Take Your Female-Led Business to the Next Level!

Are you a Nigerian woman entrepreneur ready to take your business to the next level? Apply now for Growth4Her Cohort 4 and unlock the full potential of your SME

According to the African Development Bank (AfDB) 2021 report, there’s a $42 billion gender financing gap in Africa. As an AFAWA Women Entrepreneurship Enabler, Growth4Her addresses this challenge head-on. This investor-readiness accelerator program is co-created and implemented by Creative Space Startups, Sociocapital Impact Group, The Learning Gate, and ActivSpaces.

Launched in 2022, the initiative has received over 1,500 applications from Nigeria and Cameroon across its first three cohorts. To date, more than 300 women entrepreneurs have benefited from the program, seeing tangible results such as increased revenue, expanded market reach, improved mental health through psychosocial support sessions, and enhanced business management practices. Our vibrant, close-knit community of over 500 women fosters strong connections among our alumni, serving as a rich resource for opportunities, collaborations, partnerships, and first-hand funding and visibility opportunities. We are on a mission to support 1,500 women entrepreneurs across West Africa over the next five years.

Cohort 4 applications are open for Nigerian women entrepreneurs! 

This transformative program will empower selected women entrepreneurs in Nigeria to transform their SMEs into fundable, high-growth ventures through investment readiness skills, connect them directly to funders’ funding opportunities, and cultivate an ecosystem that supports their businesses.

Eligibility Criteria:

• Women-led businesses based in Nigeria
• Minimum 51% or 20% woman-owned with a female CEO/COO
• At least 30% female board representation (if a board exists)
• 5-300 employees
• Annual sales between US$35,000 – US$15 million
• Assets ranging from US$100,000 – US$15 million
• Commitment to a one-week virtual/physical boot camp
• Dedicate 3 hours weekly for mentorship over eight weeks
• Participation of C-level executives is mandatory

What You’ll Gain:

• Expert mentoring from seasoned entrepreneurs and industry leaders who have walked the path.
• Receive tailored training to address your business’s needs and challenges.
• Networking Opportunities: Connect with like-minded women entrepreneurs and potential partners.
• Explore alternative funding options and learn how to pitch your business effectively.
• Receive psychosocial support and guidance to navigate the ups and downs of entrepreneurship.

Don’t miss this opportunity to become INVESTMENT-READY and take your SME to a new level!

Apply today to join women entrepreneurs who have achieved remarkable growth and success, equipped with mentorship, training, funding, and networking opportunities.

Apply Now: https://growth4her.org/apply/

For more information, visit our website: https://growth4her.org/ or email us at [email protected]

#Growth4Her #NigerianWomenEntrepreneurs #SMEGrowth #Empowerment #AcceleratorProgram

When you think about an upcoming Trade fair, what thoughts come to mind? Do you view it simply as an opportunity to register and pay for booths to drive sales and profits? What other purposes do trade fairs and exhibition shows serve beyond sales? And how do organizers measure success for these events?

Trade fairs or exhibitions are events where businesses from a specific industry showcase their products, services, or innovations to potential buyers, partners, and other stakeholders. They have been essential to business development, offering a unique blend of promotion, networking, and market research. Whether you’re a startup or a well-established company, the benefits of participating in these events can be far-reaching.

Exhibiting at trade fairs requires significant investment—both in terms of time and money—the benefits typically outweigh the costs. Recently, the Naija Brand Chick Fair has expanded its reach beyond Nigeria. The trade fair has been quite successful in the Nigerian market, but it has dared to explore new opportunities for vendors and business owners in the international market. However, this moves evoked mixed reactions, inspiring this post on the different perspectives on Trade Fairs, especially for business owners. Some opined that it’s unwise to make such a significant financial investment in exhibiting goods outside the country, considering the country’s current economic situation, as some of those products are already widely available in the London market, which may result in low sales at the fair. On the other hand, some believe it’s an excellent opportunity to increase brand visibility and positioning.

When carefully aligned with business goals, trade fairs offer more than just a return on investment; they help build relationships, boost brand awareness, and provide market insights that fuel long-term growth.

Sales are undoubtedly a significant outcome of trade fairs; the benefits often extend far beyond. Trade Fairs and Exhibitions events serve as powerful platforms for:

Brand Visibility and Awareness: Exhibiting at a trade fair can significantly boost your brand’s visibility among target audiences. By showcasing your products or services in a focused environment, you can reach potential customers who have yet to learn about your business.

Networking and Relationship Building: Trade fairs provide excellent opportunities to connect with industry peers, potential partners, and customers. Networking can lead to new collaborations, partnerships, and valuable insights into market trends.

Market Research and Analysis: Observing competitor activities and gathering feedback from attendees can provide valuable market intelligence. This information can help you refine your business strategies and identify emerging trends.

Employee Motivation and Development: Participating in trade fairs can be a motivating experience for your team. It allows them to showcase their work, learn from industry experts, and gain valuable experience.

The recent expansion of the Naija Brand Chick Fair to international shores is a testament to trade fairs’ potential to drive business growth. Despite concerns about market saturation, the event proved successful, demonstrating value beyond immediate sales.

While participating in trade fairs can be a significant investment, the long-term benefits often outweigh the costs. By carefully considering your goals, target audience, and the fair’s value proposition, you can make informed decisions and maximize your return on investment.

Participating in trade fairs and exhibitions is about more than just immediate sales. It’s a strategic move that can enhance your brand visibility and foster new relationships, collaborations, and partnerships. These long-term benefits can be invaluable for your business growth, reassuring you that your investment in trade fairs is a sound decision.

Are you considering participating in a trade fair or exhibition soon? Your next event could be the game-changer that transforms your business from local to global success.

On July 23rd, 2024, The Central Bank of Nigeria (CBN) again announced a hike in the Monetary Policy Rate (MPR) from 26.25% to 26.75% to curb the country’s increasing inflation rate.

The move, though not a bad one, poses significant challenges for businesses already grappling with many economic hurdles. However, it’s important to note that SMEs have shown remarkable resilience in the face of such challenges, inspiring hope for the future.

Understanding the Monetary Policy and Impacts on SMES

A Monetary Policy Rate (MPR) of 26.75% means that a country’s central bank has set the interest rate at which commercial banks borrow it at 26.75% per annum.

In simple terms, this means the central bank lends money to commercial banks at an interest rate of 26.75%. Commercial banks then lend this money to their customers (individuals and businesses) at a higher interest rate, making borrowing money more expensive. This move attempts to control inflation by reducing consumption and demand for goods and services, furthering the decline in consumer buying ability and dwindling sales for business owners, including SMEs. 

This new development has faced much backlash from the entrepreneurial community, like NACCIMA and NECA, pointing out the ripple effect of policies like this on business owners. At the same time, the CBN, in its defence, highlighted the potential benefits of its interest rate hikes, such as the 234% year-on-year increase in capital importation to $5.92 billion in the first half of the year, H1’24, and the 62% year-on-year increase in Diaspora Remittances to $2.43 billion in H1’24. These figures, along with the rise in external reserves to $37. 05 billion, provide a sense of reassurance and optimism.

An increased interest rate directly translates to higher borrowing costs for businesses. SMEs, which rely heavily on loans for expansion, working capital, and investment, are particularly vulnerable. With rising capital costs, these businesses need help accessing funds, hindering their growth potential.

Moreover, the higher interest rate environment can lead to reduced consumer spending as individuals grapple with increased borrowing costs on personal loans and credit cards. This decline in consumer spending can adversely affect SMEs’ revenue, creating a domino effect on their operations.

What, then, is the way forward for SMEs faced with these myriad challenges?

While the challenges posed by the interest rate hike are substantial, SMEs can implement strategies to mitigate its impact. Here are some key recommendations:

Strategic Financial Management: SMEs should prioritize careful financial planning and budgeting, closely monitoring cash flow, reducing operational costs, and optimizing resource utilization.

Debt Management: SME owners must urgently review their debt obligations and explore refinancing options to secure lower interest rates potentially. They should prioritize debt repayment and avoid unnecessary borrowing.

Focus on High-Profit Areas and Diversify Revenue Streams:  Analyse product or service lines and prioritize those with higher profit margins; expanding product or service offerings will help reduce reliance on a single income source and enhance resilience during economic downturns.

Cost-Cutting Measures: Cost-saving initiatives, like streamlining operations, negotiating better supplier deals, and exploring alternative sourcing options, can help improve profitability.

Digital Transformation: Embracing technology can improve efficiency and reduce operational costs. Digital platforms can also facilitate access to new markets and customers, thereby reducing the impact of the interest rate hike on SMEs.

Government Support: SMEs should leverage government programs and initiatives to support businesses. These programs often provide financial assistance, capacity building, and market access, like the SMEDAN Sterling bank loan, which offers up to 2.5 million naira at one single interest rate. This support is crucial and should be seen as a source of encouragement for SMEs.

Strategic Partnerships and Collaborations: Collaborating with other businesses can create synergies and reduce costs. Forming strong relationships with suppliers and customers to negotiate better terms can also help. Overall, partnerships can also provide access to new markets and resources.

The CBN’s interest rate hike presents a formidable challenge for Nigerian SMEs. By adopting proactive measures and sound financial strategies, businesses can navigate these turbulent waters and emerge stronger. Government support and a conducive business environment are crucial in helping SMEs weather the storm and contribute to the nation’s economic growth.

Sources: https://punchng.com/higher-interest-rates-could-cripple-businesses-says-naccima/#google_vignette

https://www.vanguardngr.com/2024/07

Are you a woman in Cameroon or Nigeria? Do you want to push your Small and Medium-sized Enterprises (SMEs) to the next level? This cohort is for YOU!

Growth4Her is accepting applications for its second cohort. In the first cohort, women entrepreneurs from Nigeria and Cameroon went through an intensive capacity-building and psychosocial support system with lots of testimonials of how the program has benefitted them.

As a Growth4Her participant, you’ll receive top-notch investor readiness training, psychosocial support, mentorship, and access to financing opportunities and markets. The program will help you transform your SMEs into growth-powered businesses. What are you waiting for? Apply today and unleash your full entrepreneurial potential.

About Growth4Her

Growth4Her is an AFAWA-AFDB-funded project created by Creative Space Startups in partnership with Sociocapital Impact Group, The Learning Gate and WETECH. Growth4Her is a women’s support program which provides women entrepreneurs with the capacity and tools which enables them to transition from small to high potential fundable growth stage businesses.

In 2021, African Development Bank (AfDB) reported that there is a $42b gender financing gap in Africa. Growth4Her is actively eliminating the Gender Financing Gap in Africa through the provision of adequate skills, knowledge, access to markets, access to finance, advocating for better policies and an adequate representation for women-owned Small and Medium Size Enterprises.

Over the next five (5) years, this program aims to empower 1500 women entrepreneurs across 10 African cities with a particular interest in Women-led Small and Medium Enterprises (WSMEs). The program offers beneficiaries investment readiness skills, links them directly to funders, and fosters an ecosystem that supports WSMEs.

What will the program provide?

The Growth4Her program will provide beneficiaries with:

• Access to Market—we provide you with market linkages across African cities.
• Access to funding – we prepare you for investors and connect you with financial institutions.
• Psychosocial and Policy Support—we advocate for policy reforms and work with communities to enable a culture of support for WSMEs.
• Media Exposure—we provide adequate media representation.
• Mentorship—we facilitate access to skilled and experienced mentors.

Eligibility Criteria

1. The organization should be at least 51% owned by a woman or, at minimum 20% owned by a woman and have at least a woman as CEO/COO (President/Vice President); and have at minimum 30% of its board of directors composed of women, provided there is a board.
2. Loan size between US$5,000 and US$1 million (Loans must not be from traditional financial institutions, however, loans from other sources such as associations, cooperatives e.g. “tontine/njangi”  “esusu”, family loans may be considered).
3. The organization should have between 5 and 300 employees.
4. Sales between US$35,000 and US$15 million.
5. Assets between US$100,000 and US$15 million annually.
6. Can dedicate 1 week to an intense virtual/ physical Bootcamp.
7. Can dedicate 3 hours for mentorship engagement for a period of 8 weeks.
8. Must be a C-Level executive in the organization.

TO APPLY, CLICK HERE  

For more information, send us a mail at [email protected]

In Africa, women entrepreneurs are breaking barriers and defying odds to create innovative businesses that are transforming their communities. And now, thanks to a ground-breaking initiative called Growth4Her, these women are getting the tools and support they need to take their businesses to the next level.

The program, which is run as a consortium, funded by AFAWA-AfDB, co-created and implemented by Creative Space Startups, Sociocapital Impact Group, The Learning Gate (TLG), and WETECH, provides women entrepreneurs in Africa with the capacity, tools, and psychosocial support they need to transition from small to high-potential fundable growth-stage businesses. The first cohort of the program, which kicked off in September 2022, featured 55 businesses in Nigeria and Cameroon, 14 of which have now completed the program.

Over the past five months, the cohort has benefited from intensive mentorship and psychosocial engagement, featuring weekly sessions with respected experts and business leaders. The program included detailed learning modules, one-week capacity-building training, eight weeks of intensive mentorship engagement, focus group discussions, inception scoping workshops, and mind modelling clinics. Participants also received a variety of group and one-on-one virtual sessions and training on investor readiness, enterprise sales, customer engagement tactics, and technical readiness.

The program’s impact has been tremendous, as evidenced by the incredible women who have led the charge in Africa’s agriculture and entrepreneurship industries. These women are revolutionizing the way sweet potato is processed and packaged, empowering women through hair care businesses, producing mouth-watering dried meat snacks, tackling hunger and poverty through organic mushroom cultivation and Black-Soldier Fly larvae farming, leading the way in waste management and renewable energy, providing safe and effective alternatives to chemical-based products, producing organic hair products that are gentle on both hair and the environment, opening up tech opportunities for girls and women, creating employment opportunities in agropastoral entrepreneurship, and leading the way in the fish farming sector.

The Growth4Her program is making a significant contribution to eliminating the $42 billion gender financing gap in Africa by providing women-owned small and medium-sized enterprises with the skills, knowledge, access to markets, access to finance, and advocacy for better policies and adequate representation. The feedback from participants has been overwhelmingly positive, and Growth4Her is proud to be part of the success stories of these women, who are changing the face of entrepreneurship in Africa and inspiring the next generation of women to follow in their footsteps. “We came with expectations, you went even further. Thank you for such devotion. We’ll never forget this cohort!”, said Nancy Ongolo, one of the participants.

Over the next five years, the program aims to empower 1500 women entrepreneurs across 10 African cities, with a particular interest in Women-led Small and Medium Enterprises (WSMEs). The program offers beneficiaries investment readiness skills, links them directly to funders, and fosters an ecosystem that supports WSMEs.
As the first cohort of the Growth4Her program concludes, the businesses will continue to work closely with Growth4Her and partners, who will support the graduating cohort via media exposure, access to a network of investors, and continued business advisory. The next cohort is expected to launch in the second week of April and kick-start in May 2023. It’s an exciting time for women entrepreneurs in Africa, and Growth4Her is leading the way.

Growth4Her is accepting applications for its first cohort. The cohort is open to women-owned and led Small and medium size enterprises in Cameroon and Nigeria. The Growth4Her program is open to women SMEs looking to transition their businesses to growth-powered businesses as the program offers investor readiness training, psychosocial support, mentorship, access to financing opportunities and access to markets. 

About Growth4Her

Growth4Her is an AFAWA–AFDB funded project created by Creative Space Startups in partnership with Sociocapital Impact Group, The Learning Gate and WETECH. Growth4Her is a women’s support program which provides women entrepreneurs with the capacity and tools which enables them to transition from small to high potential fundable growth stage businesses.

In 2021, African Development Bank (AfDB) reported that there is a $42b gender financing gap in Africa. Growth4Her is actively eliminating the Gender Financing Gap in Africa through the provision of adequate skills, knowledge, access to markets, access to finance, advocating for better policies and an adequate representation for women-owned Small and Medium Size Enterprises.

Over the next five (5) years, this program aims to empower 1500 women entrepreneurs across 10 African cities with a particular interest in Women-led Small and Medium Enterprises (WSMEs). The program offers beneficiaries investment readiness skills, links them directly to funders, and fosters an ecosystem that supports WSMEs.

What will the program provide?

The Growth4Her program will provide beneficiaries with:

• Access to Market—we provide you with market linkages across African cities.
• Access to funding – we prepare you for investors and connect you with financial institutions.
• Psychosocial and Policy Support—we advocate for policy reforms and work with communities to enable a culture of support for WSMEs.
• Media Exposure—we provide adequate media representation.
• Mentorship—we facilitate access to skilled and experienced mentors.

Eligibility

1. Organization should be at least 51% owned by a woman or, at minimum 20% owned by a woman and have at least a woman as CEO/COO (President/Vice President); and have at minimum 30% of its board of directors composed of women, provided there is a board.
2. Loan size between US$5,000 and US$1 million (Loans must not be from traditional financial institutions, however, loans from other sources such as associations, cooperatives e.g. “tontine/njangi”  “esusu”, family loans may be considered).
3. Organization should have between 5 and 300 employees.
4. Sales between US$35,000 and US$15 million annually.
5. Assets between US$100,000 and US$15 million.
6. Can dedicate 1 week to an intense virtual/ physical Bootcamp.
7. Can dedicate 3 hours for mentorship engagement for a period of 8 weeks.
8. Must be a C-Level executive in the organization.

TO APPLY, CLICK HERE.  

For more information, send us a mail at [email protected]

Women entrepreneurs confront a $42 billion gender funding gap while owning 58% of Africa’s SMEs and contributing $300 billion to the continent’s GDP. If the gap is closed, their contribution can more than double.

In the streets of Douala, Onitsha, Dar es Salaam, Cape Town and across major African cities, it is very common to come across businesses owned and operated by women — they are a visible part of the economy. According to the Global Entrepreneurship Monitor (GEM), one in every four African women starts or manages her own business. Sub-Saharan Africa has the world’s highest rate of female entrepreneurship, at 27% but they are mostly small and medium enterprises (SMEs) with limited growth potential.

These businesses are spread throughout several sectors, offering a wide range of products and services. They contribute a bulk of their earnings (90%) to catering to the well-being of their families and communities. They also contribute $250 billion to $300 billion to African economic growth (13% of the continent’s GDP). The importance and contributions of female entrepreneurs to the African economy cannot be overstated.

Notwithstanding, one cannot help but wonder why Africa has a $42 billion gender finance gap, as revealed by AfDB in 2021. Globally, the International Finance Corporation (IFC) estimates a $300 billion gender finance gap, with more than 70% of women-owned small and medium-sized businesses having insufficient or no access to financial services. Aside from business funding, WSMEs are the most financially excluded group in Africa, with just 37% of women having and owning bank accounts.

The gender finance gap goes beyond availability or affordability, but also WSMEs’ willingness and capacity to access financing options. An IMF research of 47 African nations found that women are more prone to opt-out of loan offers due to low perceived creditworthiness. 

While women-owned and women-led enterprises now benefit the African economy, there is still a lot more potential to be realized. According to a McKinsey report on the power of parity in Africa, bridging the gender financing gap could double the contribution of WSMEs to GDP by 2025. 

It is crucial that all stakeholders (government, banks, investors, development partners, etc.) offer the necessary support to promote and protect women entrepreneurs and address the challenges that prevent their businesses from succeeding. We can develop a gender-inclusive economy in Africa with the relevant laws and interventions, unleashing women entrepreneurs. This provides us with a chance to enhance economic growth while also lifting millions of people out of poverty.

Understanding these challenges, Creative Space Startups in partnership with  Sociocapital, The Learning Gate and WETECH with support funding from AFAWA (Affirmative Finance Action for Women in Africa) designed Growth4Her an accelerator program targeted at building the capacity of women-led small and medium enterprises (WSMEs) to enable them to transition to high potential fundable growth stage businesses. 

For her first cohorts, Growth4Her is currently accepting applications from women entrepreneurs to develop their capacity, equipping them with the relevant resources to build sustainable and productive businesses. 

To apply click here.

Despite owning 58% of Africa’s SMEs, women face a $42 billion gender financing gap, impeding their ability to scale up, advance professionally as business leaders, and compete globally.

WOMEN ARE THE BACKBONE OF THE AFRICAN ECONOMY — According to a recent World Bank research, women entrepreneurs are an important and thriving source of economic growth in Sub-Saharan Africa. However, women-owned businesses get lower monetary returns (profit or investment funding) compared to men-owned businesses owing to gender-specific restrictions. In recent times, there has been an increase in women-centric training programs, yet this hasn’t translated to an equivalent rise in financing. This imbalance implies women entrepreneurs may be overtrained, and underfunded. Therefore, it is critical that in supporting women entrepreneurs, we provide an enabling environment that ensures a balance of both capacity and resources relevant for growth.

During a closed virtual launch, Grace Oluchi, Cofounder and Executive Director of Creative Space Startups asked, “What if we all intentionally supported women entrepreneurs?”. This intentionality begins with Growth4Her, a women accelerator program created by Creative Space Startups in partnership with Sociocapital Impact Group, The Learning Gate and WETECH. G4Her seeks to bridge the gender financing gap in Africa by providing women entrepreneurs with the capacity and tools which enables them to transition from small to high potential fundable growth stage businesses.

During a closed virtual launch, Grace Oluchi, Cofounder and Executive Director of Creative Space Startups asked, “What if we all intentionally supported women entrepreneurs?”. This intentionality begins with Growth4Her, a women accelerator program created by Creative Space Startups in partnership with Sociocapital Impact Group, The Learning Gate and WETECH. G4Her seeks to bridge the gender financing gap in Africa by providing women entrepreneurs with the capacity and tools which enables them to transition from small to high potential fundable growth stage businesses.

The program offers a robust support system for women entrepreneurs; “The G4Her consortium brings the best of business and development, equipping beneficiaries with the perspective and tools to leverage the opportunity from a diverse investment cluster. Women-led enterprises must be adaptive to the African market’s rapid volatility and uncertainty. The G4Her program will deliver a balanced coaching and mentorship program, including psychosocial support required for them to survive and thrive”. Sharon Madaki, Executive Director, Sociocapital.

Over the next 5 years, this program aims to empower 1500 women entrepreneurs across 10 African cities with a particular interest in women-led Small and Medium Enterprises (WSMEs) in West and Central Africa. The program offers beneficiaries investment readiness skills, links them directly to funders, and fosters an ecosystem that supports Women’s SMEs.

“Investment readiness is a nursery bed prepared for investors to plant, water and nurture their seeds,” says Ajuma Ataguba, Principal Consultant for The Learning Gate. Our approach is to see women receive the skills, resources and direct access to funders and new markets. We guide them through interaction with funders to ensure higher success rates. The program’s four pillars include capacity building, public policy co-creation, psychosocial support and investment readiness training.

With support funding from AFAWA (Affirmative Finance Action for Women in Africa), Growth4Her will be piloted in Cameroon and Nigeria and looks forward to onboarding 30-50 women entrepreneurs for its first cohort. Through this sub-economic region collaboration, hopes are high as the program is expected to increase collaborations between neighbouring Cameroon and the Nigerian entrepreneurship ecosystem. Taking advantage of initiatives like the African Continental Free Trade Area (AfCFTA) and other intra-African policies and programs to increase cross-border women collaboration and economic growth.

The program is being implemented in Nigeria by Creative Space Startups and in Cameroon by WETECH; speaking on the program’s goals, Elodie Nonga-Kenla, Founder of WETECH stated “We want to ensure that women in (Africa) Cameroon become more confident, heard, encouraged, and supported in their entrepreneurial journey. The program is a great opportunity for women entrepreneurs in the economic region to build their ability to scale on both a continental and global level”.