In a bustling hall illuminated with the spirit of innovation and empowerment, the Afrishela and Women Creating Wealth Programme's investor showcase stole the spotlight as a beacon of hope for women-led businesses across Africa. Held as a side event of the esteemed Sankalp Forum that happened between the 28th and 29th of February 2024 in Nairobi, the gathering marked a resounding success, amplifying the voices of female entrepreneurs and forging meaningful connections with investors.
In her opening remarks, Andia Chakava, Investment Director at the Graça Machel Trust and Afrishela, indicated the significance of comprehensive support systems necessary for businesses to thrive. "We don't only have capital allocators in the room, we also have ecosystem providers, technical assistance players and people that support businesses," Chakava said.
Eight dynamic women-led businesses, each presented their investment cases with fervour and determination. From innovative solutions in agriculture to ground-breaking technologies, the entrepreneurs captivated the audience with their ambitious growth plans. The event provided a unique platform for them to receive valuable feedback and guidance from seasoned investors, enabling them to refine their business strategies and strengthen their value propositions. The pitches underscored the entrepreneurs, problems their businesses are solving, operational models, financial projections, competition, risks, their organisational development, social impact and their investment ask.
"This has been the most special showcase I have been involved in, having gone through the capacity building rigours to give me the confidence I need as a woman entrepreneur to venture in the business world with confidence, and the support I need to position my business strongly to investors" said Eunice Mukai, Founder and CEO of Global Organic Chicken."
The participatory nature of the pitches added an aura of dignity to the discussions where the audience had a chance to add value and offer advice, especially on finance. Investors listened keenly on what was fundable with one of the investors asking an investor to how many counties she would venture into if given an open cheque. This was very exciting and served as a pointer to how serious the investors were about the pitches and the confidence they have in women entrepreneurs. These strategic insights and valuable pointers will not only help the businesses presented but will help Afrishela and Women Creating Wealth (WCW) to gauge the readiness of the women.
Jacqueline Kithinji, CEO of Masedi Ltd, highlighted the programme's impact on her entrepreneurial journey crediting Afrishela and WCW for the training sessions on business development, organizational development, financial management and investor readiness given to the women entrepreneurs.
The Afrishela gender lens investment vehicle incubated by the Graça Machel Trust, is a $30 million Pan-African Fund designed by African women for African women. It seeks to support businesses that may be perceived as too risky or costly for traditional lenders but have potential to grow. Women Creating Wealth (WCW) is a flagship programme at the Graça Machel Trust, focusing on entrepreneurship capacity building for women-led businesses. The programme is run in 7 countries in Africa and is supports thousands of women entrepreneurs to gain critical business and personal mastery skills. The Trust creates an ecosystem that enables qualifying businesses to work with Afrishela, ensuring that businesses don't only get investor ready, but also get to pitch to relevant investors, closing the access to finance loop.
The WCW Kenya Country Coordinator, Melissa Mwiti, highlighted the transformative mindset shift instilled by the programme, emphasizing the holistic view of wealth beyond monetary gains. "We focus on supporting women move beyond looking at business as more than just a money generation tool, but as something to create generational wealth with. This means growing enterprises that positively but the communities they work within and their employees." She also emphasized that the programme is designed to create an intergenerational impact by connecting young entrepreneurs with more established, mature ones so that they can learn from and support each other.
Her words showcased the efforts of Afrishela and WCW in promoting women-run businesses globally, exemplified by the work of Everest Enterprises Limited; A Kenyan family-owned export business trading in horticulture and floriculture aimed at enhancing the livelihoods of individuals and communities led by Sharon Kinyanjui.
In her post-event remarks, business coach Anne Ichungwa said, "Pitching builds an all-round, successful entrepreneur, with networks gained as a bonus," This she added, "transcends mere financial presentations to encompass confidence-building and negotiation skills."
While the session was focused on Kenyan businesses, it has a Pan-African outlook to create equal opportunities for women-led business in Africa and acting as a voice of transformation on the global stage. Afrishela and WCW provide an opportunity for the business not only to have a stage at a regional level, but also at a country level at which the entrepreneurs can easily access networks and financing close to them.
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In her closing remarks, Caroline Amstrong, Chairperson of New Faces, New Voices Kenya, hailed the showcase as enlightening and necessary and emphasized on its role in spotlighting capable entrepreneurs who often fly under the radar. "Programmes like this make them visible and are part of the conversation that converts potential to achievement," she stated. New Faces, New Voices Kenya is a Graça Machel Trust network that focuses on women inclusion and meaningful participation in the financial sector.
The success stories shared by entrepreneurs like Eunice and Jacqueline underscored the transformative power of the showcase and the support provided by the Graça Machel Trust's programmes and its partners. Moreover, it reaffirmed the Trust's commitment to supporting women-led businesses and catalysing sustainable development on the continent. Through continued collaboration and strategic partnerships, the Graça Machel Trust remains steadfast in its mission to support women entrepreneurs unlock their full potential as drivers of economic prosperity.
