Why mentorship alone can't solve women's access to funding

As someone deeply invested in personal and professional growth, I've been fortunate to benefit from numerous women-centric programs aimed at shattering glass ceilings, conquering boardrooms, overcoming imposter syndrome, climbing the pinnacle of the corporate ladder, and reinventing oneself. Many of these sessions and workshops were freely available. Once, during my performance review, a manager remarked that I was "too self-aware," prompting me to ponder whether I had consumed too much of these programs and needed to channel that knowledge into my work. This observation by my manager also highlighted an abundance issue.

In general, women, regardless of their backgrounds, are inundated with options when it comes to empowerment programs. Whether it's learning skills like making liquid soap or body lotion, cultivating drought-resistant crops, or navigating corporate hierarchies to claim boardroom seats, there's no shortage of free resources or courses available. A quick scan around will confirm to you that there are many organizations whose sole mandate is to empower women. But what happens after that?

Over-mentored and underfunded?

A LinkedIn post by Hope Ditlakanyane, who is an investor in early-stage start-ups across Africa, struck a chord with me. She shared this comment from a program launch she had just attended: "Don't run women through capacity-building programs without providing money. Women remain over-mentored and underfunded." Her words made me think about the efficacy of the countless mentorship programs women have access to versus the tangible impact of financial support for women's initiatives.

The old adage "it's a man's world" holds, especially true in entrepreneurship, where women have historically faced economic disenfranchisement. From land ownership to access to capital and even the simple act of owning a bank account, women have been left behind for centuries.

While I value mentorship and training programs immensely, they often fail to address systemic barriers hindering women's progress, such as unequal access to resources and opportunities. Mentorship and training alone cannot dismantle deeply entrenched gender biases or level the playing field in male-dominated industries like entrepreneurship, where women face systemic discrimination.

Studies reveal that women entrepreneurs receive disproportionately less funding than men despite demonstrating equal or higher levels of competence and potential.

Financial literacy

Access to funds grants women the autonomy to launch and grow businesses, pursue higher education and training, and invest in community upliftment initiatives. As we strive to empower women through mentorship and training, let's also devise concrete strategies for funding them.

So, where does the balance between mentorship and funding lie? It lies in action. Any organisation advocating for gender equity must invest in both mentorship and financial resources to promote women's entrepreneurship and enhance their financial literacy and access to capital.

Miss Oneya comments on social and gender topics. (@FaithOneya; [email protected])