According to the Mastercard Index of Women Entrepreneurs (MIWE) of South Africa, there are currently more unemployed women than unemployed men in country. That said, women’s entrepreneurial activity has increased in the past few years which may offer women an avenue to overcome unemployment and other barriers they face – this is something that Darlene Menzies is passionate about.
Menzies, the founder and the driving force behind SMEasy and Finfind, stands at the forefront of fintech innovation, reshaping the landscape for small and medium enterprises (SMEs) and emerging as an advocate for female entrepreneurship. In a recent interview, Menzies provided a detailed account of her entrepreneurial journey, revealing the inspiration behind her ventures, the challenges she conquered, and her commitment to empowering women in the world of business.
The Genesis
The roots of Menzies’ entrepreneurial passion can be traced back to the early 2000s and her desire to address the hurdles that led to the failures of her initial business endeavours. Drawing from this experience and her 15 years working in corporate ICT and banking sectors, she embarked on a mission to develop solutions that would revolutionise how startups and early stage businesses approach financial and business management, as well as accessing capital.
Menzies shared, “Failure is not something to be ashamed of; it is actually a vital ingredient for future success.” Her firsthand experience of the challenges in establishing and growing businesses provided crucial insights that became the bedrock upon which two of her fintech businesses, SMEasy and Finfind, were built.
SMEasy and Finfind: Transformative Solutions for SMEs
SMEasy is a user-friendly, affordable, online accounting and payroll solution designed “by entrepreneurs for entrepreneurs.” It enables business owners who don’t do accounting to stay on top of their business finances. Finfind, on the other hand, is positioned as the ‘Tinder’ of SME funding. By maintaining an extensive database of funders and finance products in the country, Finfind plays matchmaker, connecting entrepreneurs with the most suitable funding options.
Statistical Insights: Women in South African Entrepreneurship
South Africa has seen a commendable increase in women’s entrepreneurial activity, with 11.1% of working-age women engaged in early-stage entrepreneurial activities. Menzies envisions a future where more women not only become founders but also actively contribute to scalable businesses. Menzies highlighted that female-founded and co-founded startups tend to outperform all-male counterparts, employing 2.5 times more people.
Menzies urged intentional promotion and support for female founders, citing the untapped potential of women in entrepreneurship. The call for increased support is not only a gender equity imperative but also an acknowledgement of the unique strengths and perspectives women bring to the business world.
Investing in Female-led Businesses: A Call to Action
Menzies outlined essential steps to attract more investors to female-led businesses. Intentional support for female founders, especially those with compelling ideas poised for scalability, is paramount. Mentorship, development opportunities, and guidance on product development and market entry are crucial elements for their success.
To foster a supportive ecosystem, Menzies called for increased exposure to strong female champions and role models, inclusion in influential business networks, and greater media attention to highlight the importance of female entrepreneurship. She emphasised that exposing young girls to the business environment from an early age and developing a greater understanding of the female entrepreneurship phenomenon are crucial steps toward fostering a culture of inclusivity.
Despite the proven success of female-founded businesses, there remains a significant gender disparity in venture capital investments. Currently, only 3% of venture capital is allocated to female-founded businesses, despite research indicating higher returns on investment.
Women can reshape the future of business
Menzies is not only a fintech innovator; she is a catalyst for change. Her journey reflects resilience, innovation, and an unwavering commitment to empowering others, especially women, in the entrepreneurial space. As SMEasy and Finfind continue to make significant strides, Menzies’ impact extends beyond the bottom line, influencing the narrative of female entrepreneurship in South Africa.
This is not just a story of a successful businesswoman; it is a testament to the potential of women in reshaping the future of business. How determination, and a commitment to equality can lead to transformative change.
About Finfind
Finfind is SA’s leading access to finance solution for SMMEs – an online platform linking SMME finance seekers with matching funders, providing easy access to more than 350 lenders and 600 funding options. Go to www.finfind.co.za to find the business finance you need; it’s free and easy to use.
