By Tamara Pupic
This year’s edition of Ro’Ya, an initiative of the Dubai Business Women Council (DBWC) and MasterCard, will include lectures on business coaching.
Three Dubai-based consultancy companies will take part in Ro’Ya 2015, an initiative of the Dubai Business Women Council (DBWC) and MasterCard, to share their expertise with female UAE-based entrepreneurs.
According to the strategic partnership agreements, grow.ME, a development consultancy, and ActionCOACH, a business coaching firm, will deliver a series of group training sessions and workshops on how to create and manage successful business entities.
In addition, a similar agreement has been signed with VentureFin, a global equity and loan based crowdfunding platform which is creating a bridge between businesses and investors worldwide.
Speaking about the new partnership, Ibrahim Jaber, CEO of VentureFin, said: “We connect businesses with investors and a programme like Ro’Ya is an ideal opportunity to get involved with potential start-ups to measure their offering and business model.
“Not only are we strategically involved with this year’s initiative to further help these incredible business women reach investors, but we are also committed to help them through the entire programme to ensure they reach their full potential, and learn from the industry experts to enhance their business concepts.”
Explaining the benefits of coaching Wassim Karkabi, managing director at ActionCOACH, said: “All business owners share one common thing – the dream, before starting a new business.
“We realise the dream is often different to the reality they face when they do venture into business. Ro’Ya is a great platform that helps budding female entrepreneurs across the UAE to bridge this gap between having a business idea and turning it into a successful entity.”
A study of Fortune 500 companies by Hay Group, the global management consulting firm, found that 21 to 40 percent utilise executive coaching as standard leadership development for elite executives and talented up-and-comers.
The value of investments in coaching programmes was demonstrated by a 2001 study on the impact of executive coaching by Manchester Inc, an international executive coaching provider.
It showed an average return on investment (ROI) of 5.7 times the initial investment or a return of more than $100,000, according to executives who estimated the monetary value of the results achieved through coaching.
The study further listed a number of benefits coaching provided to the companies such as a reported 53 percent increase of productivity, 48 percent increase of quality and organizational strength, 39 percent of customer service, and so on.
Ro’Ya, which means ‘vision’ in Arabic, provides a months-long training to UAE-based female entrepreneurs, which ends with shortlisted candidates presenting their ideas to judges for the top three prizes of $50,000, $30,000 and $20,000.
The programme’s partners recently held three workshops – Welcome to Ro’Ya, 5 stages of entrepreneurship, and Introduction to LEAN Start Up Canvas – for interested female entrepreneurs to provide insights into what to expect from Ro’Ya 2015.
The application period ends on 30 May.