Womentum is currently supporting women entrepreneurs in India, Uganda, Columbia and Ecuador.
Crowdfunding is a modern, popular method for new businesses to source funding for their projects, and new platform Womentum hopes to do just that by helping women entrepreneurs in developing countries. Unlike their male counterparts, females in these countries lack access to capital and community support when wanting to launch their own business model. Donations made via Womentum enable these women to make long-term investments in businesses without having to worry about repayments.
Womentum raises funds externally to cover operational and transaction costs, meaning 100 percent of donations go directly to the entrepreneurs. Businesswomen-in-the-making are made eligible for the funding by being affiliated with one of the platforms’ growth partners, which are usually not-for-profits and NGOs. When approved, they can receive funding for a certain item that will help them grow their business. This could be anything from a computer to a sewing machine.
Utilising technology for the greater good of those in lesser economically developed countries has been a popular target for start-ups in recent times, with an all-terrain wheelchair designed for such locations and a lease-to-own bicycle program that launched in Uganda being just two examples. What can technology companies work on to provide a vital service to those in need?