- On December 9th, Wetech hosted its first conference for female founders, focusing on “Women Defining Tech Entrepreneurship”. The event was attended by female founders, venture investors, tech leaders, and women in the tech industry.
- Less than 15% of tech startups have at least one female co-founder and only 3% of venture capital funding in Africa goes to women-led startups.
- The conferences included panel discussions on topics such as the role of non-profits in purpose-driven entrepreneurship, strategies for scaling female-led startups, myths about startup evaluation from the investor’s perspective, and the hidden costs of burnout and recovery strategies for entrepreneurs.
- The event ended with the PitchHer competition, where female founders pitched their ideas for a chance to win ₦1.5m ($3,667). The competition was won by Morayo Ojikutu, CEO of Flow, a learning platform for children.
Since its inception in 2018, Wetech has aimed to provide opportunities and empowerment to women in the tech industry. It seeks to reduce the entry barrier into tech and encourage more women to join the industry through networking opportunities, mentorship and community building. Despite these efforts, female participation in Africa’s tech industry remains low, with various challenges to overcome.
During the conference, industry leaders shared their insights, experiences and strategies on a variety of topics. In the panel “Demystifying Startup Evaluation: Insights from the Investor’s Lens,” Gabriella Uwadiegwu, a founding partner at Archangel Fund, emphasized the importance of expertise and experience in assessing startups. Oluwadunni Fanibe, a Program Manager at Techstars, stressed the need for resilience, knowledge, effective teamwork and regular communication with investors as key factors in startup success.
In addition to strategies for growing startups and practical advice on securing funding, the event also addressed issues of mental health and the complexities of legality faced by early-stage startups. One of the key messages relayed was the need for entrepreneurs to learn from rejections and failures and to find opportunities for business improvement in negative feedback.
The PitchHer competition closed the event, providing an opportunity for women startup founders to showcase their ideas. The winning pitch introduced Flow, a learning platform for children. The competition was sponsored by Archangel Fund, which invests in technology-based startups. Wetech plans to expand the conference next year to celebrate “5 Years of Women Redefining Technology and Entrepreneurship”.
