Women entrepreneurs are taking the world by storm. In every geography, the number of women starting, nurturing and growing their businesses is on the up-swing. According to the 2016 Kauffman Index of Startup Activity, women make up 40 percent of new entrepreneurs in the United States.
According to the GEM (Global Entrepreneurship monitor) study, women entrepreneurship percentages rose at double the rate of their male counterparts.So what’s fueling this upsurge in women-led start –ups globally? Let’s look at a few trends over the past year or so.
Global phenomenon
The global spotlight has been on nurturing and promoting women entrepreneurs across thw world in 2017. With governments across nations creating environments that enable women to start their own business, women entrepreneurs have more support than ever before. Early in the year at the G20 leaders’ summit in Hamburg, Germany, the World Bank announced the creation of the Women Entrepreneurs Finance Initiative (We-Fi), an innovative new facility to advance women’s entrepreneurship and help women in developing countries increase their access to the finance, markets, technology, and networks necessary to start and grow a business.
Millennials
The new face of women entrepreneurs is young! The millennials are starting up innovative and technology driven companies that are looking at solving new problems of the consumers of today. They’re fearless, have focus and nothing’s going to stop them!
Diversity
Women entrepreneurship hasn’t been a phenomenon restricted to the developed world. Asia, Africa, the Middle East and Latin America is seeing a huge growth in the number of women entrepreneurs that are not only starting business, but expanding and growing them.
Innovative funding
One of the biggest challenges for a woman in business remains that of raising capital. While there is still a lot of scope to increase investments made into businesses run by women, there has been an increase over the last few years. Global funds like BBG ventures, 500 Women, Belle Capital USA and many others believe in funding women-led businesses with high potential. In Africa, the African Women’s Development Fund has provided $17 million in grants to 800 women’s organizations in 42 African countries, supporting African women by mobilizing financial, human and materialresources for them.
The growth of micro loan platforms like Kiva’s “Invest in Her” has empowered women micropreneurs start small and mid-sized businesses through crowdfunding. With innovative funds and channels, women-led businesses have new and varied options to fund their ventures.
Mentorship and networks
Women support women. Whether in terms of mentorship, talent acquisition and retention, funding advice and other support, women networks and platforms across the world are growing in numbers. With successful entrepreneurs sharing their stories of triumphs and tribulations, as well as hands-on support to newer entrants to the space, these forums are a great support to women entrepreneurs, whether brick and mortar, or digital like sheatwork.com
Technology
There’s no running away from the fact that women entrepreneurs are constantly looking for the holy grail of balance between professional and family life. With technological advancement that enable remote operations of any business, women find it easier to schedule their lives and work such that both can flourish simultaneously. While work meetings can be done virtually using Google Duo, Face Time or similar applications, a close watch can be kept on the happenings at home (especially with small kids) using cameras at home. There’s no on-size-fits-all formula to getting this balance right, but technology definitely helps things along!
Avtar Madan
Himanshu
Shree Lahiri
