Visa’s She’s Next initiative aims to close the gender gap in entrepreneurship in Ireland as new research highlights women’s challenges in securing funding and mentorship.
Visa, a global leader in digital payments, has unveiled its largest-ever She’s Next initiative in Ireland focusing on empowering women entrepreneurs through funding and mentorship. A recent survey commissioned by Visa reveals that female business owners are less likely than men to have secured funding (18% women vs. 36% men), underscoring the need for targeted support.
In the survey of over 300 small business owners, more than half (52%) of respondents identified business mentorship as their most desired resource, yet only 20% currently have a mentor. The findings also revealed the disparity between men and women in areas like access to funding, balancing family responsibilities, and networking confidence.
Addressing the Entrepreneurship Gap In Irish Small Businesses
Visa’s research highlights key challenges that female entrepreneurs in Ireland continue to face:
- Funding and venture capital – 42% of business owners stated that securing funding is crucial for growth, but men are twice as likely to have obtained investment (36% men vs. 18% women).
- Family support – 42% of women cited balancing family responsibilities as a significant challenge, compared to 28% of men.
- Networking anxiety – 55% of women entrepreneurs feel nervous entering networking environments, in contrast to 39% of men.
- Unfavorable funding conditions – Women reported facing more difficult terms after pitching for funding than men (31% women vs. 8% men).
Expanding Support for Women Entrepreneurs
The 2024 She’s Next initiative will offer four women entrepreneurs €10,000 each in business funding, with one overall winner receiving €50,000. Alongside the financial grant, all five winners will receive valuable mentorship from renowned business leaders, including Aimee Connolly, founder of Sculpted by Aimee and a key mentor in the programme.
Empowering Women Through Mentorship
Aimee Connolly, who will serve as both a judge and mentor, expressed her commitment to the programme, stating, “As a business owner, I understand the unique barriers women entrepreneurs face. Mentorship and funding through She’s Next can be transformative in helping women grow not only their businesses but also their confidence as leaders.”
One previous recipient, Alison McGrath, founder of My First Steps, shared how winning Visa’s She’s Next grant in 2023 helped her digitise her children’s footwear business, enhancing its online presence and broadening its customer reach. The grant provided her with essential resources to scale her business.
Eligibility
Applications for Visa’s She’s Next Grant Programme are open to women business owners who are aged 18 years or older.
The business must:
- be at least 51% woman owned
- operate in the Republic of Ireland
- have a minimum annual revenue of €10,000 or more
- have been in operation for a minimum of one year (1)
- have a digital presence, and accept digital payments
Judging criteria
- Compelling story of entrepreneurship
- Strength of business metrics
- Compelling digital presence
- Compelling problem solving within the business
- Quality of written materials and/or visual media
- Future potential of the business and growth opportunity
How to Apply for She’s Next
The She’s Next Grant Programme is open to Irish small businesses that are majority-owned by women, across all industries. Applicants can submit details about their business and online presence by visiting Visa’s She’s Next. The application deadline is 30th October 2024, and previous applicants are encouraged to reapply.
Phacet Secures €4M to Expand AI Solutions for SMEs