The startup ecosystem in India needs to support women entrepreneurs. From creating social acceptance to creating a conducive environment, provision needs to be made to help women entrepreneurs grow.
Indian society has been guilty of mistreating women for thousands of years and some progress has been made, but it has been slow and unsteady. Even though India is home to over 100 unicorn startups, many women entrepreneurs are still struggling to find the right infrastructure and support system to grow and sustain their businesses. Our cultural prejudices shed blood in the business sector as well as create unfavorable growth conditions for women entrepreneurs. While many issues affect the sector, here are three main challenges that some entrepreneurs face in the startup Indian economy –
1. Financial issue It is important to have a strong financial footing for say at least the first 3 years of any startup. From getting the product just right to testing the waters, any new business should be well enough to last the first few turbulent years. A major hurdle for female startup founders is access to funding. According to the Makers India Report 2020 (YS) – Status of Women in Tech Entrepreneurship in India, only 1.43% of the $1.69 female-founded startups received total funding. Under-representation of women in business, including in the start-up economy, and thousands of years of gender bias often result in little financial help not only from the funding sector, but also from the family. More often than not, the lack of rights over family property and the lack of resources other than income add to the problem.
2. Unrealistic Expectations of Work-Family Balance Starting a business and growing it from scratch comes with a lot of hurdles and challenges, even more so if you are a woman. Being a woman in business is a layered problem that includes everything from access to wealth, socioeconomic status, and cultural perspectives. Portrayed with traditional gender roles, women are expected to put their families first. When it comes to the domestic front, they are expected to multi-task and excel at everything. From an ideal wife to a great mother to an exemplary homemaker, women are often attached to these roles. Amidst these unrealistic expectations, even if some of them dare to venture into the business world, they are held accountable for their mountain of duties on the domestic front. Unlike men in business, with little or no support from family and uncooperative environment, it is far more difficult for women to start and maintain their business.
3. Lack of Exposure and Networking Most of the industries, especially in India are male dominated. Running a successful business requires not only a great idea/product but also the right networking. Limited access to professional networks is one of the major challenges women face in the startup ecosystem in India. Based on patriarchy, professional networks are also usually dominated by men, making it difficult for women entrepreneurs to use these opportunities to find investors, partners, incubators, etc. From the launch of a product to its inception to making a mark, the journey of an entrepreneur is one of continuous learning and growth. Lack of access to the right ecosystem, business community and mentors hinders their development. Lack of education to take this issue forward also plays a major role in preventing women from realizing their dreams. Most women in India do not have higher education and professional experience to work in an industry, as men have left women to fend for themselves in an untouched playground.
The startup ecosystem in India needs to support women entrepreneurs. From creating social acceptance to creating a conducive environment, provision needs to be made to help women entrepreneurs grow.
(The writer is Anika Parashat, Founder and CEO, The Women’s Company)