Everyone is familiar with the impact that entrepreneurs have on our world by creating jobs, increasing productivity and making lives better through new technologies.
Unfortunately, though, even in 2022, we struggle with the notion of a successful woman entrepreneur. And it is a fact that when it comes to women founders, decks are heavily stacked against them. Not only do they have to grapple with all the business-related challenges that their male counterparts have to, but in addition, they have their gender-related challenges.
They have to face the universal notion of a businessman who typically is ultra-competitive and aggressive – attributes that traditionally are not readily associated with women. It is also a huge challenge for women entrepreneurs to access funding. According to statistics, Women receive an average loan size of $39,000, while men receive an average of $44,000.
Global data show that women entrepreneurs create more jobs. They are also more likely to succeed because of their approach to work. Women have a “more nuanced view of risk,” according to the Centre for Entrepreneurs and Barclays. They create better work environments and teams thrive under women's leadership.
While the landscape is changing, there is a need to equip the women founders with all the tools they need to succeed and to accelerate the change.
A new initiative aimed at Aotearoa women entrepreneurs wants to address the long-standing gender inequality in the startup world. Electrify Accelerator is NZ’s only programme that provides a startup ecosystem with access to all the tools that founders need to succeed. Backed by ChristchurchNZ, MBIE and NZ Growth Capital Partners, with expertise from Amazon Web Services and MYOB, Electrify Accelerator is led by Ministry of Awesome.
Women startup founders can apply to join the programme until April 3 on the Electrify Accelerator website (electrifyaccelerator.co.nz.). These startups could be from any sector but must have at least one woman on their founding team. Of all the applicants, ten startup teams will be selected to join the competitive phase where they will have once in a lifetime opportunity to work with and be mentored by some of NZ’s most influential investors, startup experts, powerful networks and personal development coaches. The teams will have 12 weeks to take their startup from early stages to an investable and scalable company.
Marian Johnson, Chief Awesome Officer at Ministry of Awesome says, “Electrify Accelerator is bringing every corner of the startup and innovation ecosystem together for the very first time, to give these women founders the best possible chance at taking their startup to the next level. Each of the partners share a vision for a more diverse, high performing sector, and Electrify Accelerator is only our first step towards achieving participation that better represents the population of our country.”
Johnson says while gender inequality in startups is well known, there have not been many genuine efforts to change this. “Electrify Accelerator is a chance to build community, mentorship, and a clearer path toward success for Aotearoa’s wahine founders. Being a startup founder is hard. Doing it in isolation is impossible,” said Johnson.
Rob Everett, CEO of NZ Growth Capital Partners, says the initiative is critical for the sector and the broad representation from across the local VC world shows how seriously the industry is about changing things up. “We’re delighted to support the programme - it will support a more diverse pipeline of startup talent and create a better environment for women to operate in, to create thriving and cutting-edge NZ businesses and to go on to be leaders on the global stage.”
Electrify Accelerator programme will also have an impressive list of VC Partners playing a critical part, including Blackbird Ventures, GD1, Hillfarrance, and more.
Christchurch based Ministry of Awesome is dedicated to drive startup and innovation growth and success in New Zealand. MoA provides mentorship, incubation and access to a wealth of resources including commercial partners, investor networks and other professional services.
Jacob Varghese, a former international student from Kerala and now Head of Innovation of ministry of Awesome, told Indian Weekender, “Across the world, people of Indian origin have made a tremendous impact with their leadership in tech and world entrepreneurship. The Tech sector globally is led by Indian migrants like Dhivya Suryadevara of General Motors and Sundar Pichai of Google.
- Jacob Varghese
“We have also had startup founders like Payal Kadakia of Classpass and Divya Gokulnath of Byju's who founded multi-billion-dollar companies. These success stories should inspire Indian women in Aotearoa to take the leap of faith and pursue the entrepreneurial path. Electrify Aotearoa will be an amazing springboard for women entrepreneurs of Indian origin to accelerate the growth of their businesses. The diverse team behind Electrify have the capability and experience to help migrant entrepreneurs overcome the unique challenges that they face."
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