Small business owners call for more funding and mentorship as Visa launches support programme for women entrepreneurs.
New Visa research confirms that women business owners are less likely than their male counterparts to have sourced and secured funding (18% women vs 36% men)
Not only that but the study finds that increased access to business mentorship is the most valued resource by small businesses (52%).
“As a business owner myself, I empathise with the unique barriers and challenges identified by women entrepreneurs”
The research was revealed this week as Visa’s She’s Next Grant Programme for 2024 was launched.
Findings from the survey of over 300 small business owners highlighted both the challenges faced and the disparity that still exists between female and male small business owners across the country.
Barriers to progress
According to Visa’s study, women entrepreneurs continue to come up against several challenges and barriers:
- Access to funding and venture capital – a vital lever for 42% of small business owners. Men are twice as likely as women to have sourced and secured investment for their business (36% men versus 18% women).
- Family support gap – 42% of women pinpointed the struggle to balance family and caregiving responsibilities with business (versus 28% of men). And, 48% of women entrepreneurs say their business couldn’t survive without family support (versus 32% of men).
- Networking – 55% of women business owners stated they feel nervous walking into a room of strangers, compared to 39% of men.
- Unfavourable terms or conditions – a greater issue for women following pitching for funding, compared to men (31% of women versus 8% of men).
“While progress has been made to narrow the gender gap in entrepreneurship, our commitment to addressing existing challenges remains resolute,” said Mandy Lamb, managing director UK and Ireland at Visa.
“That’s why we’re excited to bring She’s Next back to Ireland again, continuing our mission to empower women entrepreneurs on their business journeys.”
“At Visa we want to provide women entrepreneurs with the tools they need to succeed. This year, we’ve enhanced the prize package and are providing business mentorship and funding pitch coaching for all five winners. Applications are now open, and we can’t wait to connect with some of the inspiring women-led businesses that are driving innovation and growth across the country.”
Sculpting a better tomorrow
Aimee Connolly, founder and owner of Sculpted by Aimee
Aimee Connolly who was appointed Visa’s She’s Next judge and mentor, added: “As a business owner myself, I empathise with the unique barriers and challenges identified by women entrepreneurs in the Visa study.
“Programmes like She’s Next are invaluable. The mentoring, coaching and funding can really help women business owners to build confidence and knowledge, not just in their brand and business, but in themselves as leaders too.
“I welcome the opportunity to help with this initiative, championing women business owners in Ireland to learn, grow and achieve their goals, whether that’s expanding into new markets, innovating products or increasing their digital presence,” Connolly said.
She’s back
Back for a fourth consecutive year, Visa has launched its biggest ever She’s Next Grant Programme in Ireland to help close the entrepreneurship gap.
As part of the 2024 programme, applicants have a chance to win several separate grants of business funding. A €10,000 grant will be awarded to four women entrepreneurs and one overall winner will receive €50,000 to help their business thrive.
All five winners will receive mentoring from award-winning entrepreneur and businesswoman, Aimee Connolly, CEO and founder of Sculpted by Aimee and MentorsWork, an initiative of Skillnet Ireland in partnership with the Small Firms Association (SFA).
All five winners will also have the opportunity to participate in individual and group pitch preparation sessions, equipping them with the skills and confidence to excel during future funding endeavours.
To date, Visa’s She’s Next Grant Programme has awarded €125,000 in funding and coaching to 15 women entrepreneurs in Ireland to help them take their next business step.
How to apply
Visa’s She’s Next Grant Programme, is open to small businesses and organisations in the Republic of Ireland that are majority owned by women, operating across all industries and sectors, through a simple application process. It is designed to be an inclusive programme to appeal to a diverse range of businesses.
Applicants in previous years who were not selected as winners are invited to reapply. To enter, applicants are asked to submit details about their business and online presence here. The closing date is 30th October 2024.
Main image at top: Aimee Connolly, judge and mentor of She’s Next programme; Conor Langford, Visa Ireland; and previous programme winners Rachel Hennessy,founder of Happy Days Fashion Rental, and Marion Cantillon, founder of PitSeal.
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