In this case, the differences in funding between male and female-founded companies may simply reflect the gender gap in characteristics positively associated with start-up success - such as STEM education. Thus, the gender gap in the financing stage may actually arise from the education system, the labour market or some deeper social institutions - also called in the literature statistical discrimination - rather than investor taste-based discrimination. The objective is to identify if, where and how policy action to “level the playing field” may be desirable and effective.