"This Guide was developed for impact and mission-driven investors (“Investors”) operating in emerging markets to provide concrete, practical pathways for investing with a gender lens. The adoption of Gender Lens Investing strategies amongst investors in emerging markets in turn increases the amount of capital deployed towards women-led and gender inclusive businesses. Specifically, this Guide offers pathways for investment professionals, limited partners (LPs) and general partners (GPs) at impact and mission-driven Venture Capital (VC) and Private Equity (PE) firms that are investing in small and medium-sized enterprises (SMEs). Other actors that may also find the Guide useful are limited partners (LPs), asset managers, foundations, family offices and development finance institutions (DFI) that are providing capital to SMEs in emerging markets (Please see Figure 1: Who is this Guide for?). While the investor examples and data presented in the Guide originate from Investing in Women partners and countries of focus, the lessons learned apply broadly to investors operating in emerging markets.

There is no singular or linear path to investing with a gender lens, and there is no single ‘one-size-fits-all’ approach to meet the needs and theses of all investors. With that in mind, the Guide outlines various options for investing with a gender lens. We know that gender lens investing is not an “all-or-nothing” scenario. There are multiple ways to integrate progressive practices, including ways that are not resource-intensive. This Guide outlines entry points for investors at any point in their gender lens investing journey and provides various options for decisive actions that can be taken at any stage of the investment process.

There is no single prescribed starting point. Investors can customize their approach to getting started and/or to deepen their involvement. The Guide builds on – and contributes to – a rapidly growing body of knowledge shared within the fields of gender lens investing and development, and is intended to spur action and learning. Recognizing that new resources are continually emerging, this Guide delves into the “how” of gender lens investing and is designed to complement the work of our partners and colleagues cited throughout this paper."

"This paper provides an analysis of local development, to deepen understanding of characteristics and behavior of women in rural areas in the municipality of Los Cabos, Baja California Sur. Specifically in the local delegations of Santiago, Miraflores, and La Ribera. We also identify investment opportunities that promote the entrepreneurial activity of women in that area. We wish to determine the business opportunities available in the area. We also identify market demands, available and potential resources, and analyze the possible impact of local areas through potential economic activities. The methodology involved examining documentary sources. In addition, we utilize direct observation, and planning workshops. Later, we administer a questionnaire to a representative sample of women from the study area. The results allow us to diagnose the woman’s situation and her development opportunities."

"Conventional wisdom holds that women are less likely than men to start and lead  businesses. This trend, however, may be changing. Since 2020, the Visa Economic Empowerment Institute (VEEI) has surveyed small businesses around the world. Our findings suggest that firms born in the past two years are more likely than older firms to be headed by women. They are also more likely than pre-pandemic firms to be led by minority women. And once they start to export, they sell to a larger and more diverse set of markets. These women-led firms are also adopting digital technologies at about the same rate as those led by men. What factors predict success? The newly established women-led firms that weathered the initial impacts of COVID-19 better than other businesses share three characteristics: 1) they are more likely to use digital payments; 2) they are more likely to sell on global marketplaces that enable them to scale their sales and diversify their markets; and 3) they are more likely to export. This paper sets out recommendations for policymakers and the business community to better encourage and support the development of women-led firms by: 1) providing access to digital opportunities; 2) fostering digital skills; and 3) promoting a safe environment in which women-led firms can operate."

Extant research results illustrate that women are roughly half as likely to become entrepreneurs as men (Kauffman Compilation: Research on Gender and Entrepreneurship, 2016). However, women may see themselves fit in traditionally male jobs when the language used in the job advertisement is communal in nature (Gaucher, 2011), and vice versa. To empirically test this idea, the authors first sought to understand if there were any gender biases in the accelerators’ calls for applications using a validated scale of masculine and feminine words. They found a higher percentage of feminine words across most regions, which is in the opposite direction of what was expected. Second, the authors manipulated the language used in an accelerator program call for application (1) with the percentage of gendered words found from the accelerators on the ANDE list (3-4%) and (2) an exaggerated percentage of gendered words (9%), to see how it affected women and men’s perceptions of the accelerator program. In general, men in the U.S. express high entrepreneurial fit, sense of belonging, and application success possibly because the U.S. is high on both individualism and masculinity on Hoefstede’s country culture dimensions. However, women in Latin America report results that are opposite to men in the United States.

"Em 2019, a ANDE anunciou uma parceria empolgante com a USAID e a Visa Foundation para lançar a Iniciativa de Igualdade de Gênero da ANDE (AGEI), que visa apoiar mulheres como líderes, funcionárias e consumidoras no setor de SGB de mercados emergentes. Como um projeto piloto sob a AGEI, cada um dos oito escritórios regionais da ANDE hospedou um Laboratório para Ação em Igualdade de Gênero de 9 a 12 meses. O Laboratório para Ação da ANDE utiliza um processo de design participativo em que um grupo de stakeholders regionais, com experiência profunda e diversificada e expertise em determinado assunto, se reúne para definir problemas e, em seguida, criar e testar soluções potenciais em conjunto."

"A Aspen Network of Development Entrepreneurs (ANDE) lançou o Fundo Avançado para o Empoderamento das Mulheres (AWEF, na sigla em inglês) em 2019 com o apoio da Visa Foundation e da Agência dos Estados Unidos para o Desenvolvimento Internacional (USAID). O objetivo geral dos projetos financiados pelo AWEF é abordar a lacuna de gênero para financiamento para pequenas empresas em crescimento (SGBs)1 pertencentes a mulheres em economias em desenvolvimento. A primeira rodada de grantmaking, a AWEF Asia, financiou oito organizações de apoio a empreendedores (ESOs) no Camboja, Vietnã, Mianmar, Filipinas, Paquistão e Índia, bem como programas que servem a região como um todo."

"L’Aspen Network of Development Entrepreneurs (ANDE) a lancé l’Advancing Women’s Empowerment Fund (AWEF) en 2019 avec le soutien de la Fondation Visa et de l’Agence Américaine pour le Développement International (USAID). L’objectif global des projets financés par l’AWEF est de combler l’écart de financement entre les sexes pour les petites entreprises en croissance (PEC) tenues par des femmes dans les économies en développement. La première série de subventions, AWEF Asie, a financé huit organisations de soutien aux entrepreneurs (OSE) au Cambodge, Vietnam, Myanmar, Philippines, Pakistan et en Inde, ainsi que des programmes desservant la région dans son ensemble."

"La Red Aspen de Emprendedores para el Desarrollo (ANDE, por sus siglas en inglés) lanzó el Fondo para el Avance del Empoderamiento de las Mujeres (AWEF, por sus siglas en inglés) en 2019 con apoyo de la Fundación Visa y la Agencia de los Estados Unidos para el Desarrollo Internacional (USAID). La meta general de los proyectos fundados por el AWEF es abordar la brecha de género en términos de financiamiento para pequeños negocios en crecimiento (PEC)1 propiedad de mujeres en economías en desarrollo. La primera ronda de entrega de donativos, AWEF Asia, financió a ocho organizaciones de apoyo a emprendedores (OAE) en Camboya, Vietnam, Myanmar, Filipinas, Pakistán e India, así como programas apoyando a la región en su conjunto."

"En 2019, l’ANDE a annoncé un partenariat passionnant avec l’USAID et la Fondation Visa pour lancer l’ANDE Gender Equality Initiative (AGEI), qui vise à soutenir les femmes en tant que dirigeantes, employées et consommatrices dans le secteur des marchés émergents de PEC. En tant que projet pilote dans le cadre de l’AGEI, chacune des huit sections régionales de l’ANDE a accueilli un Action Lab de 9 à 12 mois sur l’Égalité des Sexes. L’Action Lab de ANDE utilise un processus de conception participative dans lequel un groupe de parties prenantes régionales, ayant une expérience et une expertise profondes et diverses sur une question, se réunit pour définir les problèmes, puis créer et tester ensemble des solutions  potentielles."