The Renaissance of Female Leadership in Central Eastern Europe

Central Eastern Europe, particularly the Western Balkans, has long been an emblem of patriarchal economic structures. But over the past decade, we’ve witnessed a tectonic shift in the dynamics of women leadership in business in the region. Gaia Montelatici, co-founder and programming director of Impact Hub Belgrade, embodies this transformation and challenge to the status quo. Her journey, both personal and professional, serves as a testament to this transformation, and she has borne witness to the changing landscape and its persistent challenges.

Born in Florence and with an American academic background, Gaia has made Serbia her home for over two decades. Through her work, she has leveraged entrepreneurship as a powerful tool for advocating gender equality, diversity, and equality. Gaia has assisted over 400 startups in their investment journey, raising significant funds.

As the leader of the USAID-funded Women Entrepreneurs and Founders initiative, her efforts helped 27 gender-diverse companies in Serbia raise over $3 million. She spearheaded the formation of the first business women angel group, WE Angels, offering specialized support to women-led enterprises. Together with Angels for Impact and other partners, she has raised over $10 million, aiding over 50 companies. She is the General Partner of Studio X Ventures LLC and has been at the forefront of catalyzing scalable growth for companies from the Western Balkans, leading investments into innovative startups.

Beyond investment, Gaia has delved deep into policy development, assisting in designing the National Action Document for EU IPA 2014-2020. Her voice has resonated across digital investment fairs, media events, and platforms like Webiz, Netokracija, Beta Pitch, and more, advocating for women in business, media’s role in digital evolution, and the significance of investor-startup trust. Through podcast series like Startup Growth to Success and WE Founders, Gaia has emphasized the importance of trust and relationship-building in business.

But this isn’t just Gaia’s story. It’s the story of countless women across Central Eastern Europe, rising above societal biases, breaking barriers, and paving the way for a more inclusive business landscape. “We still have miles to go before achieving complete gender equity in entrepreneurship,” Gaia shares. “But with every step, every initiative, and every success story, we’re challenging and changing the narrative.”

One cannot deny that the number of women entrepreneurs is on the rise. With increasing support mechanisms, entrepreneurship has become an accessible dream for many. However, the majority of influential power positions remain dominated by men. These fortresses of male power perpetuate a status quo that continually suppresses women’s growth potential. Gender biases persist, suggesting that women are somehow less capable of managing businesses, thereby reinforcing men’s stronghold on executive roles.

Additionally, women entrepreneurs in the region often grapple with an unjust dilemma: to pursue their entrepreneurial dreams or to fulfill traditional roles, particularly caregiving. This unfair “life-work balance” narrative is thrust upon women, making them feel that they must choose between their business aspirations and other life roles, such as motherhood. But why should one role negate the other? Being a mother and an entrepreneur are not mutually exclusive. These roles may not always align simultaneously, but that’s a matter of timing, not of sacrificing ambition or personal quests.

When Gaia Montelatici began her engagement with women entrepreneurs, the notion of entrepreneurship was still in its infancy in the Western Balkans. Similar to Eastern Europe, the primary employers in the region had traditionally been the public sector, such as government institutions and public enterprises, as well as multinational corporations. In this context, where there was a pronounced skill gap in the workforce, entrepreneurial skills began to gain prominence. These skills, encompassing problem-solving, collaboration, and both creative and critical thinking, were viewed both as tools for enhancing employability and as a path for the youth to initiate their own economic ventures.

Interestingly, the earliest seekers of guidance at the Impact Hub were women. Feeling they were lagging in entrepreneurial experience and knowledge, these women sought Gaia’s mentorship. They aimed to bridge their perceived knowledge gaps, overcome the daunting “impostor syndrome,” receive step-by-step hands-on support, and be a part of a community that resonated with their challenges and aspirations. These women were driven by a myriad of motivations: to diversify their family income, to be more economically active, to launch profitable ventures that addressed their unique challenges as women and mothers, and to strike a harmonious work-life balance.

A decade into Gaia’s endeavor, the landscape has undergone a transformative change. Recent research by UN Women underscores this evolution, highlighting that the participation of women-led businesses in Serbia’s entrepreneurial scene has grown from 28.1% to 31.2% over the past ten years. The wave of support for entrepreneurs, with a particular focus on women entrepreneurs, has been propelled by regional governments recognizing the potential of entrepreneurial ecosystems in catalyzing job creation and employment, a paramount concern in this geography.

Adding to this momentum, data from the Serbian Business Registers Agency reveals a consistent upward trend in the representation of women in the business sector over the last decade. From 2011 to the present, the proportion of female entrepreneurs has risen from 28.7% to 31.7%. Further accentuating this positive shift is the UN Women Entrepreneurship report’s observation that the rate of new company establishments is notably higher among women.

“While the Western Balkans might be a small stage, it’s setting the scene for a larger revolution,” Gaia says, “a revolution where women are not just participants but leaders, where they are not confined by societal norms but empowered by their aspirations, and where they are redefining success on their terms.”

The journey has been challenging, but the horizon promises change, growth, and a brighter future for women leadership in Central Eastern Europe.