The REACH Australia PropTech growth accelerator program has noticed a significant increase in the number of female founders in PropTech industry
The PropTech industry in Australia is seeing a shift in its demographic makeup as more women launch their own startups. The REACH Australia PropTech growth accelerator program has noticed a significant increase in the number of female founders, with the latest cohort having an equal mix of male and female founders. This is the first time in REACH's 24-year history that any cohort has had a 50-50 male-female ownership, indicating that women are breaking into the traditionally male-dominated tech sector.
Currently, only 17.4% of PropTech companies founded in Australia are led by women, according to APIM. This is in contrast to the broader real estate industry, where women account for 49% of agents and 68% of property managers. The director of the REACH Australia program, Ebonnie Schravemade, says that they have been actively encouraging women to start PropTech companies and highlighting the roles women are taking on in the accelerator program through media to inspire more women to follow the same path.
Schravemade believes that women-led companies offer unique advantages in the real estate industry, which will shape the industry's direction and lead to more inclusive, equitable policies and practices. Women are often the primary decision-makers when it comes to buying or renting a home, and their inclusion in technology supporting the real estate industry is vital to its relevance and ongoing success.
Women-led companies are also more likely to create solutions that meet the needs of underrepresented groups, such as single mothers, elderly people, or those with disabilities. VCs and accelerators can promote companies with diversity as a central aspect of their selection criteria and raise the profile of women in PropTech to foster more diversity.
According to Schravemade, more can be done within the industry to recruit more women and foster ideas from inside the existing real estate community to find more diversity in PropTech founders. Women leaders in the industry can mentor and guide women coming through, and companies need to focus on having the best possible leaders, regardless of gender.
In conclusion, the increasing number of women launching startups in the PropTech industry in Australia is changing the industry's face. Women-led companies offer unique advantages and create solutions that meet the needs of underrepresented groups. To foster more diversity in PropTech founders, more can be done within the industry to promote women, recruit more women, and encourage women leaders to mentor and guide women coming through.