By Lionesses of Africa Operations Department

Just over 50 years ago, a throw-away comment that there were no great women painters sparked the famous reply from Linda Nochlin in her 1971 essay:  “Why have there been no great women artists?” (here). Today in 2022, we seem no nearer to a level playing field in Art, as a recent exposé of art prices by Doctor Helen Gorrill, shows (here). Dr Gorrill was driven to research pricing in the Art world following comments made by the painter Georg Baselitz who claimed “women couldn’t paint!”, using as his proof the lower price their artwork commanded in comparison to that of men (here). That is not to say he doesn’t appreciate any women painters, being a self proclaimed fan of artist Artemisia Gentileschi (17th Century), although as we show later it would indeed be a brave man to say she couldn’t paint…

Nochlin’s point was that when faced with these throw away comments, one should not rise to the bait by searching for the few who have possibly squeezed their way through the noise or found a way around the male rules such as the writer George Elliot who used a male name to disprove the well known ‘fact’ that women could only write light hearted romances. But instead to dig into why there seems to be this disparity; this inequality; perhaps even, this possible lack of quality, to shine a light on why this could be the case; the possible iniquities; the inbuilt biases that have pushed 50% of the population to one side; where changes and improvements can be made, and possibly open up the opportunity for a new Marie Curie (double Nobel winning Scientist) of the Art world. This is not the same as admitting that these throw away comments are correct, as she wrote: “At a moment when all disciplines are becoming more self-conscious—more aware of the nature of their presuppositions as exhibited in their own languages and structures—the current uncritical acceptance of ‘what is’ as ‘natural’ may be intellectually fatal.”

For Nochlin, issues that faced women which might seem minor, in fact turn out to be a major barrier, such as one that sounds simple – not being allowed to study the nude right up until the late 19th Century – women were considered far too delicate for such sights! One only has to look at the brilliant David by Michelangelo to see the importance to Art of the total understanding of human form and muscle movement. A massive gap in women’s art development.

Likewise the lack of access to Artistic social gatherings and discussion was to Nochlin yet another barrier. “…the “fringe” requirements for major artists, which would have been, for the most part, both physically and socially closed to women…participating in the affairs of an academy, [ability to] exchange ideas with members of humanist circles, establish suitable relationships with patrons, travel widely and freely…” And then – “An enormous amount of self-confidence and worldly knowledge, as well as a natural sense of dominance and power…”.

All requirements for success that will not come as a surprise to any of our readers… That was 1971, has it changed since? Dr Gorrill’s exposé shows that “…despite leaps in gender equality since the days of the old masters, contemporary art by men sells for significantly more than work by women.”

Adams et al, show in their paper ‘Is Gender in the Eye of the Beholder?’ “[through their study of]1.5 million auction transactions in 45 countries, we document a 47.6% gender discount in auction prices for paintings.”, a serious discount, but then if you consider only the top 1% of women artists make it into the secondary (auction) market and they, the best of the women have such a discount – what of the other women who don’t make that hallowed top 1%? That is serious ‘survivorship bias’!

Dr Gorrill analysed over 5,000 artworks by men and women and found that: “For every £1 fetched by a male artist’s work, one by a woman gets just 10p – and even worse – the value of a painting increases when a man signs it and decreases when it’s a woman’s name on the canvas.”

Can we look at Art as a reflection of other areas where gender appears significant? As Nochlin wrote: “A simple question like “Why have there been no great women artists?” can, if answered adequately, create a chain reaction, expanding to encompass every accepted assumption of the field, and then outward to embrace history and the social sciences or even psychology and literature, and thereby, from the very outset, to challenge traditional divisions of intellectual Inquiry…”

It was that investment disparity of only 10p vs £1 that initially spiked our interest as we have begun to see the 3Q numbers starting to come out of Africa for PE and VC investments and no surprise, whatever the change in the total investment into African businesses, the investment into women owned or run businesses also comes close to that ratio!

Looking back to 2021 a very small portion – 6.5% of the funding in Africa went to start-ups with a female CEO (usually a Founder). That’s $1 in every $15 raised (here). For 2022 (up to 3Q), we so far see there is very little change. Of those who have raised their first $1mil round this year: “…three quarters of the start-ups in question have either a single male founder (51%) or an all-male founding team (22%). In contrast, single female founders (4%) and all-female founding teams (1%) represent only 5% of them; and there’s no sign of improvement over time. The rest (21%) are gender-diverse founding teams. As a direct result of this…women-led start-ups are massively underrepresented with only one in nine (11%). And this number is lower than in 2021 (16%).” From ‘Africa: The Big Deal’ (here)     

Is Art imitating life, or is life imitating Art?

It is too early to say where investment in women-founded and led businesses will end 2022, but so far there is nothing to suggest it will be any different from the figures recorded in 2021: “[where] male CEOs claimed 93% of the funding. 43% of the CEOs who raised have their alma mater on the continent. 82% of the money went to start-ups with a single male founder or an all-male founding team, versus 0.95% for their female counterparts.”

Note the mention of University. It turns out that is important (as we saw in the Art market too). 43% on the continent (yet raised only 28% of the total amount), with 57% going to a non-African university (raising a whopping 72%) (here). This lack of access is constantly mentioned as a reason for an inability to raise capital. The ‘Venture’ industry is actually quite small with most educated in the West where a ‘warm’ introduction goes a long way…

Then we have the continued discussion over the lack of women in the fund management industry as if that is the panacea. But whilst it is totally shocking how few women have a seat at this inner table, the wait for action on this seems eternal! Surely one invests into a fund and a particular group of fund managers because one assumes that they are able to sniff out the best deals and companies in which to invest. It seems strange that one needs to wait for women fund managers before investment flows into female companies. “One of the reasons why it’s been hard for female-founded companies to attract funding is that only a small percentage of venture capital dollars are controlled by female VCs,” said Elizabeth Edwards, founder and managing partner of H Venture Partners, a female-owned venture capital firm (here).

We simply cannot believe that any fund manager wakes up one morning and says: “Today I shall only invest in male businesses!”, or “I can’t invest in women because I have no women on my team!”. Impossible, yet the data is saying exactly that! As the AfDB’s Dr Jennifer Blanke said at the The Global Gender Summit 2019, Kigali: “We know that women are a good bet. We know they pay back. We know they run excellent businesses – and yet they are not getting financed” (here). Go Figure!

This eternal wait is also happening in the Art market as Dr Gorrill states: “…the gender discount may decrease over time as gender equality increases…”, the expectation that as wealth held in women’s hands increases, so too will their investment in female artists and so over time the discrepancy will lessen… What a bizarre argument surely! We have to wait for women to invest in women to level the playing field, because only they will be able to recognise ‘great’ in women’s painting…er…

Imposter Syndrome? SNAP! – As Nochlin writes:“…while great achievement is rare and difficult at best, it is still rarer and more difficult if, while you work, you must at the same time wrestle with inner demons of self-doubt and guilt and outer monsters of ridicule or patronizing encouragement, neither of which have any specific connection with the quality of the art work as such.” (here)

“Women are judged by what they’ve done in the past solely while men are being judged by what they say they’ll do in the future…Even in cases where I’ve trained male colleagues in this industry, I would be judged as less capable than those same colleagues.” That from Tokunboh Ishmael at Alitheia Capital (we are huge fans), who recently closed a $100 million gender-investment fund, from an interview with Bloomberg suitably entitled: “Female Startups Fight ‘Tomato Seller’ Cliche for Funds in Africa” (here). This ‘Tomato Seller’ cliché is a battle we are constantly having, not least because the UN constantly use such photos when discussing female entrepreneurs in Africa (see here), this is pure laziness with such a dangerous subconscious impact as it creates an illusion of an unrealistic ‘truth’, further perpetuating an “uncritical acceptance of ‘what is’ as ‘natural’.

With the world’s economies fast turning down, we fear that investors and the financial world will simply double down on their current investment philosophy, as shown by the data – when investment as a whole falls, investment in women’s business falls faster. Yet investors becoming more debt concerned; more worried about rising interest rates; more aware that high or ‘Unicorn’ valuations based on spectacular or even half decent future profit expectations cannot replace actual profit, should be looking less at propping up their creaking portfolios and more at those which bootstrapped their way to profitability; are not indebted; not weighed down; yet require finance to take full advantage of current market conditions to grow and thrive.

In our drive to open the eyes of all to the power, versatility and brilliance of the inspirational businesses run by our members we too shall not flinch as we constantly challenge the status quo, and until people’s eyes are opened to the fact that “the current uncritical acceptance of ‘what is’ as ‘natural’ [IS] intellectually fatal.”

In the words of Artemisia (here) when writing to a powerful (male) patron:

“I will show your Illustrious Lordship what a woman can do…

You will find the spirit of Caesar in the soul of a woman.”  

Now that is a Lioness ROARING for change!

Stay safe.

What inspired you to start your company?

After a visit to large farms, the farm officers shared their sentiment and difficulty in controlling pest birds on their fields. They asked for a solution since all efforts had proven futile and conventional methods of bird scaring which involve making of noise the clanging of metals and use of catapults have been seen to be largely ineffective.

A need was identified and an opportunity was spotted.

Why should anyone use your service or product?

Some farmers have been seen to engage their own children in bird scaring exercises which is detrimental to their education. Our solution helps ensure that these children are taken off the fields and return to the classroom. Our solution helps contribute to the attainment of the sustainable development goals 1,2,4,8 and 13.

Tell us a little about your team

Silas Karikari Boateng is the Agriculturist with 6 years in the Agricultural space, Bright Tetteh Kwao is the technical lead of the team, he has a background in engineering physic and is a technology enthusiast. Isaac Boakye is the Operations lead of the team, he has a background in Computer Science. Boris Boadi is the financial lead of the team with a background in accounting and finance.

Share a little about your entrepreneurial journey. And do you come from an entrepreneurial background?

My entrepreneurial journey began right after university, I founded a multi-national organization called environmental change agents which is made up of young graduates from some select African countries committed to saving the environment. My drive for entrepreneurship got me to seek more training and mentorship hence I enrolled in the 2019 Agritech challenge organised by Kosmos innovation centre, which was a 10 month program where deep insight into entrepreneurship, presentation, accounting, business management, team building and so on were taught. I was also part of the Young African Leaders Initiative in 2018.

The Economic Commission for Africa (ECA) and Standard Bank Group, with the support of the Arab Bank for Economic Development in Africa (BADEA), the Motor Industry Retirement Funds (MIRF) and Copartes Pension Fund and the African Union Commission (AUC), have announced the African Women Impact Fund (AWIF) Initiative’s achievement of its first commitment of USD$60 million. 

The announcement was made at the inaugural The Global Africa Business Initiative, which was held on the environs of the just-concluded United Nations General Assembly in New York.

The existence of gendered stereotypes and racial biases in society have detrimental effects globally. This holds true within the investment space where these prejudices obstruct female entrepreneurship, appointment of women in leadership roles, and empowerment of female fund managers. Of the $69.1 trillion of financial assets under management globally, less than 1.3% are managed by women and people of colour. It is increasingly alarming that only 7% of private equity and venture capital funding is allocated to women-led businesses in emerging markets. 

The AWIF Initiative’s primary purpose is to overcome the systemic barriers and investor biases in the asset management industry, by enabling and promoting women-owned and women-led funds on the African continent. 

The initial $60m commitment to AWIF includes $15m from BADEA, and $45m from The Motor Industry Retirement Funds (MIRF) and Copartes Pension Fund in South Africa. MIRF and Copartes have agreed to bring their $45m in assets recently allocated to developing start-up women fund managers in South Africa under the AWIF Initiative.

The AWIF is an Initiative of the Economic Commission of Africa (ECA) together with its partners: UN Women, the Office of the Special Envoy on Women, Peace and Security of the African Union Commission, and the African Women Leadership Network. It has been established in collaboration with the Standard Bank Group as lead sponsor, MiDA Advisors as key strategic advisor, and RisCura as the investment manager and provider of manager development and support services. 

The Initiative has a two-fold agenda of making a commercial impact for investors while empowering women financial leaders to drive growth in Africa. With a bold ambition to raise up to $1 billion over 10 years for women fund managers, who will in turn invest in high-impact sectors and projects across Africa, this first-of-its-kind initiative is well positioned to enable economic stimulus through sustainable and gender-inclusive capital growth opportunities.

Empowering Africa’s women in investment

The Standard Bank Group sees gender equity as both a fundamental human right and a business imperative. Lindeka Dzedze, Global Markets Head: Strategic Partnerships at Standard Bank and Chairperson of the AWIF Executive Committee explains: “Without the economic empowerment of women, the vision to raise Africa’s financial output cannot be realised. Understanding this, Standard Bank supports the AWIF Initiative to raise the profile of established women-owned and women-managed funds that participate in listed and private markets, and short-term private debt.” 

As evidence of this commitment, the Standard Bank Group announced today at The Global Africa Business Initiative that $60 million will be allocated to the AWIF Initiative to accelerate its long-term ambitions. 

Malcolm Fair, Chief Executive Officer at RisCura explains further: “We believe that investing with women-led asset managers supports empowerment for women in all of society. With 20 years’ experience in supporting diverse and start-up investment managers on the African continent, we are excited to manage the investments of the African Women Impact Fund and continue the journey of empowerment.”

He adds: “The commitment by African institutions to the AWIF Initiative assists us in attracting potential global institutional investors on the next fundraising drive.”

The initial $60m commitment to the Initiative includes $15m from BADEA, and $45m from The Motor Industry Retirement Funds (MIRF) and Copartes Pension Fund in South Africa. MIRF and Copartes have agreed to bring their $45m in assets recently allocated to developing start-up women fund managers in South Africa under the AWIF Initiative.

Adam Essat, MIRF and Copartes Principal Officer explains: “Through our initial commitment of $45m to the AWIF Initiative, we hope to show that institutions on the African continent believe in and support this Initiative and its objectives. We encourage global investors to take action and invest alongside us in facilitating diversity, development and empowerment in bright and unstoppable Africa.”

These funds will provide capital to existing women owners and women fund managers across different asset classes and African regions. Dr. Sidi Ould TAH Director General at BADEA says: “I believe this fund will accelerate fundraising and capital allocation by female fund managers on a transformative level. It is through barrier-braking initiatives such as these that together, we can create a sustainable and scalable investment environment that drives inclusive growth for all who live in Africa.”

Furthermore, it will give the AWIF Initiative the ability to take a big step forward in realising the United Nation’s Sustainable Development Goals (SDGs) 5 and 8, which target gender equality, decent work, and economic growth, as well as the AU Agenda 2063.

“AWIF aims to address the fundamental gap in women’s access to financial tools. As a result, the fund contributes to the achievement of several Sustainable Development Goals (SDGs), including SDG 1 that calls for an end to poverty. Supporting emerging African female fund managers will accelerate the representation of women-led funds. This will help close the current gender gap in labour markets, promote the emergence of women fund managers and entrepreneurs, address identified barriers to attracting capital in a sustainable manner, and increase economic output, job creation, and women’s economic empowerment and prosperity,” said Antonio Pedro, acting Executive Secretary, ECA. 

Our continent’s growth drives global business

With a $2.5 trillion market opportunity, the African continent has been identified as the most important driver of global business The announcement of the first allocation of funds to the AWIF Initiative will attract and empower many talented female asset managers throughout Africa and set a precedent for a gender-inclusive asset management approach in the future.  

Aymeric Saha, CEO of MiDA Advisors shared: “MiDA Advisors was honored to play a role in the creation of AWIF by facilitating the connection between all three key players in the Initiative – ECA, the Standard Bank Group, and RisCura. We feel that work on gender economic empowerment within the financial sector is not only a necessity for further economic development across the continent but is also wholly feasible with the right partnerships and programming. We look forward to the future successes of the fund managers selected, and to the impact they will in turn have in their home markets.”

Feature Photo: L-R: Eloine Barry, CEO of the African Media Agency (AMA); Lindeka Dzedze, Executive Head: Institutional Clients, Global Markets Standard Bank Group & Chairperson of the AWIF Executive Committee; Heleen Goussard, Head of Alternative Investments RisCura; H.E. Madam Bineta Diop, Special Envoy of the Chairperson of the African Union on Women, Peace and Security.)

Article Distributed by African Media Agency on behalf of Standard Bank

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