The African startup scene is experiencing significant growth, however, a pressing issue has emerged – the underrepresentation of women entrepreneurs and the lack of investment in their ventures. At the GITEX Africa 2024, a panel discussion titled “Where Are All the Women? Bridging the Investment Gap for Women-Led Startups” convened influential figures to address this critical issue.
Under the moderation of Fatu Ogwuche, Founder and Host of Big Tech This Week, the panel highlighted the alarming statistic that only 2% of venture capital funding in 2023 went to women-owned companies. Maelis Carraro, Managing Partner of Catalyst Fund, underscored the untapped potential, citing that investing a minimum of 40% in women-led startups could increase the GDP by 5% to 6%.
Maya Horgan-Famodu, Founder & Partner at Ingressive Capital, challenged the notion that women require additional assistance, advocating for an unbiased selection process. She emphasized Africa’s high ratio of women in business and the nine countries with female presidents or acting presidents. Horgan-Famodu stressed the significance of recognizing women as equal contributors in the business world.
Marie Campagne, Head of SAO at SAP for ScaleUps, highlighted the necessity of training and empowering women entrepreneurs. She recognized that women often feel unheard when presenting to all-male panels and emphasized the importance of a supportive network. Campagne’s organization focuses on matching women with partners and implementing a “training of trainers” approach to generate a ripple effect.
The panelists unanimously agreed on the urgency of taking proactive measures to bridge the investment gap. Carraro urged venture capitalists to increase investments in women-led startups, acknowledging their innovative business ideas. Horgan-Famodu proposed that women who have been given opportunities should actively advocate and recommend other female entrepreneurs.
The 10X Stage at GITEX Africa Morocco served as a platform to bolster Africa’s thriving startup ecosystem, bringing together “soon-icorn” founders, accelerators, incubators, and key players to fortify Africa’s position as a startup hub.
The primary focus has been on scaling innovative solutions and expanding market reach, leading to the success of top-tier startups in response to evolving global investment landscapes.
The confluence of ideas, experiences, and visions at the 10X Stage is poised to shape the future of Africa’s startup ecosystem, transforming challenges into opportunities for growth and revolutionizing industries.