The Middle East and North Africa (MENA) region has witnessed a remarkable surge in funding for entrepreneurs over the past few years, driven by an increasing recognition of the potential for innovation and economic diversification. Venture capital investments have soared, with numerous startups attracting significant financial backing from both local and international investors.
Female founders are ready to pitch but this beautiful MENA growth has sadly not translated into opportunities for them. They remain funded at around the 1% mark of total MENA startup funding, according to Wamda, hindering their ability to innovate, scale, and fully contribute to the MENA ecosystem.
There is so much work to be done to change the statistics around business funding for women. Let's dive in!
In this blog we'll explore the gender bias in business funding and what to do about it. There are ways to work around these challenges to improve the chances of funding for female founders.
Show up & Pave the Way for the Next Generation
There is still a big issue of unconscious gender bias in business against women founders, referring to the systematic preference or discrimination against female founders or female-led startups when it comes to funding.
Are we aware of our own bias? Being aware is the first step to reducing instances of judgement resulting from our own social construct. Becoming aware of our own unconscious biases, starts by educating ourselves, paying attention to our thoughts and examining our beliefs. This can help us identify the assumptions we currently hold.
To support female entrepreneurs, we can give back in the form of support, mentorship, perhaps even in consumption habits -to become clients of these businesses.
Be Well Prepared | Know that Scrutiny will Be Bigger
Female founders hold immense promise, but face hurdles in accessing opportunities. Celebrate the hurdles when they come. Celebrate the scrutiny when it comes. They can be great learning opportunities. By listening and making the appropriate changes, the hurdles become steppingstone toward success. If things don't work the first time, try a second, third and fourth time. One thing not to do is to take it personally and give up.
For example, if you are getting ready to pitch your idea, get prepared, run through your presentation multiple times. Use a critical audience to tear your pitch apart and put it back together again. Ensure you have a clear understanding of your audience, their interests and concerns.
Embrace "setbacks" and don’t be afraid to push yourself outside of your comfort zone. It may be intimidating at first, but will get easier and taking risks can lead to incredible rewards for your business.
Female Founders' Network
Figure out your tribe. Forge connections. Start conversations with other entrepreneurs and like-minded individuals. Get a mentor. Attend industry events and stay up to date with the latest trends in the field.
The Female Founders' Network for example, is a dynamic community designed to empower and support women entrepreneurs by providing them with resources, mentorship, and networking opportunities.
This network fosters collaboration among female leaders across various industries, encouraging the sharing of knowledge and experiences to help women navigate the challenges of starting and scaling their businesses. By promoting visibility and access to funding, the Female Founders' Network aims to create a more equitable entrepreneurial landscape, inspiring the next generation of female innovators and leaders.
Pitch and Pitch Again
If you don't ask, if you don't pitch, if you don't apply to various programs, you won't get opportunities. For example, the UAE government has created multiple programs to support and promote entrepreneurs and small businesses, including the launch of the Entrepreneurial Nation programme, seeking to develop more than 8,000 SMEs and start-ups, the Future 100 designed to connect UAE entrepreneurs with investors and mentors, and much more.
Women entrepreneurs’ representation is disproportionately low in many of these programs. So why not support female entrepreneurs by participating?
Here are few tips for female entrepreneurs who may be just starting their entrepreneurial journey:
Figure out what your competitive talents are and what you can offer the world.
Reflect on your unique strengths, embrace your individuality and let it be your driving force.
Build your plan. The strategy, the projections and the rest can be built in a simple format initially. Try the one page business plan.
Build your brand, develop your business identity to communicate your value proposition and reflect your vision. A compelling personal brand is pivotal in standing out amidst the competitive landscape. Learn to promote yourself and get your name out there.
Finally, pitch your story.
You do not have to have answers to ALL aspects of the business, you just need to surround yourself with people who do. Remember, it starts with investing in yourself and taking a bet on yourself.
So, Are you in?
While we hope to see more VCs, Angels and the likes distinguish themselves, begin to address the disparity and lead in this space, we also hope to see more targeted programs, specifically providing funding for female entrepreneurs.
Take the Next Step: Book a Free Demo
Ready to take the next step in your business journey? Our team is here to help you get started. Book a free demo with our experts to explore how we can support your vision and set you up for success. Discover tailored solutions and personalized strategies that will give you a head start. Don't wait—reach out today and let's turn your dreams into reality!
urBIZassist believes in the power of "know-how" to transform lives and positively impact the world around us.
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