04.11.2025
If you’re looking for an example of an industry where the gender balance appears to be relatively even, the Life Science sector might seem like a good candidate.
In fact, 52 percent of employees in the Life Science industry are women, while 48 percent are men.
At first glance, that looks like a success story for gender equality – but that’s not the full picture.
When we look at the number of women in executive leadership and board positions, the situation is quite different. For instance, in 2021, only 14 percent of Danish Life Science companies had a female CEO.
This imbalance at the top also contributes to the lack of female entrepreneurs in the field, Ellen Von Sydow and Rosemarie Stenfeldt explain. They recently completed their master’s degree in international management at CBS.
In their thesis, they examined why so few Life Science startups are founded by women – and, more importantly, why women struggle to raise capital for their Life Science startups in Denmark.
One of the biggest challenges, Ellen and Rosemarie say, is that the gender imbalance at the top of the Life Science hierarchy is mirrored in the investment community.
“It’s almost exclusively men there as well. And most investors tend to invest in people who resemble themselves. We mirror each other, so if you’re a man, you’re more likely to invest in another man,” Rosemarie explains.
No money, no startup
The problem isn’t unique to Life Science; it’s a broader issue.
Overall, one in four entrepreneurs in Denmark is a woman, and only 1.7 percent of venture capital invested in Danish startups goes to female entrepreneurs.
And if you want your startup to succeed, funding is essential – especially in Life Science, where costs are incredibly high, and where long development processes and clinical trials mean it takes years to bring a product to market.
“We can also see that many women who try to start a business in Life Science develop solutions focused on women’s health. Male investors have a hard time relating to that – and as a result, they often choose not to invest,” Ellen says.
Unconscious biases create barriers
During their research, Rosemarie and Ellen interviewed numerous female founders, investors, and industry professionals to uncover why women face such obstacles when raising capital for Life Science startups.
They identified three main issues: Social norms, unconscious bias, and access to networks.
From an early age, girls are socialized to be humble and cooperative – qualities that often clash with the stereotypical image of an entrepreneur, who is expected to be bold and self-assured.
Unconscious biases also emerge during investor pitches. For example, women are often asked defensive questions such as: “How will you ensure your startup doesn’t fail?”, while men are asked aspirational ones like: “What are your ambitions, and where do you see yourself in ten years?”
Access to networks is another major challenge. The most powerful and influential positions in the industry are largely held by men.
“There are plenty of women in Life Science, but they’re not at the top. There’s a clear glass ceiling,” Ellen says.
This lack of representation also means a shortage of female role models – both in leadership positions and in startups.
Role models are crucial: You’re much more likely to become an entrepreneur if you’ve seen someone like yourself do it before.
“We interviewed Mia Wagner, who is well-known as an investor and role model in the startup space. But there isn’t a ‘Mia Wagner’ for Life Science startups,” Rosemarie says.
“Ellen and I could name many incredible women in the field, but they’re not publicly known. When people are asked to picture the founder of a Life Science startup, most will imagine a man.”
What can be done?
So, what can we do to address these challenges – to encourage more women to pursue Life Science entrepreneurship and to make it easier for them to access capital?
According to Ellen and Rosemarie, several steps can be taken. One approach is to look at our neighbours, which have introduced various initiatives to promote equality.
Sweden is often highlighted as an example because of its principle of gender-neutral investments. Here, public investment funds are leading the way in ensuring that female entrepreneurs can also secure capital – and the targeted initiatives are spilling over into the private investor market.
In Norway, gender quotas for corporate boards were introduced as early as 2003. These quotas require that at least 40 percent of each gender be represented in publicly listed companies.
And looking further abroad, Canada has developed a national strategy to support women in entrepreneurship and increase the number of female startup founders.
“In Denmark, we’re often hesitant to create initiatives that focus solely on women. Many believe it goes against our ideals of equality – but it’s a problem if we don’t build networks and solutions tailored to women, because they face challenges that men simply don’t,” Ellen says.
Ellen and Rosemarie believe it’s time to make real changes and try new approaches.
“One female investor we interviewed said that many men are afraid we’ll create a Barbie world where women have all the control. But that’s not what anyone wants – we all know how important diversity is,” Rosemarie says.
“And as another investor told us: Men have been on the field for 100 years while women have been sitting on the bench. Maybe it’s time to see what happens if we change that for the next five years.”