The Western Cape Government recognizes the invaluable contributions female entrepreneurs make to the economy in South Africa. However, they acknowledge that more needs to be done to support and empower these entrepreneurs. To address the challenges facing women in business, the Department of Economic Development and Tourism (DEDAT) has introduced numerous programs, including the Small, Medium and Micro-sized Enterprises (SMME) Booster Fund.
Supporting Women in STEM
One example of the success of the [SMME Booster Fund](https://capetown.today/western-cape-governments-smme-booster-fund-a-beacon-of-hope-for-entrepreneurs) is WomHub, a private, female-owned company founded in 2016 that offers incubation and advisory services for women-owned businesses in the STEM (Science, Technology, Engineering, and Manufacturing) sectors. The partnership between DEDAT and WomHub aims to provide customized business development support to women-owned businesses.
The Importance of Female Entrepreneurs
Minister of Finance and Economic Opportunities, Mireille Wenger, has emphasized the importance of female entrepreneurs. SMMEs generate up to 70% of the country’s jobs, and research shows that gender diversity results in increased productivity, innovation, better decision-making, and higher employee retention and satisfaction. Women-owned businesses tend to present a lower risk for business financiers, illustrating a strong economic case for supporting and promoting women’s participation in business.
Tackling Challenges Facing Women in Business
DEDAT’s various programs focus on overcoming the challenges that women face in business. These include limited access to capital and markets, higher barriers to entry, navigating male-dominated industries, the glass ceiling, balancing work and personal life, an insufficient number of female role models, a lack of business-oriented networks in communities, and culturally induced hurdles.
Growth for Jobs
Minister Wenger has praised the tenacity and perseverance of female entrepreneurs and notes that supporting SMMEs, specifically those owned and operated by women, is essential for economic growth and poverty alleviation. This sentiment is at the heart of the economic action plan, “Growth for Jobs.”
Acknowledging Female Entrepreneurs
In conclusion, Minister Wenger has expressed her gratitude towards female entrepreneurs for their inspiring resilience and for setting positive examples for women and girls daily. The efforts to support and empower female entrepreneurs in South Africa will continue to be a priority for the Western Cape Government, recognizing the importance of gender diversity in entrepreneurship and its valuable contributions to the economy.
