How female entrepreneurs are changing the startup scene to promote gender parity? In the midst of the global startup boom, India is a rising economic powerhouse that is seeing an unheard-of boom in the industry.
The nation is currently experiencing a period of profound change, and women entrepreneurs are essential to this transformation by rewriting the history.
The third-largest startup ecosystem in the world, India’s, is expanding at a rate never seen before, with female entrepreneurs leading the charge. These women are not only navigating the entrepreneurial world but also bringing about significant changes by breaking down barriers, dispelling misconceptions, and seizing chances.
Their innovative ideas, tenacity, and unrelenting spirit are leading the startup system to new heights of diversity.
THE ADVANCE OF PARITY
The percentage of women-led businesses in India has increased to 18% over the last five years, according to the most recent Women in India’s Startup Ecosystem Report, or WISER.
Of the approximately 6,000 startups in India in 2017, just 10% were led by women. In 2022, the number of startups in the landscape skyrocketed to 80,000, with a notable increase in the percentage of women-led businesses.
Another study by Global Entrepreneurship Monitor claims that since 2014, women’s entrepreneurship in India has increased by 50%.
This growth has been attributed to a number of factors, including government policies, opportunities for capital raising, and an increased awareness and acceptance of women’s business potential.
The impact of women’s entrepreneurship on the economy
Falguni Nayar and Kiran Mazumdar Shaw, two female entrepreneurs, have made a substantial contribution to the startup ecosystem in recent years, demonstrating the enormous potential and chances that are open to women.
The following are some of the most significant changes that women entrepreneurs have brought about:
Economic expansion
Against a backdrop of elite competition and a shifting global economic landscape, women entrepreneurs are generating jobs through their businesses, employing 27 million people nationwide.
A recent research by Bain and Co. estimates that 15.7 million women-owned businesses operate in India, accounting for 22% of the nation’s total economic output. There is potential to raise this figure to 30 million if the government and other organizations take decisive steps in the future years to encourage women in business.
A spark for diversity and innovation
Women are talent pools that can spark creativity by bringing new ideas and methods of problem-solving to the table, creating a vibrant and diverse work atmosphere. Women-led teams excel in coming up with original solutions.
More welcoming work environments
Additionally, female entrepreneurs are eager to network and mentor upcoming female leaders. As a result, more welcoming surroundings and networks that support women in entrepreneurship have emerged.
SECTORS LED BY WOMEN
These days, women are commonplace in almost every industry as corporate executives. They continue to open doors for upcoming generations of female leaders and have made significant contributions in a variety of sectors, including economics and technology.
Data from the Department for Promotion of Industry and Internal Trade (DPIIT) shows that as of May 2023, there were 3644 women-led enterprises, or 52% of all companies in the top three D2C sectors in India: food and beverage, fashion, and personal and home care.
The number of women-led companies in these important D2C sectors increased by more than 270% in a single year, from 130 in 2017 to 3644 in May 2023.
GOING ACROSS THE ROADBLOCKS
Notwithstanding remarkable advancements, prejudiced attitudes, restricted access to networks and capital, and juggling obligations to one’s family while pursuing entrepreneurship are among the challenges faced by Indian women entrepreneurs. According to WISER, women’s promotion in terms of tenure and seniority does not occur at the same rate as men’s.
THE PATH AHEAD
The potential for women to enter the workforce is to dramatically speed up the nation’s economic growth. It is estimated by McKinsey that by giving women the same possibilities as males, India’s GDP could increase by approximately $770 billion by 2025—more than 18%.
Women entrepreneurs have an impact that goes beyond statistics and commercial ventures. Women in India have always been excluded from taking center stage in success stories and narratives. But by assuming responsibility for their life, they are not only improving the quality of their own lives but also having a beneficial influence on many others.
In conclusion, women are changing the business environment and opening the door to a more equal future with their creative ideas, unwavering determination, and commitment to diversity.
