In fact, female-led firms only receive 7% of venture capital financing according to the recent study by Gompers and Wang (2017(13]). In addition to starting their businesses with significantly lower levels of financial capital than men, women raise significantly lower amounts of incremental debt and equity in years two and three (Coleman and Robb, 2009[i4]). A significant gender gap is also found in the early-stage angel investment market (Becker-Blease and Sohl, 2007(15]).