Sigma International Reports Record Support for Women Entrepreneurs on Women’s Day
In celebration of Women’s Day, Sigma International today revealed unprecedented growth in its support for female-led businesses across South Africa. Over the past year, the organisation has successfully incubated 117 women-owned enterprises, directly contributing to the creation of 59 new jobs and channelling more than R13 million in support to these growing female-led businesses.
“These figures represent more than just numbers,” says Akash Singh, CEO Sigma International. “They’re a testament to the untapped potential of women entrepreneurs in our country and Sigma’s commitment to unlocking it.”
The impact of Sigma’s efforts is particularly significant given the current economic landscape. With South Africa’s unemployment rate at 32.9% as of Q1 2024, and even higher at 39.2% for black African women (according to Stats SA), initiatives supporting female entrepreneurs are imperative.
Thejes Khan, founder of the thriving Durban-based Forest Fairies Sweet Company, embodies this potential. While running a successful business, Sigma provided an additional layer of support, propelling her growth further. Khan, whose factory now employs over 40 people, underscores the value of Sigma’s network: “Sigma has been instrumental in connecting us with key players in the hospitality industry and provided crucial learning opportunities through their webinars. They also introduced us to corporates who’ve helped fund additional machinery for our expansion – something that’s been vital to our recent growth.”
Khan’s experience highlights the broader challenges and opportunities facing female entrepreneurs. While approximately 17% of women in low and middle-income countries like South Africa are entrepreneurs, with 35% aspiring to start their own businesses, access to finance remains a significant hurdle. The Mastercard Index of Women Entrepreneurs indicates that despite slight increases in women’s entrepreneurial activity rates, their access to finance has declined, underscoring the importance of initiatives like Sigma’s.
“South Africa is very diverse and inclusive, and the government is doing a lot to boost and encourage women in business,” Khan observes, pointing to a shifting landscape that’s increasingly welcoming to female entrepreneurs.
As South Africa celebrates Women’s Day, Sigma International’s latest figures are a reminder of the economic potential that can be unlocked when women are given the tools and support to succeed in business.
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