Corporates exhorted to support female-led start-ups
Corporates were exhorted to support female entrepreneurs and allocate more resources as only 2% of investments are going to female-led start-ups in the Middle East.
Addressing a session titled ‘Empowering the Next Generation of Start-ups’ at the ongoing Global Women’s Forum Dubai 2024 (GWFD), speakers emphasised the importance of mentorship and capacity building for entrepreneurs, particularly women, who face challenges like financial insecurity and limited funding evidenced by the fact that only 2% of investments are going to female-led start-ups.
The session was addressed by Jessica Scopacasa, Co-founder & CMO, Olive Gaea and Kevin Holliday, Managing Director, C3 (Companies Creating Change), and moderated by Rania Tayeh of Emirates Global Aluminium.
The Global Women’s Forum Dubai 2024 provided a platform to explore new strategies for enhancing gender balance and raising women’s participation in the economy and society.
Corporates’ role is crucial in creating a sustainable ecosystem for start-ups by leveraging their resources and driving innovation. There is an urgent need for more investment in female-led start-ups and more female investors to provide support in negotiations, the Forum was told.
Scopacasa, a climate tech start-up founder, discussed her journey and the critical role of mentorship in navigating the shift from consultancy to tech start-up.
The session highlighted the need for more female investors and assertiveness in negotiations and the significance of corporate support and ecosystem collaboration to foster innovation and sustainability. It also underscored the importance of mental health and maintaining a balance between work and personal life.
Scopacasa discussed her unique journey into sustainability, starting as a marketer and transitioning to a role where she could have a measurable impact on the environment.
She highlighted the crucial role of mentorship in guiding Olive Gaea through its shift from consultancy to a climate tech start-up, mentioning Kevin and the C3 network as key mentors.
Holliday pointed out the importance of training, capacity building, and mentorship in supporting early-stage entrepreneurs and helping them think holistically about their solutions.
“Experienced mentors are crucial in providing valuable insights and helping entrepreneurs navigate their journey. Mentorship helps identify skill gaps and provides the necessary resources for development. Mentors help founders stay motivated and think about their business in a holistic way,” he added.
The challenges faced by founders are often the absence of mentors who believe in the founders and provide support during their difficult times
Financial insecurity and the constant work required in start-ups are significant challenges, especially for female founders.
Therefore, female founders need family support and a passion for overcoming challenges in the start-up world.
Scopacasa emphasised the importance of assertiveness and believing in oneself, mentioning the role of mentors in providing the extra push needed during challenging times.
She advised female entrepreneurs to be authentic leaders, bringing kindness and empathy to their roles, and to be assertive in their actions.
“Female entrepreneurs should push themselves out of their comfort zones and break down barriers to drive female empowerment,” she said.
The Forum also emphasised the importance of exploring new angles and perspectives to grow both personally and professionally.