Recording Commonwealth Chamber & Jersey Finance Fireside Chat 8 March 2022 with speakers:
Dr Rufaro Mucheka; Business Development Consultant – Africa, Jersey Finance
Ms Julia Charlton; Chairman, Commonwealth Chamber of Commerce, Hong Kong
This fireside chat comprised of a compelling conversation about what it takes to be a successful woman entrepreneur in Africa.
The African continent has the highest rate of female entrepreneurship globally, exceeding the amount of women entrepreneurs in Europe by four times, and the region of Sub Saharan Africa is the sole region across the world with more active female entrepreneurs than male entrepreneurs. Current studies also suggest that the continent’s female labour force and entrepreneurs could not only add a value of US$ 15 trillion to the current African economy but performance evidence also showcases that businesses founded or cofounded by women generate 2.5 times more revenue per dollar invested than men founded startups and startups with more gender inclusive executive teams have a 21% greater chance to generate above average profits for their businesses.
Yet, women entrepreneurs have received a mere 2.5% of the continent’s venture capital funding on average since 2018, not to mention the fact that COVID-19 caused a 20% drop in funding for women owned micro, small and medium enterprises (MSMEs). The African Development Bank has marked the current funding gap in Africa at a value of US $42 billion and peg the wage disparity at a rate of 77 cents earned by women for every 1 dollar earned by men.
The interactive segment of our event saw people from across the globe celebrating International Women’s Day tune in and ask Dr Rufaro Mucheka questions about her experience and some advice for aspiring womenpreneurs as well.