Module 1 - Igniting your STEM entrepreneurial spark

This programme has been funded with
support from the European Commission
START UP IN STEM
MODULE 1
Igniting Your STEM
Entrepreneurship Spark!

Ambition Knows No GenderSection 1
Let's be honest: To date, there has been a
huge gender disparity between the number
of startups, particularly in the tech
industry. But now is a time of change.
This module is all
about inspiration and
igniting your STEM
Entrepreneurship spark!
Setting the scene, this
module introduces some the
latest STEM entrepreneurship
trends and opportunities.
We set the scene for
entrepreneurship and you and
look at inspiring women leading
the way in STEM entrepreneurship.
Find out how you can overcome
your fears and how knowledge
and advice is key to avoiding failure.
Section 2
Section 3
Entrepreneurship and you
An innovator’s journey from idea to
market can be challenging and
complicated – but also rewarding.
Reducing the risk of
start up failure
Fear of failure is an immobilising barrier
to entrepreneurship and is even more
prevalent for Women in STEM

Women Entrepreneurs in STEM | www.stementrepreneurs.eu
SECTION 1:
Ambition Knows
No Gender

Across Europe, we have seen a surge of initiatives to
help prioritize STEM education in schools. While
introducing and encouraging the understanding of
STEM principles is critical for young students (often
targeting females), these principles are equally
important for those looking to build businesses of
their own someday.
Becoming an entrepreneur inevitably involves
business, marketing and finance skills; however, many
do not realize the value that STEM skills can also
contribute to running a company.
It’s clear that curiosity, creativity and innovation
lead to a deeper exploration of entrepreneurship.

Entrepreneurs are the lifeblood of any expanding
economy, generating jobs, introducing new products
and services, and creating jobs for ourselves and
others. Entrepreneurship is fast emerging as a
transformational megatrend of the 21st century given
its capacity to reshape economies and industries
throughout the world.
Now is a great time to start. Why ?
• Increase in Supportive Environments for
Entrepreneurship
• New Approaches to Financing Entrepreneurship
• Rise of Women Entrepreneurs – older/younger/
migrant/everyone
• Increase in new Entrepreneurship Models – Social
Entrepreneurship, Frugal Innovation

Welcome to the beginning of your
STEM Entrepreneurial journey!
• Are you ready to start your STEM start-up journey?
• Have you a strong business proposition and an even
stronger resolve?
• How can you make sure you are going to succeed?
• What have other female entrepreneurs done in different
situations and STEM fields?
• How do you know you have what it takes to be an
entrepreneur?
• How can you overcome challenges such as gender
inequality?
• Do you have any doubts?

Ambition Knows/Should Know No Gender
Women are becoming business owners at higher rates - but there is
still a way to go. While in theory entrepreneurship is anybody’s game,
rates of female entrepreneurship have historically lagged those of
men. Female-led businesses only make up 30 percent of companies
around the world. But we are catching up - globally, from 2015 to
2016, women entrepreneurship rates increased by double that of
their male counterparts*.
Women are starting STEM businesses across the spectrum of micro to
high growth - from supporting life to creating wealth. It is known that
perceptions of opportunity and capability strongly link to
entrepreneurial activity - that is, if you think you will succeed and will
be supported, you are more likely to try. Our course aims to positively
impact your perception of entrepreneurship and how you can get the
support you need to succeed.
* https://www.huffingtonpost.com/entry/women-entrepreneurs-are-driving-economic-growth_us_59f7c3dce4b04494283378f3

Now is a Good Time to Start in STEM
Enterprise Ireland CEO wants women founders
to get 50% of funding
Ireland is leading the field for funding women-led tech
firms. Internationally, the funding level for women-led
companies is typically 6% or lower. Enterprise Ireland is
bucking this trend, with 35% of all high-potential start-
ups (HPSUs) backed in 2017 being women-led. For the
CEO of Enterprise Ireland, Julie Sinnamon, 35% is still
not good enough.
CLICK TO
SEE FULL
VIDEO
Source: Enterprise Ireland Women Founders Startup Showcase

”
“ This is not an Irish
problem, it is a global
problem. Only 8% of
tech entrepreneurs
globally are female,
so it is a big problem
JULIE SINNAMON
CEO of Enterprise Ireland

Starting & growing businesses is a key focus of Enterprise Ireland's Female
Entrepreneurship Programmes which include a dedicated Competitive Start Fund
to encourage more women to start a business. 61 new female-led
start-ups were supported by Enterprise Ireland in 2015 - up from 43 in 2014.
CLICK TO
SEE FULL
VIDEO

”
“Enterprise Ireland
have groups Going for
Growth which I find
extremely helpful
CIARA CAROLAN
Director, ADN Materials

Outbox Incubator House, EU
Started in 2015, Women are encouraged to flourish and develop
their ideas, surrounded by the support of other women. Girls are
given;
• Free, female-only space, created for young women who want to
become entrepreneurs in the STEM sector
• Support, tools and opportunities to create their own startups
• The chance to pitch for investment to an audience of
international investors, friends and family

Startups include:
• Hollerr, the wearable technology and mobile app that records
incidents of street harassment and geo-tags for easier
prosecution
• Free Feet, a laser device attached to the side of a shoe, designed
to help reduce gait freezing for Parkinson’s sufferers

Source Meet the Next Generation of STEM Entrepreneurs
https://outboxjourney.com/incubator/
CLICK TO
SEE FULL
VIDEO

5 STAGES OF BUSINESS DEVELOPMENT
Before you get immersed in the Start Up in STEM
process, it is helpful to briefly review all stages of
the development of a business to give you a full
perspective of the journey ahead and highlighting
the key factors arising in the process:-
Stage 1: Seed And Development
Stage 2: Start-up
Stage 3: Growth And Establishment
Stage 4: Expansion
Stage 5: Stability, maturity and possible exit

This is the very beginning of the business lifecycle, when your start-
up is just a business idea and you are trying to decide whether you
should take the plunge. At this stage, you gather as much
information as possible to try to assess just how viable your start-
up is likely to be. You should garner advice and opinion as to the
potential of your business idea from as many sources as possible:
colleagues, business associates, or any industry specialists you may
have access to.
Ultimately the success of your business will come down to many
factors – including your own abilities, the readiness of the market
you wish to enter and, of course, your access to finance to launch
this new business. See module 2 research.
Source: https://www.entrepreneur.com/article/271290

Pre-start up failures/mistakes
Lack Of Research/ Direction/ Managerial Experience
42% of start-ups fail because there is the lack of a
market need for their product. Market research, the
establishment of clear goals and plans are crucial to
business success before starting out. First time
entrepreneurs often don't know this or understand
the important skills it takes to run a business and as
a result their businesses fail quite early.
Solution: Develop a well researched Business Plan
(see course resources for template), learn Business
Planning Skills (Module 2), link in with local
Enterprise Supports ( Module 3).

Impatience
An entrepreneur is often so excited about a new
product or idea that they act impetuously and make
costly mistakes that sometimes cause the business
to fail. Impatience can also lead business owners to
try to accomplish too much too soon, or expect to
get results far faster than is truly possible.
Solution: Don’t take any action without thinking it
through first. Fail to plan, plan to fail! Follow your
Business Plan and consult with valued mentors/key
staff on all critical decisions. We would urge you to
seek out a woman entrepreneur in STEM mentor.

Poor Cost Control/ Lack Of Finance/
Inadequate Financial Planning
Poor cost control is a critical issue at all start up
stages of business but is especially detrimental in
the early stages, when the entrepreneur tends to
spends all their start-up capital money before
achieving profitability. In terms of reasons why
businesses fail, lack of sufficient capital is the
second most common reason accounting for 29% of
all failures.

Poor Cost Control/ Lack Of Finance/
Inadequate Financial Planning
Solution: Develop written budgets for operations
that include all possible expenses. Set up a
bookkeeping or accounting system from the
beginning. Spread your risk and opportunity by
operating a cocktail of funding approaches and
financial instruments (see Module 4).

Stage 2: Start-up
The Start-up phase of your new business comes
when you have thoroughly canvassed and tested
your business idea and are satisfied that it is ready
to go. This is believed to be the riskiest stage of the
entire lifecycle. In fact, it is believed that mistakes
made at this stage impact the company years down
the line, and are the primary reason why 25% of
start-ups do not reach their fifth birthday. Business
that succeed through this stage are those which are
agile and persistent. Much of your time in this stage
will be spent tweaking your products or services
based on the initial feedback of your first customers.
Source: https://www.entrepreneur.com/article/271290

Stage 2: Start-up failures/mistakes
Pricing
When entrepreneurs try to charge too much to
make a lot of money in a short period of time,
failure isn't far behind. The need for a quick profit
can be caused by poor cost control, especially in the
early stages, when the entrepreneur often spends
all their start-up capital money before achieving
profitability.
Solution: Follow our Pricing for Profit Guide (see
course resources for our downloadable template)

Stage 2: Start-up failures/mistakes
Poor Product Quality
This makes it difficult to sell and difficult to get repeat business.
Quality has a direct bearing on customer satisfaction. If a company
produces a quality product, satisfied customers will rank that
company higher in surveys than companies that fail to provide
quality products or services. In addition, dissatisfied customers are
more vocal in their criticisms of a company with quality problems
Solution: Get early feedback on your products/services and be
prepared to tweak your them based on the initial feedback of your
first customers.

• If you’re at this stage, your business should now
be generating a consistent source of income and
regularly taking on new customers.
• Cash flow should start to improve as recurring
revenues help to cover ongoing expenses, and
you should be looking forward to seeing your
profits improve slowly and steadily.
• The biggest challenge for entrepreneurs in this
stage is dividing time between a whole new
range of demands requiring your attention:
- managing increasing levels of revenue
- attending to customers
- dealing with the competition
- accommodating an expanding workforce

Stage 3: Growth and Establishment
failures/mistakes
Loss of Sales Momentum.
A sale only happens when you get customers, and
profits only happen when you have sales, but they
all start with the customers as the main starting
point. Most business owners fall in love with their
product or service when they should be focusing on
the customer and their needs and wants.
Solution: Revise your sales strategy, if you are doing
things the same way as everyone else in your
industry is doing, you are not going to stand out!
Source: http://moenawaz.com/posts/single-biggest-cause-of-business-failure-lack-of-sales/#sthash.m46CGXRL.dpuf

failures/mistakes
Hiring the Wrong People
Hiring smart people with complementary skillsets is necessary to
make the most of your company’s potential during this phase, and
so any good founder will be spending a lot of time directly involved
in the recruitment process. It is essential that you start to come
into your role as head of the company in this stage.
Solution: Ensure you hire the right people, see Richard Branson’s
top tips which follow.
Source: http://moenawaz.com/posts/single-biggest-cause-of-business-failure-lack-of-sales/#sthash.m46CGXRL.dpuf

Hiring the Right People..
Richard Branson is renowned for offering expert advice to
entrepreneurs.
When is comes to hiring the right people he has some really
excellent and practical tips….
http://www.businessinsider.com/richard-branson-advice-for-entrepreneurs-2016-11?IR=T
https://www.linkedin.com/pulse/how-i-hire-you-cant-fake-personality-passion-purpose-richard-branson

”
“Set aside your ego and hire
people who are better than you are
in certain areas. Evaluate where your
company could improve, and seek out
qualities in people that will help you make
those improvements. Consider three things
- Personality, Passion and Purpose, these
things cannot be faked or learned Passion
and purpose will keep people focused on
the job at hand, and ultimately separate
the successful from the unsuccessful.
Richard Branson

Stage 4: Expansion failures/mistakes
Assuming you can Easily Replicate your Success Elsewhere.
Remember, while having a successful business model behind you is
undoubtedly an advantage, it is not a guarantee that it will work
elsewhere within other markets, or that new offerings will result in
the same success.
Solution: Your task is indeed to take on new challenges as you look
to constantly expand, but measure your risk and do your best to
secure the company for all eventualities.

Stage 4: Expansion failures/mistakes
Expanding Too Soon
The business graveyard is littered with organizations that took on
too much and failed. Yes, growth is a good thing. But high growth
can easily overwhelm a small enterprise, and put it at risk of going
under.
Solution: Look at your resources, be realistic about the effort and
cost and potential returns, and always keep an expert eye on how
expansion might impact the current quality of service you provide
your existing customers.

Stage 5: Stability, maturity
and possible exit
Having navigated the expansion stage of the
business lifecycle successfully, your company
should now be seeing stable profits year-on-year.
While some companies continue to grow the top
line at a decent pace, others struggle to enjoy high
growth rates. It could be said that entrepreneurs
here are faced with two choices: push for further
expansion, or exit the business.
This could be a partial or full sale, and of course
depending on the company type, the negotiation
may be a whole new journey in itself.

SECTION 2:
Entrepreneurship & You

Did you know the key traits of
entrepreneurship are embedded in STEM?
Practitioners of STEM are all essentially trying to do
one thing: face a problem that’s both challenging to
understand and solve. Therefore, to begin an
experiment, a researcher must first create a
hypothesis. Remember ideas are the lifeblood of
your business. STEM founders generate lots of ideas
and are good at coming up with solutions to
problems. However, an idea is not a business
opportunity.
The process of business planning allows you to
dissect your idea. It actually helps develop an idea
into an opportunity. It forces you to ask and answer
hard questions and explore your options.

Yes, becoming an entrepreneur inevitably
involves business, marketing and finance skills;
however, many do not realize the value that
STEM skills hugely contribute to running a
company. A lack of entrepreneurial skills should
not deter you from your passion. These skills are
extremely achievable and can be learned.
In this section, we
• Learn what a business plan is and why is it
important
• Debunk common myths and realities of
business planning
• Learn why experimentation is just as
important as planning
• Learn how to build a strong resilient business
• Plan for tough time and crises

What are Business Plans and why are
they important?
• A Business Plan is an essential tool that methodically thinks
through the entire entrepreneurial planning process.
• Many entrepreneurs do not actually complete a business plan
unless required to by their bank or funding agency. This is a lost
opportunity.
• A properly prepared Business Plan should tell a story, make an
argument and conservatively predict the future.
• Business planning guides you through the process of setting
goals, explaining objectives and then mapping out a document
to achieve these goals and objectives. It does not need to be
complicated.
Source: www.entrepreneurship.org/articles/2002/05/business-planning-building-an-effective-business-model

Reasons for a business plan
According to statistics,
66% of all business start-ups will fail in their first five
years*
and
a staggering 80% of small businesses without a
business plan will fail in their first 5 years **
* Bank of Ireland ** Paul Fagan, Action Coach

Reasons for a business plan
Why business start-ups fail in their first five years?
• Lack of planning on behalf of business owners.
• Having a well structured business plan gives you
more success of survival. It helps you think
through the whole process
• the value of a business plan is not only the plan
itself, but the process of writing it.
• To put down on paper the resources you need to
get started and what
• To convince yourself that it is worth doing
• To show others that you have thought it through
• To convince investors to give support
• To give you targets to aim towards and measure
yourself against

Myths and Realities of Business Planning – Debunked!
In developing a Business Plan and a Business Model, women in STEM entrepreneurs need
to be aware that there are myths and misconceptions about the process…

#1 myth: Business plans are written when
a company needs to raise capital
REALITY:
Although most Business Plans are written in
connection with the search for capital, a well-
written Business Plan will serve a variety of
beneficial purposes to the company, it’s founder and
its team.
• Use it as a management tool and road map for
growth.
• Use it to measure progress over time in achieving
projected goals and objectives

#2 Myth: Business plans should be as
detailed and slick as possible
REALITY:
Your reader will not have the time to review
hundreds of pages of text. The plan must be concise,
well-written and when used to seek funding should
focus on the lender's or investor's principal areas of
concern. Do not clutter it with irrelevant
information.
Although a Business Plan ought to be presented
professionally, an overly lavish presentation can
have the opposite effect –substance over style wins
every time. Interestingly, business plans prepared in
Powerpoint can be very effective –more later!

#3 Myth: Business plans should emphasize
ideas and concepts, not people
REALITY:
Many entrepreneurs fear that if the success of a
company depends too heavily on any specific
person, it can be a negative thing.
Although this is partially true, investors prefer to
invest in a company that has great people. People
buy people but so many business plans are bland
and fail to capture the personality and spirit of the
promoter – write with passion, that same passion
that keeps you craving entrepreneurial success.

#4 Myth: Only the founding entrepreneur
should prepare the business plan
REALITY:
Most entrepreneurs are highly skilled in a particular
profession or area of business development/
management. This does not mean they necessarily
possess the ability to prepare a Business Plan!
Ideally, the Business Plan should be developed by
the founder but failing this, outside mentors and/or
qualified experts should be sought. You must have
true ownership of your plan and be in a position to
defend and champion the assumptions in it.

#5 Myth: Optimism should
prevail over realism
REALITY:
The Business Plan should demonstrate the
enthusiasm of the founders of the company as well
as generate excitement in the reader; however, it
should be credible and accurate. If being used to
seek funding, investors will want to know all of the
company's strengths and its weaknesses. Previous
failures should be tackled head on – admit the
failure, explain the reasons why and what will be
done differently second time around. As a general
rule, investors will feel more comfortable investing in
someone who has learned from previous business
failures rather than a person who has never
managed a company.

#6 Myth: Business plans are only for start-
up companies.
REALITY:
A solid business plan can be the difference between
just a business idea and a successful business. It
allows you to set goals and determine how to
realistically measure them. In the process of creating
one, you develop an understanding of your market
and the competition that is based on facts, not just
hopes. Companies at all stages of development need
to prepare and update Business Plans to plot their
course and plan and track progress. This could include
attracting new investment ,how you will launch a new
product, a new market, take on board new
employees, expand or sometimes contract a business.

As the document that tells the company's story, the Business
Plan also helps shape and modify your company's Business
Model, the elements of which will be driven by the answers to
the following questions:
Who are we? ( the Founder and the Team – if you are a sole
entrepreneur, this team description should outline the skills and
competencies of your external advisory team i.e. accountant,
mentor, marketing, quality assurance and IT subcontractors etc )
Past business experience (What other work or business
experiences, both positive and negative have led to this point and
this business idea?)
What are you trying to do? (Mission)
What problem do you solve? (Faster/Better/Easier/Cheaper) Why
can we do it more profitably?
How are you going to get it done? (Operations)
MODULE 2 WILL TAKE YOU THROUGH THESE KEY BUSINESS PLAN STEPS

Be Inspired by Start up in STEM case studies
• Through this series of videos learn how different female STEM
entrepreneurs across different fields and company structures
pursued their STEM start ups in many different ways, why they
chose the venture they did, how their companies evolved, the
challenges they overcame, how they sourced creative funding,
what success is to them and their next steps!
• Meet the Youngest Self Made Female STEM Billionaire (she’s
only 32 years!)
• You will learn first hand from Karen Purcell’s experience how she
unlocked her brilliance as an entrepreneur in the STEM world.
She wrote a book about just that!

Be Inspired by Start up in STEM case studies
1. Video Case Studies of Female
STEM Entrepreneurs
1. The Accidental Entrepreneur
2. The Multiple Start Up Owner, Author
& Supporter
3. The Introvert
4. The Co-founders
5. Uncertain but Tried Anyway
6. The Inventor & Multiple Trier
7. The Innovative Capital Raisers:
Discussion Panel
8. The Youngest Self Made Female
STEM Billionaire
2. Interview with Karen
Purcell:
Engineer, Entrepreneur &
Author of ‘Unlocking Your
Brilliance’

Accidentally Fell
Into Her Field
Dr Anjali Jaiprakash - Medical &
Healthcare Robotics, ARC Centre of
Excellence for Robotic Vision, QUT
Anjali is developing robotic systems
to support surgeons with knee
arthroscopy and also a universal
retinal diagnostic system.
CLICK TO
SEE FULL
VIDEO

”
“ We want to give surgeons
affordable precise tools and
robotic systems that they
can use in surgeries to
enhance their abilities
DR ANJALI JAIPRAKASH - Medical & Healthcare Robotics,
ARC Centre of Excellence for Robotic Vision, QUT

The Multiple Start Up
Owner, Author &
Entrepreneur Supporter
Dr Catherine Ball – Environmental
Engineer, Entrepreneur CEO & Co-
founder, SheFlies, & World of Drones
Congress.
Catherine works on projects where
#Drones, #Robotics and #Tech meet
environmental protection and more
CLICK TO
SEE FULL
VIDEO

I have 5 of my own start
ups currently operating.
One Planet Woman is a
business that I started to
provide mentoring and
sustainability guidance as
well as start up advice
DR CATHERINE BALL – Environmental Engineer,
Entrepreneur CEO & Co-founder, SheFlies, &
World of Drones Congress
”
“

The Introvert
Emily de la Pena – Civil Engineer &
Entrepreneur, Founder Coding Kids
‘I like number crunching but at the
same time I care about people and I
think if I just be myself, if I’m genuine
in my values and behaviour that can
also allow me to thrive being a
business owner’
CLICK TO
SEE FULL
VIDEO

There are a lot of stories
that when you are in
business you’ve got to hustle
and have a big extroverted
personality but that’s not
me, I’m introverted
EMILY DE LA PENA
Civil Engineer & Entrepreneur, Founder Coding Kids
”
“

The Co-Founders
Dr Kate Lomas – Biopsicist & Co-
founder, Inventor & Chief Technology
Officer, Hemideina
Dr Elizabeth Williams – Chemist & Co-
founder & Chief Executive Officer,
Hemideina
Kate discovered a new insect hearing
organ that has inspired her to
revolutionise the cochlear implant, she
partnered with Liz to Co-found a
MedTech start-up.
CLICK TO
SEE FULL
VIDEO

Uncertain but Tried Anyway
Dr Pia Winberg – Marine Ecologist,
Entrepreneur, Director, CEO & Chief
Scientist, Venus Shell Systems and
PhycoHealth
Pia is developing marine food
production systems that are sustainably
integrated with the environment in
collaboration with aquaculture
industries
CLICK TO
SEE FULL
VIDEO

I run a company called
Venus Shell Systems and
the foundation of that
company was all about the
sustainability of growing
seaweed. Seaweed is actually
the biggest agricultural
crop in the world
DR PIA WINBERG
Marine Ecologist, Entrepreneur, Director, CEO &
Chief Scientist, Venus Shell Systems and PhycoHealth
”
“

The Inventor &
Multiple Trier
Sarah Last – Biologist, Inventor,
Entrepreneur, Co-founder and Chief
Technology Officer, MimicTec Sarah is
an AgTech inventor
Sarah invented a device that
encourages chick survival at early
stages of life. Mimictec is an ethical
agricultural company working in the
poultry industry
CLICK TO
SEE FULL
VIDEO

I’d tried a couple of
business ideas… I got a
masters of Entrepreneurship.
One day somebody
mentioned that when
animals are less stressed
they are more productive,
it was my aha moment
SARAH LAST
Biologist, Inventor, Entrepreneur, Co-founder and
Chief Technology Officer, MimicTec Sarah is an AgTech inventor
”
“

The Innovative
Capital Raisers
Discussion Female STEM Panel:
Rema Subramania, Founder and
Partner, Ankur Capital. Anu Acharya,
CEO Mapmygenome. Shereen Salah
Ahmed Manager, Incubation Centre.
CLICK TO
SEE FULL
VIDEO

Unlocking Your Brilliance
Women Thriving in STEM Entrepreneurship
Interview: Karen Purcell, Engineer,
Entrepreneur & Author
Karen Purcell is an engineer and entrepreneur who
wanted to impart her experiences and strategies for
survival in STEM fields to women. Purcell majored in
electrical engineering. After six years working for an
electrical engineering firm, she started her own
company called PK Electrical specialising in major
infrastructure project lighting, power, and electrical
design. Today, the company has grown from one to
twenty-two people. with over $3 million in revenue
and has won numerous industry awards.
Image Source: @STEMspire More information about Karen
Karen is also author of: Unlocking Your Brilliance: Smart Strategies for Women to Thrive in Science, Technology, Engineering, and Math

Unlocking Your Brilliance with Karen Purcell
What are the best ways for a woman to overcome gender barriers?
Karen: Have the confidence to follow through and be present. Stick to
your guns. Don’t let other people’s attitudes or actions get you down.
How do you overcome “imposter syndrome’’?
Karen: Ruth Charney, president of the Association for Women in
Mathematics says, ‘everyone has had a crisis of confidence. As a grad
student, you wonder if you will be any good. And once you get a job,
you’re convinced you’re not that good and don’t belong there. As you
get older, imposter syndrome subsides, but never goes away. To deal
with it, you need to find confidence builders and to maintain
confidence’.
Source: Strategies to Help Women Strive in STEM Careers
How to Overcome Gender Barriers & Imposter Syndrome

Is finding Confidence Builders particular to women in STEM or for
anyone?
Karen: It can be for anyone, but is even more so in STEM because you
are surrounded by so many men that it can be a drain on your
confidence especially if they try to belittle you or talk down to you.
For example, in my specialty, we do lighting and power design for
construction projects and going out in the field. There were plenty of
times when someone thought I was an assistant and not and
engineer. Then I opened my mouth and they realized I was and
engineer. This was when I was working for Tom and they looked to
him for approval, as opposed to realizing that what I was saying was
true. That’s a shot at your confidence - when someone doesn’t really
believe what you’re saying. That’s more dominant in STEM.
Confidence Builders Needed Particularly in STEM

You say a major reason why women should go into STEM is because
of product design e.g. early voice recognition systems responded only
to male voices, so that women’s voices were literally not heard. And
more dangerously, air bags in cars were designed for male body sizes.
Karen: Yes, the systems were originally calibrated to recognize male
voices because only males were designing such products. But
everyone deals with air bags on a daily basis. So having a women’s
input with respect to product design makes a huge difference.
Women are Needed in Product Design

Do you think it matters whether a woman has a male/female mentor?
Karen: It doesn’t matter. One advantage of having a woman is that she
can share what the experience has been in a male-dominated field,
but I really don’t think it matters.
Do you have other advice for women entrepreneurs in STEM?
Karen: Being a part of any support group that is business-oriented and
networking are essential to success. Showing confidence is really
important. When I was in school I didn’t learn anything about running
a business. I just followed my dreams and passions and learned and
stumbled along the way. Having external support groups along the
way has definitely helped.
The Importance of Mentoring, Guidance & Support

Tell us about your non-profit, STEMspire.com
Karen: STEMspire.com supports women interested in STEM financially and provides support
groups. Initially, we will provide scholarships for women in college pursuing in STEM careers,
and later for those who want to start a business. Source: Strategies to Help Women Strive in STEM Careers
Strategies to Help Women Thrive in STEM Careers STEMspire.com

SECTION 3:
Reducing the Risk
of Start Up Failure
In this section you will learn how to deal with fear of failure
from starting with nothing, making decisions based on
money, how fear can be a motivator, and how your courage
could be closer than you think.

Reducing the Risk of Start Up Failure
The fear of failing can be immobilizing – it can cause us to do
nothing, and therefore resist moving forward.
What does a fear of failure look like? According to Mindtools.com…
• A reluctance to try new things or get involved in challenging
projects.
• Self-sabotage – for example, procrastination, excessive anxiety , or
a failure to follow through with goals.
• Low self-esteem or self-confidence – commonly using negative
statements such as "I'll never …….“
• Perfectionism – A willingness to try only those things that you
know you'll finish perfectly and successfully.
• Failure can also teach us things about ourselves that we would
never have learned otherwise. For instance, failure can help you
discover how strong a person you are

Typical Causes of Failure:
• Design failure
• Failure of opportunity
• Failure of trust
• Failure of will
• Failure of priorities
• Failure to quit
• Failure of respect
• Failure to see
READ more from Seth Godin …..
How to Fail https://seths.blog/2011/04/how-to-fai/
Why Tons of Failure Is the Key to Success - h
ttps://www.inc.com/sonia-thompson/why-tons-of-failure-is-the-key-to-success-according-to-seth-godin.html
WATCH - How to Overcome the Fear of Failure https://www.youtube.com/watch?v=MAoX53n_ls0
Seth Godin’s list of failure causes!

If you push through that
feeling of being scared, that
feeling of taking risk, really
amazing things can happen
MARISSA ANN MAYER
President and CEO, Yahoo!
”
“

Assess the reasons why businesses fail..
Building a business from the ground
up is no easy task. And as many
contend, definitely harder as a
woman. Being a successful
entrepreneur frequently involves a
series of missteps and mistakes
before finally nailing the right idea or
business. Most entrepreneurs make
mistakes along the way, and first-
time entrepreneurs make the most.

Ways to reduce the fear of failing
• Analyse all potential outcomes - Many people
experience fear of failure because they fear the
unknown. Remove that fear by considering all of
the potential outcomes of your decision. Use tools
to teach you how to map possible outcomes
visually.
• Learn to think more positively - Positive thinking is
an incredibly powerful way to build self-confidence
and neutralize self-sabotage.
• Look at the worse-case scenario - In many cases,
however, this worst case may actually not be that
bad, and recognizing this can help.
• Have a contingency plan - Having a "Plan B" in
place can help you feel more confident about
moving forward.

Overcoming Fear - Personal Empowerment
Personal empowerment gives an individual the ability to:
• Take control of their circumstances and achieve their own goals
in their personal and working life.
• Become more aware of their strengths and
weaknesses and therefore be better equipped
to deal with problems and achieve goals.
• Enhance the contribution they make both as
an individual and as a member of a team.
• Take opportunities to enhance personal
growth and a sense of fulfilment.
http://www.skillsyouneed.com/ps/personal-empowerment.html

Overcoming Fear - Personal Empowerment
Confidence is not something that can be
learned like a set of rules; confidence is a
state of mind. Positive thinking, practice,
training, knowledge and talking to other
people are all useful ways to help improve
or boost your confidence levels.
Confidence comes from feelings of well-
being, acceptance of yourself (self-esteem)
and belief in your own ability, skills and
experience.
http://www.skillsyouneed.com/ps/confidence.html

Overcoming Fear - Building Confidence
• Planning and Preparation: People often feel less confident about
new or potentially difficult situations. Perhaps the most
important factor in developing confidence is planning and
preparing for the unknown.
• Learning, Knowledge and Training: Learning and research can
help us to feel more confident about our ability to handle
situations, roles and tasks principles.
• Positive thought can be a very powerful way of improving
confidence.
• Experience: As we successfully complete tasks and goals, our
confidence that we can complete the same and similar tasks
again increases.
• Be Assertive: Being assertive means standing up for what you
believe in and sticking to your principles.

Overcoming Fear -
Why procrastination is not your friend
Here are the main reasons why
procrastination sabotages your work:
1. Not working to a logical schedule?
Panic sets in
2. Selling yourself short results in you
underachieving, underachieving can
lead to regret and self-loathing.
3. The Have-To-Dos may happen, but not
the Want-To-Dos. A procrastinator type
of career where panic is regularly present
means that time is not allocated/allowed
for undertakings that expand our
experiences, make our lives richer.

Reducing the Risk
of Start Up Failure
Advice from 6 Female
STEM Entrepreneurs
Source Free Enterprise

Leah La Salla, CEO & Co-Founder of Astral AR.
Astral AR is a drone piloting system that uses IoT
technology to help law enforcement stop bullets,
and detect guns and bombs through walls.
Facing doubters as a woman
in the STEM industry?

Facing doubters as a woman
in the STEM industry?
Leah La Salla, CEO & Co-Founder of Astral AR.
“As a woman in this industry, you will face a lot of
doubters. There will be double standards. And
sometimes there will be triple standards. Everyone
tells you these things in advance, and you know these
things are true. But when it happens it’s still a
surprise. It’s still a slap in the face. You have to be
better than average, and you have to know much
more than the average start-up, because investors
will demand it of you. One thing that helps is having
truly great partners. If you can be strategic with your
network and with who you do business with and can
lean on them to support you when needed.”

Angela Lee, Founder of 37 Angels.
37 Angels is a community of women investors
working to educate early stage investors.
“Be honest with people about what you’re
struggling with and ask for help. I’m now on my 4th
start-up, and I’ve gotten to be very transparent
about what I’m struggling with. When I started my
first start-up, whenever people asked me how things
were going, I’d always respond with “awesome!” If
you keep doing that, then your network can’t help
you. So get out there and start talking about what
you’re struggling with!’’
Be honest when you are
struggling and ask for help!

Set your Stakes High, Take Things
One Step at a Time
Samantha Snabes, Co-founder, re: 3D
re: 3D is the creators of Gigabot, an industrial human-
scale 3D printer that prints from plastic recyclables
creating access to local and sustainable
manufacturing material, which decimates costs and
scales barriers in additive manufacturing.

Samantha Snabes, Co-founder, re: 3D
“I think a great mentality that our team has which
has allowed us to get to where we are is shooting
for lofty goals, no matter how insurmountable the
challenge may seem. You eat an elephant a bite at
a time, and that’s a state of mind that helps us
tackle big projects that others may have written off
as impossible’’. ‘’Women in tech and STEM fields –
you are every bit as qualified as anyone else, so set
your sights high and take things one step at a time.
The world needs big dreamers and people who will
execute on a vision’’.
Set your Stakes High, Take Things
One Step at a Time

Contracts are at the
Center of Your Business
Sharmi Albrechsten, CEO, SmartGurlz Inc.
SmartGurlz is developing self-balancing robots and
action dolls that encourage girls to learn to code
“Whether it’s negotiating a deal, salary, or agency,
contracts are at the center of our business. While
there are many ways to approach a negotiation, the
choices you make can have a huge impact on your
business and its bottom line. My advice is to always
look at how the contract can be ended (especially if
you are the client). I have had expensive ‘lessons’
where I was stuck in a 6-month contract with an
agency and while we were both clearly unhappy –
but I was bound to the bitter end.”

Teri Dankovich, founder of Folia Water
Folia Water is a water filtration system made up of a
single sheet of paper, which can provide 50 litres of
safe water for 50 cents a sheet
“Imagine what success looks like as a business
owner in a few years in the future, and then figure
out what you need to do to get there. Ask other
scientist-run start-ups for advice on how to get
started and how to grow your business. Find more
experienced business and technical people in your
verticals for advisors. Create a community of other
start-up founders to share your wins and loses with.
Be patient.”
Figure Out What Success Looks Like
as a Business Owner in the Future

Dealing with the
Fear of Failure
Mellody Hobson’s 10 Rules for Success
‘Do not make any decisions based on
money, none. It’s the worst way to make
a decision. Which is know is so hard to
say I mean I didn’t grow up with any
money and I know so many of us have a
lot of stake, …you say you don’t have the
luxury of doing that, but I say you do….’’.
Mellody Hobson, President of Ariel
(Investment Firm that manages over $10
billion in assets)
CLICK TO
SEE FULL
VIDEO
Do Not Make Any Decisions
Based on Money. It’s the Worst
Way to Make a Decision
Source Free Enterprise

Failure Helps You Discover Yourself!
JK Rowling’s 10 Rules for Success
CLICK TO
SEE FULL
VIDEO

You are Responsible
for Your Life
‘If you are sitting around waiting for
someone to save you, fix you and
even help you, you are wasting your
time because only you have the
power to take the responsibility to
take your life forward’
Oprah Winfrey
CLICK TO
SEE FULL
VIDEO

How Folorunsho Alakija
Started Her SME with Only
3 1/2 Months Wages.
‘I never had any thought or inkling of
plans of how to get into furniture
manufacturing but I had a good
plan…’ Folorunsho Alakija
According to Forbes , Folorunsho is
one of the richest women on earth,
with an estimated net worth of $1.7
billion.
CLICK TO
SEE FULL
VIDEO

For women, there can
be a failure to launch.
Typically, women want
everything to be 99%
perfect. If not, they might
not launch. It all comes
down to not being afraid.
Courage is everything
DR ANGLE
CEO at Ixcela, Inc.(a biotech company
focused on specialized gut health treatment).
”
“

A Characteristic of Great
Leaders is Courage!
It turns out that the key to having
courage is all about your support
system and knowing someone else has
your back.
‘When know beyond a shadow of a
doubt someone believes us gives us the
courage to act, someone by our side,
has the wind in our sail, we work extra
hard because we want to prove their
sacrifice for us was worth us…When we
see a leader we admire acts with
courage and that gives us the courage..’
CLICK TO
SEE FULL
VIDEO

What I Have Learned?
• Being a female STEM entrepreneur is something new, exciting,
scary and daring. The key is to be brave, build your courage.
• The very basis for your STEM education and career is the
platform for entrepreneurship, measured investigation, curiosity,
clear methodologies. STEM women are experts at researching,
assessing and delivering facts.
• You are not alone, there are hundreds of female STEM
entrepreneurs and inventors out there ready to give advice and
tell you how they got over their challenges.
• There are many different kinds of entrepreneurs, approaches and
structures e.g. introverts, co-founders, accidental entrepreneurs
and inventors
• Taking my first step as an entrepreneur I must remember things
will never be 100%.

Stementrepreneurs
www.stementrepreneurs.eu
Next Up…
Module 2
http://stementrepreneurs.eu/contact
Assess your Entrepreneur Potential

Module 1 - Igniting your STEM entrepreneurial spark

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