CHENNAI: As the Indian start-up ecosystem experiences dynamic growth, women entrepreneurs continue to face significant challenges, reveals a recent study conducted by CIEL HR Services. Based on the voices of women representing over 500 companies, the study highlighted the major challenges faced by Indian women entrepreneurs included not being taken seriously, struggling to raise capital, lack of professional network, and lack of mentorship. The findings were released ahead of International Women’s Day 2023.
Of the surveyed respondents, 35.1% of women stated that they face gender discrimination and biases as they are not taken seriously in their business endeavours. Additionally, 29.4% of the respondents stated that they struggle to secure funding for their ventures, highlighting the lack of access to financial resources as a significant setback for women entrepreneurs in India. The study also revealed that a lack of professional networks (20.6%) and mentorship (14.9%) continues to be a challenge in the Indian start-up ecosystem.
Aditya Narayan Mishra, Managing Director & CEO of CIEL HR Services, said “The study shows that there is a need for a shift in mindset. We need to promote entrepreneurship among students and also introduce policies that promote gender equality in entrepreneurship and ensure equal access to resources for all aspiring female entrepreneurs.” The study covered the workforce of 528 companies pan-India across industries like IT, BPM, start-ups, MSME, pharma, manufacturing, engineering, projects, construction, FMCG and electric vehicles.
Women entrepreneurs in the city have also agreed to the findings of the survey. They shared that every day they face challenges and have to prove their capabilities. “We promote women entrepreneurs a lot but the fact is we are not treated as equals with male counterparts. Instead of judging our talent, people judge us. I struggled really hard to get funding for my architect company,” said Chitra Mahadevan, a woman entrepreneur.
The study also found that the representation of women in leadership posts is very negligible in India Inc. The women entrepreneurs suggested that a long-term policy needs to be chalked out to end the bias. “All stakeholders like corporate bodies, state government, and Centre should come forward to provide financial support mechanisms for women-owned businesses, to provide mentorship and training programs. Additionally, they should introduce policies to promote gender diversity on boards,” said A Haripriya, another entrepreneur.