Are You Ready to Empower Women Entrepreneurs?
Have you heard about the latest initiative from TiE Dubai? They've launched the fifth annual TiE Women MENA Program 2024, and it's all about empowering women entrepreneurs across the MENA region. They're really stepping up their game this year by expanding the program to include five categories: UAE, Emirati, Saudi Arabia, Egypt, and the rest of the Middle East. It's great to see them focusing on gender parity in entrepreneurship, especially aligning with government efforts.
The competition starts with applications open until June 1st, 2024. Then, a jury made up of TiE Dubai Charter members will select the top innovative ideas from each category. These finalists will then compete in rigorous pitch competitions. And get this – the winners move on to the MENA finals, which were previously hosted at the North Star Expand at GITEX. Plus, at each stage, participants get mentorship sessions, financial advice, strategy coaching, and workshops to help refine their business plans and nail investor pitches. It's like a complete package to support these entrepreneurs.
Did you know that according to the World Bank, if women entrepreneurs had equal access to finance, it could generate a US$5-6 trillion expansion in global GDP? That's huge! But unfortunately, many women in the UAE, for example, face barriers in accessing capital, with most tapping into their personal savings. That's where initiatives like the TiE Women MENA Program come in, offering not just funding but also mentorship and community support.
Rohit Dev, the President at TiE Dubai, really summed it up well. He highlighted how important entrepreneurs are for the economy, yet women-led businesses make up less than 5 percent of all businesses in the region. And in 2023, there was even a drop in fundraising for these companies. TiE has been promoting entrepreneurship in the UAE for over 21 years, and since 2020, they've been focusing on empowering female entrepreneurs through this program. It's all about supporting the government's mission to increase female business ownership and giving these women the tools, knowledge, and networks they need to succeed.
This year's theme is all about nurturing women's skills through a structured framework. From the initial application to intensive 1:1 mentorship to pitching at the finals, participating startups go through various stages of development. It's a fantastic opportunity to level the playing field and showcase the incredible talent of women entrepreneurs in the MENA region.
