SIIF published a case study outlining the program’s journey and achievements on their website. Their partner, the Single Mother Support Association, conducted an evaluation in 2022 using questionnaires and interviews with the entrepreneurs; the findings were neither extensive nor shared widely. One finding was that entrepreneurs experienced “anxiety” that came from uncertainty of their future income. The report points out that this anxiety period can be shortened by providing business and mental support to each entrepreneur depending on three conditions—their mindset, skill development, and income. Although not included in the evaluation, the program was challenged to provide tailored, in-person support to entrepreneurs because of COVID-19. Specifically, Digisearch and Advertising, Inc. assumed it would give extensive hands-on training and support and they had to provide support online rather than in person. SIIF would benefit from an evaluation that reports on additional questions. For example, what obstacles did participants face that were not anticipated? How could SIIF have adapted faster or offered more personalized support? Addressing these types of questions would offer insights for future programming and continuous improvement. As SIIF considers supporting a second phase of the entrepreneurship program, at what size and scale does SIIF need to invest to more fully support and understand the needs of women entrepreneurs and serve as a role model for other impact investors? Publishing more robust evaluation questions could help set an important precedent and provide a learning opportunity for the broader field. Hataruku Fund Efforts When co-founders of Impact Capital Chunmei Huang and Sayaka Takatsuka first began sharing their plan for the Hataraku Fund (Fund), they encountered a common assumption. Since the fund was led by two women and addressed issues like childcare— often categorized as “women’s issues”—it was quickly labeled by peers as a “women’s fund.” 41 This bias placed the fund’s founders in a difficult position. Operating in Japan’s male- dominated financial industry, they were reluctant to embrace the label. This reflects how women, even in leadership roles, often feel the need to downplay their association with gender-focused initiatives to avoid being dismissed or marginalized. It’s a survival tactic in a system that, historically, has not valued or prioritized gender equity.
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Ten Years in the Making
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