Women entrepreneurs in STEM fields (science, technology, engineering, and mathematics) will now have an additional tool to kickstart their businesses related to these areas of knowledge, while also narrowing the gender gap in this field, fostering innovation, and contributing to the economic development of the country and the Central American region.
These are the advantages brought by the arrival of the WISE Latin America Program, which aims to enhance the entrepreneurial skills of the female population in the country related to the development of STEM projects. The program is available in the country through the Directorate of Promotion of Innovation and Linkage for Development (Diprovid) of the University of Costa Rica (UCR) and its units: the University Agency for Entrepreneurship Management (AUGE), the Knowledge Management and Transfer Unit for Innovation (Proinnova), and the Scaling and Associativity Unit for Development. (Crece).
The idea, as stated by the director of Diprovid, GeanninaSojo Navarro, is that these training sessions, which will be jointly conducted by WISE and UCR, provide tools to transform innovative ideas into successful businesses, so that the women themselves can carry out these projects.
WISE Latin America arrives in Costa Rica as part of the alliance with the Regional Center for the Promotion of Micro, Small, and Medium Enterprises (Cenpromype) and also has the support of the Gender Equity and Equality Unit of the Rectorate, the UCR Innova and Emprende Network, the Office of International Affairs and External Cooperation (Oaice), and the School of Business Administration of UCR.
The training offered by UCR and Wise began with seven master classes held in September and October for 25 women working in STEM fields at the University. They will be trained in topics such as startup formation in the market, value propositions, business models, financing, marketing and sales management, how to work with teams, and leadership management, among many other subjects. Sojo expands on the information:
The origin of WISE dates back to 2018, when the Innovation Lab of the Inter-American Development Bank (BIDLab) called upon the Entrepreneurs Center of IAE Business School, part of the Austral University of Argentina, to create a joint project focused on three key areas: women, entrepreneurship, and STEM careers.
From that moment on, WISE has worked to strengthen the integration of women entrepreneurs in the STEM ecosystem in Latin America, with a positive impact in multiple countries such as Argentina, Peru, Colombia, and Ecuador, which it hopes to replicate in Central America as well. Finally, this year, Costa Rica has been selected as one of the first countries in the region to implement the program, thanks to the mediation of the UCR, along with El Salvador. This expansion to Central America was facilitated by the connection with Cenpromype and the Hemispheric Consortium of Universities, of which the University of Costa Rica is a part.
Principles for entrepreneurship
The WISE program is based on four fundamental pillars. The first of these is the generation of knowledge through research, with the aim of identifying the barriers and opportunities faced by women entrepreneurs in Latin America.
This component includes the publication of studies that gather valuable information about the female entrepreneurial ecosystem in the region. To date, WISE has published three reports titled Women Entrepreneurs in STEM in Latin America: Protagonists of the Future, and continues to work on new research to further strengthen women’s participation in STEM.
The second pillar focuses on the training of women entrepreneurs. Through a program designed in collaboration with prestigious universities, it offers a course that covers everything from the basics of entrepreneurship to the development of business skills, such as opportunity detection, business model design, finance, marketing, and leadership.
This course can be taken either virtually or in person, depending on the availability of each participating university. Additionally, WISE offers online training available on the Coursera platform, allowing women from all over the world to access this knowledge.
The third component is the mentoring program, which assigns entrepreneurs a specialized mentor based on their needs. In this process, which can last between two and three months, personalized support is provided to entrepreneurs at the different stages of their projects, whether in the idea phase, development, or consolidation. This program is especially important for those women who are looking to expand their businesses, access venture capital, or internationalize their companies.
This step is essential for guiding women who wish to venture into the STEM field. AraceliCalja, regional project leader of WISE Latin America, mentioned that the individual needs or issues faced by entrepreneurs when they start their training are taken into account.
Finally, the fourth pillar is the competence of startups. This initiative allows female entrepreneurs to compete and present their projects before an evaluation jury, with the possibility of winning seed capital or accessing international training. The selected entrepreneurs can also participate in events like WeXchange, the largest forum for STEM entrepreneurs in Latin America, organized by the IDB.
The fruits of WISE’s support
In a recent study, WISE found that nearly 4 out of 10 female entrepreneurs who participated in the program increased the profitability of sales in their businesses, demonstrating that investment in these initiatives has a positive return for the economies of women and the countries in which they live.
Thus, the expected impact of this program is significant both locally and regionally through increased innovation, job creation, and economic development. Calja explains the contributions that women entrepreneurs can receive and how this can multiply benefits for the economies of countries.
In the case of Costa Rica, the State of the Nation Report indicated last year that only 23% of scientific and technological ventures in the country are led by women, which highlights the immense gender gap that still remains to be overcome.There are numerous opportunities for Costa Rican companies led by women in STEM fields to integrate into the productive development that the country needs.
The success of WISE will depend on the collaboration between the involved institutions and the commitment of the entrepreneurs participating. Specifically, Calja remarked that the UCR was chosen as the ideal partner to carry out this mission due to its academic prestige and solid track record.
The WISE initiative in the country this 2024 will be the first of many editions expected to take place in the coming years, with the aim of continuing to empower women in STEM fields and thus fostering a more inclusive and diverse entrepreneurship ecosystem throughout the region.
WISE at your fingertips
If you would like more information on how to get involved in this training program for women who wish to start their STEM business project, please contact Alonso Vargas, director of AUGE, at phone number 2511-1334 or via email at [email protected]
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