On November 15, 2024, the Delegates Dining Room at the United Nations in New York City became a vibrant hub for discussions on female entrepreneurship during the Women’s Entrepreneurship Day Summit (WEDO2024). Among the notable speakers was Suneera Madhani, a fintech entrepreneur whose journey has been marked by both triumph and adversity. Madhani, who successfully exited her company Stax Payments for over $1 billion in 2023, shared her experiences as a woman in the startup world, candidly stating, “My journey in female entrepreneurship…it’s been lonely.”
Madhani’s admission resonated deeply with the audience, highlighting the unique challenges faced by women in the entrepreneurial landscape. Despite her impressive achievements, she recounted the hurdles she encountered while scaling her business. “It was really tough for me scaling that business, even though I scaled it to a $1 billion exit,” she explained. “I couldn’t get a loan. I couldn’t get a line of credit. I couldn’t open up a business banking account.” Her story underscores the systemic barriers that often hinder women entrepreneurs, regardless of their success.
In response to these challenges, Madhani has committed herself to empowering other female entrepreneurs. She founded resources and support systems aimed at fostering a community for women in business. One of her key initiatives is her podcast, CEO School, which serves as a platform for sharing insights and building a network of support. “It’s a really large community…that’s how we’re able to support women,” she said, emphasizing the importance of collaboration and shared experiences in overcoming obstacles.
The WEDO initiative is dedicated to changing the narrative for women entrepreneurs globally. By spotlighting the positive impact of its community, WEDO aims to advance economic freedom, female dignity, and entrepreneurial empowerment. One of the organization’s notable efforts is its support for microloans in impoverished countries, which have proven to be a lifeline for women seeking to start their own businesses.
Wendy Diamond, the founder of WEDO, shared her insights on the transformative power of microcredit. After witnessing the impact of microloans in Honduras, she recognized that even a small amount of seed money could significantly boost household income. “With just a $100 microloan as seed money, women were able to boost household income by turning their modest village homes into shops selling everyday sundries such as toothpaste or soft drinks,” Diamond explained. This model not only provides financial support but also fosters self-confidence and dignity among women.
The statistics surrounding microloans are compelling. According to the Grameen Foundation, 98 percent of women worldwide repay their microloans, showcasing the effectiveness of this approach. Diamond emphasized the importance of providing women with a “hand-up, not a hand-out,” advocating for education and empowerment in entrepreneurship. “If we could teach why it’s so important to invest in women, we could change the world,” she asserted.
WEDO’s partnerships with organizations like Opportunity International aim to provide microloans to 10,000 impoverished women worldwide. Additionally, the initiative funds programs that teach entrepreneurship to incarcerated women, helping them rebuild their futures and avoid recidivism. This multifaceted approach highlights the organization’s commitment to fostering economic independence among women from diverse backgrounds.
During the summit, supermodel Helena Christensen was also honored as a WEDO Pioneer Awardee. She echoed Madhani’s sentiments about the importance of supporting women in business. “It is a deeply humbling feeling to see women raise each other up,” Christensen remarked, reflecting on her experiences with refugee women and the profound impact of microloans on their lives.
Author Candace Bushnell, known for her work on “Sex and the City,” connected the growing financial freedom of women worldwide to shifts in popular culture. She noted that social media has dismantled traditional gatekeepers in the beauty and entertainment industries, allowing women to define their own standards of beauty. “I feel because of social media, those gatekeepers are gone, which is fantastic,” Bushnell stated, highlighting the empowerment that comes from self-definition.
For Madhani, Diamond, and countless other women striving to break into the business world, the journey is ongoing. While challenges remain, the support systems and initiatives like WEDO are paving the way for a more inclusive entrepreneurial landscape. “Women’s Entrepreneurship Day is every day,” Diamond declared, encapsulating the spirit of resilience and empowerment that defines this movement.
