Atto, a Melbourne accelerator that assists female founders in launching tech companies, has had another busy year, helping more than 115 women start tech-enabled businesses. To wrap up the year, Kate Kendell, the founder, and her team jumped on ChatGPT, a hot new tech toy, to ask questions about women in tech.
Atto team also asked one of the questions why do female founders receive less funding?
ChatGPT replied that investors often overlook and undervalue women, adding that they needed to address the issue quickly to ensure equal opportunities for female entrepreneurs.
Atto also inquired about raising the first round and noted that the advice was not too bad. Generic but very helpful.
Let’s take a look at detailed answers by ChatGPT
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Why is it that female founder receive less funding?
ChatGPT: Female founders are often less funded than their male counterparts because of gender bias in the venture capital sector.
Investors often need to pay more attention to women, which makes it difficult for them to get the funding they need.
Female founders are less likely to take on risks and may be more cautious, which could deter investors.
This gender bias in venture capital must be resolved quickly to ensure equal opportunities for female entrepreneurs.
How can you raise your first round?
ChatGPT: Although raising your first round of funding can seem daunting for many entrepreneurs, there are vital steps that you can take to improve your chances of success.
You must first identify and target potential investors for your business.
To demonstrate the potential of your venture, you should also prepare a detailed business plan and financial model.
It would be best if you also established relationships with potential investors.
You should also use your network to meet potential investors and arrange meetings.
These steps will increase your chances of raising funding for your first round.