Standard Chartered Launches Seventh Cohort of Women in Tech Accelerator in the UAE
In a significant move to bolster female entrepreneurship, Standard Chartered has launched the seventh cohort of its Women in Tech accelerator in the UAE. This initiative is part of the bank’s global Futuremakers programme, which aims to promote economic inclusion for disadvantaged young people. Partnering with UAE-based impact-driven enterprise C3 – Companies Creating Change and Village Capital, a seed-stage venture capital firm, Standard Chartered is set to empower women-led startups through a comprehensive support system.
Empowering Women Entrepreneurs
The Women in Tech accelerator is designed to provide women entrepreneurs with the resources they need to thrive in a competitive landscape. Selected startups will have access to up to AED550,000 (approximately $150,000) in equity-free funding from the Standard Chartered Foundation. This financial support is part of a broader commitment, with the bank planning to distribute over AED2.2 million ($600,000) in catalytic grants annually across all participating markets.
Rola Abu Manneh, CEO of Standard Chartered UAE, Middle East, and Pakistan, emphasized the importance of this initiative: “The Futuremakers Women in Tech Accelerator reflects our commitment to advancing economic inclusion and empowering women entrepreneurs to thrive.” This statement underscores the bank’s dedication to fostering an environment where innovative, women-led businesses can access essential resources, networks, and funding.
Addressing Systemic Barriers
Female entrepreneurs often encounter systemic barriers that hinder their ability to scale their businesses. The Women in Tech accelerator aims to dismantle these obstacles through a three-year initiative that will benefit 400 women founders across the wider region. Participants will receive tailored investment-readiness support, grant funding, and mentorship opportunities, all designed to enable sustainable growth and create lasting community impact.
C3 will deliver the program locally, leveraging its expertise in entrepreneur support and ecosystem development. This collaboration is a testament to the power of partnerships in driving meaningful change.
The Role of Mentorship and Networking
One of the standout features of the Women in Tech accelerator is the emphasis on mentorship and networking. Founders will benefit from expert guidance and exposure to regional and global investors, which can be pivotal in navigating the complexities of the startup landscape. This mentorship not only enhances the entrepreneurs’ business acumen but also expands their professional networks, opening doors to new opportunities.
Kevin Holliday, managing director at C3, expressed enthusiasm about the partnership: “We are proud to partner with Standard Chartered once again for the Futuremakers Women in Tech programme, and are excited to welcome Village Capital on board this year.” His comments highlight the collaborative spirit that drives this initiative, aimed at providing purpose-driven founders with the tools and connections they need to scale effectively.
A Proven Track Record
The Standard Chartered Futuremakers Women in Tech Accelerator builds on the successful global track record of the Women in Tech initiative, which has already supported over 4,000 women across 17 markets since its inception. This established history of success serves as a strong foundation for the new cohort, promising to deliver impactful results for participants.
Commitment to Diversity, Equity, and Inclusion
Standard Chartered’s initiative is not just about funding; it’s also about championing diversity, equity, and inclusion across the communities it serves. By focusing on women-led businesses, the bank is taking a proactive stance in addressing gender disparities in entrepreneurship. This commitment is crucial in creating a more inclusive economic landscape, where all entrepreneurs have the opportunity to succeed.
Conclusion
The launch of the seventh cohort of the Women in Tech accelerator in the UAE marks a significant step forward in supporting women entrepreneurs. Through tailored training, funding, and access to vital networks, Standard Chartered, in partnership with C3 and Village Capital, is paving the way for a more inclusive and equitable entrepreneurial ecosystem. This initiative not only empowers individual founders but also contributes to the broader goal of economic inclusion for disadvantaged communities.
