Women are naturally patient planners, excellent task managers, and good money managers—qualities an entrepreneur needs to develop and grow a startup—but these traits rarely translate into receiving funding support. Investors believe a startup will succeed if the founder is a woman and the industry is related to food or beauty. According to women running tech companies or startups, changing investors' mindsets has been difficult.
Data Insights on Gender Diversity in Tech-Driven Ventures
According to the All India Survey on Higher Education Report (2020), there has been an increase in the number of women studying in the field of science, technology, engineering, and mathematics (STEM). As a result, there are now more women working in technological sectors and related industries. In the end, these seasoned professionals are taking risks to launch their businesses. Additionally, college incubation programs help students turn their ideas into profitable startups with the help of seed investment. What prevents women from achieving success is the issue at hand.
There are new businesses in med-tech, food-tech, and other industries, according to Anu Acharya, founder of MapMyGenome. The only challenge is getting visibility, she told Bizz Buzz.
Usually, when startups accomplish something significant, they are written about. The difficulty lies there. In recent years, we've begun to equate financial success with success, but the sustainability and success of the business are more important. Give it some time, and we'll start to see success here as well," she promised.
On the other hand, young women entrepreneurs are finding more business opportunities as unicorns go through a difficult time right now.
"Right now, a new era is beginning. Since unicorns have failed, people are focusing on starting businesses correctly, which means there will be more women in business going forward, says Acharya. The National Association of Software and Services Companies (Nasscom) reported in February 2023 that 18% of startups in India have at least one female founder or co-founder.
In terms of technology-based startups that are also classified as MSMEs, a survey by the RBI of 1,246 startups reveals that 5.9% of the engaging startups were established by only women, as opposed to 55.5% that were founded by only male founders. Only 38.6% of businesses had co-founders who were both men and women.
Comments (0)