AWS Unveils a Funding Boost For African Female Entrepreneurs
Tiffany Johnson, AWS Startups‘ global business development manager, unveiled the new Fem-Tech Startup Innovation Challenge to empower African female founders.
The challenge was announced at AfricArena’s Johannesburg Summit, where Johnson spoke about the importance of closing the gender gap for female founders through “gender-lens investing.”
“Supporting more women entrepreneurs will not only foster diversity and inclusion but will also contribute to economic growth and social development across the continent,” Johnson said of the challenge.
Johnson emphasized that women face significant barriers to funding, particularly in Africa, where only $1 is invested in women for every $25 directed toward men in the start-up sphere. Despite these challenges, women contribute significantly to the continent’s GDP, accounting for more than half of all entrepreneurs.
She encouraged female pioneers to apply to the challenge, which seeks to recognize and celebrate their achievements, provide a platform to share their ideas with a prestigious panel of judges and facilitate networking opportunities to connect with investors, mentors, and other resources.
“Less than 3% of venture capital funding goes to African-led female tech businesses,” said Christophe Viernaud, CEO and Founder of AfricArena.
Despite this, research shows that they are more resilient and successful than most.”
Viernaud expressed his enthusiasm for collaborating with the AWS Startups team, led by Johnson, to close the gender gap and change the funding and investment story for African women-led technology startups.
The Fem-Tech Startup Innovation Challenge is now accepting applications. Women founders are encouraged to apply and participate in the challenge by visiting the AfricArena website.
The launch of the Fem-Tech Startup Innovation Challenge, according to professionals, is a massive step toward tackling the gender inequalities in the African start-up ecosphere. AWS Startups and AfricArena are helping to create a more diverse and vibrant startup ecosystem across the continent by empowering more female founders and providing them with the resources they need to succeed.