Theres a lot of momentum around womens sports right now, as ad spending doubled in 2024 and the largest dedicated female sports fund recently announced it has expanded from $150 million to $250 million.While these leaps and bounds are notable, more progress is needed to ensure this isnt a fleeting momentbut rather the beginning of transformative change. Of course, more money always helps, too.Womens sports is skyrocketing and its because we are more visible, more than ever, right now, Stef Strack, founder and CEO of Voice in Sport, said during a panel discussion at the Fast Company Grill at SXSW. Investors are looking at womens sports as a growth opportunity, not a charity, and that is a really key moment.Deals flow to professional volleyballAnd investors are putting a lot of money behind womens sports. League One Volleyball (LOVB), a new professional womens league with teams in six cities, raised $160 million through investors, according to Rosie Spaulding, the leagues president, which also has a youth-to-pro ecosystem with 60 youth clubs across 23 states. Whats more, to have a brand like Adidas partner with LOVB for a multimillion-dollar, multiyear deal is a sign of change, she said.When we first started League One Volleyball, I thought womens sports were on the rise back in 2020, Spaulding said. I think now we can all say that theyre on fire.Another really, really awesome development is that professional athletes are able to build a brand and benefit from sponsorship deals from more brands that are interested in partnering with women in sports, added Logan Eggleston, who plays on the LOVB Austin team in the leagues inaugural season. Shes a partner with CELSIUS, maker of energy drinks, and thats an added benefit to making a living playing the sport she loves.I didnt know that professional volleyball was a thing when I was younger, Eggleston said. To be able to show those young athletes what they can potentially be one day, and then also provide resources and mentorship for them, is so incredible.A long way to goBut all three panelists noted that more change is neededfrom the level of investment to media attention to addressing pay inequity to policy changes (and enforcement) around Title IX to an improved focus on the athlete experience.Weve seen a ton of momentum, but right now we still have so much more progress to make, Strack said. Theres a lot of discrimination built into the current system, so we have to look fundamentally at everything in the ecosystem and think about, how do we reengineer it?Strack rattled off various stats that show that more change is needed, including: only 10% of sports sponsorship dollars go to women athletes, no women landed in the top 100 list of highest-paid athletes, and that 93% of schools at the collegiate level arent complying with Title IX, the federal civil rights law prohibiting discrimination based on sex in education programs or activities.We have to think about what do we do at the grassroots level, what do we do at the professional level, and then what do we do on the federal policy side to really change things for girls and women in sports, Strack told the audience.Even more basic changes matter, Spaulding added, like giving womens sports prime time slots or providing uniforms that actually fit women or fan gear thats made for women. Yes, theres been more media, more investment through media, through private equity, through partnerships, et cetera, she said. But theres a long way to go, and its all in the details.Why fan support mattersAnd buy-in from the fans is also important, Eggleston said. They need to show up for womens sports, they need to learn about the sports, educate themselves on the sports, get to know the athletes, the players that theyre getting to watch.And while equal pay would be amazing, Eggleston said if more female athletes become household names like Caitlin Clark and Angel Reese have in womens basketball, that also moves the needleand particularly if young boys grow up with female athletes as their favorite players.That would be so cool to see, said Eggleston, who said shes already experiencing the perfect time to be an athlete in womens sports. Its so cool to be starting a league right now when the momentum is really, really just being driven forward. And I just cant even imagine whats going to be happening in the next five years.