Julia Voss, Benjamin Butz, Kerstin Ettl

• Abstract Purpose Entrepreneurship and the disciplines of science, technology, engineering and mathematics (STEM) are considered important drivers of innovation. At the same time, the representation of women entrepreneurs in STEM remains low. Despite this disparity, a number of women still choose to start ventures and persist in pursuing their innovations in STEM. This study aims to examine the motivational factors that drive women entrepreneurs to approach and consistently pursue their innovations and ventures in STEM. Design/methodology/approach Drawing on the concept of the heterogeneity of motivational factors (Graham and Bonner, 2022) and Social Cognitive Theory (Bandura, 1986, 2001; Wood and Bandura, 1989), 24 semi-structured interviews were conducted with women entrepreneurs in STEM. This approach allowed for an in-depth exploration of the heterogeneous motivational factors influencing women entrepreneurs in STEM. Findings The motivations of women entrepreneurs in STEM are multifaceted, interrelated and dynamic. They encompass personal and cognitive, behavioral and environmental factors and partly change over time. This study reveals two levels of heterogeneity: the heterogeneity of women entrepreneurs’ entrepreneurial motivations, and the within-context heterogeneity of women entrepreneurs in STEM themselves. Originality/value This study addresses the need for a deeper understanding of women entrepreneurs in STEM. By focusing on nuanced aspects of entrepreneurial motivations that are often overlooked in the existing literature, this research provides valuable insights and discusses implications for theory, policy and education.