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• Call For Applications - She’s Next, Empowered by Visa Returns to Georgia with Pitch Contest for Women Business Ideas

  Tbilisi, December 6, 2023 – Visa, in partnership with the Business Federation “Women for Tomorrow” and the USAID Economic Security Program, announced the launch of the Pitch Contest for Women Business Ideas within the She’s Next, Empowered by Visa in Georgia.

  As part of the fourth wave of the initiative, the joint contest offers masterclasses for the distinguished 10 participants and 10,000 GEL as monetary prize for the best business ideas. The selection committee will choose the three winners of the pitch contest. Any Georgian adult woman with a business idea and willingness to validate it is encouraged to participate.

  The competition aims to empower and uplift women entrepreneurs in Georgia by providing them with an opportunity to showcase their innovative business ideas and secure funding.

  The terms and stages of the contest are as follows:

  • Online application submission - an independent jury will assess the eligibility of each submitted application and choose the TOP 10 female applicants with the most promising and engaging business ideas to receive free training and consulting sessions.  
  • Consulting sessions - the TOP 10 selected female applicants will participate in five-day consulting sessions led by subject matter experts and specialists in branding, digital technologies, bank products, sales, marketing, communication, and investment. During this stage participants will develop their business ideas into comprehensive business plans and, ultimately, create effective presentation to attract potential investors.
  • Pitch Contest Day and Award Ceremony - after the educational sessions, the TOP 10 participants will be expected to pitch their business ideas within 3 minutes in front of the five-member jury. Following the presentations, the professional jury will select three winners of the contest, each of whom will be awarded business mentoring sessions and 10,000 GEL.
  • Business mentoring session for three winners - as the final stage of the project, three prize-winning participants will receive a mentoring session to help them successfully launch their businesses.

  Candidates who are interested in participating should thoroughly review the contest guidelines, including contest rules and selection criteria, fill out the application form, and submit it through the link by December 17, 2023.

  Per the competition guidelines, each participant is allowed to submit just one business concept for registration.

  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 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. For more information, please visit: https://www.usaid.gov/georgia.

  About USAID Economic Security Program

  The USAID Economic Security Program is a five-year, $23 million program funded by USAID and implemented by DAI Global. The Program accelerates broad-based growth of sectors - outside of agriculture - that demonstrate a strong potential to create jobs, generate investment and increase micro, small, and medium enterprise (MSME) revenues. https://www.facebook.com/EconSecProgram

  About Women for Tomorrow

  Business association „Women for Tomorrow“ strives to strengthen the role of women in the process of formulating and carrying out a policy of economic development by creating an empowering network of women business leaders and employing the synergy of a collaboration of its members. The Federation contributes to fostering business startups, connects women business leaders according to their interests and assists participation in international business exhibitions and other events. Women for Tomorrow creates a wide and efficient union, which consists of all successful female business leaders, entrepreneurs, senior managers and companies that federation actively mediates between public agencies and other representative bodies. https://w4t.ge/

• Visa and Rooms Hotels Partnership in Georgia Embarks on New Phase

  Tbilisi, Sep 06, 2023 – Visa, the world leader in digital payments, and Rooms Hotels, world known brand in the hospitality industry from Georgia, announced a new stage in their partnership, engaging Visa Consulting & Analytics (VCA) expertise and innovative solutions to support Rooms Hotels.  

  The new partnership sees VCA playing a key role in providing strategic support to Rooms Hotels by allocating Visa consulting and various other Visa functions in joint projects. The partnership aims at creating exclusive offers for Visa cardholders at Rooms Hotels.

  The launch of the new collaboration was marked by the special event held in the Rooms Hotel Courtyard in Georgia’s capital of Tbilisi. The happening featured the representatives of Rooms Hotels and Visa, including Valeri Chekheria, Rooms Hotels Lab CEO, Roberto De Meo, Vice President of Visa Consulting & Analytics, CEMEA, and Diana Kiguradze, Visa Regional Manager for the Caucasus Region. 

  “Visa Consulting and Analytics (VCA) Team is delighted to partner with Rooms Hotels, a leading hospitality brand in Georgia and a name known worldwide for its portfolio of innovative and design-oriented hotels that cater to different segments of travelers. VCA's rich global expertise, knowledge, unique insights, and local experience can benefit Rooms Hotels with a deeper understanding of the latest and emerging trends, market dynamics and customer needs in the hospitality industry - all of which are critical to further improve offerings and services to most demanding clients,” Roberto De Meo, Vice President of Visa Consulting & Analytics, CEMEA, said.

  VCA represents a major source of value for Visa, with experts in strategy, product, portfolio management, risk, digital, and more with decades of experience in the payments industry.

  “We are celebrating yet another great milestone in our years-long partnership with Rooms Hotels.Our companies started collaboration 3 years ago, and together, we've redefined what it means to provide remarkable experiences for guests and Visa cardholders. Customers will get more tailored offers and better customer experiences matching their travel profiles and expectations when staying at Rooms Hotels. Visa remains steadfast in fortifying the local business ecosystem in the country and fostering tourism ecosystem development,” Diana Kiguradze, Visa Regional Manager in the Caucasus Region, said. 

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  Valeri Chekheria, Chief Executive Officer. Valeri is a business leader, hospitality consultant and dedicated philanthropist. Before joining Slow end-2021, he led Tbilisi-based Adjara Group building a diverse portfolio of renowned hotels and trend-setting entrepreneurial projects. Prior he served as Chief of Staff to the Georgian Minister of Economic Development and the Minister of Finance. He holds a Master of Public Administration from Columbia University, School of International and Public Affairs. In 2018, Valeri was appointed as Young Global Leader by the World Economic Forum.

  About Visa Consulting & Analytics (VCA)

  Visa Consulting & Analytics (VCA) is the payments consulting arm of Visa. We are a global team of several hundred payments consultants and data scientists across six continents. Our consultants are experts in strategy, product, portfolio management, risk, digital and more with decades of experience in the payments industry. Our data scientists are experts in statistics, advanced analytics and machine learning with exclusive access to insights from VisaNet, one of the largest payment networks in the world. The combination of our deep payments consulting expertise and our breadth of data allows us to identify actionable insights and recommendations that drive better business decisions.

  To learn more about VCA, please visit https://www.visa.com.ge/en_GE/services/visa-consulting-analytics.html 

  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 and Emerging Europe launch the She’s Next digital community platform for female entrepreneurs

  Functioning as a professional social network, the digital platform will unite women leaders from Georgia and the whole region of Eastern and Southeastern Europe, Central Asia, and the Caucasus and provide them with tools for networking, exchanging experiences, and international business expansion.

  Tbilisi, 27 April, 2023  - Visa announced the launch of the She’s Next digital community platform for female entrepreneurs from Eastern and Southeastern Europe, Central Asia, and the Caucasus created in partnership with Emerging Europe, a prominent growth hub with thorough expertise in the region. The website launch was announced in Georgia and in this regard, Visa organized an informal meeting with Georgian women entrepreneurs and Visa partners.

  At the meeting Visa team in Georgia introduced the opportunities and characteristics of the platform as it is intended to connect businesswomen from various countries and facilitate networking, exchanging experiences, and international business expansion.

  “The She’s Next Empowered by Visa initiative is not only about empowerment but about creating a community of motivated and aspiring women,” commented Diana Kiguradze, Visa Regional Manager for the Caucasus. “Hosting events dedicated to female entrepreneurship, we noticed an interesting detail: She’s Next alumni from different countries tended to connect based on shared interests and values. The latest She’s Next research results in Georgia revealed that 82% of Georgian SMBs are eager to join the international community of entrepreneurs. So, we created it for them to share best practices, learn from each other, and grow as leaders. I believe the She’s Next digital community platform will be a real game-changer for all businesswomen from Georgia and the whole region.”

  The digital platform includes all functions of a professional social network—a newsfeed, interest groups, and tools for posting and messaging—and will allow female leaders and entrepreneurs to communicate, search for business contacts, suppliers, or investors, and develop their personal brand. All potential platform users will undergo a verification process upon signing up to prevent fraud and ensure they are real persons and reliable partners for cooperation.

  The She’s Next digital community platform is open to everyone interested in entrepreneurship, from those with a business idea but no existing business to startup owners and women with well-established enterprises. To learn more and join, please visit https://shesnext.emergingeurope.org/.

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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

• Applications open in Georgia for Visa Everywhere Initiative, a global innovation competition for fintech startups

  • Visa Everywhere Initiative tasks startups with solving today’s most pressing payments and commerce challenges, with monetary prizes, global exposure, and validation from one of the world’s most trusted brands

  Georgia, 20 April 2023: Applications are now open in Georgia for the 2023 edition of the Visa Everywhere Initiative (VEI), a global open innovation competition that sees startups pitch their innovative solutions to solve tomorrow’s payment and commerce challenges.

  In addition to monetary prizes, VEI winners gain access and exposure to Visa’s vast networks of partners in the banking, merchant, VC, and government sectors. The winners also benefit from receiving recognition from one of the world’s most trusted and valuable brands.

  The Central and Eastern Europe, Middle East and Africa (CEMEA) finals will be livestreamed on July 27 on TechCrunch – a leading online publisher focused on the tech industry and the startup ecosystem. The startup that wins at the CEMEA Regionals will participate in the global finale, which will be held on September 19 at TechCrunch Disrupt in San Francisco.

  This year, Visa's VEI CEMEA is set to introduce for the first time an award in the Risk and Security domain - Fintechs Innovating in Risk Excellence, or ‘FIIRE’, Award. Through this Special Edition, Visa in partnership with Emirates NBD are scouting for global Fintech players across fraud management, cybersecurity, and credit risk, among others. Following a joint review by Visa and Emirates NBD representatives, the winning Fintech will receive a $25,000 prize and an opportunity to work with Emirates NBD, a leading bank in the region.

  “The Visa Everywhere Initiative is a platform that empowers fintechs and entrepreneurs to showcase the most ground-breaking, impactful solutions in the world of payments and commerce,” said Diana Kiguradze, Visa Regional Manager for the Caucasus “Through their technology-driven, innovative solutions, fintechs have the potential to offer broad social benefits to the markets they operate in – particularly when it comes to providing financial services to those who have traditionally been underserved. At Visa, we believe access to the digital economy drives equitable, inclusive growth, and VEI is an important means of supporting the innovators playing a leading role in this space.”

  Since its launch in 2015, VEI has helped startups representing more than 100 countries collectively raise more than $16 billion USD in funding, with a network that includes nearly 12,000 startups from across the globe. Last year, VEI awarded more than $530,000 USD in prize money over the course of the competition, which saw over 4,000 startups participate from five regions. VEI 2022 saw Nigeria’s ThriveAgric take home the VEI Global grand prize of $100,000 USD. ThriveAgric also won the $20,000 USD Visa Direct prize. In 2021, PAYZE of Georgia became the winner for the CEMEA region, for representing the best innovative payment and commerce solutions to solve the payment challenges of tomorrow.

  VEI is seeking innovative and ambitious entrepreneurs who are uplifting communities by solving payment and commerce challenges faced by businesses of all sizes and sectors, including:

  What we are looking for

  Enablers of digital services and digital issuers

  • Blockchain and cryptocurrency
  • Crowdfunding
  • Banking-as-a-Service
  • BIN sponsors
  • Issuer/processors
  • Program managers

  Digital issuance

  • Blockchain and cryptocurrency
  • Alternative lending
  • Personal financial management
  • Money transfer and remittance
  • Digital banking (aka neo banks)
  • Digital wallets, peer-to-peer (P2P) and transfers
  • Employee benefits
  • Payables
  • Corporate cards (aka expense management)

  Value-add for merchants and/or consumers in the finance space

  • Data and analytics
  • ID, authentication and security
  • InsurTech
  • Loyalty
  • Merchant services and tools
  • Process and payment infrastructure
  • Retail technology
  • Other

  Small- and medium-sized business recovery

  • Money movement (disbursements, Intra-account, P2P vendor and payments)
  • Acceptance (e-commerce and mobile acceptance)
  • Risk management (chargebacks, etc.)
  • Brand management (Community building, etc.)
  • Other

  New categories for 2023:

  • Sustainable fintechs
  • Risk
  • Urban mobility

  This year’s prizes

  • VEI CEMEA Regionals 1^st place: $20,000
  • VEI CEMEA Regionals Audience Favorites: $10,000
  • VEI CEMEA Regionals Risk Winner: $25,000

  Global Finals awards and cash prizes

  • VEI Global Overall Winner: $50,000 USD
  • VEI Global Audience Favorite: $10,000 USD
  • VEI Global – Visa Direct: $10,000 USD
  • Additionally, all 5 finalists will be able to exhibit their companies at the TechCrunch Disrupt in a branded pavilion in the Expo Hall.

   

  The overall winner and the Visa Direct winner are also eligible to win the Audience Favorite prize.

  The application deadline for VEI Georgia is May 14^th.

  For more information about VEI, please visit our website.  

   

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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

• 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.