Business a.m
Creative Space Startups, a non-profit organisation, has announced that applications for the selection of 100 women-led SMEs in Nigeria and Cameroon are now open for the third cohort of Growth4Her.
The Growth4Her consortium is composed of four organisations,including Creative Space Startups, SocioCapital Impact Group, The Learning Gate, and ActivSpaces, overseeing the management of the Cohort. The investor readiness accelerator programme is designed to support and empower women entrepreneurs by providing them with capacity building and tools to scale up their businesses.
The results of the Growth4Her programme have been impressive, with participants from the two previous cohorts experiencing significant growth in their businesses,transitioning from small to high-potential, fundable growth-stage businesses. The programme takes a comprehensive approach to supporting women-led SMEs, providing participants with the tools and skills they need to become investment-ready, as well as connecting them directly with potential funders.
Sefunmi Obielodan, programme manager at Creative Space Startups, expressed excitement at welcoming the next generation of bold and innovative women leaders to the Growth4Her programme.
"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," Obielodan said.
Reports have shown that 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 is designed to address 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.
To be eligible, the business must meet at least one of the following criteria:
- Be at least 51% owned by a woman.
- Be at least 20% 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% women members.
- Have between 5 and 300 employees and operate in Cameroon or Nigeria.
- Have annual sales between $35,000 and $15 million.
- 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.