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• New Visa and Emerging Europe survey reveals women entrepreneurs want to develop their digital skills and take their businesses international

  Results of recent research in Eastern and Southeastern Europe, Central Asia and the Caucasus- conducted by Emerging Europe as part of the She’s NextEmpowered by Visa campaign - show female leaders in the region have a keen interest in digital marketing and social media and are willing to expand their businesses internationally. The survey proves women entrepreneurs in Georgia tend to acquire additional funding   

  Tbilisi, March 1, 2023 – Visa today announced the results of research into female leadership and entrepreneurship in Eastern and Southeastern Europe, Central Asia & the Caucasus conducted by Emerging Europe, a prominent growth hub with expertise in the region, as part of the She’s Next initiative.

  The extensive study comprised an online survey of 2,000 business owners or self-employed women in 11 countries, including Georgia, 75 in-depth interviews and focus groups. The findings provide a thorough profile of the average female entrepreneur from the region and will allow stakeholders to understand the struggles and challenges faced by women as they pursue their careers.

  “As one of our interviewees said, it is harder for women to raise funds. It is harder in Silicon Valley. It is harder in her country of Armenia. And raising funds is only one of multiple challenges that female entrepreneurs are facing,” said Andrew Wrobel, Founding Partner of Emerging Europe. “In this research, we wanted to explore female entrepreneurship as deep as possible and understand all potential obstacles that might influence the businesses and start-ups women create. We also wanted to explore their needs, as well as potential solutions that could empower them and help their businesses thrive and grow internationally.”

  Overall, most women-owned businesses in Eastern and Southeastern Europe, Central Asia and the Caucasus (84 per cent) don’t cross international borders, but female entrepreneurs are willing to learn about doing business abroad. 

  The leading sectors where women-owned businesses operate are beauty and wellness (17 per cent), retail (12 per cent), agriculture and food (12 per cent), education (eight per cent) and PR and marketing (seven percent). Two-thirds of female entrepreneurs do not use external financing, while three-quarters do not have any employees. Some 35 per cent of women-owned businesses in the region were set up with an investment of less than 1,000 US dollars. Only one in 10 women employs more than 5 people.

  “From its start in 2019, the She’s Next programme was all about empowering female leaders and local communities and helping them thrive,” said Vira Platonova, Visa Senior Vice President and Group Country Manager for 17 countries. “That is why it is very important for Visa to learn about the specific needs and concerns of women entrepreneurs in the countries where the initiative is active. We are happy to see female leaders of Georgia and the whole region of Eastern and Southeastern Europe, Central Asia and the Caucasus gradually transition to e-commerce and enjoy convenient and reliable digital payments. We will use the results of the research to bring many more initiatives promoting gender inclusivity in the region.”

  Key takeaways

  1. Women strive for professional and financial independence. The main sources of motivation for women to start their business are a desire to increase income (50 per cent), willingness to work for themselves (31 per cent) and fulfillment of a dream (21 per cent). In Georgia, the main motivation of women entrepreneurs is to increase their income (55 per cent).
  2. Female entrepreneurs care about their business and private lives almost equally. Respondents named business failure (29 per cent), a worsening financial situation (27 per cent) and neglect of family and children (25 per cent) among their biggest concerns. Women in Georgia are mostly concerned about business failure (41 per cent).
  3. Women-owned businesses struggle to survive competition and raise funding. Female entrepreneurs tend to face such challenges as high competition (40 per cent), raising capital (32 per cent), and unfavorable business conditions (31 per cent). Respondents in Georgia said that the biggest challenges of setting up and running a business in their country were high competition (36 per cent) followed by obtaining investments and financing (36 per cent).
  4. Female entrepreneurs want to learn about doing business online. The primary skills that respondents are willing to obtain are strategies to acquire additional funding (47 per cent), digital marketing and social media (37 per cent), e-commerce (24 per cent) and international business development (21 per cent). In Georgia, the most popular skills to be improved are obtaining additional financing (52 per cent), followed by e-marketing and management of social networks (42 per cent) and development of international business (25 per cent).
  5. Women-owned businesses stick to cash when paying employees and suppliers but tend to install POS terminals for customers. 42 per cent of female entrepreneurs pay their employees and suppliers in cash, while 37 per cent prefer card payments. For Georgia, those numbers are 22 per cent, who pay in cash and 45 per cent choose card payments. When it comes to customers, electronic payments are far more popular: 37 per cent of respondents named card payments the most frequent method to pay for their goods and services and 42 per cent said they prefer their customers to pay them by card. In comparison, 35 per cent of female entrepreneurs said their customers paid in cash more often, and only 28 per cent prefer clients to stick to cash. In Georgia 40 per cent choose card payments, only 29 per cent select cash.

  The next stage of the Visa and Emerging Europe partnership — which has the ambitious goal of uniting female entrepreneurs throughout the region within the She’s Next community — is to provide them with a platform to communicate, mentor, exchange experiences, and expand the horizons of their businesses.

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  About Visa

  Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at visa.com.ge

  About Emerging Europe

  Emerging Europe is a London-based growth hub that empowers public and private organisations to grow and expand internationally. Our mission is to foster sustainable growth in emerging Europe. We are a go-to partner for those looking to navigate or grow in the region. Through in-depth analysis, market intelligence, research, programmes and engaging content we help businesses, governments, and civil society organisations thrive. We provide them with targeted insight, access to key stakeholders and data to make the right business decisions. Our online platform, Emerging Europe, is the world’s most prominent source of English-language analysis about the region.

• The Regime of Tyrant Putin and his Shameful Army should Unequivocally and Unconditionally get Defeated in this War !!!

  February 24, 2022 is the day which will be imprinted in the memory of the people of Ukraine and the whole civilized world as the first hours of severe war of Russia against Ukraine. Today, it has been exactly a year since Russia has started a wide-scale war in the middle of Europe against independent Ukraine, which at the moment gets continued with mass assaults of heavy artillery bombs. The day today is the most painful for every Ukrainian. This is the day which substantially changed everything and moved us to the new world of unpleasant reality.

  During this one-year people of Ukraine have been exposed to a lot of suffering, sadness and anxiety. Atrocities of Russian invaders and destruction are indescribable. The destructive war started by Putin led to everyday deaths of thousands of innocent peaceful citizens, elderly and children.  The Russian barbarian army has already exterminated 459 Ukrainian children and these data are not final. When on everyday basis we see terrible acts of the Russian invader, I have no doubt that Putin is a tyrant and the most dangerous terrorist in the 21^st-century world. When I think about what the people of Ukraine have to stand, the feeling of pain emerges and my hatred towards the Russian invader gets even more intensive. 

  Tyrant Putin and his terrorist authority made millions of Ukrainians to essentially leave their homes. But, despite this hard suffering, brave Ukrainian people demonstrated to everyone that fighting for independence, freedom, values, identity, territorial integrity and the strength to fight for the right to live on one’s own land is in unity and this strength is much more than the will of any Kremlin dictator. Unity, bravery and persistent fight of Ukrainian people against the Russian military aggression is exemplary for the whole world.

  These hard days gave the world civilized community the feeling of solidarity and it is not a coincidence that today, on February 24, the war anniversary, the American Friendship Club decided to hold the solidarity action near the territory of the embassy of Ukraine which was dedicated to the memory of peaceful Ukrainian children, elderly and soldiers who died as a result of the Russian war.

  At the same time, with this event we wanted to once again show everyone and, most importantly, the Russian authority in Georgia, what the attitude of freedom-loving Georgian nation is towards brave people of Ukraine and our common values.

  Besides, the aim of today’s solidarity action was to once again remind to the Russian authority of Georgia how much evil party and individual collaboration with tyrant Putin brings.    

  Finally, I consider that besides military support it is extremely significant not to slowdown and further enhance support of brave people of Ukraine.

  I am sure very soon brave Ukrainean people and the whole civilized world together with them will celebrate victory on the land of freedom and defeat of the tyrannous regime of Putin and his shameful army. 

  Indeed! Russia should unequivocally and unconditionally get defeated in this war!!!

  Glory to Ukraine! Glory to Georgia and the civilized world!!!

  President of the American Friendship Club - Ilia Zukakishvili

  February 24, 2023

• Visa: Georgia ranks 1st in contactless payments penetration globally

  Tbilisi, Georgia, February 1, 2023– Georgia comes first in contactless payments penetration worldwide, the latest update of VisaNet data revealed.

  The updated ranking saw Georgia being followed by Australia and Hungary among more than 200 countries and territories, where Visa operates. Georgia has been confidently taking the leading position in utilizing fast and secure contactless payment methods in recent years, including card tapping or payments made by smartphones, watches and other gadgets. Almost ten out of ten transactions using Visa cards in Georgia have been contactless, according to VisaNet recent data.

  Visa as a world leader in digital payments, unremittingly continues driving innovative technologies in all the countries it covers through its fixed agenda to uplift everyone everywhere. Over many years, Visa has been cooperating with a number of financial institutions, merchants and governmental organizations in Georgia to shape the most up-to-date payment ecosystem and drive a cashless economy.

  “This impressive achievement of Georgia makes us extremely proud at Visa. Claiming the first place in contactless payments penetration worldwide manifests the readiness of Georgian Visa cardholders to make safe, fast, and convenient payments. I would like to congratulate our cardholders and partners on this success. It also solidifies our unwavering imperative of facilitating digital payment ecosystem development in Georgia. In one way, it shows the result of our years-long efforts, and in the other way, it motivates us to get on. Overall, Georgia’s preparedness to accept all the technological advancement Visa can proffer stands out a mile,” – Diana Kiguradze, Visa Country Manager for the Caucasus region said.

  About Visa

  Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.ge

• USAID and Visa starting a new partnership aiming at supporting SME Development and Strengthening Digital Ecosystem in Georgia

  November 4, 2022, 10:15am, HotelPullmanTbilisi – the USAID Economic Security Program and Visa signed a memorandum of understanding for starting a new partnership aiming at supporting the strengthening of small and medium-sized businesses and the digitization of their activities, inclusive economic growth and extension of digital capabilities and access for citizens.

  As part of the framework of cooperation, the USAID Economic Security Program and Visa will develop and implement joint programs that will focus on digital transformation, enhancement of digital literacy with specific focus on micro and small entrepreneurs, as well as on the economic empowerment of women and the integration of vulnerable groups.

  “We are delighted to launch cooperation between the USAID Economic Security Program and Visa to facilitate the strengthening and development of the country’s digital economy. Visa has global and long-standing experience in the digitalization of the economy, economic empowerment of women and support of financial technology and E-Commerce, all of which are also core values of USAID. The partnership will enable Georgian companies to implement smart digital solutions to achieve development goals and connect with the international market,” Mark McCord, Chief of Party of the USAID Economic Security Program said.

  „Today we are taking the partnership between Visa and the USAID Economic Security Program to a new level, to drive Georgia to the digital future. The expertise of both Visa and USAID Program will enable us to facilitate the digitalization of the country’s economy. For years Visa has been actively cooperating with the Government of Georgia, banks, financial institutions and donor organizations to assist the country’s advancement in terms of contactless penetrations worldwide. Strong multicultural organizations such as Visa and USAID play significant roles in bringing communities together and making progress, so I truly believe that our cooperation with USAID will contributes to Georgia’s economic advancement and bring value in coordination to your beautiful country, Georgia,“ Salvador Perez-Galindo, Senior Vice President, Head of Government Engagement for Visa CEMEA stated.

  “We at Visa are extremely honoured to sign Memorandum of Understanding with USAID Economic Security Program and are looking forward to our fruitful collaboration in various fields. The document envisages four strategic directions, namely women entrepreneurs’ economic empowerment, SME development and digitalization, FinTech and E-Commerce. I truly believe that the deepened partnership would enable us to further support and achieve a long-term positive effect of our mutual work for society,” Diana Kiguradze, Visa Country Manager for the Caucasus region said.

  The partnership between the USAID Economic Security Program and Visa will facilitate the extension of E-Commerce, financial inclusion and transactions, positioning Georgia as a regional hub and a safe place for investment.

  About USAID

  About USAID in Georgia: USAID is the world's premier international development agency and a catalytic actor driving development results. Over 30 years of partnership with Georgia, USAID has supported the country’s transformation into a developing democracy that is increasingly integrated into Western political, security, and economic institutions.  Today, more than 35 USAID programs strengthen Georgia's resilience to malign influence, consolidate democratic gains through enhanced citizen responsive governance, and enable high-value employment through increased economic growth.  For more information, please visit: https://www.usaid.gov/georgia

  About the USAID Economic Security Program: a 5-year $23 million project funded by the United States Agency for International Development (USAID) and implemented by DAI Global. The program is aimed at accelerating the broad-based growth of sectors outside of agriculture that show strong potential to create jobs, generate investment, and increase micro, small, and medium enterprise (MSME) revenues. For more information, please visit: https://www.facebook.com/EconSecProgram

  About Visa

  Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.ge

• Visa Partners Business Federation “Women for Tomorrow” and Announces Business Contest within She’s Next, Empowered by Visa in Georgia

  Tbilisi, September 21, 2022 – Visa launches the third wave of She’s Next, Empowered by Visa in Georgia and in partnership with Business Federation Women for Tomorrow announces a public business contest for women entrepreneurs in Georgia. Women entrepreneurs are invited to share their business ideas in the competition for free mentoring sessions and money prizes, namely the first-place winner will be awarded with 25 000 Gel and the second-place winner with 15 000.  

  The contest is conducted in the form of Visa elevator pitch under the She’s Next, Empowered by Visa global initiative in Georgia designed for women, who have interesting business ideas or already run their own personal business, hold the position of a CEO or representative of a small or medium-size business, or be the founder of a startup company.[1]

  “I am proud, that Visa established the tradition in Georgia of continuing support of female SMBs within the global initiative She’s Next, Empowered by Visa. We are extremely happy to announce the third wave of the campaign and conduct the joint contest with w4t, aiming to empower women entrepreneurs in Georgia. Within the contest, we invite women, who lead startup, or have an interesting business idea, eager to learn pitching techniques for allocating solid money prizes. I strongly encourage each and every woman, aspiring to put down roots in the world of business,to take part in this promising initiative and become part of the She’s Next” - said Diana KiguradzeVisa Country Manager for the Caucasus region.

  „It is an honor for Women for Tomorrow to be part of the global initiative - She’s Next empowered By Visa since 2020 and support women entrepreneurs to boost their business knowledge and expertise and achieve economic independence. We are proud, to launch the business contest in partnership with Visa and announce the call, where only women start-upers and entrepreneurs are able to register, present their business idea, advance in pitching and presentation skills and compete for the financial support aiming to increase their progress and development. We encourage every woman from all over Georgia to participate in the program, make an opportunity to challenge yourself to become a winner Wish you the best of luck! – noted Nina Kobakhidze Chair of the Board of the Business Federation Women for Tomorrow.

  The competition will be held in three stages: 

  • Application process[2], an independent jury will first check if each application meets all eligibility criteria and will be followed by the selection of TOP 10 most successful and highly promising women entrepreneurs who will be granted to access free mentoring consulting sessions. 
  • Mentoring Sessions, the TOP 10 female SMEs will undertake two-day free consulting sessions, be assisted by the field experts to learn pitching techniques and create effective presentation to attract investments and develop their business. 
  • Visa Elevator Pitch Day and Award Ceremony, at the third and final stage of the competition, the TOP 10 candidates will be required to pitch a business idea (in the form of Elevator pitch) in 90 seconds in front of jury.  2 winners will be selected by a professional jury on the same day. The first-place winner  will be awarded with 25 000 Gel and the second-place winner with 15 000 Gel. 

   Interested candidates should carefully read rules of the contest and complete the application form, include a letter of motivation in Georgian and submitted by the  link it by 10 October 2022. 

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  Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.ge

  
  

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  [1] The rules of the campaign are available on the link

  [2]  Only one application form and business idea per applicant will be accepted for the contest