Standard Chartered Bank, in collaboration with Village Capital, has launched the sixth iteration of its Futuremakers Women in Technology Incubator program in Nigeria. This initiative underscores the bank’s ongoing commitment to empowering women entrepreneurs by leveraging technology and fostering innovation. The program, operating under the umbrella of Standard Chartered’s global Futuremakers initiative, seeks to advance the economic and social progress of Nigerian women by equipping them with essential entrepreneurial skills, mentorship opportunities, and access to crucial capital. This comprehensive approach aims to create a supportive ecosystem where women-led businesses can thrive and contribute meaningfully to the Nigerian economy. The program builds on a successful track record, having supported 25 female-led businesses since its inception in Nigeria in 2019, distributing over $250,000 in seed funding alongside crucial advisory services.
This year’s program will select ten promising young businesswomen to participate in a rigorous 12-week executive boot camp. This immersive experience will provide participants with expert-led training covering key aspects of entrepreneurship. The curriculum is designed to equip participants with practical skills and knowledge to navigate the challenges and opportunities of the business world. In addition to the structured training, the program offers invaluable mentorship from experienced business development professionals, creating a platform for learning and growth. Participants will also gain access to investor pitch opportunities, providing a chance to showcase their businesses and attract potential funding. The program fosters a dynamic community of female innovators, offering a supportive network for collaboration and shared learning. This holistic approach ensures that the selected entrepreneurs receive well-rounded support to develop and scale their businesses effectively.
Following the intensive training period, five standout participants will be selected based on the strength of their business concepts and their demonstrated viability. Each of the chosen winners will receive up to $10,000 in equity-free grants, a crucial injection of capital to fuel their growth. Furthermore, the support extends beyond financial assistance, with ongoing business advisory services and mentorship to guide them through the scaling process. This continued support aims to ensure the long-term success and sustainability of the winning ventures. By providing both financial and strategic guidance, the program equips these women-led businesses with the resources and expertise they need to thrive in the competitive market.
Joke Adu, Head of Corporate Affairs, Brand and Marketing at Standard Chartered Bank Nigeria Limited, expressed enthusiasm about the program’s potential to drive socio-economic empowerment for women entrepreneurs. She highlighted the program’s role in supporting business sustainability and creating employment opportunities, ultimately contributing to the overall economic growth of the country. Adu emphasized the ripple effect of empowering women, noting the positive impact on families, communities, and the broader economy. She reiterated the bank’s commitment to enhancing women’s access to finance and employability, aligning with the bank’s broader mission of promoting inclusive economic development. The bank believes that investing in women-led businesses is not only socially responsible but also a strategically sound approach to driving economic growth and prosperity.
Dr. Nneka Okekearu, Director of the Enterprise Development Centre at Pan-Atlantic University, emphasized the importance of supporting women in technology to drive innovation and economic growth. The partnership with Standard Chartered Foundation and Village Capital reflects a shared commitment to fostering a thriving ecosystem for women-led tech businesses. Dr. Okekearu expressed excitement about supporting the sixth cohort of women entrepreneurs, recognizing their potential to contribute significantly to Africa’s burgeoning digital economy. The program’s focus on technology underscores the transformative power of digital innovation in driving economic progress and empowering women to play a leading role in this transformation.
The Women in Tech Incubator program, initially launched by Standard Chartered in 2014 at the City College of New York, has expanded its reach globally, including Nigeria as the second African market to adopt the initiative. Implemented in partnership with the EDC of Pan-Atlantic University, the program has since extended to other regions, including Bahrain, Zambia, Kenya, and the UAE. This global expansion demonstrates the program’s success and the growing recognition of the importance of empowering women in technology across diverse markets. The supported ventures represent a wide range of sectors, from agriculture and fashion to renewable energy, healthcare, education, and sustainability, showcasing the breadth and depth of women-led innovation. This diversity highlights the potential of women entrepreneurs to address critical challenges and drive positive change across various industries.
