At a recent event in their Washington DC headquarters, the Inter-American Development Bank’s Multilateral Investment Fund showcased the results of a new survey conducted among high-growth women entrepreneurs in Latin America and the Caribbean (LAC).
Undertaken in concert with Ernst & Young, the study, WEGRow: Unlocking the Growth Potential of Women Entrepreneurs in Latin America and the Caribbean, utilizes a blend of qualitative and quantitative methods, focuses on nine countries (Argentina, Brazil, Chile, Columbia, Costa Rica, Jamaica, Mexico, Peru, and Uruguay), and explores the issue of what makes high-growth women entrepreneurs tick. High-growth in this case means that the firms in question have grown by 20% or more for at least the past three years.
What did the study find? Among other things that:
- the women are likely to come from entrepreneurial families,
- they started with a growth intention from day one, and
- these high-growth women entrepreneurs have strong support networks which allow them to shoulder the responsibility that a high-growth enterprise entails.
Recommendations for future action? Strengthening the entrepreneurial ecosystem to provide better support networks for these and other women, providing better access to capital, and promoting policies that can enable growth and provide better support for women to “balance” for the many roles they juggle. Just as important, perhaps – showcasing these women as role models, in order to make them less unique and increase community acceptance of women business owners who are not afraid to dream big.
This study comes on the heels of a ground-breaking effort, the WEVentureScope, published by the IADB-MIF last year. Muchas gracias, MIF!
For more about the report, including video commentary from some of the women entrepreneurs profiled in the report, visit: wegrow.fomin.org