She’s Next is an opportunity to also gain access to a network in which to find experience and inspiration
TOrasimira Raycheva is the executive director for Visa Bulgaria and develops Visa products and services among financial institutions in our country. She manages the company’s relationships with banks and other organizations that offer cashless payments. He leads the introduction of Visa’s innovative products in Bulgaria, including contactless, mobile and person-to-person payments.
She has worked for Visa since late 2004. Prior to that, she led numerous IBM projects in the banking sector. He also has experience in a commercial bank as head of the “Card Payments” department.
Married, with two sons, keen skier and lover of Bulgarian nature and exotic destinations.
– Visa launched the She’s Next program in Bulgaria. Tell us more about this initiative and what makes it special?
– The She’s Next program is not just another project, but Visa’s commitment to support female entrepreneurs in Bulgaria. She’s Next was opened in 2019 with the idea of supporting female entrepreneurs in their professional development. It is already active in 17 countries in Central and Eastern Europe, the Middle East and Africa. In Bulgaria, as in many other countries, women face unique challenges related to access to resources, capital and mentorship.
The initiative was born out of Visa’s desire to create an inclusive business environment where women can grow and realize their ambitions. Our aim is to create a platform where women can exchange experiences, connect with mentors and get the necessary support for sustainable business growth.
– What are the main challenges that women entrepreneurs face in Bulgaria, and how will the program help them overcome them?
– The results of a recent Visa survey “Viewpoint of women owners of small and medium enterprises, conducted by Ipsos in Bulgaria, show us that women entrepreneurs face many challenges – poor state of the market or industry (61%), lack of of resources (21%) and ineffective time management (11%). They also experience serious difficulties in balancing personal life and professional commitments – 53% of women indicate that maintaining this balance is a serious problem. When starting their business, 49% of women experience difficulties with the complex administrative steps, 29% have problems with financing their business, and 17% lack the necessary confidence. The results also show that 59% of women are unaware of the resources available to support their endeavours, highlighting the need for programs like She’s Next to provide the necessary knowledge and support. Through the She’s Next program, Visa not only provides financial support, but also offers training sessions led by successful businesswomen who share valuable knowledge and resources, helping women overcome these challenges and achieve sustainable growth.
– What are the criteria for participating in the program and where can those who wish to join do so?
– To apply, female participants must be Bulgarian citizens and owners of a business that was registered before January 1, 2022. The business must be at least 51% owned by a woman and have been active for the past two years. It is also important for the business to have a compelling digital presence. We strive to support not only sustainable companies, but also those with growth potential that can make a significant impact on the community. The application period starts on October 1st and runs until November 10th.
Those wishing to join the She’s Next program can submit their application through the application form, which they will find on the website of the “Women’s Forum” association, which is a partner of the program.
– You mentioned the mentoring program, what is its content and how will it help women entrepreneurs?
– The mentoring program is one of the most key elements of the initiative. It will start at the beginning of December 2024 and will continue until the end of March 2025. During this period, 15 finalists will be invited to join the mentoring program. The training sessions will be led by successful women who own their own businesses or hold senior positions in their workplace. Topics that will be discussed include creating a business plan, managing finances, digitizing business processes and more. In December – March, each of the finalists will have the opportunity to work on their own project for the development of their business. At the end of the program, the participants will present their ideas to a jury composed of members of Visa, “Women’s Forum and Visa partners. It will select the three most promising projects, which will receive grants of a total value of BGN 45,000 to support their business.
– What are your expectations for the success of the program in Bulgaria?
– Our goal is to create a sustainable platform to support female entrepreneurship in Bulgaria. If the program shows strong interest and good results, we plan to expand it in the future. Visa has invested significant resources globally and we believe the same can happen here. In the long term, we want to encourage more women to develop their ideas and create successful businesses, while contributing to the country’s economic growth.
– What other initiatives to support women entrepreneurs is Visa developing on a global scale?
– One of our main projects, the Visa Foundation, is a $200 million investment commitment to support small and micro businesses around the world through the Equal Access Initiative. This includes $60 million in grants and $140 million in investments targeting diversity and inclusion. The foundation works with various partners to provide capital, training and support for women entrepreneurs. We’ve partnered with Rebecca Minkoff’s Female Founder Collective to share experiences and strategies for starting and funding small businesses. Through a program like Women’s World Banking, since 2017 Visa has been helping women with small businesses get financing and grow their businesses. The Visa Everywhere project also offers large-scale support.
– What results have been achieved by these initiatives so far?
– Visa successfully surpassed its target of digitally enabling 50 million small and micro businesses by June
2023 We have already helped nearly 67 million. We further support female entrepreneurs and stimulate economic mobility in over 15 developing economies.
– What are the future plans of the Visa Foundation to support small and micro businesses?
– We plan to expand the support to new regions and increase the number of supported small and micro businesses. We are actively seeking new partnerships and expanding resources and training programs to inspire more women into entrepreneurship and help them overcome the challenges they face. Supporting women entrepreneurs is a powerful tool to reduce the gender gap, fight poverty and promote economic progress.
– How does Visa support local economies and communities?
– Visa actively collaborates with local partners and organizations to support economic development and social mobility. We provide grants and investments for projects that promote sustainable development, create new jobs and improve the business climate. Our goal is to build an economic environment where all people and businesses have equal access to opportunity. Entrepreneurs drive the economy forward. We support this dynamic through our specialization in payments, investing in innovative, secure and efficient payment solutions. This means that businesses can rely on fast and reliable financial transactions and focus on their strategic development and adaptation to market conditions.
In addition, we provide entrepreneurs with grant programs, resources and tools, with this approach we encourage the growth of small and medium-sized enterprises, especially those led by women.
– What message would you like to send to female entrepreneurs who are hesitant to join the program?
– Don’t be afraid to chase your dreams! She’s Next is your opportunity to gain support, knowledge and access to a network of inspiring women who share your goals and ambitions. Join our community and together we will take a step towards the new future of female entrepreneurship in Bulgaria.