changing gender-biased laws, shifting gender norms, and protecting women from gender-based violence. Engaging men to create a more supportive environment may also be crucial.

# 8. Conclusions

This paper reviews evidence on interventions that can address the constraints faced by growth-oriented, women-led micro, small, and medium-sized enterprises (WMSMEs). Three cross-cutting recommendations emerge from the reviewed interventions. First, evidence of modest average treatment effects and treatment effect heterogeneity across various interventions suggests the need for better targeting and segmentation. Second, women-led firms face multiple constraints, and addressing them requires a package of multiple interventions. Evaluating the components of the optimal package represents a promising avenue for future research. Third, the successful implementation and uptake of the proposed solutions require consideration of contextual constraints that differentially affect WMSMEs and the appropriate adaptation of program implementation.

<mark>The modest average treatment effects observed in various interventions, along with the evidence of heterogeneity, indicate that not all strategies are equally effective for every WMSME. This variability in effectiveness underscores the importance of developing a nuanced understanding of which interventions work best for specific types of businesses or entrepreneurs. Better targeting and segmentation can be achieved by analyzing characteristics such as the industry sector, geography (e.g., rural vs. urban areas), business size, and the entrepreneur's background, including her motivations and reported constraints. For instance, WSMEs in the technology sector might benefit from training in digital skills, while those in agriculture might prioritize access to land that can serve as collateral. Start-ups might need help with business planning and seed funding, the allocation of which could be improved through psychometrics, while more established businesses might benefit from blended finance and export assistance. Improved targeting will require surveys, focus groups and data analysis to identify distinct segments with the WSME population and tailor interventions accordingly. As more sex-disaggregated data become available, machine learning techniques may offer better predictions and be used in combination with expert</mark> analysis, peers’ and trainers’ evaluations to conduct this segmentation.

<mark>Most of the evaluations reviewed in this paper focus on interventions that address only a single group of constraints. However, the multifaceted nature of the challenges faced by WMSMEs necessitates a comprehensive approach that combines various types of support. For instance, access to finance can be coupled with capacity-building initiatives, and its effect may be enhanced with expanded access to markets. Additionally, networking opportunities and mentorship can provide peer support and guidance. Research into how these interventions can be bundled effectively will help to identify the most effective</mark> combinations that drive growth and sustainability in WMSMEs.

<mark>Finally, the implementation and uptake of interventions are heavily influenced by the context in which WMSMEs operate. Contextual constraints, such as gender norms, regulatory environments, and the availability of enabling services like childcare, can either facilitate or hinder the success of proposed solutions. There is a need for more evidence on how addressing these contextual constraints can impact WMSMEs’ performance. Furthermore, it is crucial to conduct thorough assessments of these contextual constraints to ensure that programs are designed with sensitivity to local realities. Adapting implementation strategies to align with the specific needs and challenges of WMSMEs in different regions or communities will increase the likelihood of achieving meaningful and lasting outcomes.</mark> 20