The power of your network in business

Summary

Sheila, Director of Investment Promotion at Uganda Investment Authority, discusses the significance of networking for women in business. With 20 years of experience in investment promotion, she emphasizes how networks bring diverse groups together for mutual growth and empowerment. Using her PIN acronym (Power in Numbers, Iron sharpens iron, Needs are met), Sheila highlights the importance of collaboration, innovation, and shared knowledge. She calls for the revival of the Women Entrepreneurs Network to strengthen Uganda's business ecosystem, especially during post-COVID recovery, and underscores the importance of targeting women across all sectors and regions.

Takeaways

• 💼 Sheila is the Director of Investment Promotion at the Uganda Investment Authority (UIA) with over 20 years of experience in investment promotion.
• 🎓 She holds a Master of Science degree in Investment Promotion and Economic Development from Edinburgh Napier University, Scotland.
• 🌍 Sheila has extensive experience in facilitating both foreign and domestic investment through missions, e-marketing, and investor profiling.
• 🗣️ She has also mentored teams in investor targeting, due diligence, and worked on sector-specific profiling.
• 🛠️ Sheila’s background includes 15 years of experience in communications, public relations, and policy advocacy.
• 🛢️ She has coordinated technical working groups on oil, gas, and tourism at the Uganda Investment Authority.
• 👩‍💼 She currently supervises the investment promotion and development unit at UIA, contributing to technical committees within the East African Community.
• 💡 Sheila emphasizes the importance of networking for women, stating that it involves deliberate effort and the purpose of coming together.
• 👥 She explains the key reasons to network: strength in numbers, learning from others, and meeting needs within the network.
• 💪 Sheila advocates for reviving the Women Entrepreneurs Network to empower women in business by facilitating collaborations and opportunities.

Q & A

Who is the speaker in the transcript, and what is her role?

The speaker is Sheila, the Director of Investment Promotion at the Uganda Investment Authority (UIA). She supervises the investment promotion and development unit at UIA and has over 20 years of experience in promoting and facilitating both foreign and domestic investment in Uganda.

What educational qualifications does Sheila have?

Sheila holds a Master of Science degree in Investment Promotion and Economic Development from Edinburgh Napier University in Scotland.

What is a network according to Sheila, and why is it important?

Sheila defines a network as an interconnection of different pieces that work together towards a common purpose. A network is important because it provides power in numbers, allows for the sharing of knowledge and resources, and helps individuals or groups achieve common goals.

What is the acronym 'PIN' that Sheila mentions in relation to networking?

Sheila uses the acronym 'PIN' to emphasize the importance of networks: 'P' stands for Power in Numbers, 'I' stands for Iron Sharpens Iron (indicating healthy competition and mutual improvement), and 'N' stands for Needs being met within the network.

Why does Sheila believe that UIA is well-placed to be a facilitator for women’s business networks?

Sheila believes UIA is well-placed because it is a neutral platform that provides essential services like investment advisory, joint venture partnerships, business linkages, and access to government services through a one-stop center. UIA can bring together diverse stakeholders and help women entrepreneurs navigate business challenges.

What was the Women Entrepreneurs Network established by Dr. Maggie Chicozy, and how did it benefit women?

The Women Entrepreneurs Network, established by Dr. Maggie Chicozy, aimed to bring together fragmented women’s business groups in Uganda. The network provided a platform for women to improve their businesses through networking, leading to better business outcomes and personal development. Some members even became board members, parliamentarians, and ministers.

What does Sheila identify as the main financial need for women entrepreneurs, especially post-COVID?

Sheila identifies that women entrepreneurs need either grants or very patient funding to recover from the impacts of COVID-19. Many women expressed that this kind of financial support is critical for getting their businesses back on track.

What types of networks does Sheila suggest women in business should build post-COVID?

Sheila suggests that women in business should focus on building networks that will help them move from where they are to where they should be. These networks should include partnerships, access to new ideas and innovations, new technologies, and financial networks.

Is the Women Entrepreneurs Network limited to urban women, according to Sheila?

No, the Women Entrepreneurs Network is not limited to urban women. Sheila emphasizes that the network targets women from all regions of Uganda, including rural areas. It encompasses women in all categories of business, from micro to medium-sized enterprises.

What role does Sheila believe networking plays in the growth of women entrepreneurs?

Sheila believes networking plays a critical role in the growth of women entrepreneurs by providing a powerful lobby group, promoting healthy competition, offering support and advice, and helping meet individual business needs through collaboration and mutual assistance.