“Women’s entrepreneurship as a driving force for the development of the economy of Achaia” by Th. Louloudis and Anna-Marias Rogdakis

Strengthening female entrepreneurship is a priority both for the development of our business potential, but also for the promotion of gender equality.

Female entrepreneurship in Greece still lags behind the most developed EU countries. More specifically:

• Female entrepreneurship in 2023 rose to just 25.9%. The companies managed by women are mostly small-sized limited liability companies and belong mainly to the Tourism and Trade sectors.
• Based on the Gender Equality Index, Greece in 2019 ranks last in Europe in terms of equality. Of course, steps have been taken since then, such as the 25% quota for women’s participation on the boards of listed companies and paternity leave.
• According to a report by the World Economic Forum, the pandemic increases the estimated time it will take to close the gender gap to 135.6 years, from 99.5 years.
• Women in Greece have a very low percentage in terms of their participation in the digital economy. In the European Commission’s index, “Women in Digital Scoreboard” for 2021, Greece ranks 23rd in the EU of 28. It is far behind exemplary countries such as Finland, Sweden, Denmark and Estonia.
• Research shows that women find it more difficult to find capital, and that the percentage of investments directed to companies managed by women, etc. is still very small.

In the Prefecture of Achaia, according to the data of the Registry of the Chamber of Achaia, approximately 6,000 businesses/professionals (30%) have a female name, 4,400 are based in Patras, 920 in Aegialia, 465 in Western Achaia, 150 in Kalavryta and 134 in Erymanthos. The vast majority of them are sole proprietorships. Among the most populous sectors, the ones where we find more businesses with a female brand compared to men are the activities of hairdressers, barbers and beauty centers (361 businesses), or “other education” which mainly concerns sports, culture, driving schools (164 ex.) and clothing retail (329 ex.).

Regardless of the number of businesses, the industries where women’s brands outnumber men’s are clothing repair (76%), dance, music and fine arts schools (75.8%), nurseries and daycare (75%), clothing manufacturing (70%) and the other services related to human health, such as the services of nurses, medical laboratories, occupational therapy, acupuncture, etc.

Female entrepreneurship is an important driver of development for the economy of Achaia. There are many reasons for this:

• Socioeconomic Needs: Women often face greater financial difficulties or have limited access to the labor market. Starting their own business can be a viable solution to their financial well-being and independence.
• Innovation and Creativity: The diversity of approaches and ideas that women bring to the business world can lead to innovative solutions and new business opportunities that may not have been considered before.
• Different Approach to the Market: Women may have a different and more analytical approach to market and audience needs, which can lead to successful business start-ups and innovative approaches.
• Networking and Collaboration: Encouraging female entrepreneurship can help create a network of collaboration between female entrepreneurs, which can provide support, experiences and growth opportunities.
• Social Impact: Women entrepreneurs often invest in their communities, creating jobs and supporting the local economy.

To encourage female entrepreneurship in Achaia, measures can be taken that include training, financing, supporting business networks and creating a favorable business environment. At the same time, promoting gender equality in all areas, including access to education and resources, is essential.

The bet remains: the support of female entrepreneurship to be transformed into existing policies, at national, European and also local level. Let the Chambers begin, which must prioritize the strengthening of female entrepreneurship. They must take measures such as:

• Support of female entrepreneurship through promotional policies at Chamber level.
• Creation of training and support programs for the smooth integration of women in the digital environment.
• Promotion of internships in businesses for unemployed women, with the aim of gaining experience and skills.
• Supporting female startups through hosting programs in special startup incubators.
• Implement measures to reduce the female pay gap and ensure equal pay for equal work.

*Theodoros Louloudis, is a candidate for the president of the Chamber of Achaia and Anna-Maria Rogdaki, is an Event Design/Planner and Managing Director of the wedding and events organization company Rogdaki Events Trademark.