Female entrepreneurship in Belgium has grown significantly in recent years, according to the latest Women in Business Female Entrepreneurship Barometer. Between 2018 and 2023, the number of female entrepreneurs in Brussels increased by 14%, reflecting a global trend towards greater diversity in the business world. In 2024, BECI and Womenpreneur are launching three new projects to strengthen the local economic network, promote women's financial autonomy and encourage equal opportunities in the entrepreneurial field. We spoke to Sana Afouaiz, Founder and CEO of Womenpreneur.
Female entrepreneurship in Belgium is booming, driven by ambitious women. Government initiatives to promote gender equality in the business world, together with support networks and mentoring programmes, are helping to create an environment that is increasingly conducive to the success of women entrepreneurs. According to a McKinsey study, promoting gender equality could add $12,000 billion to global GDP by 2025. Efforts to alleviate these barriers are multiplying, highlighting the importance of creating policies, structures conducive to female entrepreneurship and a supportive community. While progress has been made, ongoing initiatives are needed to promote gender equality and create an environment conducive to the continued growth of women-led businesses.
‘A solid financial education offers women entrepreneurs the opportunity to make informed decisions about their business.’
WEFund, or demystifying the financial world
Financial education is a valuable but often neglected dimension of the entrepreneurial world, particularly for women entrepreneurs. Gender stereotypes, self-censorship and a lack of resources often hinder the strength of the entrepreneurial ecosystem. ‘A study carried out by Womenpreneur shows that 37.4% of women entrepreneurs have experienced cash flow problems as a result of the COVID-19 crisis. Only less than 20% of them sought support from banks, practising a form of self-censorship due to a gendered socialisation that prevents them from seeing themselves fully as rational economic players’, explains Sana. The survey also showed that 70% of women did not have a financial crisis plan, due to a lack of knowledge.
Aware of this gap, Womenpreneur and BECI have joined forces to create WEFund, a programme exclusively dedicated to financial education for women entrepreneurs in Brussels. ‘A solid financial education gives women entrepreneurs the opportunity to take control of their destiny, gain autonomy and make informed decisions about their business. It gives them the means to understand the subtleties of saving, investing, accounting and debt management,’ she continues. ‘This is essential if the business is to survive and, above all, grow.’
Over a 6-month period, the women entrepreneurs will take part in a programme designed to help them not only deepen their financial knowledge, but also boost their self-confidence and provide opportunities to demystify the sometimes intimidating and obscure world of finance and investment. ‘Investors still tend to trust men more than women, sometimes unconsciously. Various studies by the World Bank and the United Nations show that, worldwide, only 2% of women have access to investment’, adds Sana.
In practical terms, WEFund consists of 6 workshops on financial education, 12 workshops on self-help between female entrepreneurs and personal skills, mentoring and professional speed-dating between female entrepreneurs and representatives of financial and banking institutions for 40 female entrepreneurs. At the end of the programme, these women entrepreneurs will have produced a pitch, a business plan and a cash flow plan.
Wowhere: buy from women
Wowhere: buy from women
In 2022, Womenpreneur organised the first 100% women's market in Brussels, the Womenpreneur Market, in collaboration with the City of Brussels. This one-day event gave 20 women the chance to showcase their products right in the heart of our beautiful capital. The first edition attracted more than 2,000 visitors, a real success that was confirmed with the second in 2023 when more than 10,000 unique visitors were counted! ‘This enthusiasm for local, high-quality, female entrepreneurship gave rise to the idea of extending this ephemeral exhibition so that all female entrepreneurs could benefit from this showcase for Belgian customers. That's how WowHere came about, with the aim of providing Belgian women entrepreneurs with a space dedicated to selling their products and services, which are bursting with quality and expertise,’ explains Sana.
Sana continues: ‘WowHere is an online marketplace dedicated to showcasing products and services designed by women and proudly “Made in Belgium”. Our main objective is to encourage consumers to buy from women, thereby boosting local trade while creating significant economic opportunities.’ Wowhere is a supportive ecosystem that encourages people to buy from local women entrepreneurs.
‘WowHere was created with the aim of providing Belgian women entrepreneurs with a space dedicated to selling their products and services, which are bursting with quality and expertise’.
In practical terms, Belgian entrepreneurs can locate their business on a map of Belgium, present their products and services in an attractive way, and sell directly through this inclusive and innovative e-shop. Consumers, for their part, browse Wowhere to discover the products and services available nearby. They can choose to buy online or go directly to the shop. This flexibility encourages a local, personalised shopping experience. Any woman with a business activity and a company number can register for free and gain visibility.
Women entrepreneurs also have the opportunity to take part in workshops on key topics such as digital, financial management and sustainability. ‘These training activities are complemented by networking sessions, storytelling and other activities to help them grow their business,’ Sana adds.
The Boosting Program, digital facilitator
Finally, the Womenpreneur Boosting Program is a unique project. Its aim is to help women entrepreneurs develop their digital strategy and integrate the latest technologies into their business.
For three months, 20 women entrepreneurs will take part in training workshops to help them integrate the latest technologies and digital strategies into their business operations and resilience plans. ‘With this programme, we want to help women entrepreneurs to fully enter the digital age. In a series of highly specific, themed workshops, women entrepreneurs will learn how to develop their brand image online, sell via social networks, put in place a cyber security plan, and so on.'
This training period will be supplemented by a month of mentoring to prepare them for a pitching competition. At the end of the competition, six female entrepreneurs will be selected to fly to the United States. The objective? To give them a week's exposure to iconic Silicon Valley companies, accompanied by networking sessions within those companies and meetings with potential investors and mentors. ‘More than ever, Womenpreneur and BECI want to highlight the power of solidarity and the sharing of experience and knowledge,’ concludes Sana.