Business & Money | Monday 22 July, 2019 9:00 am |

EY has launched the 2019 edition of its Entrepreneurial Winning Women program in the MENA region as part of its ongoing effort to recognize and support women entrepreneurs who are contributing to their local economies. 

 

The EY Entrepreneurial Winning Women™ program recognizes high potential women entrepreneurs whose businesses exhibit potential to scale operations and provides them with an extensive network of mentors and a knowledge sharing platform to enable them to fast-track their business growth to the next stage.

 

The 2018 edition of the Winning Women program witnessed significant interest from women entrepreneurs in the region. The seven winners from last year’s edition generated a combined revenue of USD 5 million and collectively employed over 230 people. Their companies ranged across various sectors including pharmaceutical, cosmetics and skincare, technology, education and non-profit, and were based in geographies that included Bahrain, Jordan, Kuwait and the UAE.

 

Speaking about the initiative, Sheikha Al Fulaij, Partner, Entrepreneurial Winning Women MENA Program Sponsor, EY, said:

“We are witnessing a remarkable shift in the MENA region in terms of the role of women in the workforce – they are not only leading their own businesses but also claiming their place in the corporate boardroom. In addition, regional governments are recognizing the direct benefits of supporting women entrepreneurs, such as the boost to their local economies, and are implementing various measures to foster their growth. 

 

“This EY initiative is designed to support these long-term national objectives by offering entrepreneurial women in the region a program that provides advice from experienced mentors, as well as offering access to an established business network. We believe initiatives such as the Entrepreneurial Winning Women program are a great way to encourage unique business ideas while at the same time celebrating the role of women in the region’s SME ecosystem.”

 

The free-of-cost, year-round program offers women entrepreneurs with an exclusive mentorship program designed to help accelerate and sustain the growth of their businesses in order to become global market leaders. Interested participants have until 31 August 2019 to apply for the second edition of the program.

 

To be eligible for the EY Entrepreneurial Winning Women MENA program, applicants must be founding CEOs with at least 51% ownership of their company, in a registered business that is at least two years old. Additionally, the business should be headquartered in the MENA region*, and should have an annual revenue of US$250,000 or more. 

 

Program participants see CAGR growth in their businesses

The EY Entrepreneurial Winning Women program currently spans 50 countries and has impacted over 400 successful women entrepreneurs. A global survey of participants found that 77% said the program helped them find advisors and role models. In addition, the companies of the program participants saw an average compound annual growth rate of 35% since their founders became Entrepreneurial Winning Women. The average headcount growth of their businesses also increased by an average of 166%. Other program benefits included an increase in national exposure for the company and the women CEOs reported increased confidence in their role as public figures.