Breaking Boundaries: Tech-Savvy Women Entrepreneurs Face Financial Hurdles

Empowering women entrepreneurs is not just about boosting their businesses; it’s about uplifting entire communities. Asalaye’s journey with the Cherie Blair Foundation for Women’s mobile learning app, HerVenture, and Road to Growth training program exemplifies the transformative power of technology in unlocking opportunities for women in low- and middle-income countries. Through these initiatives, Asalaye and countless other women are overcoming barriers and embracing the digital age to propel their ventures forward.

The statistics speak volumes about the growing embrace of technology among women entrepreneurs: over 54% are poised to increase their tech spending in 2024, with nearly 45% already leveraging AI tools. However, this enthusiasm comes with a recognition of the need for more training, as almost 66% of women acknowledge the necessity of upskilling for wider AI adoption. The research, conducted in collaboration with Intuit, sheds light on the evolving landscape where technology is becoming a driving force for female entrepreneurship worldwide.

Financing emerges as a significant hurdle for women entrepreneurs, with 25.6% highlighting it as their primary challenge. The issue of limited asset ownership rights for women in many countries exacerbates this funding gap, making it challenging for women to access crucial financial resources. Additionally, the lack of robust business networks further impedes women’s entrepreneurial endeavors, underlining the multifaceted barriers they face in the business world.

Fostering a conducive environment for women to thrive as business owners requires addressing a spectrum of needs and conditions. From skills and knowledge to confidence and access to financial resources, women entrepreneurs need comprehensive support structures to establish and sustain successful enterprises. Hawkins emphasizes the pivotal role of familial encouragement, investor support, market access, and enabling policies in nurturing women-led businesses, highlighting the systemic changes needed to level the playing field for women globally.

Despite the strides made in advancing women’s entrepreneurship, persistent challenges persist, particularly in low- and middle-income countries. The need to dismantle barriers, create supportive ecosystems, and foster a culture of empowerment remains paramount. As we champion the cause of women entrepreneurs, we must not only recognize their resilience and ingenuity but also actively work towards dismantling the systemic constraints that hinder their progress. Empowered women entrepreneurs are not just agents of change within their businesses; they are catalysts for societal transformation, uplifting families, communities, and economies along the way.