Kudos and a Warm Welcome to all Cohort 6 Fellows!
The African Women Entrepreneurship Cooperative (AWEC) is thrilled to welcome 200 dynamic and motivated African women entrepreneurs into our flagship program this month. After an intense application process and a period of anticipation, these women have received the highly sought-after invitation to join us on a year-long journey of growth and success. We received applications from 1,800 skilled and talented women business owners from across the continent and the diaspora, and we couldn't be prouder to have chosen these 200 exceptional trailblazers. These women represent the future of African entrepreneurship, and we can't wait to see where this journey takes them.
Here are some key highlights about this new cohort:
These extraordinary entrepreneurs hail from 27 different countries across Africa, with Nigeria, Zimbabwe, Kenya, Ghana, Malawi, Tanzania, and South Africa being the most represented nations.
Cohort 6 consists of Fellows representing 23 diverse industries, with Food Processing, Farming and Agriculture, Apparel, and Beauty and Cosmetics emerging as the top sectors.
50% of the cohort has successfully run their businesses for a remarkable 3-5 years.
20% possess over 6 years of entrepreneurial experience, while 23% have recently embarked on their business journey, having been in operation for less than 2 years.
Furthermore, the businesses owned by these women have already gained noteworthy traction, generating USD $27million in revenue last year. Of these businesses, 41% are in the growth stage, where they are generating revenue, breaking even and increasing profitability. Another 14% are in the expansion stage, signifying real Gross Domestic Product (GDP) growth for at least two consecutive quarters, accompanied by a rise in employment, consumer confidence, and equity markets. 1% are in the maturity stage, where their businesses are prosperous and stable, but growth has plateaued due to market saturation. On average, these women-led enterprises employ between 3-5 people.
At AWEC, our aim is to provide these entrepreneurs with the necessary knowledge, skills, and networking environment to take their businesses to the next level. We are excited to watch them grow and succeed over the coming year and beyond.
Congratulations Cohort 6! We look forward to learning more about your businesses, fostering connection and collaboration, and equipping you with the skills necessary to grow resilient businesses that will impact Africa.
The African Woman - Inherently Entrepreneurial
According to the World Bank, Africa is the only continent where more women than men decide to start their own businesses. Offering training geared at developing proactive attitudes among entrepreneurs rather than teaching them basic commercial skills has had a substantial impact as one strategy to promote women's entrepreneurship in Africa. The goal of the training is to instill in small business owners the virtues of initiative, proactivity, and tenacity.
With about 26% of adult females participating in entrepreneurial activities, Sub-Saharan Africa has the highest percentage of female entrepreneurs globally with more than 40% running the Small and Medium- Sized Enterprises (SMEs). AWEC is aware of this reality and continues to mentor and support African women entrepreneurs with the understanding that the female economy is the greatest rising market in the world and has the potential to increase global GDP by USD $12 trillion by 2025.
According to Forbes, women make up a stunning 40% of new entrepreneurs, with data from our new Cohort revealing that a significant portion of them are self-taught and a sizable portion have taken online courses to learn about entrepreneurship. Starting a business is a way for women to combat income earning discrepancies, e.g. the gender-pay gap, as they are able to take full control of how far and fast they advance and what they pay themselves. Leaning toward business ownership also means that while they pursue ventures of interest where they can contribute more of their value, they also experience greater flexibility in balancing work and family life.
Women Entrepreneurs Shaping the Continent's Future
A new generation of women entrepreneurs is transforming Africa, overcoming challenges and driving economic growth across various regions. From Nigeria to Kenya, and even in countries like Gambia, Tunisia and the Democratic Republic of Congo, women-led ventures are making their mark in diverse sectors, redefining the entrepreneurial landscape and unlocking the continent's immense potential.
With 23 million female entrepreneurs in Nigeria, women-owned enterprises have become a driving force in the nation's economy. Nkemdilim Begho, the founder of Futuresoft, a leading provider of digital solutions in West Africa, exemplifies the grit and perseverance of these entrepreneurs. Similarly, Kenya's SME sector showcases the crucial role that women play in driving economic growth. Flora Mutahi was the first person to venture into the flavored tea business in Kenya. As the Founder and CEO of Melvins Tea, she has grown her company into a major player in the industry, employing hundreds and inspiring countless others.
The spirit of women's entrepreneurship is also evident in countries like Tunisia, and Zambia. Fatma Ben Soltane has had to overcome many challenges to establish and build her thriving activewear brand venture called Fierce in Tunisia, while Monica Musonda, through her venture, Java Foods, has defied the odds and built a successful agri-processing business in Zambia.
To fully harness the potential of women entrepreneurs in Africa, it is essential to provide institutional support, government incentives, mentorship programs, and access to capital. In the Gambia for example, —mainland Africa’s smallest country— women own more than one third of the Micro Small and Medium Sized Enterprises (MSMEs), and the government has played a critical role in ensuring it optimizes a regulatory environment that allows businesses to thrive. This includes enhancing entrepreneurship education and skills and reducing the cost of doing business. In the Democratic Republic of Congo, where women manage 43% of the economic activity, AFD Group has provided a 12 million euros grant to finance the "Pour Elles" project.
In conclusion, the stories of visionary women entrepreneurs serve as a testament to the boundless opportunities that exist in Africa. As they continue to break barriers and reshape the economic landscape, the future of the continent lies in the hands of its resilient and resourceful women.
The Future of Africa’s Business is “She”
Women's economic empowerment promotes productivity, diversifies the economy, and increases income equality. Women make up more than half of Africa's total population, and as the continent's primary labor force, they are and will continue to be a major engine of the continent's economic growth. With unique perspectives and skills that fuel innovative solutions to social and economic challenges, women entrepreneurship is essential for creating a more inclusive, equitable, and prosperous Africa - and we could not be more proud to play a role in supporting them!