The International Finance Corporation (IFC) has formally launched the She Wins Africa initiative, in a significant stride towards empowering women entrepreneurs across sub-Saharan Africa.
This pioneering program seeks to offer vital assistance to the growth of up to 5,000 startups led by women by providing them with essential guidance, training, mentorship, and networking prospects.
“The primary objective of the She Wins Africa initiative is to bridge the gap for women entrepreneurs who often confront obstacles in accessing support and funding to propel their businesses forward. Through a blend of online and in-person workshops, coupled with a range of engagement activities, program participants will gain from training in preparing for investments and the opportunity to build connections with potential investors through matchmaking and pitching events,” IFC noted.
Key features of the program include:
- Investment readiness training and capacity-building in business skills, enhancing the likelihood of women-led startups securing financing.
- Empowering funds and Venture Capital (VC) firms in gender-lens investing to accelerate investments in women-led startups and businesses, including ten startup support organizations.
- Enhancing the capacity of accelerators and ESOs (Entrepreneurial Support Organizations) to nurture early-stage startups and cultivate a robust pipeline of viable startups.
- Facilitating matchmaking and pitching events connecting female founders with investors to facilitate funding for women-owned enterprises.
IFC’s Regional Director for Eastern Africa, Mary Porter Peschka underlines the significance of the program: “African women are inherently entrepreneurial yet often lack the support and funding required for success. She Wins Africa strives to rectify this by empowering women with skills, resources, and opportunities for business growth. IFC eagerly welcomes innovative women entrepreneurs to the She Wins Africa program, aiding them in expanding their businesses and achieving new heights.”
The program is open to women-led startups and entrepreneurs operating within sub-Saharan Africa.
The application process is now live, with interested individuals encouraged to explore the She Wins Africa program page or contact the organization for additional information.
The program has specific criteria for eligibility, including age, gender, years in business, headquarters location, and industry. It’s also worth noting that previous participants of similar IFC programs are not eligible to apply.
Prospective participants should ensure they meet the following criteria:
- Age: Applicants must be 21 years of age or older.
- Gender: The program is exclusively for female entrepreneurs.
- Years in Business: Applicants should have been in business for at least one year.
- Headquarters: Businesses must be headquartered in a sub-Saharan African country.
- Industry: The program is open to businesses from any industry, as long as technology plays a central role.
- Previous Participation: Those who have previously participated in similar IFC programs are not eligible to apply.
- Language: Applicants should be fluent in English.
- Availability: Participants must be available to attend online training sessions and travel to networking events over the next 12 months.
- Expenses: While the IFC will cover flight and hotel expenses for the duration of the program, other expenses may need to be covered by the participants themselves.
The application window is scheduled to close on September 15, 2023.
She Wins Africa will provide an encompassing array of support mechanisms for women-led startups across various sectors.
A noteworthy component of the program is a competitive pitch event, providing participants with a platform to showcase their innovations.
Moreover, participants will gain exclusive opportunities to interact with potential investors and venture capital firms, fostering critical connections for business expansion.
This initiative follows the success of IFC’s She Wins Arabia program, which has already made a positive impact on women entrepreneurs in the Middle East and North Africa by offering training and support to entrepreneurs and affiliated entities such as funds and accelerators.
Promoting active involvement of women in the private sector stands at the core of IFC’s strategy in Africa.
The organization strives for gender equality, ensuring equal access to opportunities, assets, and jobs.
As a proponent of dynamic and inclusive entrepreneurship in Africa, IFC extends financial and advisory services to establish a supportive ecosystem that empowers women entrepreneurs.
“The She Wins Africa program underscores IFC’s unwavering dedication to advancing women’s economic empowerment and fostering sustainable economic growth in the region.”
By equipping women-led startups with essential tools and connections, IFC paves the way for a future where women entrepreneurs can flourish and make significant contributions to Africa’s economic landscape.