– Dear Diana, you represent Visa, the world leader in digital payments, as Regional Manager for the Caucasus region. We recognize and appreciate the many innovative payment technologies you have introduced in Armenia through your partnership with various financial institutions. Thanks to your outstanding efforts, digital payments in our country have made significant progress. Recently, we learned that Visa launched a global campaign to empower women entrepreneurs in Armenia and held a special event. Could you tell me more about that?
Visa has been present in Armenia for over 20 years and has been driving the country’s payments innovation and digital transformation process. We are partnering with Armenia’s financial institutions, government and central bank to pave the way for the country’s cashless future. But Visa does more than just deploy payment technology. In every market in which we operate, including Armenia, we leverage our vast resources to further our mission of empowering underserved populations and advancing financial inclusion. .
One of our strategic goals is to help women fund, run and grow small businesses. Through the global She’s Next initiative, launched in Armenia this year, we provide women entrepreneurs with skills, training, funding opportunities and inspiration to start or expand their businesses. I believe that kicking off this campaign will be a game-changer for women leaders in Armenia. To commemorate this, we hosted a panel discussion on women’s entrepreneurship in Armenia with the European Bank for Reconstruction and Development, one of our strategic partners who share Visa’s commitment to supporting small businesses and women entrepreneurs. In hosting this event, we are starting a broader conversation about women’s economic empowerment, bringing public attention to the topic, fostering networking among women entrepreneurs, and encouraging more women across the country. We strived to share expertise, tools, and resources to help you feel empowered.
– What opportunities are offered to women entrepreneurs within She’s Next, especially in white neighborhoods?
– At Visa, we work to strengthen small and medium-sized businesses as the backbone of local economies around the world, the largest employers, job creators, and contributors to national GDP. At the same time, we believe in the importance of gender inclusion, because women’s equal participation in society and the economy ensures balanced and rational management of important issues.
Combining two imperatives: uplifting small businesses and increasing women’s economic participation, the She’s Next Empowered by Visa initiative was launched in the United States in 2019. The initiative has since expanded to different countries and helped hundreds of thousands of women small business owners gain knowledge. and improve your skills, attract investment, find inspiration, and overcome internal barriers and fears.
The She’s Next campaign has already been rolled out in several countries of the CISSEE regional cluster, including Georgia, Ukraine, Central Asia, Serbia and Moldova, and we are pleased that Armenia has joined this list this year.
I am confident that this campaign will help Armenian businesswomen reach new heights. In the neighboring state of Georgia, where this initiative has been active since 2020, remarkable results have been achieved. As of now, we are introducing four waves of initiatives there. In the latest wave, we ran a business idea pitch contest that attracted over 1,000 entries and awarded three winners cash prizes and mentoring sessions to help them successfully launch their businesses. In recent years, her She’s Next network for women entrepreneurs in Georgia has grown to over 2,000 members.
But we’re always striving to improve and provide more resources for entrepreneurial women to succeed. That’s why in 2022, we’re partnering with think tanks in Emerging Europe to understand and better respond to the struggles and challenges women face as they pursue careers in Eastern Europe, Southeastern Europe, Central Asia, and Europe. , conducted a study on women’s leadership and entrepreneurship in the Caucasus. their needs.
Based on the research results, in 2023 we developed a new digital product for women entrepreneurs in the CISSEE region in collaboration with Emerging Europe. It is a She’s Next digital community platform that connects businesswomen from different countries and facilitates networking, exchanging experiences, and interaction. International business expansion. The platform offers a variety of educational opportunities, including one-on-one mentorship sessions that I personally conducted, to give professional advice to women entrepreneurs, uncover their potential, and create new We help you find your business perspective.
– You mentioned your research to better understand the needs and experiences of women entrepreneurs in Armenia. What are the main insights of that study? What are the key findings?
– A study in partnership with Emerging Europe highlights that women entrepreneurs in Armenia tend to be mostly independent and knowledgeable about raising additional funding.
When starting a business, Armenian women are primarily motivated by a desire for financial and professional independence, with 58% of respondents citing the desire to earn more income as their main source of motivation. Women-owned businesses in Armenia are struggling to obtain funding and stay competitive. . Respondents said the biggest challenges in starting and operating a business in their home country are obtaining investment, intense competition, and building a team. Additionally, digital marketing, social network management, e-commerce, online operations, and strategic management are also considered important skills by respondents.
The findings will serve as a basis for planning Visa’s future activities supporting women’s entrepreneurship in Armenia and will help understand the needs and struggles of local audiences.
– Digital Community Platform – What is it and how can it help entrepreneurs connect?
– While conducting research in collaboration with Emerging Europe on women’s entrepreneurship in Eastern Europe, South-Eastern Europe, Central Asia and the Caucasus, we noted some interesting details. Her 85% of women entrepreneurs in this region are ready to become part of the international community. Share your experiences with other women leaders. That’s why, in 2023, we partnered with Emerging Europe to create the She’s Next digital community platform for women entrepreneurs so that they can network, share experiences, and grow their businesses within the region. did. The platform is open to everyone interested in entrepreneurship, from people with a business idea but no existing business, to startup owners and women running established businesses.
The She’s Next digital community platform consists of two parts. First, she has her own website called She’s Next Empowered by Visa, which has helpful content for female entrepreneurs (mostly in English). Here users can find entrepreneurial success stories, inspirational videos, educational webinars, analytical articles, interviews, business tips, and more.
The Digital Community Platform itself is accessible only to registered users. It is a professional social network with all relevant features such as news feeds, interest groups, tools for posting and messaging, where women leaders and entrepreneurs can communicate, contact business contacts, suppliers , allows you to find investors and develop your personal brand. , or become a mentor or mentee. All new members are given the opportunity to communicate with the community manager. Community Managers not only help you navigate within the platform, find groups of interest, and make acquaintances, but also share links to useful materials to make your presence on the platform as beneficial as possible. It will help you. She’s Next Digital Community I believe that the She’s Next platform can be a real game changer for women entrepreneurs in Armenia and help them connect with like-minded and ambitious women from other countries.
– Women’s entrepreneurship is growing worldwide and Armenia is no exception. What are the next opportunities to propose to the Armenian market?
– As a global company with deep roots in local initiatives, Visa remains committed to its mission of uplifting local communities and people in need. In accordance with our strategic priorities, we will promote financial inclusion in Armenia and digitally empower small and medium-sized enterprises by introducing cutting-edge payment technologies to the Armenian market.
The kickoff of the She’s Next initiative in this country marks an acceleration of our efforts to champion women’s economic advancement. We are working to respond to the needs of women entrepreneurs in Armenia as revealed by the Women’s Entrepreneurship Survey and provide them with all the tools and skills they need to start or grow their business.
