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ABOUT US

WEConnect International is the leading global nonprofit helping corporations, multilateral agencies, and governments identify, register, train, and certify Women-Owned Businesses to compete and succeed in global value chains.

OUR MISSION

WEConnect International helps drive money into the hands of women business owners by enabling them to compete in the global marketplace.

OUR VISION

A world in which women have the same opportunities as men to design and implement business solutions that create wealth and the sustainable prosperity of their communities.

Dear WEConnect International Community:

In this year’s Annual Impact Report, we are proud to publicly celebrate the impact of our work to create more sustainable prosperity for Women-Owned Businesses across the globe through high-quality business education, training and connections.

It is our honor to provide you with clear evidence of our Impact Through Connections. In 2023, our network grew to represent 18,000+ WomenOwned Businesses, 135 global markets, 185+ Member Buyers with over $4 trillion in combined annual purchasing power, and over $24 billion in spend with Women-Owned Businesses.

In 2023, we demonstrated again that when we put more money in the hands of women, we help create sustainable economic prosperity for all because of the way the women spend their money on their employees, families and communities. The women business owners we serve are inspiring and resilient role models that deserve the economic benefits and market advantages that come with delivering innovative and sustainable solutions to market challenges.

Our role is to make it as easy as possible for women business owners to access our member buyers so that they can thrive together. And there is no doubt that policies and initiatives focused on diversity are under attack,

and that means we must continue to educate businesses, governments, multilaterals, academic institutions, and NGOs on the benefits of inclusive business practices.

The world is full of complex challenges, and this is why we are so grateful for our Member Buyers, global strategic partners, funders, and global team of passionate subject matter experts who help us to identify Women-Owned Businesses that are uniquely qualified to deliver powerful solutions to economic and social challenges.

We continue to lead the global inclusive sourcing movement, but corporate and government purchasing from Women-Owned Businesses is still below 1% of their total annual global spend. We simply cannot afford to wait another 131 years to close the global gender gap, so please join us as we approach our 15th year of collective impact.

Together, we will strengthen our resolve, lead by example, and demonstrate what it means to deliver Impact Through Connections.

DENISE NAGUIB Chair of the Board

ELIZABETH A. VAZQUEZ President, CEO & Co-Founder

$4,000,000,000,000

Member Buyer global purchasing power

$24,000,000,000

Member Buyer total global spend with Women-Owned Businesses

$5,000,000,000

Member Buyer spend with Women-Owned Businesses based outside of the United States

18,000+

Women-Owned Businesses registered in WECommunity

1,200+

Women-Owned Businesses certified with WEConnect International

135+

Markets with WomenOwned Business registration

11,400+ Women business owners trained in person and online

61 Markets with Women’s Business Enterprise certification

185+ Member Buyers

10 Languages available in WECommunity

Each year we survey the Women-Owned Businesses we serve to measure the impact of WEConnect International support, and the changes in their personal and professional prosperity. 65% of survey participants grew in revenue, and they reported the following impacts to their businesses, lives, and communities:

76% pursued at least one environmental or sustainability project or initiative 96% reported WEConnect International helped them connect with access to finance or new revenue

83% used the additional revenue to reinvest in their business

69% networked with other Women-Owned Businesses

85% 50% 33%

Women make or influence over 85% of consumer purchasing decisions.

Women make up 50% of the world’s population.

And Yet… Women-Owned Businesses earn less than 1% of corporate and government spend globally.

Women own 33% of all privatelyowned businesses.

According to the World Economic Forum, it will take another 131 years to close the global gender gap.

13% 14% 59%

Men earn 13% more than women while doing the same job.

(Eurostat, 2023)

Women hold only 14% of executive positions in supply chain organizations.

(Chendrick, 2023)

59% of working women supply half or more of their family’s household income.

(ILO, 2023)

GROWTH IN OUR GLOBAL NETWORK

In 2023, our network has seen impressive growth across all metrics. There has been an increase in the number of markets served, Women-Owned Businesses registered and certified, Member Buyers, and the amount our Member Buyers spend with WomenOwned Businesses in all geographic regions.

MARKETS SERVED

In 2023, WEConnect International expanded the number of countries we serve, and we launched our Women’s Business Enterprise Certification in Austria, Belgium, Pakistan, Italy, and Vietnam.

GROWTH IN REGISTERED WOMEN-OWNED SUPPLIERS

The number of registered suppliers in our network grew to more than 18,000, which represented a 6% growth rate in 2023. In fact, all regions grew in 2023, and South Asia experienced the largest growth rate at 20% over the course of the year.

30% GROWTH IN CERTIFIED

WOMEN-OWNED SUPPLIERS

The total number of Certified Women’s Business Enterprises grew by 30%, to a total of 1,200. We had double digit growth in all regions and a robust performance of 41% growth in Latin America.

10%

GROWTH IN BUYER MEMBERSHIP

Our number of Member Buyers reached 186 by the end of 2023, representing an encouraging 10% growth rate in one year.

WEConnect International is driving more money into the hands of women business owners by enabling them to compete in the global marketplace. We identify, educate, register, and certify Women’s Business Enterprises that are at least 51% owned, managed, and controlled by one or more women, and then connect them with member buyers.

For 15 years, the WEConnect International team has helped global corporations as well as multilateral and government

agencies launch and build their gender inclusive sourcing strategies, including customized projects designed to deliver on a partner’s unique goals in support of women’s economic empowerment. Funders include Government Agencies such as the United States Agency for International Development and the United States Department of State, multilateral financial institutions such as the World Bank Group, the United Nations, the Asia Development Bank, and many of the world’s largest multinational corporations and foundations.

LAUNCH IN NEW MARKETS

We launch in new markets based on demand from Member Buyers, the available supply of products and services offered by WomenOwned Businesses, and funding to hire, train, and support local representatives and partners. The process typically includes strategic research on the ecosystem, a stakeholder awareness campaign, launch of a certification program, capacity building for both buyers and women suppliers seeking to do business together, and hosting in-person and virtual business events for learning and connecting such as trainings, matchmaking, and conferences.

ECOSYSTEM MAPPING

We help partners collect baseline data on women business owners in a target market, identify key stakeholders that could serve as potential partners, map relevant government support, policies, and policy gaps that effect women as business owners, and deliver results reports on key findings.

STAKEHOLDER ROUNDTABLES

We raise awareness and educate corporations, government officials, civil society, thought leaders, and other policy makers on the value of women as business owners, develop relationships with key stakeholders to engage in programs in multiple languages, and finalize and share results with relevant stakeholders on key challenges and recommendations for action, collaboration, and impact.

TARGETED AWARENESS CAMPAIGNS

We engage with our partners to develop targeted awareness campaigns for women business owners and Member Buyers,

educating them on the economic and social benefits of buying from WomenOwned Businesses. Collaborating with key stakeholders, we then organize and host campaign launch events and follow up activities to encourage women-business owners to register their business inside WECommunity, our multilingual online global database of women suppliers used by Member Buyers to search for products and services and to post business opportunities.

LAUNCH CERTIFICATION

Our goal in new high-growth markets is to move beyond free WECommunity registration to add Women’s Business Enterprise Certification. When funding is available we can partner with local assessors, Member Buyers, and government officials to identify the documentation required to ensure applicants meet our Certification Standards. Certification services are now available in markets representing 70% of the world’s population.

TRAINING WOMEN BUSINESS OWNERS

We strengthen the capacity and confidence of women business owners to think big and grow their companies through access to markets, develop localized WEConnect Academy training curriculum to meet the needs of local participants, and host workshops tailored to local needs identified by our Ecosystem Mapping and Stakeholder Roundtables. More than 11,400 women business owners were trained in 2023.

BASELINE MAPPING FOR MEMBER BUYERS

We help Member Buyers collect baseline data on their current spend with women suppliers, develop annual diverse supplier spend objectives, identify and

engage internal champions, identify procurement opportunities, provide access to WECommunity to find potential women suppliers, leverage WEConnect International professional staff and other Member Buyers as resources, and measure success both internally and relative to other organizations or agencies.

EXECUTIVE LEVEL TRAINING ON INCLUSIVE SOURCING

We take pride in our ability to strengthen our Member Buyers and other partners’ understanding of Supplier Diversity & Inclusion and Gender Inclusive Sourcing. Areas of training include the power

of women as suppliers, the business case for Supplier Diversity & Inclusion, inclusive sourcing strategy development and implementation, how to engage key stakeholders inside and outside of the organization, global and local best practices, and how to set targets and measure progress over time for tracking impact and follow-up.

BUSINESS CONNECTIONS

We host a variety of in-person and virtual business events for learning and connecting, such as customized trainings, matchmaking events, and local, regional and global conferences.

• Antigua and Barbuda

• Argentina

• Austria

• Australia

• Bahamas

• Bangladesh

• Barbados

• Belize

• Bermuda

• Brazil

• British Virgin Islands

• Canada

• Cayman Islands

• Chile

• China

• Colombia

• Costa Rica

• Dominica

• Ecuador

• El Salvador

• France

• Germany

• Grenada

• Guatemala

• Guyana

• Honduras

• Hong Kong

• India

• Indonesia

• Ireland

• Israel

• Italy

• Jamaica

• Japan

• Kenya

• Malaysia

• Mexico

• Montserrat

• Netherlands

• New Zealand

• Nigeria

• Pakistan

• Panama

• Peru

• Philippines

• Poland

• Saint Kitts and Nevis

• Saint Lucia

WEConnect International also has registered Women-Owned Businesses in 139 markets.

• Saint Vincent and the Grenadines

• Singapore

• South Africa

• Spain

• Sri Lanka

• Switzerland

• Taiwan

• Trinidad and Tobago

• Turkey

• Turks and Caicos Islands

• United Kingdom

• United States

• Vietnam

STRENGTHENING the business capacity of Women-Owned Businesses in India, Bangladesh, Sri Lanka, and Maldives in partnership with the U.S. Department of State, Bureau of South and Central Asian Affairs

The project delivered 1,050 hours of capacity building training, including a newly designed 12-hour Advanced Business Training for 308 Women-Owned Businesses. The impact assessment revealed that 63% of Women-Owned Businesses attributed the growth of their business networks to specific training they received under the project, 58% won new business as a direct result of the training and networking, 61% increased their revenues, and 72% reinvested in their organization by hiring additional staff. All of these milestones were achieved while simultaneously educating major corporations on the benefits of genderinclusive sourcing.

HARNESSING the power of the Asia-Pacific Regional Conference 2023: Going Global conference platform for corporations, Women-Owned Businesses, and other government and non-government stakeholders as a powerful catalyst for success and sustainability for both women entrepreneurs and large buyers

This global trade conference was one of WEConnect International’s largest regional events across 15 countries, which drew 417 ecosystem partners with the goal of generating long-term opportunities for Women-Owned Businesses to develop the skills necessary to connect with and conduct business with large buyers, including local and multinational corporations, government agencies, and non-governmental organizations.

Business-to-business matchmaking sessions during the Sri Lanka event connected 70+ Women-Owned Businesses

with 18 corporate buyers, with 380 business connections made. More than 300 business connections were made during the India event, and further promoted the flourishing trend of Women-Owned Businesses doing business with and making connections among themselves.

EMPOWERING Women Who Own Small and Medium-Sized Enterprises by Facilitating World-Class Training, Access to Value chains, Resources, Networks, and Growth Opportunities. In partnership with We-Fi, the Inter-American Development Bank, and Arizona State University’s Thunderbird School of Global Management

During the second year of this three year “WE3A” project, which takes its name from the three pillars of collaboration —Women

Entrepreneurs who Aspire, Activate and Accelerate— allowed nearly 1,000 businesswomen in Guatemala, Honduras, El Salvador, Costa Rica, Guyana, and Ecuador to grow their skills in leadership, operations, strategic planning, and finance. WE3A also educated more than 200 corporate buyers in critical sectors on the economic benefits of women as business owners and suppliers of products and services.

TRANSFORMING gender-inclusive sourcing in partnership with the World Bank Group

This partnership aimed to educate and encourage Women-Owned Businesses to compete for business opportunities and support the World Bank’s ambitious public goal of increasing spend with Women-

Owned Businesses to 7% by the end of 2023. The collaboration identified over 500 Women-Owned Businesses globally, including those in small markets with limited economic opportunities for women. More than 120 eligible Women-Owned Businesses were invited to participate in nearly 700 corporate procurement opportunities, and the campaign successfully matched more than 50% of these projects with eligible Women-Owned Businesses. The success of this initiative is not only measured in numbers with the World Bank Group achieving its 7% spend goal, but in the lasting impact it has created for Women-Owned Businesses globally and the communities they serve.

DRIVING change through a partnership with the ExxonMobil Foundation to identify, educate, assess, certify, and connect more growth-oriented WomenOwned Businesses to the global marketplace

The 2023 grant from ExxonMobil significantly bolstered our key global programming pillars, and among other achievements, enabled our team to further diversify our in-person and online training initiatives, enhance localized training content, and implement custom programs educating buyers and women-owned suppliers. More than 8,400 WomenOwned Businesses benefited from enriched education and capacity building through market access training and general business growth education events.

DELIVERING world-class curriculum and eLearning modules to promote women's entrepreneurship and long-term financial sustainability for Women-Owned Businesses in partnership with Moody’s

The Moody’s Bootcamps are designed to increase the sustainability knowledge and skills of women business owners, which will empower them to grow their businesses while promoting and implementing sustainability practices and approaches in their businesses and communities. We leveraged the expertise of Moody’s financial decision-making subject matter experts to train Women-Owned Businesses in 13 countries on how to increase credit worthiness that translates into better access to capital and access to markets.

WEConnect Academy provides state-of-the-art in-person and online training to help our global network of women business owners achieve their growth objectives and become business-ready to close deals with each other and large buyers. Women-Owned Businesses use WEConnect Academy to:

• Learn from experts on how to engage with large buyers

• Master innovative business tools and strategies

• Lay a solid foundation to attain growth targets

• Take a business to the next level with useful knowledge, including tips and tricks for developing and implementing marketing, finance, and talent management strategies.

Women-Owned Businesses and our Member Buyers can access the new eLearning portal and course catalogue for capacity building training programs such as:

Driving ESG Awareness

In a rapidly evolving business landscape, Environmental, Social, and Governance (ESG) principles have become pivotal in shaping business strategies, investor relations, and long-term viability. ESG criteria allow organizations and investors to assess and measure a company's performance in areas beyond traditional financial metrics. This project aims to raise awareness and integrate ESG principles into the day-to-day operations of WomenOwned Businesses.

Sustainable Supply Chain Management

With support from Danone, Diageo, and Google, this program provides diverse-owned businesses with the skills and resources needed to implement sustainable business practices in recycling, packaging, and plastics, and understand future buyer needs. It aims to enhance their competitiveness in global value chains by focusing on sustainability. The program targets up to 150 diverse-owned businesses from various sectors, including women-owned, LGBTQIA+-owned, disability-owned, and minority-owned businesses, providing them with the knowledge and tools to adapt their business models to meet sustainability demands. In 2023, 92% of the diverse businesses engaged added new sustainability skills to their business practices.

Procurement Readiness

The Global Procurement Readiness Tool is designed to help companies assess their capacity to meet large buyer requirements, identify their strengths, and address opportunities for improvement. This tool aims to prepare Women-Owned Businesses to compete for contracts with large buyers, facilitating more business opportunities and enhancing their market competitiveness.

Together Building Sustainable Prosperity

This project focuses on the long-term financial sustainability of Women-Owned Businesses in emerging countries. It aims to educate and empower these businesses to adopt environmentally sustainable practices, contributing to ecological restoration in their countries. By promoting sustainable prosperity, the project seeks to ensure that WomenOwned Businesses play a crucial role in environmental protection within their homes and communities.

Networking and matchmaking—connecting women business owners with our Member Buyers to maximize impact—is at the heart of everything we do at WEConnect International.

The impact of making just one such connection can be lifechanging for a Women-Owned Business, drive invaluable change within a large organization seeking innovation, and have societal implications beyond the actual financial transaction.

More than 1,000 business connections were made at our annual Regional Conference in Brazil. At least seven Women-Owned Businesses confirmed they had closed new business deals as a direct result of the connections made at the event.

Meet the Member Matchmaking events

contributed positively to 61% of women business owners’ success in the marketplace.

(WEConnect International Annual Women-Owned Business Survey, 2023)

“WEConnect International’s multi-national and multi-regional footprints are an asset to the advancement of women in business ownership and the globalization of corporate supplier diversity programs. They provide positive momentum for Women-Owned Businesses’ access to opportunities, which serves as a catalyst for diverse spend acceleration across industries.”

—Genne McDowell, Global Supplier

“Baker Hughes is proud to support WEConnect International and our shared vision of promoting inclusive and sustainable economic growth, as well as reducing inequality within and among countries. Our partnership will help develop nationwide marketing campaigns and learning systems to help drive revenue and grow the number of registered Women-Owned Businesses in the WEConnect network.”

—Anna Strachan, Supplier Diversity Program Manager United Kingdom, Baker Hughes

“As a proud partner of WEConnect International, we have witnessed firsthand the unparalleled value and innovation that global Women-Owned Businesses bring to the table through this vibrant WEConnect International network. Together we can drive meaningful change and create a more inclusive, equitable global economy.”

—Cheryl Hofmeister, Head of Supplier Diversity, Organon

Half of the Fortune Top 50 corporations are now WEConnect International Member Buyers. View the latest list of Member Buyers.

MEMBER BUYERS

We help large buyers diversify their supplier base to:

• Innovate for competitive advantage

• Manage risk and costs through competition

• Increase shareholder value

• Demonstrate local and national content commitments

• Mirror citizen and employee bases

• Build community engagement

• Access local knowledge and networks

• Support local and global trade policy

• Contribute to inclusive economic growth

POLICY MAKERS

Inclusive sourcing is increasingly important to policy makers who want to see trade work for small businesses as an engine for economic growth and job creation.

MEMBERSHIP TRENDS

WEConnect International Member Buyers reported spending more than $5 billion with nonU.S. Women-Owned Businesses in 2023.

Members Membership Revenue

KEY EVENTS

We held our successful 7th Annual Global Supplier Diversity & Inclusion Symposium and continued to host best practices webinars throughout the year. Please be sure to visit our Supplier Diversity & Inclusion Resources page to view the webinars and other best practices resources.

INDUSTRY GROUPS

In addition to the Automotive/Manufacturing, Food & Beverage/Agriculture, Healthcare, and Technology Industry Groups, we launched the Chemical, Oil & Gas Industry Group. These Global Industry Groups bring together Member Buyers to focus on specific industry related needs, share best practices, and support one another with their global efforts.

In partnership with Disability:IN and the National LGBTQ Chamber of Commerce (NGLCC), WEConnect International announced its 2023 Top Global Champions for Supplier Diversity & Inclusion, recognizing some of the world’s largest buyers with a demonstrated commitment to global inclusive sourcing from diverse groups including minority-, women-, LGBTQ+- and disabled-owned businesses.

This distinction recognizes large buyers for achieving the highest percentages of nonU.S. diverse spend among all survey participants, and the awardees were announced at the WEConnect International awards ceremony during the annual Global Symposium for Diversity, Equity & Inclusion.

2023 awardees were honored in platinum, gold, silver, and bronze categories. These WEConnect International Top Global Champion Award-winning multinational giants are leading the way toward more inclusive global value chains.

The 2023 Platinum Top Global Champions for Supplier Diversity & Inclusion included: AstraZeneca, CBRE, CDW, Diageo, ExxonMobil, EY, Ford, Intel, JLL, Johnson & Johnson, Kelly Services, Kyndryl, Merck, Micron, and The World Bank Group.

Additional information can be found here.

STATEMENT OF ACTIVITIES FOR THE YEAR ENDING DECEMBER 31, 2023

STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2023

STATEMENT OF FUNCTIONAL EXPENSES FOR THE YEAR ENDING DECEMBER 31, 2023

BREAKDOWN

To our unstoppable supporters. We are indebted to our Member Buyers, funders, programmatic partners, and individual donors for the generous support, robust leadership, and critical contributions we receive that make it possible for WEConnect International to serve Women-Owned Businesses based in 135+ markets around the world.

Abbott

AbbVie

Accenture

Act 1 Group

Adient

AIG

Alliance to End Plastic Waste

Allstate

Amazon

American Express

Anheuser-Busch

ANZ | Group Procurement

AON

Apple

Archer Daniels Midland (ADM)

Arizona State University Thunderbird School for Good

Asian Development Bank

Astellas Pharma

AstraZeneca

Audi

Baker Hughes Energy Services

Baker Hughes Foundation

Bank of America

Barclays

Barilla

BASF

Bayer

Business Development Bank of Canada

Beam Suntory

BNY Mellon

Boehringer Ingelheim

Bristol Myers Squibb

Capgemini

Cargill

Cartier

CBRE

CDW

Chevron

Cisco

Citigroup

Colgate-Palmolive

Compass Food Group

Constellation Brands

Corteva Agriscience

Cummins

Cushman & Wakefield

Danone

DBS Bank Hong Kong

Dell

Deloitte Global Services Limited

Delta Air Lines

DHL Group Deutsche Post

Diageo

Disability:IN

Dow Chemical

Dun & Bradstreet

DuPont

Eaton

Ecolab

EDF Energy UK

Edgewell Personal Care

Enbridge

Enterprise Holdings

Entrepreneurs’ Organization

EOS IT Holdings

Ericsson

Ernst & Young

Estée Lauder

Evonik

Export Development Canada

ExxonMobil

Fidelity International

FIS Global

Fitch Group

Ford

Freeport-McMoRan

Freshfields Bruckhaus

Deringer LLP

General Mills

Gilead Sciences

Global Affairs Canada

GSK

Goldman Sachs

Google

Grupo Boticario

Harley-Davidson

HH Global

Hilton

HSBC

IBM

ICON Consultants

Inter-American Development Bank

IHG

Ingersoll Rand Trane

Technologies

Intel

International Finance Corporation

International Flavors & Fragrances

International Monetary Fund

Intuit

JLL

Johnson & Johnson

JPMorgan Chase & Co

Kantar

Kellanova

Kelly Services

Kohl’s

Kraft Heinz

Kroger

Kyndryl

Liberty Mutual Insurance

Lihini Seafood

Lion Beverage

Logitech

L’Oreal

Macquarie Group

Magna

Marriott International

MasterCard

McCormick

McDonald’s

McKinsey & Company

Medtronic

Merck