Technology startups serve as more than just catalysts for growth; they are the very engine driving growth itself. These startups tackle issues that other sectors overlook, employing innovative approaches that propel society forward while simultaneously generating employment, stimulating economic activity, and attracting foreign investment.
In today’s dynamic economic landscape, technological innovation is recognized as a powerful tool that is reshaping various sectors of the economy. From education to transportation and maritime industries, technology continues to play a pivotal role in creating diverse opportunities and new industries for individuals.
Many developing economies, including Nigeria, are now striving to build innovation-driven economies, with governments actively involved in establishing tech hubs nationwide. In Nigeria, tech hubs have emerged as success stories, giving rise to companies like Flutterwave and Andela, among others.
Despite the increasing number of startup innovators, many women in this sector face disadvantages and are often overlooked, both in terms of support and recognition. This disparity has led to the loss of numerous businesses with the potential to become thriving enterprises. There are concerns that women are deliberately denied opportunities to succeed as they pursue their ambitions.
Over the past decade, there has been a deliberate shift in focus towards women in technology startups. This shift is largely attributed to factors such as bias, stereotypes, and the limited representation of women role models in tech-related fields. Research conducted by a leading mobile app, inDrive, in three countries – Nigeria, Brazil, and Malaysia – highlighted the bias against women.
Although the research found that the percentage of girls in STEM-related education in Brazil, Malaysia, and Nigeria is equivalent to that of boys, there remains a significant gap in the number of startups founded by men versus women. Venture capital funding for female startups is less than 1%, indicating a substantial funding disparity between male and female-led ventures in the IT sector. Female-founded startups are significantly outnumbered by male-founded startups in all countries, according to statistics.
Not only that, but another set of statistics from Crunchbase indicates that merely 2.3 percent of venture funding is allocated to startups led by women. To counter this disparity, inDrive, the developer of a global mobility app operating in 45 countries, has launched the Aurora Tech Award initiative. This initiative aims to support and empower women in tech startups, a group often sidelined due to various factors like discrimination. Prior to the introduction of the Aurora Tech Award, many women with innovative business ideas faced significant challenges.
Founded in 2020 by inDrive, the Aurora Tech Award 2024 received an astounding 694 applications from 102 countries this year, highlighting the widespread influence of women in the tech and innovation sectors.
Beyond the honor of recognition, recipients of the Aurora Tech Award are awarded cash prizes of $30,000, $20,000, and $10,000 for first, second, and third place, respectively, in addition to gaining access to inDrive’s mentorship program. Through this award, inDrive aims to establish new and equitable standards within the venture capital landscape.
As an annual global prize for women founders of tech startups, the Aurora Tech Award seeks to dismantle barriers and advance equality in tech entrepreneurship.
Over the past three years, the award has consistently served as a vital platform for identifying and supporting women in tech startups who are dedicated to instigating positive societal changes and addressing critical issues.
Explaining the motivation behind the award, inDrive’s Public Relations Manager, Lineo Thakhisi, emphasized that the company conceived the award to cultivate role models capable of inspiring numerous women in entrepreneurship, particularly within fields traditionally dominated by men.
“We firmly believe that local role models wield significant influence in shaping the narrative of female entrepreneurship. Their impact transcends individual success stories, as they contribute to the broader entrepreneurial ecosystem by promoting diversity, dismantling barriers, and nurturing a more inclusive and supportive environment for aspiring female founders. Initiatives like the Aurora Tech Award, focused on cultivating local role models, are essential for empowering women,” remarked Thaksi.
She emphasized the company’s dedication to challenging the status quo and overcoming unjust obstacles by championing innovative endeavors.
This year, Folake Owodunni, a Nigerian entrepreneur, clinched the prestigious award with her groundbreaking startup, Emergency Response Africa. Owodunni described her innovative venture, Emergency Response Africa, as dedicated to enhancing healthcare accessibility in Africa through sustainable and scalable emergency medical services, addressing critical needs across the region.
Ekaterina Smirnova, Head of the Aurora Tech Award, hailed Owodunni’s milestone achievement as a testament to the remarkable potential of women worldwide to inspire change and foster innovation through their creative abilities. Smirnova highlighted that this groundbreaking accomplishment would serve as significant motivation for more women to persist in their creative pursuits, contributing to solving the numerous challenges facing the world.
“We applaud the outstanding accomplishments of Folake Owodunni, Hannah Töpler, and Sarah Phiri-Molema. Their innovative startups not only tackle crucial community needs but also serve as local inspirations, igniting change and driving innovation. These awards are pivotal in providing essential recognition to women in the tech industry, amplifying their impact, and paving the way for increased gender equality and diversity in innovation,” she remarked.
Undoubtedly, Owodunni’s triumph will serve as a guiding light for aspiring women entrepreneurs worldwide, showcasing the transformative potential of innovation and perseverance in effecting positive change.
It’s noteworthy that a Nigerian entrepreneur is being celebrated for spearheading a healthcare revolution with her groundbreaking ideas. Past recipients of the award include Ainura Sayn, Co-Founder and CEO of Tazar, and Elizabeth Mwangi, Founder and Director of ‘Gwiji for Women’.
Stay updated and stay ahead of the game! Follow Lagosstate.com on the website for instant updates, breaking news, and exclusive content. Don’t let any headline slip by!
