How To Make Entrepreneurial Programs That Impact Underserved Communities

Valerie Pholpituke, Regional Head, Community Impact & Engagement, US & Americas, Standard Chartered Bank

Businesses can make meaningful contributions to economic growth by supporting entrepreneurs and giving them the tools they need to bring their best ideas to life.

Recently, I traveled to Zambia to meet with leaders running the local chapters of Women in Tech (WiT), my company’s global economic empowerment program for women. I got to spend time with program directors, women currently in the programs, and women who had graduated. I saw, with fresh eyes, the similarities between our global partner programs and the program I’m so familiar with in the United States. So much of it was the same: the same challenges, the same problems that women entrepreneurs are facing, the same concerns about having enough capital or not knowing where to start, and the same mission of building confidence.

We visited hundreds of students, nearly all wanting to go the entrepreneurship route. There was a big passion for it — they already had the idea — they just needed the training. We’ve gotten feedback from alumnae of the program saying that while they may have still started their business without the program, it would have been much more difficult. There would have been more failures and unanswered questions regarding where to find resources and assistance.

There is real demand and need for these programs. Entrepreneurship programs create pathways and give women, people of color, and other underserved groups a voice in this space.

Companies Should Start and Support Entrepreneurship Programs

There is an incredibly high demand for entrepreneurial resources. People are drawn to entrepreneurship because they want the freedom of being their own boss, the satisfaction of taking on and solving a challenge, and the flexibility the position can offer. Entrepreneurship is increasing globally, and the number of women running their own businesses is also on the rise — eight to ten million small businesses worldwide have at least one female owner.

But entrepreneurs still face barriers to growth, such as lack of capital, strict social constraints, lack of mentorship, and, for many, not knowing where to start.

Businesses can meaningfully drive economic development by supporting entrepreneurs. Entrepreneurship programs that aim to help underserved groups can make a difference and are a powerful way for companies to uplift communities by offering financial services, employability training, skills development, and partnerships or job opportunities.

Getting Started With a Successful Community Entrepreneurship Program

Everyone can be a partner in this movement. There are a variety of ways that businesses can support or build programs that allow entrepreneurs to equip themselves with the proper support and tools. But all it takes to begin helping are partnerships, an aligned interest in investing in your local community, and the desire to support underserved groups.

Schools and universities are excellent places to start. We work with educational institutions across the globe to identify the types of programs — incubators, accelerators, and academic boot camps — that are most needed. Collaborating with a partner is excellent for discovering where you can step in and provide both financial support and people power through volunteers.

Individuals can also get involved by volunteering their time with schools and organizations that are driving entrepreneurship programs. Volunteers can listen to practice pitches, review products and business plans, and advise on social media strategies and advertising tactics. The real value is skills-based volunteering and sharing your experience. Ask yourself: Do you have financial education, legal, or tax skills? Can you help with photography and website design? Do you have experience leading or working with a team?

Community Drives Successful Entrepreneurship Programs

One similarity we found between the programs in Zambia and New York is that most projects were social impact-driven. This is true in all nine markets where we operate WiT. People already have ideas that they’re passionate about that revolve around helping their community. They just need the tools and skills to make it happen. That’s where local, community-driven entrepreneurship programs can help.

A few years ago, I listened to a pitch in Kenya for a company that wanted to distribute low-cost camera phones to farmers in rural areas. Climate change affected Kenya’s farming industry, but there was very little WiFi in the area, so farmers struggled to share real-time data on how crops were doing. Camera phones would allow them to see and prove that the seasons had shifted.

A judge from another part of the world may not have understood the community’s needs and how the phones could help, and there may have been a lot of back and forth on how to run the program. But many of the judges were members of the community who immediately saw the value of the pitch. They understood the problem and the many people it impacted and could grant funds to help fix it.

We’ve learned that it’s best to customize the program to work for the local community. How we do things in the United States will not be the same as in Zambia, Kenya, or Taiwan. We aren’t going to have the answer to everything, so we must put resources in the community’s hands and bet on them to be able to solve those issues themselves. We give these communities funds so they can create more jobs, increase market competition, and create products and services.

Entrepreneurs continue to be the backbone of any economy. Entrepreneurs create jobs, strengthen market competition, and bring innovation to the community. Businesses can make meaningful contributions to economic growth by supporting entrepreneurs and giving them the tools they need to bring their best ideas to life.

First published on Newsweek.com