Saudi accelerator removes roadblocks for women in business
JEDDAH | May Rostom
Despite the constant progress in the Middle East’s startup scene, the region still faces some unique challenges. These include the lowest female labour force participation rate (LFPR) in the world – at 24.6%, it significantly trails the global average of 47.8%.
THE BIRTH OF AN IDEA
“As it is, starting a company is pretty difficult, but starting a company as a woman often had additional challenges. Gender biases and cultural beliefs added an extra layer of difficulty for women who wanted to launch their own business,” Shakoor says.
In 2017, the then 23-year-old woman sought to start her own venture and build a strong entrepreneurial network in the kingdom of Saudi Arabia. However, she found it extra hard to reach out and talk to upper echelons, which is when the idea for Blossom emerged.
“At that time in Saudi Arabia, there weren’t any startup accelerators or network platforms that offered startup advice, especially ones that catered to women,” Shakoor explains. “That’s when I realised that women who launched their own business in KSA faced a different set of challenges than the average Saudi male founder.”
“With Blossom, I wanted to tailor an experience that met the needs of female founders while enabling and equipping them with everything they need to know to overcome the barriers they might face along the way.”
“This is a global phenomenon; it happens even in Silicon Valley,” the founder adds.
As noted in a MAGNiTT report in relation to MENA, “5.1% ($36 million) of total funding went to startups with only female founders in 2019, which is close to double the figure in the United States. Beyond that, startups with only female founders accounted for 4.5% of all deals in 2019, more than twice the percentage in the United States.”
PUSHING THE CAUSE FORWARD
While the founder of Blossom acknowledges there have been noticeable efforts to increase female participation in the economy, “we still have a long way to go.”
The Jeddah-based accelerator gives early-stage startups the opportunity to participate in a boot camp and a demo day while also providing them with resources, knowledge, networking, and access to mentors, speakers, and investors.
“Startups get mentorship on everything – from business models, introduction to entrepreneurship, lean principles, hands-on implementation, marketing and finance, and a lot more,” Shakoor says.
“We believe one of our differentiation points here at Blossom is our heavily-mentored programmes that give access to mentors and speakers from both Silicon Valley and the region. Having that international exposure, alongside local expertise, gives our female-focused startups a 360-picture of the entrepreneurial ecosystem.”
Since its launch, Blossom has mentored 300+ female-focused startups and arranged three events: Techpreneurship Sprint (a one-day business plan competition for technology startup ideas), SELLA (a technology entrepreneurship function focused on idea-sharing, inspiration, and networking), and THIQAH (a female- empowerment event teaching women how to be more confident and create the company they deserve). A fourth virtual event is underway.
Shakoor adds excitedly: “The coronavirus has motivated us to take our event online. Going virtual means reaching more startups across the globe and expanding our Blossom network worldwide. We always had the idea for the online accelerator, but corona expedited the process for us.”
Blossom continues to grow and evolve, with mentorship programmes spanning the GCC and MENA, but Shakoor is only getting started.
“I see Blossom being the accelerator and platform for female founders in MENA, the place for any woman who wants to start or grow a company to go to and ultimately scale and succeed. We’re also planning on starting our own fund to grow our business and network and eventually invest in multiple talents across this part of the world.”