Reduction of costs in female-led startups due to COVID-19 in 2020
Amidst the COVID-19 pandemic in 2020, female-founded startups have had to adopt various methods of reducing company costs in order to compensate for declining revenue. Reduction of spend on rent and/or facilities was the most common type of budget cut, with 34 percent of founders adopting this method. This is followed by reduction of marketing costs, which was reported by 27 percent of founders. In a further effort to reduce costs stemming from workforce salaries, 22 percent of founders reported a headcount drop, while nine percent of founders decreased the salaries of executives.
