Banking group Standard Chartered Bank has introduced its global incubator programme Women in Tech (WiT) in SA, in partnership with WomHub.
Initiated by Standard Chartered Americas in 2014, WiT is now active in various African markets, with SA becoming the latest African nation to launch the programme.
Speaking at the launch event last week, Kweku Bedu-Addo, CEO of Standard Chartered Bank, explained WiT will support local women entrepreneurs in the science, technology, engineering and manufacturing (STEM) industries with business management, training, mentoring and seed funding.
It also aims to address gender disparity in the technology sector and use technology to tackle social challenges faced by communities, address inequality and promote economic inclusion.
Bedu-Addo noted the programme’s launch in SA coincides with the bank’s 20th anniversary, since making a return to the country in 2003.
“We are excited to launch the Women in Tech incubator programme in South Africa,” he stated. "We firmly believe empowering women in technology is crucial for driving economic growth and innovation. This programme aims to provide the necessary support, resources and opportunities for women entrepreneurs to flourish and make a meaningful impact in the tech industry.”
Standard Chartered’s WiT incubator programme is open to female entrepreneurs with technology-based business ideas or start-ups in South Africa.
According to the bank, applicants will experience a rigorous selection process, conducted by a panel of experts from the bank and the local tech industry.
The cohort of successful candidates will participate in an intensive 12-week programme, receiving hands-on training, mentorship and guidance from industry experts.
During this time, they will also have the opportunity to network with potential investors and partners to help them secure funding and scale their businesses.
This will be an opportunity to further develop their tech-based business ideas and accelerate their growth, states the bank.
Once the 12-week incubation period is complete, five finalists will be chosen to receive $10 000 (over R190 000) each in seed money.
“Our partnership with Standard Chartered Bank’s Women in Tech incubator programme is truly remarkable,” says Naadiya Moosajee, co-founder of WomHub.
“The received funds will empower our organisations with the tools they need to break free from limitations and create a better future for themselves, their families and their communities. Our commitment as agents of change and a champion for women's empowerment is further reinforced.
“We firmly believe that investing in women's empowerment is not only a moral imperative but also an economic necessity. By providing women with opportunities to gain new skills and unleash their potential, we are paving the way for a more inclusive and prosperous society.”
Applications for the Standard Chartered WiT incubator programme are currently open.
To apply, click here.
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