INSIGHTS / Blog

This March, we’re celebrating International Women’s Day by spotlighting the women driving innovation across the SETsquared Partnership, showcasing the breadth of roles, journeys and impact within the ecosystem.

For Serena Giaminardi, Head of Programmes and Investment at SETsquared, her journey into start-up support and investment didn’t start behind a desk in a formal office – it started in the fast-paced, hands-on world of early-stage ventures.

In her own words, Serena takes us through her journey, highlighting the path she’s taken, the challenges she’s overcome, and the lessons that continue to inspire her today.

From Italy to the start-up world

My experience in the start-up world began in Italy, right after my master’s graduation. I joined a start-up as a founding member; it was more of a corporate spin-out, now that I know the difference, and I was responsible for marketing, operations, and talent acquisition. It was just a few of us back then, and it was all hands on deck. Long days, fast pace, everything needed to be created from scratch, which I loved.

However, I quickly learned a hard truth: even the best idea in the world still needs cash to survive. The business went bust. Still a bit bruised, I looked for opportunities abroad, and an internship at SETsquared became available: six months in Bath, working on the company’s 10th anniversary campaign, including a big Investor Showcase and a House of Commons reception.

Fast forward, and 13 years later, I am still in the UK. During that time, I’ve done so many things: I’ve learned from amazing mentors, managers, clients, and colleagues; thrown myself into any interesting project I could get my hands on; designed and launched countless support programmes; managed multi-million-pound projects to help innovators grow their businesses and attract investment; become a yoga teacher; built the Programmes and Events Team (aka the Dream Team) from scratch; branched into investment scouting; taken a career break around the world; done freelance work as an innovation consultant and mentor; and come back to revamp the SETsquared Investment Programme.

All of this has been inspired, on one hand, by the people I’ve worked with and, on the other, by the innovators we’ve supported. The drive of our close-knit delivery team toward a common goal, and the impact we created among the communities of innovators, we were driven by it. I guess that’s why I’m still here today.

A day in my life: leadership in action

A typical day as Head of Programmes and Investment is anything but typical. Judging by the number of tabs I have open on my computer and in my head, there are always multiple parallel streams of activity. My days revolve around enabling entrepreneurial talent and collaboration, and each day brings new challenges and opportunities.

It could be discussing strategies and business plans with boards, facilitating workshops, talking to potential sponsors, negotiating budgets with partners, brainstorming pilots with the team, mapping the investment pipeline with our acceleration and tech transfer teams, briefing VC investors for a panel we organised, launching a campaign, speaking at or attending events where I meet innovators or investors – and many other things. Emails, calls, and meetings are constant, but in most cases, they are with talented people who make my “typical day” very rewarding.

What I treasure most is the human part of my day-to-day: working hard together as a group, seeing everyone go the extra mile, contributing creative ideas, growing in their roles, showing leadership, leaving a mark, experimenting, and learning.

Opportunities and challenges for women-led start-ups

If we look globally, women still face barriers that are, frankly, unacceptable in many places. Compared to other sectors, the start-up world does provide women with fairer opportunities – but even here, challenges remain.

Women-led start-ups still receive only a small fraction of capital compared to male-led companies. Depending on the report, the figure is 2–4% versus 80+% of VC/angel allocation. Even when women do receive funding, they statistically raise less (the “Small Check” phenomenon), despite evidence that women-led businesses deliver higher returns per pound invested. Ethnic minority women face even more severe barriers, though data is now dated.

Bias and stereotypes, conscious or unconscious, are real. I have seen it myself, women founders facing questions about risk tolerance or sector knowledge that their male counterparts never encounter. For example, investors may ask women, “What could go wrong?” while asking men, “What could go right?”- influencing funding decisions in subtle but powerful ways.

University spin-outs face additional barriers: women academic founders often encounter disproportionate challenges rooted in academic culture and a lack of tailored support. The Female Founders Forum has even predicted that, at the current rate, gender parity among university spin-outs wouldn’t be achieved until 2060.

On the investor side, only 13% of senior investment roles are held by women. Statistical evidence shows a correlation between female representation at venture capital firms and investment in female-led businesses. And so, the cycle continues.

But it’s not all doom and gloom. Communities, mentorship, and peer groups supporting women entrepreneurs and investors, even in their early careers, have grown significantly. The Women Angel Investors 2025 report notes a 60% increase in women angels since 2022. Dedicated angel networks such as Angel Academe, Lifted, Alma, and Women Angels of Wales are flourishing.

VC firms are also working harder to attract women investors, with some, like Mint Ventures, SIE Ventures, and Ada Ventures, targeting female and diverse founders specifically. Which is not just a fair thing to do. It’s the smartest move: funds with female representation in management roles have been shown to deliver 9.3% higher returns compared to male-only counterparts.

There are also dedicated funding opportunities: Innovate UK’s Women in Innovation Awards, the government-backed Invest in Women Taskforce, and the British Business Bank’s £50m commitment to female-led funds, among others. These initiatives matter. Is this good? Yes. Is it enough to move the dial? Probably not. Should we do more? YES!

The power of networks and mentorship

I recently read The Rise Report, one of the largest grassroots studies on female entrepreneurship in the UK, where 39% of respondents identified peer networks as the most effective form of support, and 32% cited mentorship and coaching.

This confirmed what I have been noticing over the years: founders know this isn’t a solo sport and female founders, in particular, value space for relationships and both expert and peer guidance. And this is why at SETsquared, mentorship and human-centred support are central to every programme.

Programmes championing women founders

Additionally, we run several initiatives specifically for ambitious female founders, addressing confidence gaps and underrepresentation in technology and science sectors. SETsquared Bristol runs Enterprising Women, a fully funded business support programme. Innovate UK-backed ICURe programmes empower women to consider spin-outs, and I like what colleagues at Surrey are doing with their Surrey Women’s Entrepreneurship Network (SWEN), which champions female entrepreneurship through community-led support.

We constantly evolve our offerings to ensure accessibility and inclusion and hopefully inspire more female innovators. Adaptations include blended learning, bite-sized modules, female trainers and mentors, the same top-quality content, but a stronger emphasis on role models and community. We also avoid “manels” (all-male panels) entirely: talent and subject matter experts are everywhere, so why stick with the usual trite formula?

I’m particularly proud of our Inclusive Capital roundtable at Investment Futures, our flagship investment event in London. For the past few years, I’ve had the privilege to curate panels that bring together diverse founders and investors, all inspiring collaboration and championing equity across the ecosystem.

Lessons from experience

Like most women out there, I’ve faced gender-specific challenges, including bias, stereotypes, and harassment. Unfortunately, these experiences are far from rare.  and are often rooted in unbalanced power dynamics, lack of education and the belief that the advancement of one group’s rights and opportunities comes at the expense of another’s.

I don’t believe in that: it’s not a zero-sum game. Someone else winning does not mean you lose. There is more than enough room for everyone to thrive. Success creates opportunities, drives innovation, and generates value for everyone, and I carry this belief into every part of my work and life.

Looking ahead

Systemic change is gradually forcing action, but everyone in our ecosystem can empower and enable diverse entrepreneurial talent. At SETsquared, we make diverse role models visible, encourage curiosity, and create spaces where people can step out of their comfort zones. We adapt our programmes to provide the confidence, tools, and community needed to tackle the world’s big challenges.

Personally, I aim to keep showing up, listening, learning, and leading by example. I’ll celebrate others’ wins and influence decisions to help create the future I believe in.

Finally, a thought for women: we often feel we must work harder, stay later, and fit into an ideal we were taught. I want to challenge that. Our differences, our uniqueness, are our superpower. Embrace them. Even when insecurities kick in, chin up! We belong in that room full of founders, investors, and decision-makers.