Marrakech – As the African startup ecosystem continues to flourish, a glaring disparity persists: the underrepresentation of women entrepreneurs and the lack of investment in their ventures.
The “Where Are All the Women? Bridging the Investment Gap for Women-Led Startups” panel at the 10X Stage during the first day of GITEX Africa 2024 addressed this critical issue head-on.
Moderated by Fatu Ogwuche, Founder and Host of Big Tech This Week, the panel brought together influential figures in the investment and entrepreneurship landscape.
Catalyst Fund’s Managing Partner, Maelis Carraro, highlighted the stark reality that in 2023, a mere 2% of all venture capital funding was allocated to women-owned companies. She emphasized the untapped potential, stating that investing at least 40% in women-led startups could boost GDP by 5% to 6%.
Challenging the notion that women require extra assistance, Maya Horgan-Famodu, Founder & Partner at Ingressive Capital, advocated for a less-biased selection process. She pointed out that Africa boasts the highest ratio of women in business and has seen nine countries with female presidents or acting presidents. Horgan-Famodu stressed the importance of treating women as equal contributors rather than a marginalized group.
The significance of training and empowering women entrepreneurs was emphasized by Marie Campagne, Head of SAO at SAP for ScaleUps. She noted that women often feel unheard when presenting to all-male panels and highlighted the need for a supportive network. To address this need, Campagne’s organization focuses on matching women with partners and implementing a “training of trainers” approach to create a ripple effect.
The panelists unanimously agreed that to bridge the investment gap, proactive measures must be taken.
Carraro called for venture capitalists to deploy more capital to women-led startups, recognizing their cutting-edge technology and innovative business ideas. Horgan-Famodu suggested that women who have been given opportunities should actively promote and recommend other female entrepreneurs.
The 10X Stage at this year’s second edition of GITEX Africa Morocco served as a platform to drive the momentum of Africa’s thriving startup ecosystem. By bringing together “unicorn” founders – or as they dubbed it “soon-icorn” founders – accelerators, incubators, and key players, the summit aims to fortify Africa’s position as a startup hub.
The focus on scaling innovative solutions and expanding market reach has been a cornerstone of the success achieved by top-tier startups in the face of evolving global investment landscapes.
The convergence of ideas, experiences, and visions at the 10X Stage is set to shape the future of Africa’s startup ecosystem, transforming challenges into opportunities for growth and revolutionizing industries.
Read also: GITEX AFRICA 2024: Igniting the Spark of Women-Led Innovation
