This initiative comes in response to a recent survey revealing significant barriers faced by female entrepreneurs, with 94% citing societal expectations and gender stereotypes as major impediments to their leadership roles, and nearly 60% attributing business failure to gender issues.

The survey, commissioned across Europe by Alibaba.com, found that nearly two-thirds (63%) of female entrepreneurs have faced challenges where gender was seen as a disadvantage. Additionally, over a third (36%) believe there is a lack of female representation in SMEs throughout the European Union.

On a positive note, the survey indicated that smaller companies with lower turnovers are less likely to see gender as an obstacle to entrepreneurial success and have faced fewer gender-based challenges in the workplace.

Less than half of SMEs (48% of those with 1-9 employees and 41% with turnovers under £85,500) consider gender a significant factor in entrepreneurial failure, a view less common compared to larger companies (82% of companies with 250-500 employees and 63% of companies with turnovers between £85.5 million and £427.5 million).

This suggests that SMEs could play a crucial role in fostering a more gender-diverse work environment and lead the way in promoting broader gender equality across the business landscape.

To address these disparities, Alibaba.com has established the AWE initiative, an advanced educational training, mentoring, and networking programme aimed at female business owners or co-owners.

Over a 10-week period, participants will have the opportunity to engage with a dynamic community of like-minded industry leaders, investors, mentors, and organisations working for increased gender equality in decision-making, such as European Women on Boards, Women&Tech ETS networks, European PayTech Nexi and Visable, operator of B2B marketplace Europages, as well as testimonials from small business owners. Through this interaction, they will acquire invaluable insights and establish strategic partnerships to unlock pathways to success and growth.

Participants will delve into modules covering leadership, negotiation, strategy, business and financial models, funding, communications, and more. In 2024, the Academy will welcome forty female-led companies from across Europe.

“By giving women entrepreneurs the tools and knowledge to empower themselves, we believe that we can ultimately contribute to a more inclusive and prosperous global economy” commented Michela Rubegni, Marketing Director, Europe at Alibaba.com. “With the launch of the AWE initiative, our aim is to draw upon our two decades of experience in enabling global trade and provide participants with the necessary support, resources, and networking opportunities to thrive in today's competitive landscape, overcoming gender-related obstacles. We are looking forward to connecting with all the entrepreneurs that will join us in this exciting journey of learning and growth.”

According to Alibaba.com's analysis, female entrepreneurs consider educational initiatives targeting both businesses and schools as paramount for fostering diversity within the entrepreneurial ecosystem, alongside the increase in funding opportunities. Additionally, the top three strategies identified for enhancing the representation of female entrepreneurs in traditionally male-dominated sectors include: increased visibility of female entrepreneurs in the media (44%), establishment of support groups facilitating collaborative problem-solving among female entrepreneurs (42%), and advocacy for gender equality (41%).