Creative Space Startups, a non-profit organization, has opened applications for the third cohort of Growth4Her where 100 women-led SMEs in Nigeria and Cameroon will be selected for empowerment.
Growth4Her operates as a consortium involving Creative Space Startups, SocioCapital Impact Group, The Learning Gate, and ActivSpaces, overseeing the management of the Cohort.
The investor readiness accelerator program is designed to support and empower women entrepreneurs by providing them with capacity building and tools to scale up their businesses.
Africa has the highest proportion of women entrepreneurs, but the challenge lies in ensuring they receive adequate support for growth, particularly access to funding. In 2021, the African Development Bank (AfDB) reported a $42 billion gender financing gap in Africa.
As an AFAWA Women Entrepreneurship Enabler funded by the AfDB’s AFAWA initiative, Growth4Her addresses this significant concern. Over the next five years, the program aims to empower 1,500 women entrepreneurs across 10 African cities, with a specific focus on Women-led Small and Medium Enterprises (WSMEs).
Driving economic growth
While announcing the opening of the applications via a statement, Program Manager at Creative Space Startups, Sefunmi Obielodan, said:
- “We are excited to welcome the next generation of bold and innovative women leaders to the Growth4Her program. We believe that by investing in women entrepreneurs, we are not only driving economic growth but also fostering a more inclusive and sustainable future for Africa.”
She added that the 100 selected women entrepreneurs will receive capacity building and mentorship, psychosocial and policy support, access to funding, media exposure, and exposure to markets across Africa and beyond.
Eligibility
To be eligible for selection in the program, Creative Space Startups said the business must meet at least one of the following criteria:
- Be at least 51% owned by a woman.
- Be at least 20% owned by a woman and have a woman serving as a C-Level Executive (CEO, COO, CTO, CFO, etc.).
- Have a board of directors with at least 30% women members.
- Have between 5 and 300 employees and operate in Cameroon or Nigeria.
- Have annual sales between US$35,000 and US$15 million.
- Be able to dedicate 1 week to an intensive virtual and physical bootcamp and 3 hours for mentorship engagement for a period.
Women-led SMEs are invited to apply by March 6, 2024. For more details and to submit applications, please visit www.growth4her.org/apply.
