FINANCING RURAL AND FARM WOMEN-LED INNOVATION: A JIGSAW WITH MISSING PIECES?

Accessing the finance needed to support innovation development is crucial. FLIARA’s case study comparative analysis also shows this clearly.

Women adapt and use many sources of finance. Women access finance through both private channels and public funding. Public funding can come through various sources from local to EU levels. Self-funding using personal savings and family loans are examples of private channels. There is also the issue of substituting finance with volunteer, as well as unpaid labour, which is unsustainable. Reliance on personal funding sources also limits women’s potential to become innovators when they do not have access to personal funds.

Challenges accessing adequate finance. Women-led innovation takes a variety of approaches to raising needed finance showing the tenacity of women innovators. They also face significant challenges in accessing adequate finance. Improving the situation draws out a range of practical recommendations.

Tailored and innovative approaches appear needed. Depending on the type of innovation, private donations could also have relevance. Some women innovators have successfully accessed bank loans, while others are reluctant to. Alternative finance sources such as crowdfunding appear uncommon. Gaps in access to finance for particular stages of innovation development also emerged, highlighting the need for public finance to tailor its support to different innovation stages (e.g. scale-up, idea development).

Assess existing finance supports for improvements. When match funding is required alongside public funds, support could facilitate finding sources of match finance. The complexity and bureaucracy attached to sourcing finance is also a barrier and reducing this is important.