Women in Cloud has released this year's COVID-19 Impact Report that focuses on the impact of the COVID-19 pandemic on women technology entrepreneurs, corporate executives, and venture capitalists.
The results of the survey suggest the effects of COVID-19 on executives and venture capitalists will be long standing. But they also point to clear solutions women in tech can use to overcome the challenges to their businesses caused by COVID-19.
We invite you to read the complete 2021 COVID-19 Impact Report to understand exactly how things have changed for women in tech since 2020.
How are Women-Led Tech Companies Being Affected by COVID-19?
The COVID-19 Impact Report is now in its second year, offering us the opportunity to study how things have changed for women-led tech companies over the past year. Women technology entrepreneurs from companies worldwide spanning 16 industries were surveyed on the financial impact, operational impact, and emotional impact of COVID-19.
- 2021 business revenue loss to date is on par with 2020 losses, indicating recovery will be a long process.
- The biggest financial impacts continue to come from projects postponed and canceled.
- 45% of respondents have received some form of financial relief in the past 12 months.
- 25% of businesses were forced to downsize in 2020.
- 5% are unsure if they will need to downsize or further downsize in 2021.
- 30% of respondents will only attend digital events, a similar number to 2020.
- 5% of women-led companies felt somewhat or much higher stress and anxiety levels in 2021, up from 70% in 2020.
- 49% of respondents recorded a negative or somewhat negative emotional impact on themselves and their team, down from 60% in 2020.
- 62% of respondents are confident in their country's IT sector to recover from the impacts of COVID-19.
Read the 2021 COVID-19 Impact Report.
How can Women Tech Entrepreneurs Respond to the Continuing Challenges of COVID-19?
We asked women technology entrepreneurs what are the most important areas of support and opportunities that are helping them recover from the severe impacts of COVID-19.
Networking and introductions
The most important opportunity was warm introductions, followed by networking and speaking opportunities, professional mentorship, business advisors, and cloud credits.
70% of respondents stated warm introductions were the most important recovery resource for them. Women in Cloud is a streamlined platform for warm introductions between women in tech and sponsors, potential clients, advisors, and mentors.
Further networking and opportunities are available through the WICxFortune100 Lunch and Learn sessions, where Fortune100 decision-makers and procurement officers meet.
Mentorship and learning
Professional readiness is offered in the Women in Cloud Microsoft Cloud Accelerator, an immersive program enabling women-led tech companies to build, market, and sell solutions in the $700B enterprise market in partnership with Microsoft. Women in Cloud also offers the Digital Academy, an online learning initiative for those breaking into the world of enterprise cloud solutions.
Read the 2021 COVID-19 Impact Report
The 2021 COVID-19 Impact Report from Women in Cloud includes important insights into how women-led tech companies are faring in the pandemic and how best to minimize its impacts. It's free and available now, so read it for yourself today.