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4 out of 5 women in India wish to become entrepreneurs, reveals Facebook study
As four out of five women in India wish to become entrepreneurs, the country is missing out on a potential 15.5 million new businesses and 64 million additional jobs by not addressing the challenges facing such women, a new Facebook study said on Wednesday.
The study revealed that if just 52 percent of women were empowered to start a business today, it would not only boost economic growth, but also help to build 15.5 million new businesses, and create 64 million additional jobs - all by the end of 2021. “If we were to harness the largely untapped potential of women’s entrepreneurship and provide them greater support, it could lead to more jobs being created, economic growth and more diverse and representative small business communities,” Ankhi Das, Director, Public Policy, Facebook India, South and Central Asia, said.
Women have had tremendous potential but often lacked platforms that can harness their potential, but Facebook is opening up great opportunities for them, added Aruna Sundarajan, Secretary, Ministry of Electronics and Information Technology (MeitY). “We are very optimistic about partnering with platforms like Facebook to empower women. We are trying to forge deep partnerships with platforms like Google, Cisco and Intel for the betterment of woman’s livelihood through technology,” Sundarajan told the gathering.
Ahead of the International Women’s Day that falls on March 8, Facebook also launched “SheLeadsTech”, a programme that will give women-founded/co-founded start-ups access to a year-long programme that provides tools, mentorship and resources to help overcome some of the barriers they face. “Facebook, with its two powerful initiatives #SheMeansBusiness and the new #SheLeadsTech programme, has opened up lot of opportunities for young woman entrepreneurs whether in small towns (with access to internet) or suburban areas -- with or without access to financial resources,” Sundarajan emphasised.
The year-long #SheLeadsTech programme will include access to “FBStart” which grants access to FBStart tools and resources and mentorship through a regular cadence of interactions with a pool of mentors. The findings show the most commonly cited reason that prevents women from setting up their business in India is the constraint of family responsibilities or commitments (38 percent). Other key barriers are lack of access to finance (29 percent), worry over personal financial security (30 percent), and having an idea but not knowing where to get started (30 percent). Interestingly, small businesses on Facebook tell a different story. There are over 2 mn active small businesses pages on FB in India - and an increasing number of women are using this community to start and grow successful businesses.
Empowering Indian women will add millions of businesses and jobs
What will breaking the glass ceiling mean?
By 2021, 15.5 million new businesses; 64 million additional jobs could be created
Why do women struggle to set up their biz in India?
- 38% face constraints of family responsibilities or commitments
- 29% lack of access to finance 30% worry over personal financial security
- 30% have an idea but not knowing where to get started
- 87% agree to the need to access for right digital tools and support
In the last 5 years, how has the women-owned SMB pages on FB in India risen
Between 2012 and 2016: An increase of seven-fold, growing 85 pc YoY