To encourage more women to start businesses, women need more mentors and roles models, according to a panel at the monthly WIN luncheon held Tuesday at the Sheraton Hotel.

Laura King of Elucent Medical, Nicole Walker of Baird Venture Capital and Heather Wentler of the Doyenne Group agreed that while more and more women are starting businesses, they are still vastly underrepresented.

For example, Walker mentioned she looks at 500 potential investments each year, and only 10-15 are from women-owned startups.

“It comes down to choice,” King said. “We need to expose women to other women in business, especially when they’re young.”

King, who won the 2014 Governor’s Business Plan Contest, explained that with her mom being an entrepreneur, she always knew starting a business was a possibility for her.

That’s why, according to Wentler, the Doyenne Group was founded–to provide mentors, role models and now financing in the form of 40 $5,000 investments.

“We want to make Madison a top five city in the country for women entrepreneurs,” Wentler said.