The Hiraya Fellows Program aims to equip changemakers and advocates for women's empowerment to design impact investing instruments to support women-led enterprises. A practitioner-oriented program, this one-year programs guides Hiraya Fellows to structure an impact investing instrument and co-create institutional arrangements with implementing partners at the subnational, national, or transnational levels. 

Objectives

1. design and launch impact-first investment funds to support women's entrepreneurship and empowerment

2. equip changemakers to co-create viable institutional arrangements to implement such funds

3. support 10,000 women-led enterprises  

Summary of Steps in Designing an Impact Fund for Women Entrepreneurship

1. Define the Objectives

Clearly articulate the objectives of the Women Entrepreneurship Impact Fund. Identify the desired social and economic outcomes, such as increasing the number of women-owned businesses, improving access to capital, promoting gender equality in entrepreneurship, and fostering economic empowerment.

2. Conduct a Needs Assessment

Assess the current landscape of women entrepreneurship in the province or state. Identify the challenges and barriers faced by women entrepreneurs, including access to finance, training, mentorship, and market opportunities. Understand the specific needs and gaps that the fund can address.

3. Establish Funding Parameters

Determine the financial resources available for the fund. Define the fund's size, duration, and funding sources, which may include contributions from the provincial government, private investors, corporate sponsors, and philanthropic organizations. Consider long-term sustainability and the potential for leveraging additional capital.

4. Develop Investment Strategies

Identify the investment strategies that align with the fund's objectives. This may include providing grants, loans, equity investments, or a combination thereof. Define the investment criteria, such as the sectors, stages of business, and geographic focus. Consider whether the fund will target early-stage startups, growth-stage businesses, or a mix of both.

5. Establish Eligibility Criteria

Determine the eligibility criteria for women entrepreneurs to access the fund. Consider factors such as business stage, industry, revenue size, geographical location, and the social impact potential of the business. Ensure inclusivity and fairness in the selection process.

6. Design Support Programs

Develop complementary support programs to enhance the impact of the fund. These may include business development training, mentorship programs, networking events, market access support, and capacity-building initiatives tailored specifically for women entrepreneurs. Collaborate with relevant organizations and stakeholders to provide holistic support.

7. Create a Governance Structure

Establish a governance structure for the fund, including a governing board or advisory committee that ensures transparency, accountability, and diverse perspectives. Define roles, responsibilities, decision-making processes, and reporting mechanisms. Consider involving women entrepreneurs, industry experts, and government representatives in the governance structure.

8. Monitor and Evaluate Impact

Develop robust monitoring and evaluation mechanisms to measure the fund's impact and effectiveness. Define key performance indicators (KPIs) aligned with the fund's objectives and regularly collect data to assess progress. Utilize the insights gained to refine strategies, improve outcomes, and inform future decision-making.

9. Promote Outreach and Awareness

Develop a comprehensive marketing and communication plan to promote the Women Entrepreneurship Impact Fund. Raise awareness among women entrepreneurs, business associations, incubators, accelerators, and relevant stakeholders. Highlight success stories, impact achieved, and available support to attract qualified applicants and build a strong ecosystem.

10. Establish Partnerships

Foster strategic partnerships with government agencies, financial institutions, women's business organizations, universities, and other key stakeholders. Collaborate with these partners to leverage their expertise, networks, and resources. Seek opportunities for co-investment, knowledge-sharing, and amplifying the impact of the fund.

Sample Women Impact Investment Fund Initiatives

Family Offices as Possible Fund Sources