•  Journal: Small Business International Review
  • eISSN: 2531-0046
  • Section: Research Articles

Breaking Gender Gaps in Startup Capital: A Systematic Review

Available online 8 October 2026, Version of Record 8 October 2026

https://doi.org/10.26784/mjhx1a62
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Abstract

Female-led startups face persistent structural barriers in accessing capital, particularly at early stages. This study examines how founder gender shapes startup financing through a systematic literature review. Following the PRISMA framework, 141 records retrieved from Scopus and Web of Science were screened, yielding 38 studies for synthesis. Most studies report a financing gap, concentrated in early-stage venture capital, while non-dilutive instruments remain largely unexplored. Evidence of supply-side bias is inconclusive, possibly because studies of formal investment decisions and informal investor interactions capture different phenomena. Demand-side factors, such as growth orientation and risk tolerance, emerge more consistently as determinants of funding outcomes, and both explanations appear complementary rather than competing. Education, networking and awareness initiatives are the most frequently proposed levers, although their effectiveness is rarely tested empirically. Finally, the lack of a consistent definition of female-led startup limits comparability across studies, so greater conceptual clarity is needed to inform future research and targeted policy.
Keywords: Startups; Entrepreneurship; Gender; Financing Gap; Venture Capital

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  • Submitted: 2026-10-12
    Accepted: 2026-10-12
    Published: 2026-10-08
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