Make-up female entrepreneurs investors: new study reveals bias in funding

For years, female entrepreneurs received less funding on average than their male counterparts. Fortunately, that seems to be changing. Recent research shows that women may now even have a better chance with investors than men. However, there is one factor that plays an important role: make-up and how it influences investors’ perceptions of female entrepreneurs.

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Female entrepreneurs are rated more positively

The research paper “Female but not too feminine. Perceptions of female entrepreneurs and their ventures: the role of gender and feminine adornments” describes something we already know, but would rather see differently. The extent to which a female entrepreneur adorns herself directly affects her chances of securing investment.

Belgian researchers used three different testing methods in this study.

In the first experiment, 40 Belgian participants viewed 14 images of men and 17 of women. All individuals were between 35 and 39 years old, white, wore the same clothing, and had the same posture. Respondents rated their attractiveness and estimated their age. Researchers told them that all individuals were founders of start-ups in the hospitality sector. Participants then evaluated both the entrepreneurs and their businesses.

Female entrepreneurs received more positive ratings than male entrepreneurs. Participants also perceived their companies as more valuable and more likely to succeed.

 

The influence of make-up

In the second study, participants saw only female entrepreneurs. Some of the women wore make-up and accessories, while others did not. Respondents evaluated their entrepreneurial abilities and businesses and allocated a starting capital of €100,000.

Remarkably, female entrepreneurs without make-up and accessories received higher ratings for entrepreneurship and business potential than those who wore them. Participants also invested more money in this group.

 

Make-up, female entrepreneurs and investors

In the third study, researchers repeated the first and second experiments, this time with participants who had investment experience. Once again, female entrepreneurs received more positive ratings than male entrepreneurs and secured more funding overall.

However, a difference remained between those who wore make-up and accessories and those who did not. Female entrepreneurs who wore them received less investment. The gap was slightly smaller than among participants without investment experience.

Although wearing adornments does not reflect someone’s abilities as an entrepreneur, this outcome does not surprise me. A few years ago, I wrote about two studies on the effect of make-up in the workplace (Dutch). These showed that both men and women judge women who wear heavy make-up more negatively when it comes to leadership qualities. For women who wore less make-up, the results were mixed.

Another study found that other women perceive women wearing make-up as manipulative, dominant, and controlling, while men tend to see them as prestigious.

Ironically, other studies show that attractive women earn, on average, 20% more than those considered less attractive by societal standards. And what do women do to enhance their appearance? Exactly, they wear make-up.

The line is incredibly thin.

If you are a female entrepreneur preparing to secure investment, consider limiting accessories. If you prefer wearing make-up, go for a more natural look. After all, there is nothing wrong with giving nature a little help.

Want to read more about appearance and perception in the workplace?

Also check:

• Plastic surgery to improve your job prospects
• Coloring your hair brown for a more serious appearance

Kind regards,

Aileen