Creative Space Startups Empowers 100 Women-Led SMEs in Africa

A Non-profit Organisation (NGO) named Creative Space Startups has launched an initiative in Africa’s Nigeria and Cameroon to aid no less than 100 women-led SMEs (Small and medium-sized businesses). Growth4Her accelerator program’s 3^rd Batch initiated this project.

Growth4Her, a conglomerate of The Learning Gate, Social Capital Impact Group, Creative Space Startups and Active Spaces, aims to offer desired resources and skills to women entrepreneurs which they require to drive growth for their firms and become investor-ready.

To become eligible to participate in the program, organisations are supposed to follow certain criteria such as the firm must have 51% ownership of a woman or at least a woman should be in a C-Level Executive role amongst others. Moreover, the selected firms must belong to Nigeria/Cameroon having employees between 5 to 300, and must be producing annual sales ranging from US$35,000 to $15 million.

Sefunmi Obielodan, a manager at Creative Space Startups, made sure that the program is solely focusing on empowering SMEs which are led by women and helping them to connect with concerned funders and ensuring that they get a supporting environment for their growth. Sefunmi also shared about the success of previous cohorts explaining how small firms became high-potential enterprises.

Sefunmi also admitted that there is a considerable gender financing gap in Africa which was also reported by African Development Bank. The Growth4Her program by AfDB's AFAWA project, aims to somehow minimize this gap by empowering 1,500 female entrepreneurs in 10 African cities over the next 5 years.

The participants in the initiative shall get some benefits such as mentorship, money, psychological and policy assistance, capacity building, market possibilities and media exposure as well, entirely in Africa and beyond.

This particular initiative is a synchronized try to endorse gender-inclusive economic growth as well as sustainable development in the country by supporting and empowering women entrepreneurs.