Women perform 66% of the world’s work, yet they only earn 10% of income generated across the globe, according to the United Nations Development Programme.
Statistics like these serve as a stark reminder of how far women still need to go to become equal players in the business arena. And with seven of the fastest-growing economies based in Africa, it is critical that female entrepreneurs take advantage of the expansion.
WEConnect International, a corporate-led, non-profit that empowers female business owners to succeed in local and global markets, has come to Africa’s shores to help businesswomen make their mark.
“If you look at the power of the markets, there is huge growth potential for our corporate clients in Africa,” says Elizabeth Vazquez, CEO and co-founder of WEConnect.
The network, which is headquartered in the United States, held its first African launch in South Africa. Vazquez says Nigeria is next.
WEConnect certifies women’s business enterprises based outside the United States to make it easier for multinational corporations to source from them. It also connects its corporate members with businesses that have at least a 51% women ownership.
The corporations represent $700 billion in annual purchasing power. They include Coca-Cola, HP, Intel, Pfizer, Master Card, Boeing, Wal-Mart, IBM, and Procter and Gamble.
“We are looking for countries that want to grow businesses, grow wealth and create jobs. We want early investment… because we know if you spend on women, they tend to invest in families and communities,” says Vazquez.
Last year, WEConnect’s corporate members as well as the Vital Voices Global Partnership and the Clinton Global Initiative announced a commitment to source $1.5 billion globally from female-owned businesses by 2018.
The agreement focuses on training female entrepreneurs to be ready to supply goods. The partners committed themselves to mentoring and targeting at least 15,000 female-owned businesses globally in that same five-year period.
WEConnect, which has female business owners from 70 different countries worldwide, has launched in South Africa with the blessing of the Trade and Industry Department.
“Studies have proven women are very good at paying back bank loans… but banks still don’t trust them. But it is not only [banks], but it is even by us in government. We still have a long way to go to realize women can drive and sustain business.
“[But it has been shown] wherever there are very powerful organizations of women, there will be very strong, sustainable women entrepreneurs because women thrive on networking,” Nomvula Makgotlho, chief director of women empowerment at the department, told guests attending the South African launch.
She says structures are imperative in lobbying for female entrepreneurs in order to change perceptions about how women have graduated from the kitchen and classroom into business.
“Women lack access to markets, they lack access to procurement. The journey of empowering women is a very difficult one. You make enemies on the way,” says Makgothlo.
Kalvenie Raja, who heads up the women’s fund at South Africa’s Industrial Development Corporation, agrees that it has not been an easy journey for women in South Africa.
“When we did BEE [black economic empowerment], women were somehow lost along the way. We need to see women coming into these markets,” she told the launch.
Accenture, a management consulting, technology services and outsourcing company, is one of WEConnect’s corporate clients. Linda Basson, who heads up procurement for Accenture South Africa, says the value of the network cannot be underestimated.
“By widening the supply base, you increase competition and also get greater creativity and innovation.”
“Being socially responsible is quite fashionable. We can’t look to government for hand-outs anymore.”
WEConnect has appointed Nathalie Chinje to head up its South African program. Chinje is the founder and director of an entirely female-owned marketing company, Upbeat Marketing.
While bias against female-led businesses remains entrenched, WEConnect is helping the so-called green ceiling turn a new shade of gender equality.