Women in India are continuously stepping ahead into the realm of entrepreneurship to gain financial independence and empowerment. While there’s a notable rise in the number of women in entrepreneurship across various sectors, a significant hurdle remains prevalent. Despite their entrepreneurial zeal and innovative ideas, many women encounter challenges in garnering investor confidence and securing funding support.
This hurdle outlines the requirement for huge support mechanisms and initiatives to bridge the gap and empower women entrepreneurs to flourish in the competitive business landscape.
Upward Trajectory Of Women’s Participation Depicts Gender Inclusivity: Ramaswamy
According to the PTI, Yeshasvini Ramaswamy, CEO of Great Place To Work, India, remarked, “The upward trajectory in the representation of women in the Best Workplaces, soaring from 21 Per Cent in 2021 to a commendable 26 Per Cent in 2023, speaks volumes about the transformative journey towards gender inclusivity.”
Ramaswamy emphasised the need for India to proactively address the needs of female employees across various age groups, transcending socio-economic barriers, and fostering an environment where they genuinely feel empowered. “Investing in female leadership development needs building inclusive cultures, and celebrating diverse voices are not just buzzwords but essential steps toward unlocking our collective promise,” she also said.
Organisations lauded for their endeavors in fostering positive work environments for women witness a markedly happier and more engaged workforce, she noted.
YesMadam Co-founder Advocates Greater Work Culture
Co-founder of YesMadam, Akanksha Vishnoi underscored the importance of acknowledging and confronting these obstacles, advocating a greater work environment where women can perform well. “By championing diversity, fostering inclusion, and implementing supportive policies, companies should endeavour to create an ecosystem where women can balance their caregiving responsibilities with their professional aspirations,” Vishnoi emphasised.
Women entrepreneurs encounter substantial challenges when it comes to raising funds. Research highlights that gender bias is widely prevalent during the funding process, with 62 Per Cent of women entrepreneurs encountering some sort of bias. This bias often manifests as sexism, impeding their ability to secure investor confidence and funding support.
“The decline from $2.4 billion-plus to $480 million-plus in funding raised by women-led startups between 2022 and 2023 reinforces the systemic hurdles that women continue to encounter in securing investment for their ventures,” remarked, Kajal Malik, co-founder and CBO of PickMyWork.
“Despite initiatives aimed at promoting gender diversity in entrepreneurship, the stark contrast in funding figures indicates that more concerted efforts are needed to level the playing field and ensure equal opportunities for all entrepreneurs, regardless of gender,” she stressed. “When we say that most industries are male-dominated, it implies that various forms of sexism, stereotyping, and biases exist. It’s not a narrative concocted by women; it’s the daily reality that women face in the startup ecosystem. These biases are so subtle and go unnoticed, leaving individuals uninformed of their prejudiced perceptions,” Malik further added.
To Bring Change, We Need More Female Investors: Aparna Acharekar
Aparna Acharekar, co-founder of coto highlighted the challenges that women entrepreneurs face such as unconscious bias, lack of representation, and institutional hurdles that are associated with venture funding. “In order to bring change, we need to have more female investors and decision-makers who support and resource female entrepreneurs in addition to encouraging more women to seek entrepreneurship,” she asserted.
“Organisations need to promote diversity and inclusion within their companies by actively engaging in hiring and retaining female talent, offering mentorship and support to aspiring women leaders, and creating an environment which values diverse perspectives.
“Additionally, offering flexible/remote work arrangements, special employee assistance programs like child care assistance and flexible return-to-work policies in order to foster loyalty and commitment among the female workforce,” Acharekar added.