Post-harvest losses remain a critical challenge for smallholder farmers across Sub-Saharan Africa, where limited storage options and inefficient practices contribute to significant food waste. AkoFresh, a Ghanaian startup and member of GCIC Cohort 9, offers sustainable solutions to preserve crops, empower farmers, and combat climate change. In Ghana’s rural farming communities, one challenge has persisted for generations. While smallholder farmers work tirelessly to cultivate crops, much of their hard work is lost to inadequate storage, limited market access, and a lack of resources.

Enter AkoFresh, a Ghana-based startup which has been transforming the agricultural landscape, by empowering farmers, and tackling food waste with the help of some amazing tech solutions – and the Ghana Climate Innovation Centre (GCIC). AkoFresh are the kind of visionary entrepreneurs we cherish – those who create meaningful change by fostering solutions that not only drive economic growth but also contribute to a sustainable future. And at GCIC, we consider ourselves invaluable allies, providing the resources and expertise needed to help startups like AkoFresh thrive. Over the past decade, we’ve given startups much tailored support, comprehensive business training, mentorship from global experts, and grants designed to scale impactful ideas – everything a startup needs to succeed.

AkoFresh: the story so far
Their story begins in Akumadan, a tomato-growing community in Ghana. Here, farmers faced heartbreaking losses, often watching their hard-earned produce rot before it could reach buyers. Witnessing this plight, AkoFresh’s founders were inspired to act.

Through the Fishbowl Challenge, they secured US$25,000 in funding, which allowed them to finesse their design – a solar-powered cold storage system capable of preserving crops for up to 21 days. Road-testing the storage system among 20 farmers in Akumadan had remarkable results – the farmers reported fewer losses, higher incomes, and improved market access.

The Ghana Climate Innovation Centre (GCIC), in collaboration with IMANI Africa, on the 24^th of November 2023 convened a policy roundtable to present a report on the topic “Increasing Women’s Participation in Ghana’s Green Economy: Capturing the challenges women encounter in the green business sector” which looked at fostering greater inclusion and participation of women in Ghana’s burgeoning green economy. The report, which delves into capturing the individualized stories of the challenges women encounter in participating in climate-smart enterprises, aligns with the GCIC’s commitment to advance its mandate through robust policy advocacy.

A 2019 study by the Mastercard Index of Women’s Entrepreneurship (MIWE) revealed that Ghana has the highest percentage of businesses owned by women globally, standing at an impressive 46.4% however as reported by IMANI Africa, only 27% of women are studying STEM and therefore struggle to work in technical and high-paying roles in the green economy.  Nonetheless, increased female education, enhanced gender mainstreaming in climate finance, and women’s access to clean energy solutions could address the barriers to women’s participation in the green economy. Leveraging on these insights and through its policy unit, Policy Alternatives for a Green Economy (PAGE – Ghana), the GCIC endeavors to shape government decision-making processes for supportive policies towards a climate-resilient society, equally for female and male business owners. GCIC’s PAGE – Ghana achieves its goals through the implementation of green policy research, government advocacy on climate policy issues, policy dialogues, international peer exchange & knowledge brokerage.

The rise of women’s engagement in Ghana’s green economy is pivotal for addressing the  prevailing social disparities and fostering a more equitable and inclusive society. Recognizing this, it is imperative that policies are intentionally crafted to tackle the unique challenges confronted by female-led enterprises within the green economy. Moreover, amplifying awareness regarding the enormous opportunities and profound influence of women’s involvement in the green economy could strengthen policymakers’ dedication to create conducive environments with opportunities and incentives tailored to women.

The report explored critical aspects of women’s participation in Ghana’s green business sector by uncovering and analyzing diverse barriers hindering effective women’s participation in the country’s green business sector. The document further delved into intricate cross-sectoral challenges faced by women in their climate-smart business activities, seeking to provide insights into comprehensive solutions cutting across various industries. The document additionally identified potential entry points within the existing framework to meet the specific needs of women-led green businesses, exploring strategic interventions, financial mechanisms, and support structures.

Dennis Asare, Research Consultant at Imani Africa, presented four key challenges to women in the green economy as being the social and traditional perceptions of gender roles, limited access to finance, the lack of support for green businesses and the low awareness and lack of information about the opportunities in the green business sector.  The event was attended by a cross section of state actors such as The Ministry of Finance, Energy Commission, Ministry of Lands and Natural Resources, and Ministry of Energy.

It is important to note that the GCIC has developed tailored programs for female business owners as part of its Incubator, including the Women Entrepreneurs Transformation Program (WETP), to address some of these challenges faced by women entrepreneurs. GCIC, with the support of its funders, Global Affairs Canada, is dedicated to fostering gender balance among climate-smart SMEs, ensuring active, fair, and equitable participation in the business landscape.

The comprehensive policy paper will be accessible on the GCIC website shortly. In the meantime, you can explore previous policy papers, including “Identifying Supportive Fiscal Policies for Green Businesses in Ghana: An Analysis of the Existing Tax Regime and Implications for Financial Sustainability,” by visiting https://ghanacic.org/download-category/policy-papers/ . This repository provides valuable insights into the organization’s research and analyses on pertinent topics in the realm of green business and fiscal policies in Ghana.

The Ghana Climate Innovation Centre (GCIC) has proudly inducted 25  businesses into its  Cohort 10 of the Business Incubation Program. This diverse cohort, comprising 13 female-led and 12 male-led enterprises from nine regions across Ghana, represents a new wave of innovation aimed at fostering climate resilience and sustainability.

Spanning a rigorous nine-month incubation period, the program will equip these businesses with the skills, resources, and mentorship needed to scale their operations and maximize their impact. The businesses selected are at the forefront of climate-smart solutions, operating in sectors such as:

• Climate-Smart Agriculture
• Domestic Waste Management
• Energy Efficiency
• Greening Initiatives, which includes Cosmetics and Food Processing businesses.

The GCIC incubation program emphasizes not only innovation but also inclusivity and regional diversity, with enterprises from all corners of the nation coming together to address Ghana’s most pressing climate challenges.

Meet the Cohort 10 Businesses

The following businesses and entrepreneurs have been inducted into the program:

1. Emmanuel Kwasi Yeboah – EMMEH FARMS (Bono)
2. Juanita Agyeibea – S. Fosu Enterprise (Bono East)
3. Agbodzie Martin Kofi – Yava Farms and Agricultural Consultancy (Bono East)
4. Charity Akortia – Greenworth Farms (Central)
5. Nana Yaa Ayebea – Milango Ventures (Central)
6. Evans Pascoe – PASCOE’S FIELD (Eastern)
7. Priscilla Gilberts/Caleb Lomo – GreenHeart SE (Eastern)
8. Michael Tetteh – Tetteh Glassblowing Ent (Eastern)
9. Paul Amaning – Denkyembour Oilpalm Company Limited (Eastern)
10. Kofi Fiakye Annan – Carbon Cleaning Ghana (Greater Accra)
11. Nicholas Sarkodie-Addo Manu – Cook Clean Ghana (Greater Accra)
12. Benedictus Atsu Agbontor – Livingfire Limited Company (Greater Accra)
13. Caleb Adjei-Dwumfour – Dwumfour Tech Ltd (Greater Accra)
14. Samuel Kumi-Gyau – Gold Coast Tokota (Greater Accra)
15. Magdaline Gbande – PureAcha Organics Ltd. (Greater Accra)
16. Lydia Forson – Kinky Matters (Greater Accra)
17. Luther Jesse Quarshie – Agrimercarb Ltd (Greater Accra)
18. Violet Amoabeng – Skin Gourmet (Greater Accra)
19. Georgina Koomson – Ideal Providence Farms (Upper West)
20. Pascal Bajara – Pasbako Farms & Agro Ent (Volta)
21. Mawufemor Banini – Edmass Food Ltd (Volta)
22. Confidence Haugen – Royal Baobab Farms (Volta)
23. Millicent Lambog – Eggs N More (Western)
24. Agartha Bio Bossman – Ewurade Naye Bioh Farms (Western)
25. Linda Issaka – Ntiligira (Northern)

The businesses in Cohort 10 exemplify the creativity and determination necessary to combat climate change while driving economic growth. By engaging in sustainable practices and green innovation, these businesses will contribute to Ghana’s efforts to build a resilient economy and achieve its Nationally Determined Contributions (NDCs).

A Commitment to Climate Action, Funded by Global Affairs Canada
The GCIC, a pioneering climate innovation hub in Ghana, is made possible through funding from @Global Affairs Canada. This support has enabled GCIC to continue its mission of nurturing entrepreneurs and fostering green jobs, empowering Ghanaian businesses to address environmental challenges while unlocking economic opportunities.

The program has so far supported 196 businesses, avoided 624k metric tonnes of emissions, and achieved a revenue of $8.5 million, just to mention a few of its impacts.

Looking Ahead
With a track record of success, the GCIC is poised to further its impact through Cohort 10. Over the next nine months, participants will receive tailored business development support, technical training, and access to critical resources to scale their innovative solutions.

About the Ghana Climate Innovation Centre (GCIC)

The Ghana Climate Innovation Centre (GCIC) is a business incubator and accelerator that empowers entrepreneurs to develop profitable and sustainable solutions to climate change. Through its incubation programs, GCIC supports businesses in diverse sectors to drive innovation, enhance resilience, and promote a green economy in Ghana.

Standard Chartered Bank Ghana PLC, proudly unveiled the winners of the Cohort 4 Standard Chartered Women in Tech Incubator programme, awarding a total of GHC 936,000 in grants to six (6) exceptional women-led businesses at a graduation ceremony in Accra.

The ceremony follows an intensive six-month incubation program for 20 female entreprenuers, and a rigorous pitch session where six businesses were adjudged winners and each awarded a GHC156,000 grant to propel their operations and fuel innovation in their respective industries.

The Standard Chartered Women in Tech Incubator (SCWIT) launched in Ghana in 2020 and implemented in collaboration with Ashesi University’s Ghana Climate Innovation Centre, has supported 74 businesses with 21 participants receiving seed funding. The Women in Tech programme is more than just an incubator; it’s a platform for change. It aims at creating opportunities for women to develop entrepreneurial and leadership expertise, helping them break barriers and using technology to tackle social challenges faced by communities.

Sharing her thoughts on the graduation of the 4^th Cohort, Mansa Nettey, Chief Executive of Standard Chartered Bank Ghana PLC, commended the winners for their achievements. “We are incredibly proud of the progress and achievements of these innovative young women entrepreneurs who have incorporated technology into their businesses, from agriculture, health to education and many others. Though small today, these fledging businesses are solving complex societal problems, thereby lifting participation of women”.

Ruka Sanusi, Executive Director of the Ghana Climate Innovation Centre, remarked, “The diversity of solutions and products these women-led businesses have developed truly sets female business owners apart. Their ability to deeply understand the diverse needs of consumers, tap into different industries, and create tailored solutions demonstrates their capacity to drive innovation and meet varied market demands with creativity and foresight. This is testament to the incredible value women bring to the business world.”

The winning companies, Zuputo, Poka Technology Ltd, Even Sparrows Farms, Drdogood, AppCyclers and FreshLine Post Harvest Solutions have all showcased exceptional potential to innovate and thrive by applying technology and remaining competitive in their respective sector. Their contributions are poised to make a significant impact on Ghana’s economic development. With the GHC156,000 grants, provided by Standard Chartered Bank to each of these businesses, they are now equipped to expand their operations, enhance their product offerings, and create new employment opportunities.

In addition to the seed funding, the businesses will receive portfolio management support over the next 10 weeks and exposure to potential investors who are looking to support women-owned businesses.

All 20 graduates will be joining the global SCWIT alumni network where they will have access to additional networking events, resources, content, and business scaling opportunities.

The success of the Cohort 4 graduates highlights the vital role of the Standard Chartered Women in Tech programme, in addressing the gender gap in the adoption and use of technology. By offering resources, mentorship, and support, the program continues to empower women entrepreneurs to scale their businesses, fostering innovation and inclusion within Ghana’s entrepreneurial ecosystem.

Visit https://scwomenintechgh.com for more details.

Never let it be said that Ghanaians don’t know how to make treasure out of other countries’ trash. Sadly, just like many developing countries, much of the waste from richer countries further north end up here: the ‘tsunami of textile waste’ of used clothing from the west offloaded at Accra markets, the mountains of e-waste (much of it toxic) dumped in the district of Agbogbloshie. But thanks to a relentlessly resourceful nature, local entrepreneurs are recycling the waste into shoes, tote bags, toys, tiles, ceiling fans, egg incubators, you name it…  

At the Ghana Climate Innovation Centre (GCIC) we’re always impressed by the ingenuity displayed by the many incredible people working in the circular economy. That’s why, when Tahir Field Recycling [TFR] reached out to join our business incubation program, we felt compelled to have them on board. 

Tahir Field Recycling is based in the city of Sekyere Nkwanta, near Kumasi in the Ashanti region. In the past few years, they’ve refined and recycled waste engine oil into usable oil for the automotive industry. It’s yet another example of can-do innovation. 

Unfortunately, though Tahir Field Recycling was beset by challenges, many out of their control. Limited access to finances meant they were struggling to diversify and couldn’t invest in new technology that would improve their operations. The costs of subletting parts of their business to third-party vendors were also hitting the bottom line too.  

Consumer confidence in their products was also waning, largely because Tahir Fields Recycling lacked the equipment needed to measure the quality of their refined oils. Meanwhile, because many of their staff were engineers, they were great at developing technological solutions, but not so brilliant at business skills such as bookkeeping or keeping up with regulatory requirements such as permits. 

New Thinking  

At GCIC, we’re passionate about supporting Ghanaian ventures that deliver solutions to help mitigate the devastation of the climate crisis and to innovate. Having assessed Tahir Field Recycling’s business model, one of our first recommendations was revising the way they operated. So, instead of selling large individual quantities of recycled oil, we suggested selling it in smaller, 20 litre containers instead. This would make Tahir Field Recycling’s oil instantly more affordable to a greater number of low-capital retailers, therefore expanding their customer base.  

We also advised they invest in new equipment. Not only would this speed up Tahir Field Recycling’s production processes, but it would also leave their business less reliant upon on third-party vendors during the refining process. 

A new blending machine (which adds additives to the production of engine oil) and filtration machine (which improves the quality of the oils they produced) have since helped Tahir Field Recycling whittle oil production time down from one week to a single day. 

The Kumasi business also purchased a viscometer and flashpoint tester, both of which can provide accurate assessments of the quality of the refined oil produced at their plant. Again, it’s made production more efficient. Before, it took five hours for Tahir Field Recycling to test the quality of their oil. With the new machines, it’s just five minutes. The accuracy of these machines is also something they can put on labels, reassuring customers.  

Because gaining the necessary business documents had previously proved to be something of a stumbling-block for Tahir Field Recycling, GCIC helped them acquire certifications from the Ghana Standards Authority. Permits from both the Environmental Protection Agency and National Petroleum Authority are also forthcoming.  

Nowhere is the success of the GCIC-Tahir relationship more clearly illustrated than in the numbers, which speak for themselves. GCIC is proud to report that since working with us, Tahir Field Recycling has gone from producing 5,000 litres of oil per week to 10,000. By the end of 2024, this forecast is to reach 16,000 litres. Tahir Field Recycling’s customer base has also grown. When we first met the company, they had 13 clients. Today, it’s 45. Tahir Field Recycling’s revenue has more than tripled too, by 239.29% in Q2.  

The Ripple Effect  

It isn’t just Tahir Fields Recycling that is benefitting from the union: there’s a ripple effect on the local economy and beyond too. As the company has grown to keep up with demand, it’s provided more jobs in the area: Tahir Fields Recycling has taken on eight new employees. And because production has increased, their oil has become more affordable for local customers, who are using recycled oil to power vehicles needed for their own enterprises.  

Tahir Fields Recycling is doing superb work in the fight against the climate crisis (did you know that each litre of recycled oil prevents the pollution of a million litres of drinking water?) and we here at GCIC hope to support many similar entrepreneurs/businesses in Ghana’s circular economy in the years ahead. This country – and the world’s – transition to a sustainable, low-carbon economy won’t be achieved without them… 

International Women’s Month at GCIC came to a close with a final, two day, female entrepreneurship masterclass for cohort 7 female-led enterprises, on Self-leadership and Personal Initiative.

The sessions were held as part of the Women Entrepreneurship Transformation Programme (WETP), which has been designed to respond to the specific needs of women in business and to help amplify female voices.

The first day of the masterclass was led by the Executive Director of the Centre, Ruka Sanusi and revolved around the theme of “Self-Leadership.” As part of the session, Ruka screened four videos highlighting the varying, impactful stories of the trailblazing and inspirational Terasa Njoroge, Robin Hauser, Leila Hoteit and a selection of pioneering Ghanaian women who influenced Ghana’s history of activism and female empowerment. Amongst these pioneering Ghanaian gender equity icons were women such as Justice Annie Jiagge, the first woman to become a Judge in Ghana and in the Commonwealth, Professor Florence Dolphyne, the first female professor and first female pro-vice chancellor of the University of Ghana and Nana Konadu Agyeman Rawlings, the first woman to run for President in Ghana.

Ruka used the videos and the trajectories of these remarkable women to draw out themes of leadership, and to highlight the parallels between the leadership qualities of the women in the videos and the businesswomen participating in the masterclass.

She ended the session by charging the entrepreneurs to push boundaries and explore the leadership qualities within them, saying, “It is important for women to take up positions of leadership. We must be intentional about leadership and acknowledge that there is room for us.”

The second session of the masterclass was facilitated by Dr Amanobea Boateng, Gender Consultant for GCIC and Founder and CEO of Women’s DNA Foundation, who spoke around the topic of leadership and personal initiative. Dr. Boateng highlighted the need for women to recognize the leadership qualities within them and to hone those skills.

She differentiated between the fixed mindset of business leaders which caused many leaders to be afraid of change and uncertainty, and the growth mindset of an innovative entrepreneur.  She encouraged participants to lean towards a growth mindset in their business dealings and stated that “To lead others successfully, you need to be able to lead yourself. You must invest 40% of your time in leading yourself”.

Dr Amanobea Boateng completed the masterclass with a video on resilience and leadership and implored the businesswomen in attendance to be agile and adaptable in the leadership of their enterprises.

Written by: Dr. Amanobea Boateng.

Dr. Amanobea Boateng is a Gender Consultant for the GCIC and is an International Consultant based in Ghana and South Africa with many years of experience in business development and thought leadership.

For women, digitalization and ICT represent a double-edged sword. While both are seen to hold enormous potential to bridge the gender divide in business worldwide, they are also acknowledged as posing a threat to women’s livelihoods. The inequalities between men and women in knowledge, access to and application of technology – the digital gender gap – need to be addressed urgently if women are to remain relevant in business and the workplace. Reflecting this, the United Nations theme for Women’s Day 2023, ‘DigitALL: Innovation and Technology for gender equality” was an apt rallying cry because by the year 2050, 95% of jobs are expected to include a digital aspect but globally only 28% of women are in STEM (science, technology, engineering, mathematics) jobs and only 22% of AI professionals are women. Coming down to the simplest uses of digitalization, the world over, men outnumber women in smartphone ownership and internet access by 327 million.

One might wonder why readers of this column should concern themselves with the digital gender gap, especially since Ghana Climate Innovation Centre’s women entrepreneurs are likely to be among some of the higher scoring users of ICT. Apart from being engaged in online learning through the incubator, they all have smartphones, computers and probably also use various technological tools and applications in their business systems and processes. They and others like them are doing well on the digitalization spectrum but could do even better by taking advantage of the unrealized potential through greater knowledge of up-to-date technology and use of the tools at their disposal.

Digitalization is an undeniable feature of the modern era with ever greater advances being made in artificial intelligence (AI) and other areas. Innovations such as Chat GPT, blockchain, and other technologies have opened almost limitless possibilities for humans to engage with one another, the world of work, and do business. From its simplest forms to the most complex, digitalization enables streamlining of systems, processes, and procedures, while easing access to resources such as finance, knowledge. Importantly, it also gives instant access to larger markets and business opportunities. Climate entrepreneurs by the nature of their work, are involved in harnessing technological advancements for activities that include measuring and relaying information on carbon reduction.

For women, digitalization and ICT represent a double-edged sword. While both are seen to hold enormous potential to bridge the gender divide in business worldwide, they are also acknowledged as posing a threat to women’s livelihoods. The inequalities between men and women in knowledge, access to and application of technology – the digital gender gap – need to be addressed urgently if women are to remain relevant in business and the workplace. Reflecting this, the United Nations theme for Women’s Day 2023, ‘DigitALL: Innovation and Technology for gender equality[1]” was an apt rallying cry because by the year 2050, 95% of jobs are expected to include a digital aspect[2] but globally only 28% of women are in STEM (science, technology, engineering, mathematics) jobs and only 22% of AI professionals are women[3]. Coming down to the simplest uses of digitalization, the world over, men outnumber women in smartphone ownership and internet access by 327 million[4].

One might wonder why readers of this column should concern themselves with the digital gender gap, especially since Ghana Climate Innovation Centre’s women entrepreneurs are likely to be among some of the higher scoring users of ICT. Apart from being engaged in online learning through the incubator, they all have smartphones, computers and probably also use various technological tools and applications in their business systems and processes. They and others like them are doing well on the digitalization spectrum but could do even better by taking advantage of the unrealized potential through greater knowledge of up-to-date technology and use of the tools at their disposal.

Digitalization is an undeniable feature of the modern era with ever greater advances being made in artificial intelligence (AI) and other areas. Innovations such as Chat GPT, blockchain, and other technologies have opened almost limitless possibilities for humans to engage with one another, the world of work, and do business. From its simplest forms to the most complex, digitalization enables streamlining of systems, processes, and procedures, while easing access to resources such as finance, knowledge. Importantly, it also gives instant access to larger markets and business opportunities. Climate entrepreneurs by the nature of their work, are involved in harnessing technological advancements for activities that include measuring and relaying information on carbon reduction.

To avoid losing ground in the longstanding quest for gender equality in all spheres of social and economic life, the digital gender gap needs to be closed at a faster rate and women must assume greater agency in this regard. A study by Accenture found that if the rate at which women become regular user of digital technologies is doubled, workplace gender equality could be attained by 2040 in developed nations and by 2060 in developing nations. Policy makers have an undeniable role to play but the urgency is such that women cannot afford to wait and must play catch-up by proactively learning about and embracing greater use of ICT and digitalization in all its forms. The potential gains for women are enormous with the International Finance Corporation finding that Africa’s women could potentially add $15 billion to e-commerce value by 2025-2030 if gender gaps are closed.

The digital gender gap is not dissimilar to the gender divide in other areas. It also involves societal preconceptions, women’s own lack of self-confidence, self-made assumptions, lack of affordability, poor access to resources, knowledge, and skills, as well as gender prejudice. As with other economic empowerment efforts, bridging the digital divide for women needs to involve hard skills, soft skills, role models, access to finance, and mentorship.

Women’s attitudes could be a stumbling block to their digital advancement because technology was traditionally viewed as a male domain and more men than women show an interest in learning about and employing new technologies in their businesses. Women need to take the initiative to learn new ways of using the tools they already have. The benefits include:

• Reaching a wider market locally and worldwide at less cost;
• Improving business processes;
• Business innovations;
• Access to fintech platforms for finance;
• Broader business networks;
• Easier access to suppliers and business resources.
• Developing new business applications (apps.);
• Remote working for greater flexibility and work-life balance;
• Access to online learning for relevant knowledge and skills;
• Eliminating the need for bricks and mortar outlets;
• Increased self-confidence;
• Greater business success;
• Gaining a voice as an advocate for digitalization in business;
• Giving courage to other women as a role model in the use of ICT and digitalization;
• Business sustainability;
• Attracting investors.

Digitalization has been known to result in leapfrogging for women entrepreneurs, enabling their businesses to make significant advances, innovate faster, and earn more, resulting in accelerated business success.

It follows that if greater digitalization results in increased economic success for women their positive socioeconomic impact would also be strengthened, enabling them to do more for themselves, their families, and communities. Greater equality would follow from societal respect and broken stereotypes. This is borne out by the finding that in countries where women have a greater knowledge and use of digitalization there are higher rates of workplace gender equality.

References

[1] https://www.unwomen.org/en/news-stories/announcement/2022/12/international-womens-day-2023-digitall-innovation-and-technology-for-gender-equality

[2] https://www.universityworldnews.com/post.php?story=20210216061039300

[3] https://blogs.worldbank.org/youth-transforming-africa/women-are-starting-digital-businesses-deserve-more-help

[4] https://www.oecd.org/digital/bridging-the-digital-gender-divide.pd

Written By: Dr. Amanobea Boateng

The record shows that female-owned businesses do not scale up as quickly or become as profitable as those owned by their male counterparts. Similar comparisons are made regarding raising finance successfully and whilst the pool of venture capital funds currently stands at $89 billion globally^[i], 98% goes to males and only 2% to women founders^[ii]. This yawning gap has been discussed and researched extensively, with reasons often ascribed to factors external to women rather than of their own making. Because entrepreneurship is still regarded as a predominantly male domain, and men as more entrepreneurial and growth oriented^[iii], gender discrimination and prejudice are often considered to be the root cause of women’s fund-raising challenges. Whilst this view remains valid and cannot be discounted, especially given studies that have been done to prove it, women can find ways to counteract the gender bias of investors. Observations and research on how men and women pitch can give valuable clues on internal factors contributing to these challenges and how to surmount them. GCIC’s “Gender Barriers to Financing” two-day investor-readiness workshop held every year, is specifically intended to educate on navigating the financing landscape, and tackles some of the endogenous obstacles to raising finance faced by women.

Women and men pitch their businesses differently and these dissimilarities hold valuable insights. Both male and female characteristics are on show during a pitch and men and women alike, may display traits associated with the opposite gender. A study showed that investors are more disinclined to fund both men and women who display female characteristics in a pitch. This gives further weight to the gender bias argument by showing that even men who stray from the masculine business stereotypes will be penalised for it. This shows that if women want to improve their chances of raising finance, they must be dispassionate in paying attention to the ways in which they are seen to pitch differently from men and adjusting. Body language, presentation content, and even manner of dress have all been cited as factors that can influence investors and, yes, even these have become gendered. Gender bias based on outward appearance seems particularly unfair and begs the question of why a man should be able to dress casually and succeed in raising finance, whilst women must dress to the nines just to be taken seriously. Despite the temptation to brush this off as frivolous, findings from credible studies and expert observations cannot be ignored.

Research by Harvard, MIT and Wharton^[iv] found that even if businesses were identical, investors would be more likely to invest in a male than a female owner. The study found that in pitch competitions men were 60% more likely to be funded than women. Next, when audio recordings of identical pitches delivered by male and female voices were played to investors, 68% of them opted to fund pitches read by a male voice. Just to rub it in, the study also found that “pro-male bias is even stronger if that man is attractive”. The study concluded that investors prefer pitches given by males over females, even when the content is the same. According to the study, whilst male attractiveness tips the scales even higher in favour of men, women’s physical appearance did not matter. This is contradicted by a separate observation that whilst men may succeed in a pitch wearing a T-shirt and jeans, for women their hair, makeup, shoes and clothes mattered^[v].

As interesting and thought provoking as it may be, we will not be discussing fashion and what not to wear so, suffice it to say that women would be well advised to pay attention to how they dress to deliver a pitch. The focus of today is on other factors that women can actively work on to improve their chances of pitching successfully.

At GCIC’s recent Incubating Climate Innovation Conference two seasoned male entrepreneurs with successful fund-raising track records shared their perspectives. Desmond Koney of Complete Farmer advised founders to “fall in love with the problem rather than being passionate about the idea”. Albeit unintentionally, he hit the nail on the head on a major difference between female and male pitches that has been written about – women do not focus on the problem and how they will solve it^[vi]. Aloysius Attah of Farmerline did the same when he emphasised the need to convey a clear vision^[vii] and ‘align with investors to build credibility’. Women are often deeply passionate about their businesses and want to convey this to their audience, however this can be overdone by dwelling on the inspiration and past accomplishments rather than articulating clearly out what the future holds for the business and how investors will make a return. Clarity must be provided on the vision, the problem, how it will be solved and income streams that will result from this because investors want to know how the business will make money and earn them a return. Men are better at zeroing in on these aspects while women may not be as direct and clear.

When it comes to how a pitch is delivered, men convey more confidence, which makes them convincing. Women on the other hand may display body language and delivery that is hesitant and shows a lack of self-confidence and being unsure of themselves. Fake-it-till-you-make-it might be good advice in this regard: it is worth learning how to help your delivery by adopting the correct posture and speaking in a confident and relaxed manner. Whilst you may be quaking on the inside, practice until your butterflies are flying in formation.

Other ways in which women have been found to differ from men when pitching is that they hold back from presenting a big, bold vision whereas men do not. You may not be there now, but this should not stop you from thinking of a big future for the business and letting the investor see the possibilities backed by financial projections. This brings us to women’s quest for perfection, which is self-defeating and can cause procrastination. Men do not wait to have all their ducks in a row before they make a pitch but can be compelling by their self-assurance in showcasing their business and sharing their confidence in its future. It is also important for women to anticipate and prepare for tough questioning. Preparation for this can be done by examining the business objectively from an outsider’s perspective, imagining the kind of questions that may be asked from best to worst case scenario, and thinking of answers.

Much has been written on what women can do to improve their chances of pitching successfully for finance and in addition to conveying clarity, a bold vision, self-confidence and preparedness, other suggestions for improvement include the following^[viii]:

• Be careful of decision-making based on emotions instead of profit.
• Be willing to modify your product in response to feedback instead of being emotionally tied to it.
• Embrace change.
• Pursue progress rather than perfection.
• Understand your finances.
• Prepare thoroughly.
• Avoid over-use of data.
• Do not take investor rejection personally.
• Tell a unique story but keep it simple.
• Showcase unique strengths.
• Present a highly competent management team.
• Understand the competition.
• Show a clear business model.

Whilst taking note of the above to temper and improve on their fund-raising pitch, women should remain true to themselves and allow their authenticity to shine through. Learning to be convincing and confident should enhance who you are, rather than take away from it and change you.

Reference

^[i] https://www.bain.com/insights/global-venture-capital-outlook-latest-trends-snap-chart/

^[ii] https://www.weforum.org/agenda/2023/12/how-we-can-close-the-venture-capital-gender-gap/

^[iii] Balachandra, L., Briggs, T., Eddleston, K., & Brush, C. (2019). Don’t Pitch Like a Girl!: How Gender Stereotypes Influence Investor Decisions. Entrepreneurship Theory and Practice, 43(1), 116-137. https://doi.org/10.1177/1042258717728028

 ^[iv] https://www.smithsonianmag.com/smart-news/venture-capitalists-are-less-likely-invest-identical-companies-if-theyre-pitched-women-180950048/

^[v] https://finance.yahoo.com/news/investors-explain-why-men-pitch-113004913.html

^[vi] https://www.linkedin.com/pulse/5-things-female-entrepreneurs-should-consider-when-vcs-akbarpour/

^[vii] https://www.linkedin.com/pulse/top-10-mistakes-keep-women-entrepreneurs-from-selling-elyse-archer/

^[viii] https://www.womentech.net/en-at/how-to/what-are-most-common-pitfalls-women-pitching-investors-and-how-avoid-them#

https://fastercapital.com/content/Pitching-your-business-to-investors-as-a-female-entrepreneur.html

https://finance.yahoo.com/news/investors-explain-why-men-pitch-113004913.html

https://www.inc.com/minda-zetlin/7-mistakes-that-are-holding-female-entrepreneurs-back.html

https://www.linkedin.com/pulse/top-10-mistakes-keep-women-entrepreneurs-from-selling-elyse-archer/

https://www.linkedin.com/pulse/5-things-female-entrepreneurs-should-consider-when-vcs-akbarpour/

–Written by Amanobea Boateng (GCIC Gender Advisor)

When a fresh cohort of entrepreneurs is welcomed to GCIC, as has become standard practice, beyond business incubation we hand-hold the women cohort through the complex intersection of womanhood and entrepreneurship. This delicate balancing act requires establishing trust and a safe space for women to share their stories and traumas without fear of judgement, whilst learning from one another and subject experts on matters close to their hearts and that affect their wellbeing. The process exposes the real and potential pitfalls of the journey ahead and helps them to articulate their struggles and fears. At the end of the day, our goal is to help them to navigate their multiple responsibilities and roles, handle gender-related and other forms of stress, and prioritise their own needs, for increased fulfillment and success in all spheres of their lives.

A first step is to establish a relationship with the women by getting to know them one on one. This is something that can only be encouraged rather than imposed and time is spent in individual conversations to listen to their personal stories of business and home life, and the struggles and joys of being entrepreneurs, mothers, wives, daughters and women in a Ghanaian context. We learn about specific personal needs and provide mentorship where possible and also make recommendations on relevant content for experts to include in planned workshops.

Our experience is echoed by findings that balancing business with family responsibilities, coupled with societal expectations leads to psychological challenges for women entrepreneurs, and mentorship is one of the tools identified to help overcome such hurdles^[1]. An article in ‘Media Culture’ (March 2024) states that “… societal expectations placed on women to prioritize their roles as caregivers can create internal conflicts and stress. Learning to let go of perfectionism, delegating tasks, and building a strong support network are crucial strategies for overcoming these psychological hurdles” and a “key approach is building a strong network of mentors, advisors, and peers who can provide guidance, support, and encouragement.” A further article refers to ‘emotional labor’ or women’s unseen work that is essential for both business and home and which can lead to “feelings of anxiety, depression, guilt, shame, and inadequacy.” The author writes that it is vital to recognize the effects of such emotional labor and provide better support structures for female entrepreneurs^[2].”

GCIC’s Women Entrepreneurs Transformation Programme (WETP) workshops are an effective medium for strengthening and empowering women by boosting their confidence and sense of purpose. By attaching importance to each person’s lived reality, we create an environment of trust, collective sharing and vulnerability where all can let their guard down. In these strictly women-only sessions, cohort members, facilitators and GCIC female staff immerse themselves in the conversations, self-reflection and sharing. The participation by GCIC staff reshapes what could potentially be a ‘them versus us” workshop into four hours of authentic exchange and sharing about our common experiences as women and how to move forward positively. This is also reflected in the ‘Media Culture’ article which also finds sharing and peer learning to be beneficial to women entrepreneurs. It states that “Surrounding themselves with like-minded individuals who understand their struggles and celebrate their successes can help women entrepreneurs maintain a positive mindset and persevere through tough times.”

A case in point was the last two-day WETP workshop in October. The first day’s theme was Work – Life Balance and the discussions centred around the need for women to prioritise themselves and their own needs, instead of racing from one task to the next without a plan, any boundaries, or breaks. The dangers of not taking time for oneself include compounded stress, lifestyle diseases, burnout and depression. We learnt the importance of allowing ourselves to press pause and switch off from external noise and distractions. As a group we were encouraged to think about and identify our pain points – those ever-present worries and troubles that gnaw away at us without our ever stopping to think about what could be causing them.

We were taken on a journey of self-discovery and introspection with the following questions asked: how well do you know yourself and what you want in life; what makes you sad or happy; and what give you a sense of purpose? These are important questions that help us ‘diagnose’ our condition and recognize how we can be constantly busy without achieving what we really want in order to be fulfilled.

The self-examination leads us to understand ourselves and our needs better and gives us the courage, self-acceptance and awareness to meet them. Denial of who we truly our – our authentic selves – blocks the achievement of our dreams, but the fear of appearing less than perfect to the world prevents us from removing our masks. The distractions of life are often a convenient way to barricade ourselves from reality, and distancing ourselves from this ‘noise’ and spending time alone with inspiration from positive things we enjoy helps us to find our way back to our true selves.

The benefits of introspection, self-care and prioritizing one’s needs are again echoed by ‘Media Culture’: “Self-care and personal development are also essential for maintaining psychological well-being as a woman entrepreneur. Investing time in activities that promote physical, mental, and emotional health can help entrepreneurs manage stress, boost creativity, and maintain a balanced perspective. This may include practicing mindfulness, engaging in hobbies, seeking therapy, or pursuing educational opportunities that expand their knowledge and skills.”

Day two of the workshop delved further into being deliberate in planning towards achieving fulfilled lives. In a session entitled Work Life as a Leader – Not Forgetting Self, the discussion was around planning strategically and identifying our leadership strengths as well as behaviors that could compromise our goals. Managing our relationships with ourselves, our work, and with others is key to success and requires us to stop trying to be superwomen, let go and ask for help. Switching off from external distractions applies equally in the context of leadership: we need to turn off what is negative such as time wasters, ‘frenemies’, and social activities that do not affirm or add quality to our lives.

At the end of the workshop participants reflected on proceedings over the two days, and said a load had been lifted off them from realizing that their needs are worth prioritizing. They gave one another feedback based on the lessons learnt and challenged those who were tempted to continue ignoring health-related warning signals caused by overwork and stress to take better care of themselves.

In summary, making an impact on the lives and outcomes of a cohort of entrepreneurs within the limited duration of GCIC’s business incubation requires a delicate balance of relationship and learning. Workshops are key, but the addition of warmth, humanity and connection creates a nurturing environment conducive to learning, thriving and personal growth. This mix – proven as effective for women entrepreneurs to sustain themselves positively through business, home and societal demands – is what GCIC brings to the empowerment of its women.

References

^[1] Media Culture (March 2024)

https://www.mediaculture.com/insights/psychology-of-female-entrepreneurship-key-drivers-and-motivators

^[2] Diann Wingert (May 2023)

https://www.linkedin.com/pulse/struggle-real-female-entrepreneurs-mental-health-diann-wingert/