Throughout this series, as we’ve explored the gender funding gap in the startup ecosystem, we’ve asked venture capital investors and other market players to look inwards; to analyse their own roles in the pervasive statistics we continue to see.

As a journalist and writer-for-hire in this space — one who writes extensively on women in tech — it seemed only fair that I take some time for introspection, too.

Because as much as the media shines a light on the truth, it also plays a role in shaping the narrative. What appears in the headlines is what is discussed around water coolers, over coffees, and (often with more vitriol) on LinkedIn threads.

It matters which stories journalists cover. And it matters how we cover them.

By changing the way we report on women’s funding, can we change the way those conversations unfold? Can we spark chats that contribute to changing cultures, changing minds and ultimately changing the very statistics we’re talking about?

Again, we can draw parallels with women’s sport. During the 2023 Women’s World Cup, Australia’s monumental support for the Matildas was driven and fuelled, at least in part, by the ongoing media coverage of the competition.

And the record viewership of that pivotal, edge-of-your-seat penalty shoot-out was made possible simply because it was accessible, via free-to-air and streamed coverage, in a prime-time slot.

This article from ABC News explores the differences in coverage of AFL vs AFLW, noting the sheer volume of analysis programs, radio stations and TV hours dedicated to the men’s sport, compared to the women’s. Coverage of AFL games starts one hour before the bounce, the article explains. Coverage for AFLW starts just five minutes before.

“Whether intentional or not, these differences send a message to consumers about the relative importance of either product, coding women's sport as 'lesser',” the article reads.

In business and startups, the context is different, but the challenges are largely the same — as are the broader societal structures that underpin them.

When we fail to report on women in tech, or when our reporting skews differently, we are also sending a message that women founders are different to their male counterparts; less worthy, less deserving of the spotlight, or less serious, somehow. That message is pervasive and damaging.

‍

A positive spin

Since Cut Through Venture started reporting on funding for women-led startups in 2020, we’ve seen those statistics covered frequently throughout local tech media – and rightly so.

Something that continually comes up, however, is how to frame the conversation in a way that doesn’t discourage women from seeking venture capital at all.

It’s important to bring this data to light and to keep it front of mind. But there’s an argument that the more we talk about how hard things are for women and other under-represented founders, the more likely they are to turn away from the whole thing. Honestly, who can blame them?

But if publicising the stats means fewer women seek venture capital, then the problem is only perpetuated.

Bronwen Clune is VC and Startup Correspondent at Capital Brief. She’s worked across the startup ecosystem in Australia for the past 15 years, in the media and as a founder herself, and she’s a fierce advocate for women in tech.

Needless to say, this is something she thinks about a lot.

“One of my hesitations about reporting the stats over and over again is that we almost build the narrative that there are no women in the industry,” she says.

“So if I write about it, I want there to be real evidence to counter that message, else it just becomes self-perpetuating.”

Bronwen covered Cut Through Venture’s Q3 2024 report, which found, yet again, that only 4% of capital invested that quarter went to women-only founded startups. In the story, however, she made a point of giving those in the sector strong visibility, leading with this quote from Heatseeker co-founder Kate O’Keefe:

“All I can do is make sure my startup makes a life-changing amount of money for everyone who backed us.”

The article goes on to explore potential solutions, while bringing in voices from high-profile women investors.

“It’s a complex issue,” Bronwen says.

“But I wanted the overarching message to be that there are very competent women, who are very driven, working in this space.”

The influence of this reporting isn’t limited to founders, she adds. The narrative that women can’t access funding, particularly at later stages, also rings in the ears of investors.

Concerns about future challenges in raising might bring additional bias into investment decisions early on, Bronwen warns.

“Repeating these things ad nauseum almost makes it a fundamental truth that women don’t get funding. We’re writing the future by perpetuating the past.

“I will write about the issue, but in ways where I feel I can push it forward and start a discussion, not just replay all the negative stuff. I don’t want to reinforce all the tropes already out there.”

According to Noga Edelstein, a seasoned investor and advisor, who mentors several accelerator programs, Bronwen has a good point. Noga has seen this reality playing out, first-hand.

"There's a growing sense of despair among many of the women founders I mentor,” Noga says.

“They know the stats, and many are questioning whether it's worth their time trying to raise from VCs.”

‍

What do we celebrate?

It’s a common criticism that journalists are quick to cover stories of $100 million-plus raises and new Australian unicorns, while forgoing stories of other successes.

Perhaps that’s founded. But for journalists, the first obligation is to truth and accuracy. The second is to public interest, and the audience.

Journalists analyse reader behaviour and write more of what’s valuable to them: what they want to read, and what they have a right or a need to know — all while remaining truthful and fair.

For better or worse, a big-bucks raise is usually a crowdpleaser (and let’s not forget, media companies are businesses too. Those stories mean clicks, which mean ad revenue).

So of course, because those raises more often involve male founders, it’s more often men making the front page.

"The problem here is that we create a vicious cycle," says Noga.

"Investors are known to thrive on FOMO. So when women-led businesses receive less media attention, it impacts their ability to gain recognition, attract customers, and then secure funding."

Jen Dobbie is Creative Director for Australia, and Global Head of Content Strategy and Social at Hotwire, a tech-focused PR, communications, and marketing agency.

She also created and hosts Flip the Focus, a podcast interviewing women founders, funders and leaders in tech, which ran its first live panel event in October last year.

When asked why it’s so important for her to see women’s stories in the media, she says: “The question for me is why on earth would you not want to?”

A success story, for Jen, isn’t as simple as dollars in the bank.

“What I’m really interested in is sustainability. If you’ve started a business and you make enough money to live the way you would if you were working for someone else, is that not success too?

“If you’ve created something extraordinary from nothing, why isn’t that celebrated?

“We don’t even talk about it. You’re either Melanie Perkins or you don’t exist.”

Success, Jen says, is about creating change; living flexibly and independently; being a force for good. Sharing stories beyond capital raises opens the door to more people, more perspectives and more nuanced storytelling.

This is also front-of-mind for Bronwen and the Capital Brief team. However, Bronwen says there is a reason VC stories generate so much buzz — and a reason they’re in the public interest.

“VC funding is a strong signal to the market, among all the noise. It’s a point of validation within a startup’s journey,” she says.

“When you’re talking about VC, you’re also talking about LPs and large institutional investors. It’s not just one person handing over a cheque. It’s one person handing over a cheque on behalf of a super fund, on behalf of the Australian public.

“It’s money with consequence. That’s not there with other types of funding.”

‍

Sourcing stories worth telling

The real question for journalists is this: to what extent is it our responsibility to tell the stories that might make a difference; and to what extent must we simply narrate, with utmost objectivity.

Arguably, there’s power in the act of simply choosing what we publish. Every publication has limited space, after all. We choose what fills the front pages.

Can we tell it like it is, while also influencing change?

Bronwen believes so. But it requires a little work to unearth the stories worth telling, and worth reading. Indeed, finding those gems — those untold stories others just aren’t looking at — is what great journalism is all about.

Bronwen welcomes pitches from women-led startups, she says, but not if that’s the entire hook. The way she sees it, any woman who has got anywhere in tech has done so by proving themselves many times over. Their gender will likely be the least interesting thing about them.

“I won’t cover your company just because you’re a woman,” she says.

“That fundamentally undervalues women, and it’s not a standard that’s going to change things. Pitch me on your credit, because you probably have credibility.”

In analysis pieces, too, the onus is on journalists to source quotes and opinions from a diverse range of commentators — including for stories that are not about gender and diversity.

This is a simple way to bring more voices into the discussion, and influence perceptions of the space.

For some, it might require additional networking; an effort to make new connections rather than falling back on a rolodex of the same old ‘reliable’ commentators. But again, that’s just good journalism.

“For commentary, I go to the many competent women in the space, not just the men who we consider to be the ‘OGs’ of the ecosystem,” Bronwen says.

“If you can’t find any women experts, you are the problem.”

While Jen does not work directly in Hotwire’s PR practice, it’s her teams pitching potential stories to people like Bronwen, so it’s also their responsibility to not only provide a variety of spokespeople, but diverse stories, too.

Every client story is viewed through this lens, she says.

“We have to make sure we’re setting clients up for success.”

Again, this isn’t only about doing what’s right, it’s about presenting the stories that will resonate both with journalists and the public. It’s about PR firms doing their jobs well.

“Media in Australia are hungry. They will publish amazing stories that connect with people,” Jen says.

“When we question how the media can change, we also should remember what’s incumbent on us, as comms professionals. How are we reaching out and pitching these stories?”

‍

Creating nuanced conversations

As important as it is to amplify women’s voices, it’s equally important to be mindful in the ways we go about it. All this talk can mean additional (mostly unpaid) labour and mental load for women in business that just doesn’t apply to men.

As someone who interviews women a lot, for all sorts of projects, this is something I dwell upon often, and deeply.

I strongly believe in the power of sharing women’s stories. But that requires those women to give up their time and energy to share with me. The same goes for speaking opportunities, commentary in the news and even a perceived obligation to weigh in on online debate.

Some women are more comfortable than others talking about the challenges they’ve faced.

Some are frustrated that they’re only ever asked about those challenges, and never about the thing they’re actually experts in.

There’s nuance here. It’s not that we shouldn’t be having these conversations, it’s that women’s voices should be included in all other conversations, too.

When we only talk to women about ‘women stuff’, or when stories about women-led startups lead with that fact, we again risk perpetuating the gender divide.

As Bronwen puts it: “We’ve almost created this little silo about women-led startups, which continues to spread the message that we’re a subset of a broader ecosystem.”

The key is in finding the balance — celebrating women when they deserve to be celebrated, without trying to find news where there isn’t any. We can’t create equity for women by lowering the bar. And we don’t need to.

For Jen, however, when so few women secure funding, it is especially notable when they do.

“It’s frustrating that we need to frame it like that, and I wish we didn’t. But we do. If we have women in tech, let’s talk positively about it so that coverage is widely received.”