Rédaction Africa Links 24 with Guardian Nigeria
Published on 2024-03-04 03:10:25
The Africa Female Founders Collective (AFFC) has recently launched its operations with the aim of increasing opportunities for female-led businesses in the entrepreneurial landscape to receive adequate funding in the African ecosystem. The organization was founded by Ibijoke Faborode, who is also the Founder and CEO of ElectHer. AFFC recognizes the critical role that women play in the business space and believes that women in leadership are essential for a thriving economy and society. However, women in business still face challenges such as limited access to funding, which prevents them from fully showcasing their potential.
According to a report by Africa: The Big Deal, startups with solo male founders or all-male founding teams continue to attract the majority of funding, with gender-diverse founding teams receiving significantly less. In fact, the report found that a solo male founder or founding team with at least one man raised 98% of all funding. There are various reasons for this funding gap, with Blessing Adesiyan, founder of Caring Africa, pointing out that many women struggle to show up where investors can find them due to their caregiving responsibilities at home. While men are often seen as primary providers, women are expected to stay back and take care of the home and other obligations.
To address this issue, AFFC emphasizes the importance of providing women with support at home so they have the time and resources to pursue their business goals. Ibijoke believes that female founders have a better chance with investors when they are part of a collective, where they can find support, mentorship, and inspiration from other women in business. Successful female founders possess key attributes such as having a strong business structure and the ability to keep accurate financial records, which are crucial when pitching to investors or seeking funding from debt finance institutions.
Omotade Alalade, founder of Moobi Baby, highlights the importance of record-keeping from the start of a business, emphasizing that numbers must align for investors to take interest. Efe Braimah, managing director of CrossBoundary Advisory, suggests that female founders should be intentional about showing up in rooms where investors are present to build trust and likeability. Demonstrating competence and selecting a strong team are also key factors in attracting investment.
Overall, AFFC aims to address the funding gap faced by female founders in Africa by providing support, mentorship, and resources to help women succeed in business. By empowering female entrepreneurs and fostering a supportive ecosystem, AFFC hopes to create more opportunities for women in the entrepreneurial landscape and contribute to the growth and development of the African economy.
