Unlocking Opportunities for Women Visionaries: Building Bridges Between Diverse Markets And Cultures
By Valerie V. Kim – Co-Owner iSpeakUp!LightUp!, Serial Entrepreneur, Speaker, World Champion Athlete
The translation of the article in Deutsche Business Magazin. Read the original:
In today’s business world, innovation, creativity, and speed of implementation are crucial for success. As artificial intelligence (AI) rapidly develops and replaces the “human touch” in many segments, it becomes imperative to focus on elements AI cannot replicate: pure creativity and innovation, authentic connections, and the feeling of support, ensuring no one feels alone on their journey.
However, when we look deeper into the facts, instead of focusing on innovative strategies and growth, women entrepreneurs invest most of their energy into fundraising and figuring out how to bootstrap their projects.
The numbers speak for themselves. In 2023, women-founded startups received only 2.1% of all venture capital funding in the United States, a significant disparity considering the increasing number of women entrepreneurs (Source: PitchBook, 2023). A study by the International Finance Corporation (IFC) found that women-led businesses receive only 7% of private equity and venture capital investments in emerging markets (Source: Angel Capital Association, 2021). According to a Boston Consulting Group (BCG) study, for every dollar of funding, startups founded by women generate 78 cents in revenue, while male-founded startups generate less than half that—just 31 cents. Despite this, women-led startups receive significantly less funding than their male counterparts (Source: Crunchbase, 2022).
The Challenges Faced by Women Entrepreneurs
Women entrepreneurs face several unique challenges that can impede their progress and limit their ability to expand globally. These challenges include:
- Funding Disparities: As highlighted, women-led startups receive significantly less funding than those led by men. This disparity forces women entrepreneurs to spend excessive time and resources on fundraising, diverting attention from innovation and growth.
- Limited Access to Networks: Women often have less access to influential business networks and mentorship opportunities, which are crucial for gaining market insights, building partnerships, and attracting investment.
- Cultural and Societal Barriers: In many regions, cultural and societal norms can create additional hurdles for women entrepreneurs, limiting their ability to operate freely and gain recognition.
- Balancing Responsibilities: Women often juggle multiple roles, balancing business responsibilities with personal and family obligations, which can add to the strain of growing a business.
Changes We Facilitate And Fostering
To empower women entrepreneurs and enable them to realize their vision and expand globally, several key areas of support are essential:
- Increased Funding Opportunities: There needs to be a concerted effort to level the playing field in funding. This can be achieved through dedicated venture capital funds for women-led startups, government grants, and initiatives that encourage investment in women-led projects.
- Networking: Establishing networking platforms that provide women entrepreneurs with access to experienced advisors, industry experts, and potential collaborators. These connections can offer valuable guidance and open doors to new opportunities.
- Training and Mentorship: Providing training in critical areas such as business management, financial planning, and digital marketing can equip women entrepreneurs with the skills needed to grow their businesses.
- Cultural Change: Promoting gender equality and challenging societal norms that hinder women’s progress is crucial. Advocacy and awareness campaigns can help change perceptions and create a more supportive and tolerant environment for women entrepreneurs.
- Supportive Communities: Building communities where women entrepreneurs can share their experiences, challenges, and successes can foster a sense of solidarity and empowerment. Such communities can also facilitate collaboration and mutual support.
Building Bridges Between Markets: Facilitating Collaborations
To facilitate business expansion it’s crucial to explore how the vision can serve and bring value not just to local market, but also contribute globally. For that, we need to:
- Organize Business Summits and Networking Events: These events provide platforms for entrepreneurs to meet, share ideas, and form fruitful partnerships.
- Leverage Government and Trade Organizations: These bodies can offer support, resources, and incentives for cross-border collaborations.
- Utilize Technology Platforms: Digital platforms can connect entrepreneurs from different regions, facilitating communication and collaboration.
- Promote Cultural Exchange: This can help entrepreneurs understand and appreciate each other’s cultures, and business strategies fostering stronger relationships and mutual support.
At iSpeakUp!LightUp!, we are committed to supporting and empowering visionaries to make their visions a reality and expand globally by building credible brands and enhancing visibility. Unlock access to vibrant markets and establish fruitful relationships between leaders and visionaries from different parts of the world, pivoting towards innovation and bridging the gaps between diverse markets and cultures.
Join us at our next Business Summit in Riyadh, Saudi Arabia, on 14th of September to connect with industry leaders, governmental representatives, gain insights, and explore new opportunities for growth. Check the link to register and learn more: https://ispeakuplightup.com/summit/
