A series of interactive sessions on the second day of the Women’s Economic Empowerment Global Summit (WEEGS 2019), featured young disruptors, female investors and leading entrepreneurs, to share diverse industry-wide perspectives on the current state of gender equity, and explore novel and effective ways to encourage greater participation and contributions of women to the local, regional and global economies.

Held under the patronage of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah and his wife, Her Highness Sheikha Jawaher bint Mohammad Al Qasimi, Chairperson of NAMA Women Advancement Establishment (NAMA), WEEGS is organised by NAMA in collaboration with the UN Women.

Young change-makers creating impact locally & globally

In an inspiring session titled ‘Youth: Insights from Future Disruptors’ moderated by Philip Harding, the CEO and Co-founder IMPACTJUNKIE, speakers Shamma Al Bastaki, Writer, Multidisciplinary Artist, Qasr Al Hosn Education Specialist – Department of Culture and Tourism; Meera Al Mheiri, Nuclear Safety Inspector – Federal Authority for Nuclear Regulation; and Noura Al Midfa, Member of Sharjah Youth Council, examined the role and the impact of young change-makers in their local and global community. shared stories of their struggle and subsequent successes, they encouraged the audience to make a difference in their own unique ways in their communities, saying these little changes will have a positive global impact.

Talking about her long term goals, Noura Al Midfa said, “I want to inspire people in terms of awakening their capabilities. I believe, everyone can reach their goals, their only limitation in most of the cases is their own mind and I want to help people achieve their full potential.”

The VC ecosystem needs to educated about the growing potential of female-led enterprises

Another session moderated by Heba Al Emara, Managing Director, Middle East, Vistra Group, titled ‘Deep Diving into Gender Lens Investing’ hosted Heather Henyon, Founding Partner, Mindshift Capital; and Laila Hassan, Principal at the 500 Startups. The panel turned the spotlight to the issue of funding in startups, especially the ones founded and lead by women.

“We run Mindshift Capital not only to advance women-owned businesses; we are doing it with the business purpose of generating strong and incremental returns on the capital our investors put in. Through our experience, we have seen that women increase our chances of higher returns. We are now looking at roping in women-led enterprises who specialise in socially and environmentally impactful businesses,” said Heather.

“There is a certain perception that exists within the VC ecosystem about women founders which needs correction. The skepticism that prevails among investors about investing in female-lead businesses can be softened by sharing with them the increasing number of their success stories. The VC ecosystem also needs to be educated about certain market sectors in which women do better, so their investment decisions can be more informed,” added Laila Hassan.

Panelists also talked about personal and professional challenges that women face and the need to break deeper unconscious cultural and social biases. “Actually, there aren’t many women founders. Starting a company is difficult. I think I got the easy job of being an investor. While several women, just like men, think it is better to have a job with a fixed salary, we have been seeing a change in mindsets. I encourage more women to respond to their entrepreneurial calling and chase their dreams,” Laila added.

Women entrepreneurs taking unconventional routes to success

How fields like sustainable fashion or wellbeing and mindfulness can contribute to shaping ‘A Healthier Economy’, was the focus of the next eponymous session whose aim was to highlight to aspiring female entrepreneurs that irrespective of what one’s business idea is, a well-executed plan has a strong chance of success.

The success stories and entrepreneurship journeys of two brave and unrelenting entrepreneurs took centre stage. One of them was Fashion Designer Rawan Maki who spoke in detail about fashion sustainability in the Arab World – her business concept, while Nawal El Masri, Founder & Storyteller of Exhale, spoke of the importance of wellbeing and mindfulness and her conceptual clothing brand.

WEEGS 2019, Themed ‘Drivers of Change’, combines global efforts to ensure women’s full inclusion in all economic sectors, promote equal opportunities for women locally and globally, and contribute to advancing the women’s economic agenda within the 2030 Agenda of Sustainable Development.