Aduragbemi Omiyale
By Aduragbemi Omiyale
No fewer than 100 women-led SMEs in Nigeria and Cameroon will receive support from Creative Space Startups through its cohort of Growth4Her, which enters its third edition this year.
The non-profit organisation is already inviting intending participants to submit on or before Monday, March 4, 2024, for selection into the programme through www.growth4her.org/apply.
To be eligible, the business must meet at least one of the criteria, including being at least 51 per cent owned by a woman, and being at least 20 per cent owned by a woman and have a woman serving as a C-Level Executive (CEO, COO, CTO, CFO, etc.).
In addition, the firm should have a board of directors with at least 30 per cent women members, have between 5 and 300 employees, operating in Cameroon or Nigeria, have annual sales between $35,000 and $15 million, and must be able to dedicate one week to an intensive virtual and physical boot camp and 3 hours for mentorship engagement for 8 weeks.
During the cohort, the 100 selected women entrepreneurs would receive capacity building and mentorship, psychosocial and policy support, access to funding, media exposure and exposure to markets across Africa and beyond.
Business Post reports that Growth4Her operates as a consortium involving Creative Space Startups, SocioCapital Impact Group, The Learning Gate, and ActivSpaces, overseeing the management of the Cohort.
The initiative is an investor readiness accelerator program designed to support and empower women entrepreneurs by providing them with capacity building and tools to scale up their businesses.
It has a proven track record of success, with participants from its last two cohorts transitioning from small to high-potential, fundable growth-stage businesses.
Growth4Her equips women-led SME owners with investment readiness skills, connects them directly to funders, and cultivates an ecosystem that supports their businesses.
“We are excited to welcome the next generation of bold and innovative women leaders to the Growth4Her program,” the Program Manager at Creative Space Startups, Ms Sefunmi Obielodan, stated.
“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,” she added.
Growth4Her is one of the initiatives addressing the funding challenges faced by women entrepreneurs in Africa despite having the highest proportion.
In 2021, the African Development Bank (AfDB) reported a $42 billion gender financing gap in Africa.
