StanChart Opens Applications for Cohort 5 of Its Global Women in Tech Incubator Program
...empowering women entrepreneurs to take the lead in the technology and innovation sectors.
Standard Chartered, alongside Village Capital, has officially launched an application process for their latest program. th Group of Futuremakers Women in Tech Accelerator (FWIT) to assist female-founded or managed technology-driven enterprises.
The initiative will be carried out by the Ghana Climate Innovation Centre (GCIC), which is based at Ashesi University, using funds provided by the Standard Chartered Foundation.
The Women in Tech Accelerator equips women-led and women-owned enterprises with the necessary resources, education, and financial support to harness technology. This helps them establish scalable and inventive ventures aimed at tackling significant economic and environmental issues in Ghana, fostering lasting development and positive societal effects.
Even though women drive 34% of formal small and medium-sized enterprises (SMEs) as reported by the World Bank in 2023, and account for 44% of micro-businesses in Ghana according to data from the Ghana Statistical Service released in 2021, they still face significant obstacles such as restricted access to financing (65%), lack of digital proficiency (40%), and bureaucratic impediments (35%). These figures come from the Mastercard Index published in 2023. TheFWIT initiative specifically addresses these issues, promoting viable ventures with quantifiable positive societal effects.
This year’s initiative highlights Standard Chartered’s commitment to supporting female entrepreneurs and promoting inclusive economic progress. Participants who make the cut will join an intensive incubator program covering areas such as business enhancement, leadership skills, and digital advancement. The culmination of this program will be a presentation event where the leading five candidates will each get $10,000 in Ghanaian cedis, awarded as grants, to expand their businesses.
Regarding this year's program, Mansa Nettey, CEO of Standard Chartered Ghana Plc, stated: "Our Women in Tech incubator nurtures a cohort of trailblazers, fostering leaders who will motivate others to realize their capacity for making a difference."
By fostering innovation, demonstrating leadership, and inspiring others, we aim to generate waves of transformation that will reshape industries and societies for decades ahead. Furthermore, this year’s group selection process will prioritize inclusivity, giving special consideration to women with disabilities and members of underrepresented groups.
In the last four groups of participants, 74 female-led enterprises have successfully finished the program. Among these, 21 received $210,000 (the equivalent amount in Ghanaian cedi) as grant funding without requiring equity, aimed at helping them expand their initiatives.
The backed initiatives cover a broad spectrum of industries such as agriculture, fashion, renewable energy, healthcare, education, and sustainability. This showcases the varied and groundbreaking impact of female-driven innovations.
To learn more about the Futuremakers Women in Technology Incubator Program and the application process, please go to: https://scwomenintechgh.com
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