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Network Infrastructure Magazine | Tuesday, June 07, 2022
The Women Entrepreneurship for Africa (WE4A) announces a growth program that has selected 30 female entrepreneurs to receive up to an additional 50,000 Euro in grant funding as well as an additional three months of training focused on growth.
FREMONT, CA: The WE4A Program aims to assist women entrepreneurs in Sub-saharan Africa to thrive and contribute to job creation in their communities by providing them with better business skills, access to formal financial services, and integration into local and regional value chains. The WE4A initiative helps to close current gender disparities in the labor market, particularly in terms of employment quality. WE4A would spark structural change because successful female entrepreneurs act as role models in their communities, encouraging more women and girls to pursue their dreams.
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SAFE, Seedstars' non-profit arm, was entrusted with implementing an Acceleration Program in which 99 female entrepreneurs were awarded 10,000 Euro in grant financing and three months of technical assistance to help them enhance their firms and scale to the next level. Over 30 workshops, professional talks, and networking events were part of the program. Companies were also assigned a dedicated mentor for one-on-one meetings and given EiR help in small groups. The Acceleration Programme provided a total of 800 hours of mentor meetings, 67 hours of training per company, and 234 experiments to 99 women-led businesses from 15 countries in Sub-Saharan Africa.
The program's benefits can be seen in the 88 percent of SMEs that have seen a positive change in their One Metric That Matters (OMTM), the 91 percent of companies that have met their individual KPIs, and the 165 additional jobs created in the companies, 69 of which can be directly attributed to the program (on top of the 1,126 jobs supported initially at the beginning). The European Commissioner for International Partnerships commented that helping small businesses is at the heart of the EU efforts. Women entrepreneurs contribute to the growth of the economy, the creation of new jobs, and the creation of a more fair and sustainable society. As part of the EU-Africa: Global Gateway Investment Package, the European Union is happy to sponsor the Women Entrepreneurship for Africa (WE4A) program.
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