Women Create Wealth AUDUR

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Women Create Wealth AUDUR the Icelandic
way Guðrún Pétursdóttir PhD Director, FRI,
University of Iceland Associated Country Women of
the World. Reykjavik May 17- 22 2005
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How can we encourage her to realise her
potential?
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Key elements

• Although most women work out of the home, they
  are usually employed by others....
• i.e. few businesses are owned by women - 20 vs
  80 in Iceland.
• Why is it important to change this and
  encourage women to realise their potential in
  this respect?

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The importance of new enterprises

• Global Entrepreneurship Monitor has shown that
  over 1/3rd of economic growth is created by young
  (and small) companies.
• Motivating women to start new companies will
  increase economic growth.

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Lets do something about this!
The New Business Venture Fund Ltd. Íslandsbanki
Bank Morgunbladid DeloitteTouche Reykjavík
University executive agent of AUDUR
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SUMMARY

• Women Create Wealth (AUDUR) was a 3 year program
  (2000-2003) to encourage women to become more
  financially independent and ultimately to form
  their own companies.
• The program was aimed at women of all ages, from
  young girls to mature women.
• In 3 years, 1485 women took part in various parts
  of the program, which proved to be a great
  success.
• It received an EU award as best practice.

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The meaning of AUDUR

• AUDUR is a womans first name
• One of the female settlers of Iceland was called
  AUDUR the wise.
• Audur has several meanings amongst them is
  wealth

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AUDUR addressed women of all ages, from young
girls to mature leaders
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Take our Daughters to Work

• The was aim to introduce young girls to all sorts
  of jobs (not only womensjobs).
• Most Icelandic companies offered an organized
  program on this day.
• Very well received by thousands of girls and
  the nation in general
• Lowers barriers and opens minds

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AUDUR Future

• Summer camp for 13-16 year-old girls
• Leadership training
• National essay competition
• Aim to
• increase self-confidence
• train skills of expression
• basic business concepts introduced

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AUDUR Finance

• The aim was to make it easier for women to take
  care of their finances, by improving their
  practical knowledge of financial matters
• Organisation of personal finances
• Taxes
• Financing the loan market
• Pension savings
• Legal rights and duties
• The stock market
• More than 800 women
• attended this part of the program.

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AUDUR Entrepreneurs

• This was the heart of AUDUR.
• For women who had a business or were planning to
  start one.
• 16 week program in the evenings and weekends.
• The main outcome was a complete business plan.
• Subjects included management, finances,
  marketing, information technology, personnel,
  legal issues and interpersonal skills.

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AUDUR Entrepreneurs

• In the 3 years
• 163 women graduated from this part of the
  program.
• 51 new businesses were formally established
• creating 217 new jobs.

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AUDUR Entrepreneurs new companies in many fields

• The new businesses were in various areas
  services, retail, consulting, restaurants,
  information technologies, multimedia design,
  multipurpose architectural services, childrens
  centre, graphic design, TV programme development
  etc etc.

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AUÐUR Leaders

• A 3-day workshop for women in leading positions,
  business executives, women managers and leaders.
• Managerial skills, cultural differences, stress
  management, etc etc.
• One of the aims was to create a network among
  women executives in Iceland.
• 60 women took part, and they still maintain their
  network.

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AUDUR Award

• AUDUR Awards were presented to women who are
  excellent role models.
• Hundreds of guests attended the ceremonies at a
  yearly conference.

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Results

• AUDURs objectives were fulfilled.
• Very well received in Iceland, not only among
  women.
• The events organised were very well attended and
  most of the courses were fully booked with long
  waitlists.
• Measurable results were 217 new jobs but the
  un-measurable results reached much further.

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AUDUR international

• AUDUR provides a practical model for innovation
• With appropriate adaptations, AUDUR could be
  applied to other settings and societies.
• It is being adapted for LATVIA.

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Thank you!