Code-V: Dutch entrepreneurial climate for women set to improve thanks to alliance of 65 influential parties

12 Dec 2023 07:00 CET

Success of UK’s Investing in Women Code emulated in the Netherlands
Dutch entrepreneurial climate for women set to improve thanks to alliance of 65 influential parties

• Inspired by the successful Investing in Women Code in the United Kingdom, the Netherlands today will launch Code-V, an alliance spanning the government, the financial industry and the advocacy sector.
• Alle 65 parties involved are committed to promoting equal opportunities in entrepreneurship by means of data-driven insights, interventions and investments.
• Equal opportunities for female entrepreneurs will bring significant benefits in areas like job growth, innovation, sustainability, greater financial resilience — plus growth of the Dutch economy by an estimated 139 billion euros, as research carried out by ABN AMRO and McKinsey shows.
• The United Kingdom’s code has already led to significantly larger financing flows to female entrepreneurs and an annualised 37% increase in the number of organisations led by women.

The parties supporting Code-V span the public and private sector. They range from the Dutch Ministry of Economic Affairs and Climate to big banks and advocacy organisations. Outgoing Minister Micky Adriaansens: "The number of new female entrepreneurs lags behind. Female entrepreneurship is indispensable for our economy. We need a mix of people to do the right things. With Code-V, we are taking a nice step."

Global approach
Worldwide, the Netherlands is the fourth country to launch an alliance to improve the entrepreneurial climate for women. The main source of inspiration is the successful Investing in Women Code in the United Kingdom, which has already led to a significant increase in financing flows to female entrepreneurs. Building on the British success, the Women Entrepreneurs Finance Initiative (We-Fi), part of the World Bank, has launched the Women Entrepreneurs Finance Code to close the financing and data gap for female entrepreneurs in developing countries.

“Despite their potential to add value to the economy and create jobs, female entrepreneurs in developing countries often have trouble getting the financing they need to achieve their goals,” says Wendy Teleki, who heads the We-Fi Secretariat. “We-Fi is working closely with its implementation partners to test the We Finance Code in 24 countries. Our aim is to bring about systemic changes in the financial sector and get more financing to women. The launch of Code-V gives me hope, and we look forward to working side by side with the Netherlands on this critical mission."

Alliance broadly supported in the Netherlands
The World Bank’s WeFi-initiative and the UK’s Investing in Women Code have been great inspirations for the Dutch working group, says initiator Chantal Korteweg, ABN AMRO’s Director Social Impact & Inclusive Banking. "In the Netherlands, we’re often proud of our competitive economy, but there’s still a great deal of untapped potential. Research shows that women run up against more and different obstacles than entrepreneurs in general. Moreover, the gap is already present when starting a business is still just an idea. And it widens with each further step in the entrepreneur’s journey.”

“I’m incredibly grateful that both the World Bank and the initiators of the Investing in Women Code in the United Kingdom were prepared to share their experiences. Thanks to their input and backing, on the date of the launch Code-V had the support of no less than 59 organisations.”

About Code-V
Code-V is a Dutch alliance aimed at accelerating female entrepreneurship by eliminating obstacles and giving female entrepreneurs better access to financing and essential knowledge. The initiative also aims to raise public awareness of the financial inequality between female and male entrepreneurs, thereby helping to end this inequality and create equal opportunities. Code-V’s long-term goal is a more diverse and inclusive business ecosystem that fosters innovation and boosts the female employment rate. The efforts of the alliance will also contribute to economic growth by supporting female entrepreneurs in scaling up their businesses and expanding them internationally. This calls for systemic changes and sustained collaboration between public and private sectors for an agreed period of three to seven years.

Code-V will be signed by the following 45 parties:
ABN AMRO, Arches Capital, Brabant Start-up Community (including BOM, Braventure, Brabant Startup Fonds (BSF), REWIN, Midpoint Brabant, Brainport Development, Agrifood Capital), Borski Fund, Business Angels Connect, FundsUp, Geldvoorelkaar, Great Stuff Ventures, Horizon, ING, InnovationQuarter, Invesdor, Invest-NL, Investormatch, Joanna Invests, Karmijn Kapitaal, LIOF, Lumo Labs, Nationaal Groenfonds, Newion, NOM, Oost NL, PIN Voorschot, Pymwymic, Qredits, Rabobank, ROM InWest, ROM Utrecht Region, SET Venture, Shaping Impact Group, SheCredit, SHIFT Invest, StartGreen Capital, The Angel Initiative, TIIN Capital, TP24, Venturerock, Voordegroei, 4impact.

Code-V is officially supported by the following 10 parties:
Ministry of Foreign Affairs, Ministry of Economic Affairs and Climate, Ministry of Finance, MKB Nederland, the Dutch Banking Association (NVB), Nederlandse Vereniging van Participatiemaatschappijen (NVP), Rijksdienst voor Ondernemend Nederland (RVO), Stichting MKB financiering, VNO-NCW and Business Angels Netwerken Nederland.

Code-V is also made possible by support from the following 10 parties:
Deloitte, Erasmus Centre for Entrepreneurship (ECE), Female Ventures, FEM-START, Greenberg Traurig, Masters of Scale, Radboud University, Techleap.nl, VU Amsterdam and WOMEN Inc.,

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About ABN AMRO
ABN AMRO is a Dutch bank for consumer, business and private banking clients, offering a full range of financial products and solutions. Our focus is on Northwest Europe and we pursue a great ambition: to be the best bank in the Netherlands. ABN AMRO’s purpose of ‘Banking for better, for generations to come’ guides the execution of our strategy, which is based on three pillars: Supporting our clients’ transition to sustainability; Reinventing the customer experience; and Building a future-proof bank. Headquartered in Amsterdam, we serve around six million clients.

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