Irish Small Businesses Call for More Funding & Mentorship Access as Visa Launches Its Largest Support Programme for Women Entrepreneurs

• She’s Next initiative is designed to close entrepreneurship gap in Ireland, as new research reveals female business owners less likely than their male counterparts to have sourced and secured funding (18% women vs 36% men)
• Visa’s study finds that increased access to business mentorship is the most valued resource by small businesses (52%)
• With the programme now expanded, women business owners are invited to apply for chance to win one of five She’s Next business grants and mentorship
• Trailblazing business leader Aimee Connolly appointed judge and mentor

24^thSeptember 2024: A new study from Visa, a world leader in digital payments, has identified increased access to mentorship as the top ask from growing small businesses in Ireland. More than half (52%) of the entrepreneurs surveyed acknowledged the benefits of mentorship despite just one in five (20%) currently having a business mentor^[1]. Half of the women business owners also stated that they don’t know how to go about securing a mentor.

Findings from the survey of over 300 small business owners^[i]highlighted both the challenges faced and the disparity that still exists between female and male small business owners across the country. Back for a fourth consecutive year, Visa has launched its biggest ever She’s Next Grant Programme in Ireland to help close the entrepreneurship gap.

According to Visa’s study, women entrepreneurs continue to come up against several challenges and barriers:

• Access to funding and venture capital – a vital lever for 42% of small business owners. Men are twice as likely as women to have sourced and secured investment for their business (36% men versus 18% women).
• Family support gap - 42% of women pinpointed the struggle to balance family and caregiving responsibilities with business (versus 28% of men). And, 48% of women entrepreneurs say their business couldn’t survive without family support (versus 32% of men).Networking - 55% of women business owners stated they feel nervous walking into a room of strangers, compared to 39% of men.
• Unfavourable terms or conditions - a greater issue for women following pitching for funding, compared to men (31% of women versus 8% of men).

As part of the 2024 programme, applicants have a chance to win several separate grants of business funding. A €10,000 grant will be awarded to four women entrepreneurs and one overall winner will receive €50,000 to help their business thrive.

All five winners will receive mentoring from award-winning entrepreneur and businesswoman, Aimee Connolly, CEO and founder of Sculpted by Aimee and MentorsWork, an initiative of Skillnet Ireland in partnership with the Small Firms Association (SFA). All five winners will also have the opportunity to participate in individual and group pitch preparation sessions, equipping them with the skills and confidence to excel during future funding endeavours.

Mandy Lamb, Managing Director UK & Ireland, Visa commented: “While progress has been made to narrow the gender gap in entrepreneurship, our commitment to addressing existing challenges remains resolute. That’s why we’re excited to bring She’s Next back to Ireland again, continuing our mission to empower women entrepreneurs on their business journeys.”

“At Visa we want to provide women entrepreneurs with the tools they need to succeed. This year, we’ve enhanced the prize package and are providing business mentorship and funding pitch coaching for all five winners. Applications are now open, and we can’t wait to connect with some of the inspiring women-led businesses that are driving innovation and growth across the country.”

Aimee Connolly who was appointed Visa’s She’s Next judge and mentor, also added: “As a business owner myself, I empathise with the unique barriers and challenges identified by women entrepreneurs in the Visa study. Programmes like She’s Next are invaluable. The mentoring, coaching and funding can really help women business owners to build confidence and knowledge, not just in their brand and business, but in themselves as leaders too. I welcome the opportunity to help with this initiative, championing women business owners in Ireland to learn, grow and achieve their goals, whether that’s expanding into new markets, innovating products or increasing their digital presence.”

Alison McGrath is the founder of My First Steps, the first dedicated children’s footwear superstore in Ireland. Alison was one of five winners to receive a €10,000 grant and year of business coaching through Visa’s She’s Next Programme in 2023. Reflecting on how the programme impacted her business, Alison said: “My business had only been going two years when I won Visa’s She’s Next Grant Programme, so to have any money that’s not already allocated is massive. For me, winning the grant money was a real catalyst to be able to digitise my business. It’s really broadened our horizons.” [see winners case study below].

How to apply

Visa’s She’s Next Grant Programme, is open to small businesses and organisations in the Republic of Ireland that are majority owned by women, operating across all industries and sectors, through a simple application process. It is designed to be an inclusive programme to appeal to a diverse range of businesses. Applicants in previous years who were not selected as winners are invited to reapply.

To enter, applicants are asked to submit details about their business and online presence at visa.ie/shesnext. The closing date is 30^th October 2024. Terms and conditions apply.

About She’s Next, Empowered by Visa

To date, Visa’s She’s Next Grant Programme has awarded €125,000 in funding and coaching to 15 women entrepreneurs in Ireland to help them take their next business step. Last year’s winners included:

• Rachel Hennessy, Happy Days Fashion Rental
• Marion Cantillon, PitSeal
• Alison McGrath, My First Steps
• Mamobo Ogoro, GORM Media
• Suraya Rahman, Little Eden Terrariums

ENDS

[1] Between 15th July and 9th August 2024, Visa commissioned research among 318 SMBs in Ireland to examine the landscape for business owners in Ireland. The research was conducted across an even gender split and provides insights into challenges, supports, adaptation, investment opportunities for business owners in Ireland and the differences in challenges faced by women entrepreneurs in Ireland.

Case Study: Alison McGrath, 2023 She’s Next Winner & founder of My First Steps

Alison McGrath is the founder of My First Steps, a dedicated children’s footwear superstore in Ireland. Established in 2022, with the opening of its first store in Ennis, Co Clare, My First Steps is on a mission to inspire confidence in parents with friendly, informative advice, while ensuring the foot health of generations to come.

As a relatively new business in 2023, with two stores located in Clare and Galway, My First Steps was thriving locally, but had limited resources to expand its reach. Alison wanted to digitise her operations to attract customers who could not easily visit the store in person. However, the costs associated with creating an online platform, enhancing digital marketing, and integrating personalised customer services were barriers.

However, those barriers were significantly reduced when Alison was named one of five winners of the 2023 Visa’s She’s Next Grant Programme and the recipient of €10,000 and year of business coaching.

The €10,000 from the Visa’s She’s Next helped Alison launch a comprehensive digital transformation of her business. Speaking about the win, Alison noted: “My business had only been going two years when I won Visa’s She’s Next, so to have any money that’s not already allocated is massive. For me, winning the grant money was a real catalyst to be able to digitise my business. It’s really broadened our horizons.”

About Visa Inc.

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.ie.

About the research:

Between 15^th July and 9^thAugust 2024, Visa commissioned research among 318 SMBs in Ireland to examine the landscape for business owners in Ireland. The research was conducted across an even gender split and provides insights into challenges, supports, adaptation, investment opportunities for business owners in Ireland and the differences in challenges faced by women entrepreneurs in Ireland.

Disclaimer:

Case studies, statistics, research and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Visa Inc. does not make any warranty or representation as to the completeness or accuracy of the Information within this document, nor assume any liability or responsibility that may result from reliance on such Information. The Information contained herein is not intended as legal advice, and readers are encouraged to seek the advice of a competent legal professional where such advice is required.