Creative Space Startups, a non-profit organisation, has unveiled plans to empower 1,500 women entrepreneurs across 10 African cities, with a specific focus on Women-led Small and Medium Enterprises (WSMEs), through its Growth4Her programme, in the next five years.
This is even as it has announced that the applications for the selection of 100 women-led SMEs in Nigeria and Cameroon are now open for the third cohort of Growth4Her. The initiative is an investor readiness accelerator programme designed to support and empower women entrepreneurs by providing them with capacity building and tools to scale up their businesses.
The programme has a proven track record of success, with participants from its last two cohorts transitioning from small to high-potential, fundable growth-stage businesses, as it equips women-led SME owners with investment readiness skills, connects them directly to funders, and cultivates an ecosystem that supports their businesses.
In a press statement, made available to NATIONAL ECONOMY programme manager at Creative Space Startups, Sefunmi Obielodan, said: “We are excited to welcome the next generation of bold and innovative women leaders to the Growth4Her program. We believe that by investing in women entrepreneurs, we are not only driving economic growth but also fostering a more inclusive and sustainable future for Africa.”
Africa has the highest proportion of women entrepreneurs, but the challenge lies in ensuring they receive adequate support for growth, particularly, access to funding.
In 2021, the African Development Bank (AfDB) reported a $42 billion gender financing gap in Africa. As an AFAWA Women Entrepreneurship Enabler funded by the AfDB’s AFAWA initiative, Growth4Her addresses this significant concern. Over the next five years, the programme aims to empower 1,500 women entrepreneurs across 10 African cities, with a specific focus on Women-led Small and Medium Enterprises (WSMEs).
The 100 selected women entrepreneurs will receive capacity building and mentorship, psychosocial and policy support, access to funding, media exposure and exposure to markets across Africa and beyond.
Hence, women-led SMEs are invited to apply by March 6, 2024. To be eligible, the business must meet at least one of the following criteria: Be at least 51 per cent owned by a woman; Be at least 20 per cent owned by a woman and have a woman serving as a C-Level Executive (CEO, COO, CTO, CFO, etc.); Have a board of directors with at least 30 per cent women members; Have between 5 and 300 employees and operate in Cameroon or Nigeria; Have annual sales between $35,000 and $15 million and be able to dedicate one week to an intensive virtual and physical bootcamp and 3 hours for mentorship engagement for a period of 8 weeks.
