AWS has launched the Femintech Innovation Challenge, a pitch competition targeted at women-led start-ups in Africa.
The competition, a part of African tech ecosystem accelerator AfricArena’s Tour 2023, aims to facilitate networking and investment opportunities.
Tiffany Johnson, global business development manager on the AWS Startups team, says AWS created the URF Startup Business Development team in 2020 to focus on accelerating businesses led by underrepresented founders, including women, people of colour, and those with African, Latin American, or Native American heritage.
According to AWS, there is a significant gender gap in entrepreneurship and venture capital globally, and this disparity is even more pronounced in Africa.
“As per the World Bank, only US$1 is invested in women for every US$25 directed towards men within the African start-up sphere," Johnson says. "This imbalance not only hampers the potential of female entrepreneurs but also impedes the growth of the entire African start-up ecosystem."
Despite these challenges, several start-ups founded by women have secured venture capital and created a significant impact in their respective industries. A few notable examples such as Akiba Digital, Okra, LifeBank, PiggyVest and Ovamba Solutions, demonstrate the immense potential of women-led start-ups in Africa, she says.
The company believes that supporting more women entrepreneurs will foster diversity and inclusion, and contribute to economic growth and social development across the continent.
The Femintech Innovation Challenge is a forum to showcase and celebrate the accomplishments of women-led start-ups, provide a platform for participating start-ups to pitch their ideas to an esteemed panel of judges, comprising prominent venture capitalists and industry experts.
It also facilitates networking opportunities for women entrepreneurs to connect with investors, mentors, and other resources, helping them scale their businesses and achieve success,
All women-founded start-ups in Africa are encouraged to submit their applications for the Femintech Innovation Challenge.
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