Empowering Women, Building Futures: Strathmore Global Institute Hosts the Third Annual SME Conference – Zambia

Small and medium-sized enterprises (SMEs) are vital to Zambia’s economy just as in many African countries, comprising over 97% of all registered businesses and contributing approximately 30% to the country’s Gross Domestic Product (GDP). These enterprises play a crucial role in job creation, employing around 80% of the workforce and driving innovation across various sectors. However, despite their significance, many SMEs, particularly those led by women, face numerous challenges that hinder their growth and sustainability. Issues such as limited access to finance, inadequate training, and market opportunities disproportionately affect women entrepreneurs, making events like this conference essential for fostering collaboration and sharing resources.

It is against this backdrop that on Wednesday, 23^rd October 2024, Strathmore Global Institute and the Sisters’ Blended Value Project (SBVP) hosted the Third Annual SME Conference 2024 at the Taj Pamodzi Hotel in Lusaka, Zambia.

Themed Empowering Women, Building Futures: The Path to Success for Women-Owned SMEs and Social Enterprises, the event brought together more than 100 entrepreneurs, Catholic Sisters running social enterprises and key business leaders and government stakeholders to champion the growth and success of women-led businesses.

In her welcome note, Dr. Angela Ndunge, the Principal Investigator for SBVP, encouraged attendees to use the conference as an opportunity to expand their networks and foster supportive business connections. Reflecting on the challenges and opportunities in the sector, Dr. Elizabeth Gachenga, Deputy Vice Chancellor of Academic and Student Affairs at Strathmore University, highlighted the unique hurdles faced by women entrepreneurs and urged them to explore innovative solutions within social enterprise.

Giving the keynote address, Mr. Sonny Zulu, CEO of Standard Chartered Bank, Zambia, encouraged participants to approach business with the mindset of winning, saying, “Go into business with an intention of winning, not to lose.” His address, themed Breaking Barriers, Driving Growth: Women Leading the SME Revolution inspired the participants inspired the participants by highlighting the transformative power of women entrepreneurs in the SME landscape. Mr. Zulu emphasized that while challenges are an inherent part of the entrepreneurial journey, they also present opportunities for innovation and growth. He urged attendees to cultivate resilience and adaptability, viewing obstacles as steppingstones rather than setbacks. By sharing success stories of women-led enterprises that have thrived despite adversity, he illustrated the potential for women to not only excel in their own ventures but also to drive economic development and inspire future generations.

Furthermore, he called for increased collaboration among stakeholders, including financial institutions, government bodies, and non-governmental organizations, to create an enabling environment for women entrepreneurs. He stressed the importance of access to capital, mentorship, and training programs designed specifically for women-led SMEs. By fostering supportive networks and resources, the business community can empower women to break through the barriers that limit their success.

Some of the other key topics covered during the conference included: innovative funding sources where the participants had the opportunity to explore local, regional, and international funding opportunities tailored for women-led SMEs and social enterprises. Opportunities within barriers was another topic widely covered during the conference and focused on identifying and leveraging opportunities within the unique barriers that women-led enterprises face. The attendees also got the opportunity to get tailored business insights, addressing the specific needs of women-led SMEs and social enterprises for sustainable growth. Various strategies for overcoming business challenges were discussed in depth and featured the practical approaches that women entrepreneurs and social entrepreneurs can adopt to help them tackle challenges common to women entrepreneurs.