Bridging the gender equity gap in entrepreneurship

SAB Foundation's executive director, Bridgit Evans, says that entrepreneurship knows no gender.

Entrepreneurship knows no gender. It is a realm where intellect and ability prevail, transcending the boundaries of gender, claims Bridgit Evans, executive director of the SAB Foundation, who believes that women entrepreneurs play a pivotal role in driving economic development, job creation, innovation and social change.

"I do not subscribe to the notion of creating a divisive dialogue about men versus women. Instead, my vision is one of complete faimess and equal inclusiveness for all," says Evans.

Acknowledging challenges faced by women entrepreneurs

Even though Evans emphasises inclusivity, she does not tum a blind eye to the very real challenges that South African women entrepreneurs face daily.

"South Africa is a country with immense potential and opportunities, yet it is not wilhout its challenges, especially for women entrepreneurs. Gender equity is a critical aspect of our society demanding our attention, and it is evident that women often face distinct hurdles on their entrepreneurial journey," she says.

"One of the most significant challenges women entrepreneurs in South Africa encounter is the need to wear multiple hats. Many women find themselves in single-headed households, where there is often a lack of support. Juggling the responsibilities of business ownership and family life can be incredibly demanding and can significantly impact their business operations.

"Moreover, balancing the demands of a business with those of a family can be an intricate and delicate task, often resulting in women entrepreneurs feeling overwhelmed and stretched thin," says Evans.

Resources for empowering struggling entrepreneurs

In the wake of the COVID-19 pandemic, Evans and her team at the SAB Foundation recognised the profound impact the crisis had on entrepreneurs. To address this, they introduced the RESTORE Programme, designed to provide trauma counselling and support to SAB Foundation entrepreneurs grappling with the aftermath of the pandemic, civil unrest and ongoing economic challenges.

The programme includes group workshops led by clinical psychologist Batetshi Matenge, as well as personal virtual counselling sessions provided by SAB Foundation partners. This initiative underscores the foundation's commitment to holistic support for entrepreneurs facing unprecedented challenges.

Gender disparity in venture capital

In her line of work, Evans comments, she has noticed that: "Even though women entrepreneurs receive business skills development training and other forms of support, they often find themselves neglected when it comes to enterprise development support, and struggle to secure sound venture capital."

Evans cites a recent report from the Harvard Business Review that reveals that globally companics founded solely by women receive less than three per cent of all venture capital investments.

"This statistic is concerning and calls for a thorough examination of the underlying reasons." Evans continues, saying: “Prioritising women in entrepreneurship can create substantial opportunities, subsequently leading to positive impacts on the economy and society at large."

This stance aligns with her belief that gender equity is not just a local or men versus women issue, but a global challenge, particularly in the male-dominated financial services industry, and calls for a re-evaluation of the global venture capital landscape to not prejudice women entrepreneurs and to offer business growth support based on merit.

Investing in women entrepreneurs

“When women entrepreneurs receive proper investment and support, their businesses naturally flourish," says Evans. She points out the substantial purchasing power held by women.

"By neglecting to tap into this potential market, businesses miss out on a significant economic opportunity. Organisations, such as IDF Capital, a South African-based entrepreneurial financier and advisory firm, have recognised this potential and actively work lowards the development of women in innovation, setting an inspiring example for others to follow," Evans explains.

Her insights shed light on the economic potential that women entrepreneurs represent, and she encourages businesses to seize this opportunity.

"By embracing gender equity, fostering inclusivity, and supporting women in entrepreneurship, we can drive not only economic growth, but also positive social change, thus working towards a more equitable future for all."

Article written by Itumeleng Mogaki, Sunday Times, Celebrating Women