Global Gender Summit: Anne-Marie Levesque on encouraging female entrepreneurship

In a bid to promote female entrepreneurship and empower women in East Africa, FinDev Canada, in collaboration with other development finance institutions, launched the 2X Challenge in 2018. This ambitious initiative aimed to mobilize billions of dollars for women or to invest in women-led businesses. As part of their commitment, FinDev Canada partnered with CDC, Obec Probaco, and the MasterCard Foundation to introduce 'Invest in Impact,' a competition tailored for women entrepreneurs in East Africa. The competition served as a testing ground to explore new approaches in deal origination and broaden investors' perspectives towards female-led businesses. The results were astounding, with 100 winners emerging from the competition, showcasing the transformative power of empowering women in business. These women entrepreneurs not only create jobs and improve livelihoods but also play a pivotal role in fighting climate change and driving economic growth in their communities. The success of the competition highlighted the immense potential of female entrepreneurs in driving sustainable development and innovation in the region. Following the competition, a gathering of the 100 winners took place at the Global Gender Summit in Kigali, where the outstanding businesses were recognized for their notable contributions to women's empowerment, climate change mitigation, youth employment, and innovation. Moving forward, the focus will shift towards ensuring the sustainability of these projects. The winners will receive various forms of support, including investment readiness assistance, exposure, and networking opportunities, with the program set to kick off in early 2020 in partnership with key stakeholders. This collaborative effort underscores the commitment to nurturing and supporting women entrepreneurs on their journey towards building successful and sustainable businesses. A key aspect of fostering innovation among female entrepreneurs lies in making finance more accessible and tailored to their needs. Despite the abundance of talent and innovative ideas, many women entrepreneurs face challenges in accessing essential financial resources critical for business growth. Gender lens investing emerges as a potential solution to bridge this gap, by incorporating a gender perspective in investment decisions and practices. By actively engaging with financial institutions to understand and cater to the specific needs of women entrepreneurs, investors can play a pivotal role in reshaping the financial landscape to be more inclusive and supportive. Empowering women entrepreneurs in the technology sector and beyond requires a concerted effort to challenge existing norms and ensure that financial institutions prioritize gender equality in both their client interactions and internal operations. With the growing recognition of the untapped potential of female entrepreneurs in driving innovation and economic growth, the need for continued support and investment in initiatives like 'Invest in Impact' becomes increasingly evident. By creating an enabling environment that fosters gender equality and empowers women in business, stakeholders can unlock a wealth of opportunities for sustainable development and inclusive growth in East Africa.