://www.eib.org/attachments/thematic/why_are_women_entrepreneurs_missing_out_on_funding_summary_en.pdf
