Boost for women entrepreneurs in Armenia

Boost for women entrepreneurs in Armenia

YEREVAN, 25 March 2022 - Thirty-two women entrepreneurs have developed business plans for new or existing businesses after completing eight online modules as part of a United Nations Industrial Development Organization (UNIDO) programme.

With the support of mentors from around the world, the women took modules covering a range of topics, from value preposition to impact and growth plans. They made use of the IDEA App, a technical solution developed by the entrepreneurship programme network, Bridge for Billions, in collaboration with and specifically customized to the needs of UNIDO. It deploys a unique technology to incubate and accelerate business opportunities for early-stage entrepreneurs and small and medium-sized enterprises (SMEs), and addresses the need to streamline online incubation services. (Innovation, Development and Entrepreneurship for All (IDEA) is a UNIDO programme designed to foster an entrepreneurial culture and facilitate integration into the formal economy through a modular and flexible approach.)

The four month online programme was part of the UNIDO project, “Accelerating women’s empowerment for economic resilience and renewal: Post COVID-19 reboot in Armenia”, which is a joint initiative with UNICEF, UNDP and UN Women.

At the closing ceremony, UNIDO Country Representative in Armenia, Anahit Simonyan,  said, “We are very proud that UNIDO has had a chance to support Armenian women entrepreneurship by linking local and diaspora capacity, skills and knowledge through its flagship incubation platform. We believe that IDEA programme, designed to promote youth and women entrepreneurship and facilitate their integration into the formal economy through a modular and flexible approach, will be effectively employed by interested parties. Furthermore, there is a great untapped diaspora potential that can be attracted to develop innovative solutions and new ideas through this platform.”

The women now have bankable business plans and one has already applied for and been granted a loan for her business. The others have been put in contact with different financial sources and banks. At the programme closing ceremony, where the women received participation certificates, a representative of Enterprise Armenia, the national investment promotion authority of Armenia, gave a presentation about existing funding possibilities.