Anne Boden, the founder of Starling Bank, is advocating for Wales to spearhead a “revolution” in artificial intelligence (AI), with a particular emphasis on women’s involvement. As a graduate of Swansea University, Boden has returned to Swansea to inspire others to follow her path.
Boden expressed her hope for Wales, particularly Swansea, to play a significant role in the growth of AI businesses. Following her departure as CEO of Starling Bank last year, she has taken on initiatives such as launching a book and leading a UK government taskforce to support women entrepreneurs. Although she remains a director and shareholder at Starling Bank, her focus now lies on empowering a new generation of female company founders.
Boden highlighted the concerning statistic that only about 2% of funding for start-up firms goes to businesses led solely by women, emphasizing the need for change. She believes that supporting companies led by women could contribute to Wales becoming a hub for AI and deep learning businesses.
While established businesses can leverage AI to enhance their performance, Boden noted that new start-ups are concentrating on developing AI tools for global distribution. However, she acknowledged that fundraising for these new ventures can be a challenging and draining process.
Anne Boden reflected on the considerable hurdles she encountered while securing funding for Starling Bank, which she successfully launched in 2014, driven by her recognition of the need for enhanced banking technology and improved customer experiences.
“People laughed at me,” she recalled. “It took me two years and nearly 300 meetings to raise the money.” Boden identified her age and gender as significant barriers to success in fundraising. She recounted the challenges of being different from the typical investors she encountered, who were often “30-year-old men, mostly with beards.” As a mid-fifties Welsh woman, Boden found herself in a minority among investors, making it difficult to connect with them.
She observed that people tend to invest in those who resemble themselves, which further complicated her fundraising efforts. Given the scarcity of mid-fifties Welsh women in the investment realm, Boden faced an uphill battle in gaining financial support for her venture.
During her visit to Swansea University on Monday, Anne Boden engaged with students from her former school, Cefn Hengoed Community School in Bon-y-Maen. Fourteen-year-old Ffion expressed awareness of the barriers facing women and her determination to confront them in her future career. She stated, “I want to prove people wrong, that we can do just as well as men in these industries.” Ffion identified Boden as one of the role models she looks up to, highlighting how seeing successful women like Boden inspires her own ambitions.
Thirteen-year-old Freya echoed Ffion’s sentiments, acknowledging the greater challenges women face in business. She emphasized the need for women to continually prove themselves and overcome gender bias to gain recognition. Freya noted that women often have to work harder to convince others of their abilities compared to men.
Boden expressed her passion for empowering women-led businesses to contribute to the Welsh economy and emphasized the value of investing in female founders. She highlighted the success of women-led businesses when they receive funding, noting that they often grow into highly successful ventures. Boden’s advocacy underscores the importance of supporting and encouraging women in entrepreneurship to unlock their full potential.
Anne Boden emphasized the importance of women’s involvement in the “reset” occurring in business, highlighting the current industrial revolution as a prime opportunity for their participation. Drawing from her own experience, Boden, who hails from Swansea and attended Swansea University, emphasized the potential for Welsh and Swansea-based enterprises to drive innovation. She cited her own success in building a globally impactful bank through technology advancements as evidence of what can be achieved in Wales.
Boden expressed optimism about the prospect of creating new businesses in AI and deep learning in Wales, envisioning transformative impacts that benefit everyone. Her remarks underscored the excitement and potential for positive change that such ventures can bring to both the local community and the broader business landscape.