Despite the different challenges experienced throughout the entire region, Latin America and Mexico in particular, have in their hands an unprecedented opportunity to take an important step in the growth of female entrepreneurship.
This phenomenon finds its cause in the rapid advancement of entrepreneurship support tools registered in the region, gradually becoming an important trend for the development of its inhabitants. Although it is relevant for the entire population to evolve on this issue, it will be even more crucial for our women to get involved in it, becoming the driving force of its progress.
49% of the female population in the region, according to the report Financing for Women Entrepreneurs, Key for Economic Recovery, today she is already an entrepreneur or self-employed, the highest percentage in this area in the world. This data allows us to measure the management and growth capacity of each of the projects led by women.
Female entrepreneurship: What should be done then to continue promoting their work and leadership?
According to the Global Entrepreneurship Monitor, there are four points in which we must advance together to improve in the field of female entrepreneurship:
1. Financing
One of the first steps to follow is to provide capital options to companies led by women. Currently, according to a study by Tecnológico de Monterrey and ProMujer, 73% of female entrepreneurs in Latam are not having access to them.
2. Approach to non-traditional sectors
Both in Latin America and globally, the majority of female businesses are related to the wholesale sector, while, for example, only 2.7% are in the ICT sector. It is essential that this trend be reduced and that they can participate within any industry.
3. Stereotypes
Closely related to the previous point, it is critical that policies be developed that help end the stereotypes that exist around the participation of women in different sectors, motivating their entry and growth in each of them.
4. Cultural and leadership value
A fundamental pillar for the growth of female entrepreneurship is the need to celebrate and promote their achievements, in this way girls and young women of the following generations will realize that it is possible to be successful by following this route.
Startups led by women
Within the portfolio of Wayra Hispam, the investment, open innovation and entrepreneurship support arm of Telefónica Movistar, there are startups led by women at the regional level, which, in turn, promote the training and development of other working women. Vinco, Atlantia Search, Nubimetrics, Fitco, Synapbox, Rebus, are some of the startups in Wayra’s portfolio that have female founders. In addition, Wayra as an operating group is made up of more than 50% women, which allows it to continue motivating new investments and supporting a larger group of entrepreneurs.
Women are essential for the development of Latin America, they lead 25% of all households in the region and generate up to 67% of the employment opportunities in this part of the world, so supporting them to continue with their growth, is essential.
In conclusion, we must take advantage of the opportunities to continue promoting female entrepreneurship and ensure that their projects not only take off and have a significant impact, but, at the same time, they also increasingly become promoters of growth for everyone.
Wayra Hispam It is the most global, technological and connected Telefónica Movistar open innovation hub. In addition to its operations in Latin America (Mexico, Argentina, Chile, Colombia and Peru), Wayra also operates in Brazil, Germany, Spain and the United Kingdom. More than 500 startups participating in Telefónica’s Open Innovation program are still active, and more than 100 startups are doing business with Grupo Telefónica.