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FasterCapital Launches Startup Program To Support Women Entrepreneurs
FasterCapital, an online incubator and accelerator based in Dubai, is launching a cohort for women entrepreneurs.
Recent statistics reveal that as of 2021 that 36% of small businesses are owned by women and this number is gradually increasing year over year.
In spite of the challenges they are facing, almost 90% of the female-owned businesses worldwide are up and running and are generating profits.
The situation in the Middle East when it comes to women entrepreneurship is different from other countries around the world where only 10% of businesses are owned by women.
In this cohort, FasterCapital is helping women founders in different aspects of their business-building or business-growing journeys.
The cohort launches in June 2021 and is a yearly initiative for women founders. Check out the programs website.
Tech Support for Women Founders
Through the Tech Cofounder program, FasterCapital will offer all the technical support needed to start your business or build your product.
Technology is an essential component of business today and a strong product is what makes a strong brand.
Many women are mostly starting businesses in areas of education, food, fashion, retail, and it is important to find strong technical teams to complement and translate these products into the language of today.
Credit: FasterCapital
Raising Capital for Women Entrepreneurs
Securing the capital needed is a very crucial step to start or grow any business, and female-led businesses are no different.
But the statistics show that women founders find it much more challenging to secure the money they need than men founders.
For this cohort of innovative female entrepreneurs, FasterCapital will match the businesses with a network of angel investors, venture capital, and other funding sources.
Many women – in the MENA and elsewhere – already have innovative and brilliant ideas but most of them end up giving up on these potential ground-breaking businesses.
This is mainly due to the lack of the capital needed and not having the right network or resources available.
FasterCapital supports all different stages of businesses and businesses from different industries.
Growing and Entering New Markets for Savvy Women Founders
For women who have already started and established their businesses, joining this cohort will help them in growing their business further and in exploring new markets and potentials.
Sales, marketing, scaling, partnerships, and many other growth strategies are discussed and employed for the sake of taking your business to the next level.
This will be helpful for women entrepreneurs who are trying to grow and enter the MENA market and for women in the MENA market trying to reach new global markets.
FasterCapital logo
The future of women entrepreneurship
Although it is globally noted that the future is bright for women in business and that there is much progress done.
However, on the way of bridging the gender gap in entrepreneurial areas, we need to acknowledge that there is much yet to be done for women in different parts of the world.
Women entrepreneurs have many tools now but in markets like MENA, Africa, and others we need to enable them to grab these tools and build their businesses.
Supporting and encouraging women to step out of their own conventional duties and to enter this foreign territory.
This should merge with creating an inclusive and supportive environment are what we can do in the resent to ensure a truly bright future.
Women Entrepreneurship in the MENA market
Entering this massively men-dominated ecosystem is extremely challenging for women in the MENA markets, but is not impossible.
It’s the reason why women like Helen Al Uzaizi – CEO of BizWorld, Mona Ataya – Founder and CEO of Mumzworld, Sahiqa Bennett – CEO & Co-founder of Searchie, and Briar Prestidge – Founder & CEO of Prestidge Group PR have been able to work their way up and set an example.
It is also worth noting that many women from the Middle East are staring international businesses and are nailing it.
Hesham Zreik, CEO of FasterCapital comments, “through starting this cohort of female entrepreneurs, we hope to enable innovative and dedicated women in taking the steps needed to start and grow their empires.”
Women Entrepreneurship and COVID
The rise of COVID-19 had caused many extra challenges on women in business.
During shutdown, most retail businesses – which is mostly the niche market for many women entrepreneurs – witnessed major setbacks.
The focus on technology and online businesses resulted in more damage to many women entrepreneurs. This is why we believe enabling women to use technology and start tech-enabled businesses is a goal in itself.
Strengths of Women Leaders in Business
Women have their own superpowers that has helped them and that will help them in being successful business leaders.
Susan Wojcicki, CEO of YouTube, Whitney Wolfe Herd, CEO of Bumble, and Mary Barra, CEO of General Motors, are only some few examples of successful female CEOs in different industries.
High emotional intelligence is an asset that helps women in managing and leading teams successfully and in mediating their business goals to the language and understanding of their crew.
Many women entrepreneurs are motivated inwardly. They have a vision that they would like to see achieved. They are mostly not as motivated by financial gain as much as their male counterparts are.
This constant and strong motivation is a very powerful engine that makes many female-led business thrive indeed.
Join the female cohort and unleash your superpowers now!
Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.
The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.
J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.
“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”
The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.
The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.
According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.
Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.
TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.
With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.
Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.
Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”
Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”
AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.
Key Features of AnteThink include:
1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.
2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.
3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.
Credit: Antethink
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
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