One path does not fit all: a career path approach to the study of professional women entrepreneurs

We establish a career path framework to study professional women entrepreneurs. In our framework, we differentiate women by level of engagement (focused, side, never) and career patterns (continuous, interrupted) involving self-employment during their careers. We assert that these career paths will shape identities that will be differentially associated with gendered evaluations of success across women. Leveraging career data on over 800 women graduates from a U.S. business school over 60 years, we present evidence consistent with our thesis, demonstrating the importance of starting from a baseline that allows for women’s variances rather than a singular expectation of “lesser” women entrepreneurs

Evidence that investors penalize female founders for lack of industry fit

Are female founding CEOs penalized when raising funds for their ventures based on industry served? Across an observational study conducted on ventures seeking funding (N = 392) and an experimental study conducted on investors allocating venture funding (N = 130), we find evidence for a "lack of fit" effect: Female-led ventures catering to male-dominated industries receive significantly less funding at significantly lower valuations than female-led ventures catering to female-dominated industries. In contrast, male-led ventures attain similar funding and valuation outcomes regardless of the gender dominance of the industries to which they cater. We confirm that this is because investors perceive lower degrees of fit between founding CEO and venture for female-led ventures catering to male- A s opposed to female-dominated industries (with no perceived fit differences for male-led ventures across industries). Degree of investor sophistication emerges as a potential attenuating factor, appearing to help reduce gender bias from perceived lack of fit