In a ground breaking move, AfricArena recently hosted its 7th Grand Summit in collaboration with anchor partner Amazon Web Services (AWS). The summit kickstarted with the unveiling of the Gender Diversity Pledge by Sthe Shabangu, Head of Public Relations at AWS Sub-Saharan Africa. This pledge reinforces the commitment to fostering innovation led by women across Africa through initiatives like the AWS Startup FemTech Innovation Challenge. Aimed at empowering female founders and entrepreneurs, this challenge provides access to networking and investment opportunities. The grand winner stands a chance to receive up to $25,000 for a proof of concept and forge lasting strategic partnerships with AWS.

The AWS FemTech Innovation Challenge is a testament to AWS’s excitement about fostering innovation and supporting women-led initiatives in the tech space. The collaboration with AfricArena underscores the commitment to driving positive change and creating opportunities for women entrepreneurs.

The Gender Diversity Pledge, a collaborative initiative by AWS and the Digital Collective Africa community, addresses the pressing need for increased financial support for female founders and entrepreneurs. Napa Onwusah, AWS Startups Lead for Sub-Saharan Africa, stressed the pivotal role of the pledge in bringing about change in the venture capital and investment landscape. The initiative aims to secure a commitment from investors to allocate more funding to female-led ventures, addressing the existing gender gap. Current statistics indicate a mere 3% investment in female-led startups and 17% for startups with women as part of the founding team as of 2022.

Shabangu emphasized the urgency of the initiative, stating, “Now is the moment for women leading groundbreaking tech startups across Africa and the diaspora.”

Christophe Viarnaud, AfricArena’s CEO and founder, along with Digital Collective Africa’s co-founder and council member, emphasized the need for a transformation in the funding landscape. Viarnaud highlighted the significance of empowering women entrepreneurs, given that over half of Africa’s entrepreneurs are women. The growing role of female-owned startups and co-founders in Africa’s tech ecosystem makes it crucial to increase funding for women entrepreneurs.

Lelemba Phiri, co-founder and partner at ATG Samata, lauded the Gender Diversity Pledge, aligning with their commitment as a gender lens investor to champion women entrepreneurs and foster a more equitable tech ecosystem in Africa. The venture capital sector faces the challenge of addressing the gender imbalance as female founders showcase their strengths in delivering innovative solutions through creative technology, driving growth, and fostering innovation.

Prominent venture capital firms and investors have officially endorsed the Gender Diversity Pledge, demonstrating their unwavering dedication to empowering female-led and female-founded tech startups. This commitment includes a specified percentage of deals targeting female-led and female-founded tech startups for the upcoming year. Notable signatories include AWS Startups, Digital Africa Ventures, Catalyst Fund, Startupbootcamp AfriTech, Digital Africa (Proparco), FSATLabs, Grindstone Ventures, Founders Factory Africa, Breega, E Squared Investments, Newtown Partners, Jambaar Capital, ATG Samata, and VestedWorld.

Philip Kiracofe, CEO of Startupbootcamp AfriTech, highlighted the significance of making a public commitment, bringing attention to the critical issue and inviting active funds in the ecosystem to set aspirational targets. The commitment serves as a reference list for startups with female co-founders seeking investors committed to leveling the gender gap.

Ben Marrel, Breega’s co-founder and CEO, emphasized that their commitment goes beyond words; it’s a dedicated promise to take concrete actions. Recognizing the pressing need for change, Breega envisions genuine transformation through continuous evaluation of processes, ongoing education for its team, and the proactive cultivation of an inclusive culture. Breega actively promotes the diverse talent and potential of women entrepreneurs in Africa, striving towards a more equitable and prosperous future for all.

The Grand Summit also recognized outstanding achievements in the tech space with awards such as Best Deep Tech, Science & Innovation Startup, Best FemTech Startup, Best FinTech Startup, Best Climate Tech Startup, Best Seed Startup, Most Promising Entrepreneur, and Most Attractive Investor. These accolades celebrate innovation, entrepreneurship, and contributions to Africa’s tech ecosystem.

In conclusion, the Gender Diversity Pledge and initiatives like the AWS Startup FemTech Innovation Challenge mark significant steps towards creating an inclusive and diverse tech landscape in Africa. The commitment of venture capital firms and investors to support women-led ventures is a pivotal move in addressing the gender gap and unlocking the full potential of Africa’s women entrepreneurs. As the continent undergoes an economic reset, empowering women in the tech space becomes instrumental in driving innovation, growth, and economic transformation. The collaborative efforts of AWS, AfricArena, and the Digital Collective Africa community signal a positive shift towards a more equitable and thriving tech ecosystem in Africa.