In its second edition, 35 leading businesswomen completed the Leads Academy for Women business acceleration program for Central America, implemented by the Center for Inclusive and Sustainable Leadership (CELIS) of INCAE with support from Corporación Bi. As a result, the graduates boosted the development of their own businesses and the region's economy.
Leads Academy for Women is a training and business acceleration platform for women. It provides them with knowledge and tools to enhance the development of their skills and businesses. In this edition, the entrepreneurs completed a total of 85 hours of virtual training, 20 and a half hours of tutoring, 45 hours of on-site training and 8 hours of personalized mentoring. Forty entrepreneurs participated, of which 35 successfully completed the program, reflecting significant improvements in their strategies, value propositions and sales.
Access to the financing provided by Corporación Bi is an opportunity for women to expand their businesses, acquire new equipment, increase their hiring, and explore new markets. Thirty-one percent of the applicants have requested financing, and of these, 75% have already received it, for a total of US$402,157 in loans.
"Through our collaboration with INCAE in the Leads Academy For Women program, Bi Corporation reiterates its commitment to creating endless opportunities for women entrepreneurs. The graduation of these 35 leaders marks a significant milestone in building a sustainable future that reflects the overall well-being of the communities in which we operate. We celebrate this achievement and the success of this edition of the program as a project that will promote the economic development of the region. We know that together we can always move forward," said María José Paiz, Institutional Relations Manager of Corporación BI.
Great achievements
Among the most outstanding results of the businesswomen are their contributions to employment generation, with 275 formal jobs and 216 informal, subcontracted or outsourced jobs.
Regarding their achievements upon completion of the program, 68% indicated an increase in their level of formalization and around 80% of the graduates indicated improvements in the efficiency of current processes or the development of new processes in the business. In addition, 48% improved their value proposition by launching a new product or service, 31% improved their current products and services, and 17% plan to launch a new solution in the next 6 months.
"It was there before, but we started to have additional awareness and management outreach from this program," said one of the businesswomen.
In the program, participants had the opportunity to develop business linkages with each other. As a result, 74% developed at least one business alliance with another participant.
On the sales side, 80% increased their sales performance in 2023 compared to 2022. The most significant change in this period is a shift to higher sales ranges. Sales of less than USD $12,000 decreased dramatically from 20% to 3%, while sales in middle and high ranges experienced an increase.
Gabriela Lucke, Director of CELIS at INCAE, said: "We are proud to be part of the training and development of agents of change in Central America. This program seeks to enrich their knowledge and provide them with tools with which they can develop in the business sector. The closing of this edition is an achievement for all of us and reflects the great potential of women entrepreneurs to transform businesses in strategic and successful ways".
