Did You Know : We are Proudly Women-led

This is post is part of iluk’s Grow With Us series, where we unveil a little bit more about who we are as a company, the founders behind the scenes, what we are building, our values, and what we stand for. iluk is proudly women-led and we wouldn’t have it any other way.

We at iluk are entering an exciting new stage in the company’s growth (stay tuned as we will talk more about this in a later post!) As we prepare for this next chapter, we will be going over some fun facts about the company and the folks behind the scenes hustling to make some entrepreneurial magic happen.

iluk is Proudly Women-Led

iluk is female-founded and women-led. When we started building iluk, we didn’t find anything extraordinary about this. We were just two women with an idea and a big vision.

However, we since realize that even in 2021, women-led tech companies are a rare sight. There is still huge inequity when it comes to VC fundraising for women-led start-ups.

According to the Harvard Business Review, women-led startups received just 2.3% of VC funding in 2020! For women of colour, the stats are far more dismal at just 0.64%.

Crunchbase goes into this data in further detail. Despite a record VC funding surge in the US, American startups founded solely by female founders raised only $3.2 billion in 2020. This is down a billion dollars from $4.2 billion in 2019.

The COVID-19 Pandemic could be part of the reason. 66% of women reported having more responsibilities at home and many had to exit the workforce altogether. But this isn’t the full story.

Women in the tech industry face inequity and numerous hurdles:

Changing the Game by Fostering a Culture of Inclusivity

While these statistics can sometimes feel deflating, we will not be deterred. As women and as entrepreneurs, we want to foster an inclusive company culture where female leadership and innovation can thrive. A company that supports women of colour and marginalized voices. Development, respect, creativity, leadership, communication and autonomy are just a few of our driving forces at iluk.

We look to other inspiring female leaders who are blazing trails of their own- like Bumble founder Whitney Wolfe, or CEO Thasunda Brown Duckett– and we are optimistic.

CEO Whitney Wolfe made Bumble a billion dollar brand. At 31, she is also the youngest women to ever take a U.S company public

The facts speak for themselves

According to BCG, despite this disparity in VC funding, startups founded by women actually performed better over time, These startups generated 10% more in cumulative revenue over a five-year period. And for every dollar of funding, these startups generated 78 cents, while male-founded startups generated just 31 cents!

And while we’re dropping facts on facts:

– Companies with more female executives in decision-making positions continue to generate stronger market returns and superior profits (Crédit Suisse research)
– More than 50% of Americans say they’d prefer to work at a female-led company over a male-led company. They’re more purpose-driven, more likely to have access to childcare, and are more likely to offer equal pay (The Harris Poll)
– Five of the areas in which women-led companies are clearly thriving relative to male-led companies: strategy, mission, belief, communication and autonomy (Peakon)

While we know we have our work cut out for us, our vision is clear and our determination is steadfast. Most importantly, we know who we are and what we stand for. iluk is proudly women-led and we wouldn’t have it any other way!

iluk co-founders Karine and Stacey

Be the first to reply

Leave a Reply

Your email address will not be published. Required fields are marked *