The Baltics boast a vibrant entrepreneurial spirit, yet a persistent gap remains: significantly fewer women launch businesses compared to men. This disparity isn't due to the lack of ambition.
A study conducted by Visa across the Nordics and Baltics in September 2024 reveals a powerful desire among women to become entrepreneurs, driven by the pursuit of autonomy, financial independence, and bringing innovative ideas to life. The missing ingredient? Often, it's access to the resources and support needed to turn dreams into reality.
This is where Visa's She's Next program steps in, igniting the spark of entrepreneurship in women across the region. For the third consecutive year, Visa partnered with Luminor and Novatore to empower women-owned businesses in the Nordics and Baltics. The She’s Next program offers more than just financial aid; it provides a holistic approach to supporting women on their entrepreneurial journeys. Three businesses in each country will receive grant funding, a crucial injection of capital for growth and expansion. Equally vital is the year-long personal business coaching provided, offering tailored guidance and mentorship to navigate the challenges of running a business.
The need for such initiatives is clear. In Latvia, for example, while 70% of women dream of starting a business, securing funding and achieving work-life balance remain significant hurdles. She's Next directly addressing these challenges, providing not only financial support but also the tools and network to build sustainable and thriving businesses. Similar stories resonate in Estonia and Lithuania, where a vast majority of women aspire to entrepreneurship but face similar obstacles.
Further amplifying this support ecosystem is the annual Novatore Impact Summit, a key event for fostering collaboration and knowledge sharing within the Baltic entrepreneurial landscape that Visa has co-sponsored for three consecutive years. The Summit provides a platform for aspiring and established women entrepreneurs to connect with investors, mentors, government and industry leaders, further bridging the gap between ambition and opportunity. This year's summit, held in Riga on March 6th, is dedicated to fostering resilience for peace, security, and prosperity in a turbulent world, empowering women to drive solutions and shape a sustainable future.
She's Next isn't just about individual success stories; it's about fostering a more inclusive and dynamic economy. When women-led businesses thrive, everyone benefits. These businesses create jobs, drive innovation, and contribute to the overall economic prosperity of the region. By investing in women entrepreneurs, we invest in a brighter future for the Baltics.
The program's impact extends beyond the immediate recipients. It serves as a powerful symbol of empowerment, inspiring other women to pursue their entrepreneurial dreams. It fosters a sense of community, connecting women with mentors, resources, and a network of like-minded individuals. This ripple effect is essential for creating a sustainable ecosystem of female entrepreneurship in the Baltics.
It is crucial that businesses support female entrepreneurship by mentoring aspiring women entrepreneurs, investing in women-led startups, and advocating for policies that promote gender equality in the business world. Together, we can ignite the spark and build a more prosperous and inclusive future for the Baltics.
Author: Juris Paegle, Sales Director Baltics at Visa
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