Startup accelerator program for women’s financial inclusion
What it does.
This program enables you to identify startups for women’s financial inclusion through a national call, and subsequently rank and select them to strengthen their business models, thus allowing them to scale up their solutions and enhance their impact. As part of the strengthening process, selected startups are connected with technical support and potential investors. Additionally, relevant stakeholders from the financial ecosystem participate in the selection process to become acquainted with the new startups proposals.
Value proposition for the government/other partner.
By having a startup accelerator program for women’s financial inclusion, you will enable the financial ecosystem to grow, and more women will have access to alternative financial services. It would be beneficial to ally with a national (public or private) partner focused on women’s empowerment to align the call for startups with the demands of the ecosystem and to enhance the reach of the program.
Why and when to use it.
This tool is most useful when a significant number of startups (a critical mass) offer solutions for women’s financial inclusion, and when there exists a supportive ecosystem for the growth of such startups, in other words the ecosystem provides the services and infrastructure needed for the development of startups, including specialized incubators, investors, funds, and other resources. This ecosystem includes investors who are keen on backing digital gender-based solutions and a private sector that is interested in integrating these solutions into their businesses.
Known issues and troubleshooting.
If a gender-focused approach is not a government priority, or if there have been very few activities or interventions focused on women’s financial inclusion, it may not be the right time to implement this methodology. For the sustainability and scalability of strengthened startups, it is crucial that government and other key ecosystem stakeholders have a genuine interest in working on financial inclusion. If these conditions are not met, a preliminary stage is necessary to raise awareness about the importance of a gender-focused approach for sustainable and inclusive development and to identify key stakeholders for developing the ecosystem.
Context
In early 2022, we identified certain conditions within the ecosystem that prompted us to consider how to support startups with digital solutions for women’s financial inclusion. On one hand, UN Women presented some studies on the financial inclusion of women in Bolivia. Additionally, the Chamber of Fintech had recently been established, along with an initial startup map. Furthermore, a group of angel investors had spent several years identifying startups with significant investment potential. With these circumstances in mind, our Lab, in partnership with UN Women, launched a national initiative called the “Women’s Financial Inclusion Lab,” aimed at startups offering innovative digital solutions. The selection of the most promising startups was carried out by a committee comprising representatives from financial institutions, NGOs, donors, and investors, serving as a mechanism to connect startups with the broader ecosystem.
As a result, the business models of two startups were strengthened through the expertise of both international and national experts. These two startups have since successfully implemented their models, thereby enhancing their impact on the financial inclusion of women.
Cost to implement.
To implement a startup accelerator program for women’s financial inclusion, you will need a budget between USD 2.000 and 3.000, which will be used to hire a person to be responsible for the implementation of the call and to design communication materials about the call and the results. You will need and extra budget ranging from USD 7.000 to USD 10.000 per startup to provide technical support to strengthen their business model.
Time
Planning the process, identifying key stakeholders, launching the national call, selecting the startups, hiring, and providing the technical support will require approximately 6 to 9 months. From this period, between 3 to 6 months correspond to the technical support provided to 1) strengthen the business model of the startup and 2) to prepare the startup to pitch to investors.
People.
To implement this tool, the following team members will be needed:
- A person to oversee logistical processes, which includes managing the call, coordinating the selection committee, facilitating startup pitches, and overseeing the selection process.
- A person to define the Terms of Reference (ToRs) for strengthening the selected startups and to develop progress indicators aimed at enhancing their impact.
Focal point.
Country, year, and language.
Bolivia, 2022 - ongoing, Spanish
Resources.
- Manual (Spanish) – Criterios de selección de startups
- Template (Spanish) – Convocatoria para startups