Investing in women's sports
Welcome to the twenty-fourth edition of Unstoppable Female Founders!
#Unstoppable Female Founder Spotlight
You can sum up this week’s Unstoppable Female Founder with two words, total badass! Susie Wolff is a former race car driver, Managing Director of the F1 Academy, Founder of Dare to be Different, has a HOST of racing accolades to her name, not to mention is also a wife and mother. To say Susie Wolff is accomplished is likely an understatement.
‘It wasn't just a male dominated world, it was my world! And I didnt allow anyone to tell me that I didn't have a place. It doesn't matter if I'm a boy or a girl, all that matters is performance and performance is power.’
Susie Wolff was born in Scotland, growing up literally on the race track, so it's no surprise she went on to become a professional driver and one of only a handful of women to ever have driven in Formula One.
She began her racing career in karting, competing against the likes of Lewis Hamilton himself, to which he recounts in a documentary that Susie gave him a run for his money. Susie gradually moved up the racing ranks, competing in various racing series such as Formula 3, Formula Renault and DTM (Deutsche Tourenwagen Masters) where she spent 7 years perfecting her craft.
In 2012, she joined the Williams Formula One team as a development driver and soon advanced into the role of test driver. The same year at the British Grand Prix at Silverstone, Susie became the first woman to participate in a Formula One weekend since 1992. When Susie drove in the British Grand Prix last spring, Claire Williams, deputy team principal at Williams Martini, said she had a tear in her eye when the car pulled out of the garage and everyone stood up, clapping and holding Susie Wolff flags.
On 4 November 2015, Wolff announced on the BBC that she was retiring from Formula One, stating that she felt that she had gone as far as she could go, but expressed intentions to help other women in motorsport. Soon after, she began her career on the management side of Motorsport, joining Venturi Racing in Formula E as Team Principal and eventually being promoted to the role of CEO. While at Venturi, she became the first female team principal to stand on the podium at a world championship motor race with Venturi driver Edo Mortara finishing second in the drivers' championships.
On 1 March 2023, Susie was then appointed Managing Director of the newly launched all-female racing series, F1 Academy. The racing series for women aimed to focus on developing and preparing young drivers to progress to higher levels of competition, pushing to help diversify the world of Motorsport.
“We want to create a platform for women to thrive inside and outside of the car. We want to break down barriers and prejudices. Now more than ever we need to ensure that F1 Academy reminds us to stand by our values and make our sport an inclusive place to work.” - Susie Wollf
Throughout her career, Susie has been an advocate for diversity and gender equality in motorsport. In 2016, she founded the "Dare To Be Different" initiative, which aims to increase the participation of women in motorsport across all aspects, from driving to engineering and management roles. It also aims to change the views of women in perceived male-dominated industries, not just in Motorsport.
“When I started out karting as a little girl, I didn’t have many female role models to look up to or relate to, and as I progressed with my professional racing career, I didn’t have a female mentor to guide me and advise me and I missed this. I set up Dare to be Different to change this for future female talent in motor sport. From grassroots to the top of the sport, I don’t want any girl or woman feeling like she’s in it alone or not aware of the opportunities available to her. We are lucky enough to have an incredible group of ambassadors from so many different aspects of the sport - not just drivers but engineers, designers, journalists and presenters - all ready to support, advise and inspire the current and future generation of female talent.”
From a personal side of things, Susie is mom to a nearly 7 year old son Jack and the wife of Formula One celebrity, Toto Wolff. You might recognize him from Netflix’s series, Formula 1:Drive to Survive as Toto is the Team Principal and CEO of Mercedes -AMG Petronas Formula 1 team. The two have been referred to as the ultimate power couple, both having extensive and celebrated careers within the Motorsport world, although Toto does give credit where credit is due, admitting his wife is a much better race car driver, just look at her career versus his!
I’ve followed Susie’s journey for many years now and I am constantly in awe of her ambition fuelled focus, drive and determination. What I truly love about Susie Wolff, she’s not here to be the best woman in motorsports, she’s here to be THE best!
If you’d like to learn more about Susie Wolff and her tireless perseverance, I’d recommend watching the documentary her brothers produced surrounding her transition from DTM to Formula 1. DRIVEN: The World’s Fastest Woman by David Stoddart
The Rant
The rise of investment in women in sports
"When you look back on the legacy of underinvestment in women's sports... it will be a legacy of gross business incompetence." - Alexis Ohanian
In recent years, there has been a notable surge in investment in women's sports across various facets, marking a pivotal shift in the landscape of athletics. This significant uptick can be attributed to several key factors, including increased recognition of the value and potential of women's sports, evolving societal attitudes towards gender equality and strategic business opportunities for investors. As a result, we are witnessing unprecedented growth and transformation within the industry, with far-reaching implications for athletes, fans, and society as a whole.
In fact, women’s sports are seeing record breaking numbers for both in-person attendance as well as TV and online viewership. In fact just this past Monday, the matchup between Iowa and LSU in the NCAA Women’s March Madness Championship was the MOST watched college basketball game ever across ESPN platforms hitting 12.3M viewers. For context, the 2023 NBA finals saw a comparable 11.64 Million views.
One of the primary drivers behind the increased investment in women's sports is the growing acknowledgment of its immense value and untapped potential. Historically, women's sports have often been marginalized and underfunded compared to their male counterparts. However, as awareness of gender inequality in sports has heightened, there has been a concerted effort to address these disparities and provide greater support for female athletes. It also gives way to the rise of some of these women becoming household names and celebrities within their own right. These names include Serena Williams, Caitlin Clark, Megan Rapinoe, Marta and others which then become beautiful role models for younger generations of girls.
This has led to increased investment in women's sports teams, leagues, infrastructure, and marketing initiatives, aimed at elevating the profile and visibility of female athletes on a global scale. Moreover, investing in women's sports presents a myriad of benefits, both from a social and economic perspective. On a societal level, promoting gender equity in sports not only empowers female athletes but also challenges traditional stereotypes and promotes inclusivity. By providing equal opportunities and resources for women in sports, we foster a more diverse and equitable sports culture that reflects the values of fairness and respect.
For example, in 2016 the US Women’s National Soccer Team took legal action against the United States Soccer Federation citing unequal treatment and pay as compared to the men's team. In Dec. of 2022, the US House of Representatives passed the equal pay bill for female athletes titled, The Equal Pay for Team USA Act. This bill will require all athletes representing the United States in global competition to receive equal pay and benefits in their sport, regardless of gender.
From an economic standpoint, investing in women's sports represents a lucrative business opportunity with immense growth potential. As the popularity of women's sports continues to rise, so too does the market value of associated ventures, including media rights, sponsorships, merchandise sales and ticket revenues. Brands and investors are increasingly recognizing the financial viability of women's sports and are eager to capitalize on this burgeoning market.
In a report published last year, Deloitte predicts that women’s elite sports will generate global revenues of US$1.28 billion in 2024. This is made up of commercial revenue of $696 million or 55%, broadcasting revenue of $340 million or 27% per cent and matchday revenue of $240 million or 18%.
“This surge in fan and investor engagement is leading to new and improved opportunities for clubs and leagues, including greater commercial partnerships, increased participation and bigger matchdays. In order to ensure this growth remains consistent and sustainable, sports organizations must ensure that investment is directed to the right places such as encouraging fan loyalty, player welfare and maintaining competition across leagues.”
Jennifer Haskel, insights lead for Deloitte’s Sports Business Group
Crucially, investing in women's sports not only benefits current athletes but also serves as a powerful catalyst for inspiring future generations of female athletes. When young girls see female athletes achieving success and recognition on the world stage, they are more likely to be inspired to pursue their own athletic dreams. Increased investment in women's sports means greater opportunities for aspiring female athletes to develop their skills, receive proper training and mentorship, and ultimately, fulfill their potential in their chosen sport.
Looking ahead, the future of women's sports appears bright and promising. As investment continues to pour into the sector, we can expect to see further advancements in infrastructure, media coverage, and athlete development. This, in turn, will help foster a more inclusive and equitable sporting landscape, where female athletes are celebrated and revered on par with their male counterparts. Ultimately, investing in women's sports isn't just about financial returns—it's about investing in the empowerment of women, the promotion of gender equality, and the cultivation of a more inclusive and diverse sporting culture for generations to come.
Viewership & Attendances Broken for women’s sports:
Women’s Volleyball - University of Nebraska sees 92,000 in attendance
Women’s World Cup: Australia and Englad see a record 11.4Million viewers
Women’s Rugby: England's Women’s Six Rugby tournament sees 10.4M viewers
Women’s Football: Women’s Euros saw over 365M viewers tune in globally
Women’s Football: Barcelona Femeni sees record breaking attendance, 91,648
Hype Corner
The amazing female founders who have raised capital for their teams over the past week. HUGE CONGRATULATIONS TO THESE AMAZING WOMEN:
Aygen SAVAŞ ALKAN - Co-Founder of Kybele's Garden
Pavlina Pavlova - Co-Founder of Chaincomply
Maija Itkonen - Co-Founder & CEO of Onego Bio
Shelley Copsey - Co-founder & CEO of FYLD
Events for Female Founders
🇲🇹 {Malta} EU Startups Summit is happening again this year on May 9th & 10th in Malta. Tons of content, networking and of course their Pitch Competition where the big winner will take home a package worth €390k.
🇦🇹 {Vienna} Lead Today Shape Tomorrow Startup Pitch Competition now taking Applications until April 12th. The event is hosted by Female Founders & Grow F on June 5th & 6th.
🇩🇪 {Berlin} Grace Accelerator for Female Founders is now taking applications for their second cohort from now until the 28th of April.
🇩🇪 {Berlin} Greentech Festival happening from the 15-17th of May in Berlin. 3 days, 200 speakers, 20,000 attendees.
🇫🇷 {Paris} VivaTech presents the Female Founders Challenge. Applications are now open to participate. VivaTech will be held 22nd-25th of May.
🇩🇪 {Hamburg} AiDiA Founder Pitch event will focus on elevating black founders as part of the wider conference happening on the 7th of Sept. 2024.
🇬🇧 {London} Sifted Summit is back on the 2nd & 3rd of October. Join 3000+ European Founders, Investors and Operators
🇫🇷 {Paris} WVC:E is back on October 7th & 8th in Paris. This conference is dedicated to female founders with previous speakers including Eileen Burbridge of Passion Capital and Sarah Drinkwater, General Partner of Common Magic.
Do you know of any events or programs aimed at supporting female founders? Send them over to be featured!
Thank again for reading another edition of Unstoppable Female Founders! Are you a female founder who is actively raising or know someone who is? Let me know, I’d love to feature them in my next ‘Who’s Raising’ post on LinkedIn to help open up a few new conversations for funding.
Have a wonderful weekend and stay #unstoppable!
JH