The Entrepreneurs Business Builder Programme: Creating Opportunities and Bridging Gaps for Women Entrepreneurs in the Caribbean

Just over two weeks ago, I had to the opportunity to be in the company, albeit virtually, of over 50 amazingly talented Caribbean women entrepreneurs at the graduation ceremony of the recently concluded Entrepreneurs Business Builder (EBB) programme. The EBB programme is a collaboration under the Bank’s Power to Make a Difference corporate social responsibility programme and Business & People Development (BPD) Associates. The six-month, self-paced, online empowerment programme is designed to provide women entrepreneurs with the skills, resources and mentorship needed to scale their business ventures.

After hearing the experiences of some members of the graduating class, it solidified in my mind the importance of programmes like the EBB and the positive ripple effect it has on participants, their communities and their countries. Each woman sharing her personal sacrifices and successes caused me to reflect on the opportunities as well as challenges that many female business owners in the Caribbean are presented with daily.

In recent years, female entrepreneurship has surged across the Caribbean, driven by a combination of social shifts, economic necessity, and digital innovation. Women in the region are increasingly taking up the challenge of business ownership, building enterprises across industries, and contributing to the economy in transformative ways. Not only does this growing trend reflect global movements toward gender equity, it also showcases the unique factors shaping female-led businesses in the Caribbean.

Women Entrepreneurs Are Maximising Technology For Growth

One of the key trends in female entrepreneurship in the Caribbean is the rise in digital-first and online businesses. While the use of technology in business was steadily trending upward for some time, the COVID-19 global pandemic catapulted business owners into the era of tech and e-commerce, being a basic requirement for any successful business venture. This also helped to lower some barriers that may have been considered hinderances for women to start businesses. E-commerce, online consulting, and social media-based businesses have become popular choices for female entrepreneurs. These digital-first models allow women to operate businesses with lower overhead costs and to reach a wider audience, particularly in sectors like fashion, beauty, wellness, and professional services.

Digital platforms such as Instagram, Facebook, and WhatsApp have enabled women to promote and sell products, provide services, and connect with clients across the region and even internationally. This is indeed fertile ground for a region like ours where technological innovation and development continues to blossom.

Women Entrepreneurs Are Seeking To Have A Sustainable Impact

Another key factor that stood out to me while listening to the ladies of the EBB was the fact that more and more women-led businesses are increasing their focus on sustainability and social impact. A significant number of female entrepreneurs are making a concerted effort to create businesses with a strong focus on sustainability and social impact. From eco-friendly fashion lines to natural skincare products using local ingredients, Caribbean women are building enterprises that align with global sustainability goals. This is exceptional as we in the Caribbean, while often on the receiving end of the results of poor climate decisions, are also doing our part in combatting climate change.

In addition, several female entrepreneurs are at the helm of businesses aimed at addressing social issues; providing equal opportunity employment, promoting fair-trade practices, and supporting conservation efforts. This is indicative of a shift in the right direction—toward responsible entrepreneurship that considers not just profit, but social and environmental impact.

Eliminating Hurdles For Women Entrepreneurs Benefits All Of Us

Conversely, while as a region we’re making strides and capitalising on opportunities for women-led growth in business, there are some hurdles that many women still have to jump over in order to achieve their dreams of being successful business owners.

For many Caribbean women cultural expectations around gender roles can sometimes limit the opportunities available to them. In some instances, gender roles traditionally ascribed to women like managing household responsibilities and childcare, can make it challenging for them to dedicate time and resources to a business.

The good news is, however, cultural attitudes are gradually shifting, and support networks are emerging to help women balance these roles. Many female entrepreneurs are finding support through mentorship programmes, female-led business networks, and community organisations that empower women and encourage shared responsibilities in family settings.

Another challenge some women face is a lack of networking and mentorship opportunities. Some female entrepreneurs express that they often lack access to mentorship and professional networks that can provide guidance and open doors to new opportunities. In a region where personal connections can significantly influence business success, this gap can be considered a substantial disadvantage for women who are trying to grow their businesses.

This is where programmes like the Bank’s Entrepreneurs Business Builder come in. Programmes like the EBB, allow participants the opportunity to meet and interact with a community of like-minded women all with the common goal of investing in themselves and their businesses.

At Republic Bank, we see the important role micro, small and medium-sized enterprises play in our regional economy—creating employment, stimulating economic growth and boosting innovation.

Perhaps that is why, in keeping with this year’s celebration of Global Entrepreneurship Week, being held during November 18 to 22, 2024, that we seek to boldly act to realise the GEW theme that “Entrepreneurship is for Everyone.”

For us at Republic, we are aware of the extraordinary potential of women entrepreneurs and have made it our duty to invest, both financially and non-financially, into this budding business segment.

When all of us are included, we create a future that will be worth living in for generations to come.

This article is one of a five-part commemorative series by Republic Bank in celebration of Global Entrepreneurship Week 2024. To read all, visit https://republictt.com/republic-journal.