In recent years we can observe a significant transformation in the business landscape, as more and more powerful women worldwide rise to prominent positions. This shift is steering us toward a more gender-inclusive and equitable business environment. However, it is crucial to acknowledge that the startup and venture capital landscape remains significantly influenced by gender biases, with a predominant bias favoring men. Harvard Business Review reports that women-led startups receive less than 3% of all venture capital investments
In the heart of the Balkans, a quiet revolution is unfolding. Women entrepreneurs and investors are breaking through barriers that have long held them back from achieving their full potential. At the forefront of this movement is an emerging group of diverse founders and novel angel investors bringing new models for sustainability and leadership that are transforming the investment landscape in the region. In this feature article, we delve deep into how Gaia Montelatici, founder of Impact Hub Belgrade and Studio X Ventures is reshaping the Balkans’ investment landscape, leading the way for other pioneering women from Central Eastern Europe .
Challenges for Women in Business and Investment
For decades, women in Central Eastern Europe, like many other regions, have faced a daunting glass ceiling in both entrepreneurship and investment. Cultural norms, stereotypes, and a lack of access to resources have perpetuated the gender gap, stifling the potential of countless talented women. In Central and Eastern European region, we are witnessing rapid development in both the internal capital markets of various countries as well as the rise of the unifying efforts by multiple institutions in the VC landscape
Gaia Montelatici, co-founder of Impact Hub Belgrade and Studio X Ventures, recognizes these challenges all too well. “We saw a dire need for change,” she explains. “It was evident that women in the Balkans had incredible ideas and talents, but they lacked the support and opportunities to turn those ideas into reality. This is why she designed and launched initiatives such as WE Founders (Women Entrepreneurs and Founders) and WE Angels (Women Entrepreneurs and Angels) –supported by USAID Mission to Serbia, to break those barriers and pave the way for women in business and investment.”
Women in Angel Investing
Gaia’s main mission through the Impact Hub Belgrade that she founded in 2014 has been to provide business development and leadership support to a new emerging generation of entrepreneurs, especially women, seeking to address sustainability challenges and build viable, replicable and scalable models. With WE Founders’ that Gaia launched in 2019, she started to empower women to become angel investors, thus contributing to the democratization of the startup and venture capital industry. Angel investors play a crucial role in funding early-stage startups, providing not only financial support but also mentorship, guidance and the first validation for entrepreneurs. For women-led startups to be able to access funding, it is indispensable to involve women investors who understand the market need addressed by women and recognize the opportunity.
In the Balkans, angel investing and investing in startups overall is a novelty and such practices have started to pick up only recently in Central and Eastern Europe. Thus, Gaia saw the opportunity to leapfrog and avoid the vaste gender gap that exists worldwide in terms of men (over 90%) to women ratio in investments. So WE Founders included very early on women interested in angel investing, at a time when the ecosystem in Serbia recognized the need to unlock the local potential of angel investing to attract foreign capital and grow the international potential of the startups from the region.
The pioneering women who became involved in angel investing through WE Founders have overcome significant obstacles to achieve success across multiple sectors. WE Founders concretely connected these women with relevant women investors from both Europe and the US to foster exchange and transfer of know-how and facilitate pre-seed investment practices that bring foremost learning and understanding of new business models that the Balkans and the world need to solve world’s pressing challenges in energy, climate and access to basic services. This is a work in progress and a legacy that the WE Founders (2019-2022) initiative has built.
“The Balkans are the mirror of the world,” says Gaia. “They are the magnifying lenses highlighting that while numbers matter for representation, the most relevant issue at this point in time is decision-making and leadership in business. Leadership positions are still mainly filled by men even if they are not the only ones with competences, skills and practices for the jobs to be done.”
2.5M Euros Raised and 15 Pioneer Women Investors
The impact of WE Founders is tangible, but its main value is not the numbers per se, but rather the fact that Gaia was able to activate a rolling stone effect through this 3-year program. The initiative has facilitated the raising of 2.5 million Euros by women-led companies, a testament to the untapped potential in the region. Additionally, 15 pioneering women have taken their first steps into angel investing, shattering gender stereotypes along the way.
These milestones represent not only financial success but also the breaking of stereotypes and the creation of a supportive ecosystem for women entrepreneurs and investors. “These achievements are a testament to the resilience, talent, and innovation of women in the Balkans,” Gaia shares. “It’s a signal that change is happening, and we’re just getting started.”
A Call for Systemic Change
The stories of these pioneering women are not just anecdotes; they are beacons of hope and inspiration for the future. As they pave the way for more women to enter the world of entrepreneurship and investing, they send a powerful message: “You can do it too.”
However, systemic change is also needed to sustain this momentum. Gaia emphasizes the importance of creating an inclusive business ecosystem that supports women at every stage of their entrepreneurial journey. “It’s not enough to inspire women to become entrepreneurs or investors,” she says. “We need to address the structural barriers that have held them back for too long.”
This includes continuing to provide access to funding, mentorship, and leadership support to women entrepreneurs.In addition, it entails challenging and changing cultural norms and biases that perpetuate gender inequality which is damaging all genders. Recognizing the value women and diverse entrepreneurs create and bring for sustainable economies requires still long-standing work and joint efforts.
The Future of the Balkans’ Investment Landscape
As we look to the future, the Balkans’ investment landscape is poised for transformation. The pioneering women Gaia lead are not just investors; they are architects of change, shaping an ecosystem that is more inclusive, diverse, and prosperous.
The 2.5 million Euros raised by women-led companies is just the beginning. With the continuous support of Impact Hub, its partnerships and initiatives like WE Founders, more women will have the opportunity to turn their entrepreneurial dreams into reality. The glass ceiling that once hindered their progress is cracking, and with each success story, it shatters a little more.
The Balkans are witnessing a remarkable shift in the investment landscape, thanks to the pioneering efforts of women entrepreneurs and investors engaged by Gaia’s efforts at the Impact Hub and through focused initiatives like WE Founders. Their stories of resilience, innovation, and success serve as beacons of hope for the region and inspire more women to enter the world of entrepreneurship and investing.
While significant milestones have already been achieved, there is still work to be done to create a truly inclusive business ecosystem. Gaia Montelatici and the women founders and investors she collaborates with call for systemic change to ensure that the path they’ve paved becomes a well-trodden trail for generations of women to come. The future of the Balkans’ investment landscape is bright, and it is being shaped by the fearless women who refuse to let barriers hold them back.
About Gaia Montelatici:
Gaia Montelatici is a co-founder and programming director at Impact Hub Belgrade, as well as the General Partner of Studio X Ventures, a boutique advisory and angel syndicate investing in promising startups from the Western Balkans. With over 20 years of experience in international project management and entrepreneurship, she specializes in fostering economic development, particularly through promoting gender equity and diversity in the startup ecosystem. She holds a MA in Cultural Anthropology, and has dedicated her career to bridging the gap between Western Balkans entrepreneurs and the U.S. market. She is a key figure in supporting women entrepreneurs, notably through initiatives like the WE Founders and Angels for Impact, and has been instrumental in securing significant venture capital funding for diverse startups.
Gaia has been featured in prominent media from CEE such as Vestbee, the leading CEE platform for the entrepreneurial ecosystem (The Top 100 Women in VC in CEE November 2023; the Top 30 Women from VC and Startup Ecosystem in Serbia, December 2023); the Time Magazine of Serbia (featured article “It is all about Building Connections”, November 2023); New Economy “Women who Overcome Borders” (December 2023); and she was also featured on “9 Powerful Women of Serbia” (Magazine Zadovoljna, Nov. 2022) and “Spotlight on The Top 10 Kickass Female Founders from Serbia” (EU Startups, 2020); “Women Are a Smart Business” (New Economy Magazine, Nov. 2019); “Discovering Serbian Startups” (The Serbian British Magazine, 2021); and was featured on the podcast “Lost Found in Serbia” with Evan Tracz episode May 25th 2020.