Empowering Africa's Rising Stars: Spotlighting Women Entrepreneurs in the Startup Frontier
In the rapidly evolving landscape of Africa's startup ecosystem, a crucial issue demands attention: the glaring underrepresentation of women entrepreneurs and the lack of investment in their ventures. As the continent's entrepreneurial spirit soars, addressing this disparity could unlock unprecedented economic potential.
The "Where Are All the Women? Bridging the Investment Gap for Women-Led Startups" panel at the 10X Stage during the first day of GITEX Africa 2024 tackled this pressing challenge head-on. Moderated by Fatu Ogwuche, Founder and Host of Big Tech This Week, the panel brought together influential figures from the investment and entrepreneurship realms.
Maelis Carraro, Managing Partner at Catalyst Fund, shed light on the sobering reality: in 2023, a mere 2% of all venture capital funding went to women-owned companies. However, she underscored the untapped opportunity, stating that investing at least 40% in women-led startups could potentially boost GDP by 5% to 6%.
Challenging the notion of women requiring special assistance, Maya Horgan-Famodu, Founder and Partner at Ingressive Capital, advocated for a more equitable selection process. She highlighted Africa's distinction as the continent with the highest ratio of women in business and nine countries with female presidents or acting presidents. Horgan-Famodu emphasized treating women as equal contributors, rather than a marginalized group.
Marie Campagne, Head of SAO at SAP for ScaleUps, stressed the significance of training and empowering women entrepreneurs. She noted that women often feel unheard when presenting to all-male panels and emphasized the need for a supportive network. Campagne's organization focuses on matching women with partners and implementing a "training of trainers" approach to create a ripple effect.
The panelists unanimously agreed that proactive measures are crucial to bridging the investment gap. Carraro called for venture capitalists to deploy more capital to women-led startups, recognizing their cutting-edge technology and innovative business ideas. Horgan-Famodu suggested that women who have been given opportunities should actively promote and recommend other female entrepreneurs.
The 10X Stage at this year's second edition of GITEX Africa Morocco serves as a platform to drive the momentum of Africa's thriving startup ecosystem. By bringing together "unicorn" founders – or as they dubbed it, "soon-icorn" founders – accelerators, incubators, and key players, the summit aims to fortify Africa's position as a startup hub.
As the focus shifts to scaling innovative solutions and expanding market reach, the convergence of ideas, experiences, and visions at the 10X Stage is poised to shape the future of Africa's startup ecosystem, transforming challenges into opportunities for growth and revitalizing industries.