In countries where the gender playing field still steeply tilts toward male advantage, women-led businesses that participated in accelerators showed no financial improvement, or even did worse, compared to ventures that applied but weren’t accepted, a study revealed.

The researchers drew on data for more than 1,400 ventures across 65 countries that had applied to 33 different accelerators between 2013 and 2015.

The study built on data from the Global Accelerator Learning Initiative, which tracks follow-on impacts of accelerator programmes around the world, including comparative information between applicants admitted and rejected from programmes.

Sarah Kaplan is professor emerita in strategic management at the University of Toronto’s Rotman School of Management as well as founding director for its Institute for Gender and the Economy.

She said: “Ironically, this was especially true for those that participated in accelerators focused on women’s empowerment.”

Prof. Kaplan wanted to know whether promises that accelerators could help narrow the gender divide in entrepreneurial success were bearing out.

Joined by Nilanjana Dutt of Bocconi University, the researchers honed in on social innovation accelerators because these tend to attract more women over more Silicon Valley-style programmes.

At first glance, the researchers found that women-led businesses did not benefit as much from accelerator participation as male-led businesses did.

But a more nuanced picture emerged once they layered in other information about the contexts in which accelerators were operating, including a World Economic Forum index on gender equality and surveys to get at details about the accelerator programs.

“In more gender-egalitarian countries, accelerators were doing a great job of supporting women entrepreneurs and especially when they focused on women’s empowerment,” said Prof. Kaplan.

In financial terms, “it was a pretty dramatic difference and one that should make everyone pause.”

In less gender egalitarian settings, accelerators may not be benefitting women-led ventures because, the researchers wrote, they may not have delivered programming women could really use, given the context in which they would be operating.

In countries with starker gender inequality, “oftentimes women can’t even get a loan without their husband signing,” said Prof. Kaplan.

“When accelerators go in, they can’t treat it like a one-off intervention but need to also work on the ecosystems that surround the ventures.”

Still, even in more egalitarian contexts, women entrepreneurs had lower acceptance rates into accelerators than men and that was true even when the accelerator prioritised women’s empowerment, or where it had higher numbers of women on selection committees.

Whether the selection criteria were biased or the female selectors were better at identifying which women entrepreneurs would benefit most is an open question for future research, Prof Kaplan said.

As for women entrepreneurs, her advice is to treat accelerator applications as a two-way street: be just as choosy about which programs to commit to:

“Focus on what specifically this accelerator would help me achieve and whether it’s a match from your side too.”

Cardiovascular disease is the leading cause of death in women worldwide yet the gap between what we know and what reaches female patients remains stubbornly wide.

If your work is helping to close that gap, the Cardiovascular Health Innovation Award sponsored by Women As One was made for you.

Entry closes in just over two weeks. Every shortlisted entry will receive extensive coverage across all Femtech World platforms.

That means your innovation lands in front of a global audience that includes investors actively deploying capital into health technology, clinicians looking for tools that will improve patient outcomes for female patients and industry leaders shaping the future direction of women’s cardiovascular care.

The winner receives a trophy, a dedicated interview and platform visibility that goes beyond what shortlisted entrants receive.

The breadth of what we want to see

Perhaps you are developing a risk stratification tool that accounts for female-specific risk factors such as pregnancy complications, polycystic ovary syndrome, or early menopause.

Maybe you are working on remote monitoring technology that keeps women with heart failure safer at home.

Perhaps your innovation addresses the racial and socioeconomic disparities that compound cardiovascular risk for women who are already underserved.

Perhaps it is a wearable, a biomarker, a diagnostic platform, or a clinical decision support tool that is helping cardiologists see their female patients more clearly.

If it advances women’s cardiovascular health in a meaningful way, we want to hear about it.

Two weeks left

The entry process will not consume your calendar.

What it asks for is a clear articulation of the problem you are tackling, the solution you have developed and the impact you believe it can have.

That is a conversation worth having regardless of the award.

Submit before the window closes.

Women’s cardiovascular health needs bold thinkers willing to put their work forward and Femtech World is ready to make sure the right people see it.

Find out more and enter for free here.

Article produced in association with Spital Clinic

Genitourinary syndrome of menopause (GSM) affects around one in two women after the menopause — and fewer than one in three of those affected ever bring it up with a doctor.

The condition covers a cluster of vaginal, urinary, and sexual symptoms caused by falling oestrogen levels during and after the menopause transition.

It is one of the most common and most treatable consequences of that hormonal shift, and yet it remains one of the least likely topics to come up in a clinical consultation.

What Is Genitourinary Syndrome of Menopause?

The term genitourinary syndrome of menopause replaced older descriptions like atrophic vaginitis and vulvovaginal atrophy because those names missed the point — this condition is not confined to the vagina.

It affects the entire lower genitourinary tract: the vulva, vagina, urethra, and bladder neck, all of which depend on oestrogen to maintain their structure and function.

As oestrogen levels fall during the perimenopause and drop further after the menopause, these tissues change in tangible ways.

The vaginal lining thins; mucus production decreases; vaginal pH rises, making bacterial imbalance more likely; and the cushioning fat tissue around the vulva diminishes.

Crucially, these changes are progressive — without treatment, they continue to worsen rather than settling on their own.

NICE guideline NICE guideline NG23: Menopause — identification and management, updated in November 2024, defines genitourinary symptoms as a core part of the menopause syndrome. The guidelines support active treatment across all severity levels — not just when symptoms are severe.

The Full Symptom Picture: Genital, Urinary and Sexual

Genital symptoms are the most widely recognised.

Vaginal dryness is the most common, affecting up to 93 per cent of women with GSM — and described as moderate to severe in 68 per cent of those affected.

Other symptoms include burning, itching, soreness, and unusual or offensive discharge caused by changes in the vaginal environment.

The tissue can become fragile enough to bleed from minor friction, including during a gynaecological examination.

Urinary symptoms arise because the urethra and bladder neck are equally dependent on oestrogen.

These include needing to urinate more often or urgently, waking in the night to urinate, pain or burning when urinating, recurrent urinary tract infections, and stress incontinence — leakage triggered by coughing, sneezing, or exercise.

Many women with recurrent UTIs are treated again and again with antibiotics without the underlying GSM ever being identified or addressed.

Sexual symptoms complete the picture: painful intercourse from reduced lubrication and tissue fragility, spotting or bleeding after sex, and reduced arousal, lubrication, and ability to orgasm.

These changes are physical in origin, not psychological — though if symptoms go unmanaged for long enough, the two often start to reinforce each other.

Prevalence data from North Tees and Hartlepool NHS Foundation Trust shows that vaginal dryness affects around one in four women in the lead-up to the menopause, rising to one in two after it, and approximately seven in ten women in their seventies.

Symptoms can begin during the perimenopause — well before periods have stopped.

Anyone noticing these changes can seek assessment through a GP or NHS sexual health service — or through a private gynaecology specialist.

Why GSM Does Not Improve Without Treatment

Unlike hot flushes and night sweats — which typically ease over two to five years — genitourinary symptoms do not improve over time and return once treatment stops.

They are chronic and progressive: the longer they go untreated, the more entrenched the underlying tissue changes become.

This makes the gap between prevalence and treatment especially significant.

Around 70 per cent of women with GSM symptoms never raise them with a healthcare professional, and only 4 per cent to 35 per cent use any form of treatment — partly from embarrassment, partly because many assume nothing can be done.

A condition with safe, effective, NICE-recommended treatments goes largely unmanaged.

First-Line Self-Care: Moisturisers, Lubricants and OTC Options

Vaginal moisturisers — such as Replens, Regelle, and Sylk gel — differ from vaginal lubricants: they are for regular, ongoing use (typically two to three times per week) to maintain tissue hydration.

They do not treat the underlying hormonal cause, but are effective at reducing dryness and discomfort and are NICE NG23-supported as first-line non-hormonal management.

Vaginal lubricants are for use during sexual activity. Water-based lubricants are compatible with latex condoms and diaphragms; oil-based products are not. Both are available over the counter and are a reasonable first step for mild or early symptoms.

NICE NG23 supports their use alongside vaginal oestrogen, and recommends them as the primary option when hormonal treatment is not suitable.

Vaginal Oestrogen and Prescription Treatments

For symptoms that persist beyond a few weeks of self-care, or that are moderate to severe from the outset, NICE NG23 sets out the evidence-based first-line treatment: offer vaginal oestrogen to anyone with genitourinary symptoms associated with the menopause — including those already using systemic HRT — and review regularly.

Vaginal oestrogen restores oestrogen levels in local tissue without significant absorption into the wider body.

NHS information on vaginal oestrogen confirms it does not carry the same risks as systemic HRT — the dose is low and very little reaches the general circulation, which matters for women who have been advised against systemic treatment. It comes as a tablet, pessary, cream, gel, or ring.

NICE NG23 specifically recommends vaginal oestrogen for women already using systemic HRT as well as those who are not — recognising that between 10 per cent and 25 per cent of women on systemic HRT still experience genitourinary symptoms that systemic treatment alone does not fully address.

Two further prescription options are available for women who cannot use vaginal oestrogen or have not responded to it.

Prasterone — a DHEA vaginal pessary — is recommended by NICE NG23 when vaginal oestrogen or non-hormonal treatments have not worked or are not tolerated.

Ospemifene, an oral tablet, is recommended where locally applied treatments are not practical — for example, due to physical disability.

Choosing between these options involves a clinical review of individual history, any contraindications, and personal preference.

A BMS-accredited private menopause assessment can provide that review alongside a full discussion of treatment options.

On laser therapy: the RCOG Scientific Impact Paper No. 72 concluded that vaginal laser treatment for GSM should not be offered outside of randomised controlled trials, and NICE NG23 takes the same position.

For women with a history of breast cancer, non-hormonal moisturisers and lubricants come first; vaginal oestrogen may be considered if those are ineffective, but only with the involvement of the treating oncologist.

When to See a Doctor

The NHS recommends seeking assessment when genital menopause symptoms have persisted for more than a few weeks despite self-care, when they are affecting daily life or sexual function, or when they involve post-menopausal bleeding, unusual discharge, or recurrent urinary tract infections.

Post-menopausal bleeding always warrants prompt GP review. It should not be assumed to be friction-related or attributable to GSM without a clinical examination — it is a red flag symptom that requires investigation to rule out other causes.

Recurrent UTIs in a postmenopausal woman — particularly without an obvious cause — are worth assessing for an underlying GSM component, rather than treating with repeated antibiotic courses alone.

A GP can initiate first-line treatment; for more complex presentations or where initial management has not helped, a menopause specialist can offer a more thorough evaluation.

The shift from terms like atrophic vaginitis to genitourinary syndrome of menopause reflects something important: these are medical symptoms, not a normal inconvenience to be quietly endured.

Effective treatment exists at every level of severity — from OTC moisturisers through to NICE NG23-recommended prescription options.

Anyone whose symptoms are affecting quality of life can see an NHS GP, or book a private menopause assessment with a BMS-accredited specialist.

The gap is not in what medicine can offer — it is in how reliably those options reach the women who need them.

This article is produced for informational purposes only and does not constitute medical advice, diagnosis or treatment. Clinical guidance referenced reflects published NHS and NICE standards as at March 2026. Individual circumstances vary; readers are advised to consult a qualified healthcare professional before acting on any information in this article. This piece was produced in association with Spital Clinic, which provided background clinical information for editorial purposes. Hyperlinks to external sources are included for reference only and do not represent an endorsement of any product, service or organisation.