Congratulations and a Warm Welcome to AWEC Cohort Four Fellows!
It is true what they say - good things take time. After applying to the program and waiting anxiously for the news, 200 women received the invitation for a coveted spot in the African Women Entrepreneurship Cooperative’s flagship program. We selected these exceptional trailblazers from a pool of 2,631 talented African women business owners from across the continent.
Curious to know more about our new cohort? Here are some quick facts:
Cohort 4’s Fellows span across 23 industries with the top ones being food processing, farming, and healthcare.
52% have been in business for 3 - 5 years.
41% have 7+ years of experience as entrepreneurs.
They hail from 30 countries across Africa, with the top nations being Kenya, Nigeria, and Zimbabwe.
Furthermore, the businesses that these women own have impressive traction. We’re looking forward to seeing even more growth achieved as they learn and apply new skills that they will acquire over the next year. At a glance, cohort 4’s businesses have achieved the following milestones:
While our acceptance rate is super competitive at 9%, we are passionate about empowering more African women in business. After reviewing over 2,600 applications, we noticed a few common themes and trends among the strongest applicants that highlighted what makes successful entrepreneurs really stand out.
Business Clarity: The ability to clearly communicate the business value proposition, combined with a strong understanding of the industry, proved to be two of the more impactful application criteria. This means being able to provide a clear, succinct description of the problem being solved and how the business provides a unique solution. Strong applicants went beyond articulating what their businesses do; they provided a compelling explanation of how they solve problems and why they were motivated to start.
Growth Mindset: If an applicant previously applied but did not get in, it was helpful to hear what progress had been made in their business since the last application. This showed 1) why they were a stronger applicant this year and 2) their commitment to personal and business growth.
Market Understanding: Applicants who demonstrated strong industry experience clearly articulated the problem that they were trying to solve, typically a gap that they had spotted while working in the industry. They provided data to illustrate the size of their target market and current customer base which helped them to come across as more knowledgeable and confident with clear action steps to achieve their vision.
Risk Mitigation: Especially after the past year, entrepreneurs must identify and plan for risks. Applicants who clearly articulated the dangers within their industry and actionable steps to mitigate them demonstrated their knowledge and understanding. This helped them stand out in a crowded field.
Clear and Specific Goals: Successful applicants shared an honest understanding of their personal and professional areas for growth and clearly explained how their participation in the AWEC program could address those growth areas. Applicants who did their homework on AWEC were better prepared to explain in detail what skills they wanted to develop, how the program would benefit them in time, and how they planned to pay it forward by sharing what they learn with the wider community.
Continuous improvement is an important life skill. For those who did not make the cut this time around, we encourage you to use the above pointers to work on your business and become a stronger candidate for AWEC and other programs. If you never stop looking for opportunities to improve your life and business, you will eventually succeed. To give you a bit of inspiration, read about why Alumnae Mary Udo is glad she did not get in the first two times she applied for AWEC.
If you made it into Cohort Four, welcome aboard! AWEC gets you going from day one, so be ready to transform your life and business. We can’t wait to see your success stories at the end of the program!