By examining female founders participating in the Start-Up Chile acceleration program, this chapter identifies five elements by which female founders in technology ventures build their entrepreneurial identity: (1) low female participation in the technology industry and acceleration programs; (2) inappropriate role models; (3) scarce network; (4) small and trust-based team; and (5) attitude of self-confidence. The authors argue that these elements are unique for the ‘first wave’ of female founders in the Chilean entrepreneurial ecosystem. However, they suggest that a second wave of female entrepreneurs will not benefit from the differentiation element provided by the current minority. Moreover, in the future, there will be more role models and networks that will provide a different set of characteristics for developing the female founder’s entrepreneurial identity. The authors discuss the implications for public policy and suggest future research for this transition.