KUALA LUMPUR - Despite women-led businesses accounting for a growing share of startups globally, only 2.3 per cent secure venture capital (VC) funding.
At Sinar Daily’s She Means Business panel discussion, Inari Jewellery founder Eva Woon and Lax and Lay Retreat co-founder Mardhiah Latiff shared how they overcame this funding gap through resourcefulness, strategic planning and self-reliance.
Woon said structural industry factors contributed to the limited VC support for women-led businesses.
“I find that women generally prioritise having a solid idea and a strong track record before seeking funds. While gender inequality may play a role, I also think many females gravitate towards service-related or traditional product businesses, creating what is missing in their daily lives.
“However, VCs are primarily interested in funding artificial intelligence (AI) or Big Tech ventures that promise 100 or 500 times return, which is extremely profit-driven, unlike a traditional service setting.
“This industry factor contributes to why fewer women receive funding. My jewelry business, for instance, is not VC attractive. It demands high capital for materials (gold, precious stones) and has a slower growth model,” she said.
Woon emphasised the importance of starting a business from the heart and beginning on a small scale. She shared that she initially used her own savings, challenging the common misconception that raising large amounts of capital was necessary for success.
She said it was more effective to start small, test your concept and gradually build proof points.
“When you earn money, you reinvest it. That mindset of having to raise capital first is often just an excuse. You must be willing to work diligently and be resourceful to grow your business. This is where building from the heart is paramount,” she said.
For Lax and Lay Retreat co-founder Mardhiah Latiff, self-funding was a practical necessity.
She said as a first-time entrepreneur, one often has no choice but to finance the business personally, relying on what she called the “three Fs”: Friends, Family and Fairies (kind investors).
She said it was very rare for first-time founders to secure large-scale venture capital, making self-funding the most realistic starting point.
“That ability often grows with experience. Sadly, we had to rely on our own savings and those of our parents to create our proof of concept, especially in an industry with high capital expenditure. We took that risk because we rigorously validated the concept first.
“Regarding access to VC funding, I strongly believe women are not getting a fair opportunity. There needs to be a fundamental shift in how women entrepreneurs share information, being more transparent about revenue and margins.
“This shift must occur bottom-up with female founders openly sharing knowledge and tips and top-down with VCs and committed funds specifically to female-led ventures.
“You have a lot of agency in this by being open to receiving and offering support and constructive criticism to others,” she added.
Both founders stressed that resourcefulness, resilience and strategic risk-taking were essential for women entrepreneurs navigating an unequal funding landscape.
The discussion took place during Sinar Daily’s She Means Business live panel session on Nov 7 at KLGCC Mall, where Woon and Mardhiah shared reflections on risk, resilience and reinvention in entrepreneurship.
Moderated by Girls4Girls deputy country lead Fildzah Zulkifli, the event focused on building businesses grounded in authenticity, purpose and perseverance.
Through their stories, the session reaffirmed Sinar Daily’s She Means Business discussion's mission to spotlight authentic narratives of women reshaping leadership and entrepreneurship in Malaysia.