The first-ever Women’s Business Center and Incubator Project (WBC) funded by the Korea International Cooperation Agency (KOICA) and The Asia Foundation’s Lotus Circle has been launched in Ulaanbaatar. The WBC supports a growing number of women business owners by providing high-quality business support services and an enabling environment for women entrepreneurs.
While business-support centers do exist in Ulaanbaatar, the WBC stands alone in addressing the unique needs of women entrepreneurs. Services include basic and intermediate business training and one-on-one advising, finance training and consulting, a coworking space, a business library, and a children’s playroom.
The WBC’s flagship initiative is an accelerated business incubator providing an intense four-month, tailored, business-development program to selected women entrepreneurs. The program provides four stages of intensive business support: product development, identifying target clients and developing marketing strategy, achieving successful market penetration, and establishing binding contracts with investors and larger vendors.
Incubator participants also have access to regularly organized pop-up-shop events and other sales or investment opportunities. Those without their own office may use the incubator at no cost while in the program. This four months of intensive development becomes a platform for networking and companionship, and alumni often return to the center to help other women.
The WBC has been recognized domestically and internationally. As the most active network of women entrepreneurs in Ulaanbaatar, the WBC is helping to create a vigorous ecosystem of Mongolian women entrepreneurs.
Source: The Asia Foundation