GSA AFRICA AWARDS

Africa is a global leader

However, a study by the World Bank reported that women continue to earn on average 34% less profits than men. There is an estimated $42 billion financing gap for African women across business value chains. Female-led startups are underfunded and over mentored. Why is it a problem? It is estimated that $316bn GDP could be gained by 2025 if the gender funding gap in Africa is bridged. Femaleled start-ups receive a disproportionate percentage of the flow of global venture capital. 2019 saw 11% of seed-funding capital in emerging markets deployed to female founded companies, as well as only 5% of all later-stage funding. Men entrepreneurs are more likely to secure funding post-acceleration.

Two of the greatest threats to the sustainability of businesses include a lack of funding and lower levels of business capital. Most entrepreneurs in Africa are unable to grow their businesses beyond small-scale subsistence operations. Due to genderspecific barriers and societal limitations, it has been even more challenging for women entrepreneurs. According to a 2020 study by Briter Bridges, startups in Africa were predominately founded by men, with men occupying approximately 85% of c-level positions in Africa, and women only occupying 15%.

To address the problem in the most practical sense, the Global Startup Awards (GSA) Africa is firstly, identifying 1000+ femaleled startups from across Africa and giving them increased visibility via the Women in Tech category. Secondly, creating high

level policy and engagement platforms with largest funders to fast-track learning, provide aggregated, accelerated knowledge transfer, skills development and market opportunities via online engagement and personalised support to securing funding.

Furthermore, the Global Innovation Initiative Group (GIIG), exclusive rights holder of GSA Africa, has announced the launch of a unique profit and purpose fund aimed at investing in early-stage tech innovation startups across Africa. The GIIG Africa Fund, a Curaçao-based private investment fund, will invest annually in the GSA Africa winners’ pool. Multi-stage capital will be combined with growth support, access to high value networks, and fast-tracked market penetration to optimise outcomes for both startups and investors.

Access to information, funding, diverse social networks, and connections are pivotal factors in supporting and growing businesses. Without the necessary support in entrepreneurial frameworks, female entrepreneurs cannot increase the competitiveness, scalability and sustainability of their businesses.

Despite the challenges women face in growing their businesses, the African continent is experiencing an unprecedented change in its tech landscape. This changing landscape, coupled with a growing population and the need for ‘African solutions to African problems’, creates a field saturated with opportunities for women. Since women make up half of the African population, unlocking female potential is key to stimulating innovation and helping African economies grow. World Bank experts claim that female economic potential could massively contribute to Africa’s growth.

Recognizing the significant potential for innovation and growth in Africa, the Global Startup Awards (GSA) has been launched across all 55 countries in Africa with a mission to find, recognise and connect the future-shapers of the digital age. Africa’s innovation community now has increased access to new markets, funding and a global network of investors and innovation ecosystems. The categories are created to address the most pressing issues faced in Africa. The Women in Tech category celebrates pioneering tech startups founded and owned by a woman/women.

Africa is well documented to become the tech continent of the future; the next leaders will be global leaders. This includes female pioneers – from Africa.

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