Funding: A question of Gender?

A recent Facebook question caught our attention—it suggested that Growth for Zambia only supports women. While it’s true that, going into our second year, over 50% of the businesses we actively support are either female-led or have women in leadership roles, that’s not the whole story.

In fact, one of the entrepreneurs we supported last year was David Kazadi of Icons Zambia  So, if someone wants to claim we only support women, they’re free to say it—but it is not accurate.  It does however raise a broader, more interesting question: why do women feature so prominently in our shortlists and successful applications?

Taking a step back, when we assess candidates, we look at the business opportunity itself. But we also evaluate the management team. Having travelled to and from Zambia for a few years now, we’ve gained an outsider’s perspective. And sometimes, an outsider sees things that those closer to the detail might miss. One key quality we look for in a management team is a strong attention to detail, rigor, and drive. When we allocate funding, we want confidence that the plans discussed will be followed through.

Looking back at previous candidates and applications, there’s no doubt that a trend has emerged: female-led or female-only businesses often inspire greater confidence in their ability to deliver. That’s not to say that male-led businesses don’t inspire confidence—they certainly do. But if my observation is correct, then why is this happening? 

Are we placing too much value on rigor, punctuality, and attention to detail? Here’s a recent example: in the 2025 applications, we spoke with a male-led business and asked about their plans for spending the grant money if they were successful. They mentioned a piece of machinery they estimated would cost around $5,000. During the conversation, my colleague Ahmad did a quick search and found the exact same equipment in Zambia for $1,000. We weren’t trying to catch anyone out, but being so far off in your financial planning doesn’t inspire confidence!

This isn’t to say that all male-led businesses lack this attention to detail—but there does seem to be a pattern. Those who inspire confidence tend to have clear, well-thought-out plans. They know exactly how they’ll use the funds, and they have the drive to push forward. Many of these businesses happen to be female-led.

That said, we are committed to supporting as many men as possible, just as we support women. So, to circle back to the original question—it’s not the case that we only support women. But it does raise an interesting discussion: the businesses in Zambia that stand out the most, at least in our experience, seem to be independent, well-managed ventures. 

This is an open question, and we’d love to hear your thoughts. We certainly don’t claim to have all the answers. Like everyone else, we’re learning as we go and doing our very best to deliver growth for Zambia.