Did you know that the finance gap for women entrepreneurs is $1.7 trillion, according to a World Economic Forum study from last October? We can safely assume that this gap has widened since.
As a collective community of wealth- and opportunity-creators and seekers of sustainable development, we are just not doing enough to engage more women-owned businesses (WOBs) and female entrepreneurs in local and global value chains.
In our region, women comprise the majority of STEM graduates and the number of women-owned businesses and female-founded startups continues to grow at an admirable rate. Yet, many women face daunting challenges in securing funding and navigating procurement landscapes.
Governments and private sector players have the power to transform this reality by joining forces to harness all this untapped potential. We need easily applicable and inclusive growth plans to level the playing field for women - forever.
For over two decades, the Sharjah Business Women Council (SBWC) has been instrumental in transforming challenges into opportunities. Our mission is to empower women with the tools, resources, and networks needed to thrive in competitive markets.
Access to capital is fundamental for any entrepreneur. Breaking through traditional financing barriers remains a significant hurdle for women in the UAE, with many relying on personal savings. SBWC has pioneered innovative programs to facilitate access to capital through strategic partnerships and tailored financial initiatives.
These efforts empower women to realise their entrepreneurial dreams.
Helping with the procurement itself
Supplier procurement presents another major challenge.
The SBWC has initiated programs to enhance visibility and accessibility for women entrepreneurs in procurement ecosystems. By collaborating with government and private sectors, we open doors to lucrative opportunities, domestically and internationally. Initiatives like sponsoring female-led startups for global events showcase our commitment to fostering growth and innovation.
The UAE's supportive policies for entrepreneurs, including 100 per cent foreign ownership and extended visas, create an enabling environment. However, gender-inclusive policies in procurement are crucial to ensuring women benefit equitably from these opportunities.
Gender-responsive procurement not only supports economic growth but also advances societal equity. SBWC champions this cause, advocating for policies that promote supplier diversity and inclusion of women-owned businesses in procurement contracts.
As SBWC celebrates its 22nd anniversary, we remain dedicated to empowering women globally. Our evolution and bold vision reflect our commitment to breaking barriers and transforming the entrepreneurial landscape.
