Technology is one of the top sectors of choice for African women when it comes to setting up startups, according to a new survey conducted with the She Leads Africa participants.
The organisers of the pitch competition for African women entrepreneurs conducted the survey with 380 participants to gain a bit of insight into how African women are spread out across the continent’s startup scene.
Fashion, beauty and design came out as the most represented sector among the participants and services in third.
The survey also revealed that;
- Most of the businesses entered by the applicants are still in their early stages. Only 18 percent are in post-launch phase and have customers using their products/services.
- Access to capital ranked highest on the list of challenges female entrepreneurs in Africa face — 84 percent responded in the affirmative to the presence of this challenge in their business endeavours.
- Large majority of these businesses are bootstrapped with personal finances – 74 percent. 47 percent of the number admit to receiving help from friends and family, which is encouraging. Only 4 percent were able to secure private investment or loans, respectively.
- Most of the applicants (45 percent) are between the ages of 24 and 30. It appears there are none over 35.
The full survey findings were revealed in an infographic, you can see it below
The She Leads Africa pitch competition takes place 20th September in Lagos, Nigeria, where ten finalists will be present their business ideas to a panel of experienced entrepreneurs, venture capitalists, and financiers looking to invest in upcoming African startups.
The winner stands the chance to walk away with a prize that includes $10 000
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