100 women entrepreneurs win Invest2Impact competition

One hundred East African women entrepreneurs were recently announced as the winners of the inaugural 2019 2X Invest2Impact competition. The initiative, aimed at providing networking opportunities, mentorship, business development services, visibility, and access to funding, is set to enable these entrepreneurs to thrive and grow their businesses. Anne Marie Lévesque, Gender Advisor at FinDev Canada, shed light on the initiative during a televised interview with CNBC Africa. The competition was established as a proactive effort following the 2X challenge launched by FinDev Canada and other development finance institutions in 2018. The 2X challenge marked a commitment to mobilize significant funds for women, prompting the launch of Invest2Impact in partnership with CDC, Obec Probaco, and the MasterCard Foundation. The competition was specifically designed for women entrepreneurs in East Africa, serving as a pilot program to explore new deal origination strategies for investors. Lévesque highlighted that the competition unearthed a myriad of exceptional businesses, with 100 deserving winners showcasing the positive outcomes of empowering women in entrepreneurship. Lévesque noted that the winners have not only created jobs and improved lives but have also contributed to societal and economic growth while addressing pressing issues like climate change. From their interaction with the winners, investors have gleaned valuable insights and are enthusiastic about collaborating with these entrepreneurs in the future. During the Global Gender Summit in Kigali, all 100 winners were celebrated and plans for collaborative efforts in the upcoming months were kickstarted. Some of the winners were recognized for their exceptional impact on women's empowerment, climate change, youth employment, and innovation. The real work is set to begin in early 2020 as the businesses will receive various forms of support such as investment readiness assistance and networking opportunities. Furthermore, the discussion delved into the need for innovation, particularly in digital technologies, and the challenges faced by women in accessing finance. Lévesque emphasized the abundance of innovative ideas among women entrepreneurs and the necessity to tailor financial systems to support their ventures. Gender lens investing, she suggested, could play a pivotal role in facilitating access to finance for women entrepreneurs. Lévesque also highlighted the importance of financial institutions understanding and catering to the specific needs of women entrepreneurs. By evaluating how such institutions serve women clients and promote gender equality internally, investors can ensure that finance works effectively for women across all sectors, including technology. As the Invest2Impact competition sets the stage for empowering women entrepreneurs in East Africa, the key takeaway remains the potential for these businesses to drive economic growth, create employment opportunities, and spearhead innovation. The collaboration between investors, development finance institutions, and entrepreneurs signals a positive step towards fostering a conducive environment for women-led businesses to flourish. With a focus on tailored support, networking opportunities, and investment readiness, the path to sustainable business development for these women entrepreneurs appears promising and poised for success.