According to a 2023 Public Investment Report, almost 22% of South African businesses are women-owned. Developing and growing this pool of female entrepreneurs is vital to drive the country’s economy and address the unemployment crisis.
GIBS, Cherie Blair Foundation Launch Groundbreaking Initiative
Since 2021, the Gordon Institute of Business Science (GIBS) Entrepreneurship Development Academy (EDA) has partnered with the Cherie Blair Foundation for Women and DHL Express to provide tailored training to women entrepreneurs in South Africa. This collaboration recently launched a new educational initiative, the Road to Finance programme. This is the third education programme delivered by GIBS EDA through this partnership, following the successful Road to Growth and Road to Leadership initiatives.
Financial Education to Empower Women Entrepreneurs
Twenty-eight top-performing alumni from the Road to Growth 2022 and 2023 cohorts have been selected to participate in the South African pilot of Road to Finance. These women, with established businesses in various sectors such as property, agriculture, beauty, and logistics, will gain valuable financial skills through the programme.
Reneilwe Dinkoanyane, GIBS Marketing Manager, says, “These women have demonstrated resilience and dedication in growing their businesses. They have expressed the need to deepen their understanding of business finance, which is vital for sustainable growth. GIBS has adapted the Road to Finance curriculum to align with the South African reality, using local case studies to ensure relevance.”
Collaboration and Growth in the Programme
The programme has already sparked collaborations among participants as they discuss tackling unemployment, creating jobs, and driving economic growth in their communities. Participant Kea Modise Moloto, founder and managing executive of two businesses, says, “It is perfect timing for me as my businesses are at a new growth stage, and finances are even more critical. Cash flow, budgeting, planning, and management are crucial to meet client expectations.”
Investing in Women’s Economic Potential
Dhivya O’Connor, CEO of the Cherie Blair Foundation for Women, says, “Bringing the Road to Finance programme to South Africa reinforces our shared commitment to empowering women entrepreneurs. Successful women entrepreneurs not only advance South Africa’s economy but also pave the way for younger women to start their own businesses.”
A Tailored Approach to Developing Financial Acumen
The Road to Finance programme uses a four-step blended learning approach, combining online content with live sessions facilitated by experts. Participants will develop expertise in business financing, preparing financial documents, pitching to investors, and negotiating terms. The programme culminates in a pitching event where participants present their strategies to potential investors.
Sibongile Zulu, GIBS Lead Faculty for Road to Finance, adds, “We will begin by helping participants assess their financial health and explore internal funding strategies. The programme covers profitability analysis, pricing strategies, and preparing for funding pitches, aiming to build both hard financial skills and soft negotiation skills.”
Taking Their Businesses to the Next Level
A 2020 Cherie Blair Foundation survey revealed that only 16% of women entrepreneurs secured loans or investments from banks, with 6% from financial services companies. The Road to Finance programme aims to change this by equipping women with the skills and confidence to access funding and grow their businesses.
Looking Ahead
With support from DHL Express and the Cherie Blair Foundation, the Road to Finance programme is a significant step toward financial empowerment for South African women entrepreneurs. Enhancing their financial acumen will not only strengthen their businesses but also contribute to South Africa’s broader economic development.
Shereen Cassim Hassim, founder of Book Express, says, “Finance is at the heart of any business. I am eager to learn and share the knowledge with my team to help create a better, more sustainable economy for South Africa and the African continent.