By Yogita Tulsiani, Director and Co-founder at iXceed Solutions
Just one-third of entrepreneurs worldwide are women, according to a research. Although everyone can become an entrepreneur, regardless of gender, promoting women’s entrepreneurship has become crucial for a country’s economic progress. The technology is closing every accessibility gap for women in business in a very dynamic and growth-oriented environment.
Women business owners are gaining a lot from new technological tools. Technology is essential for enabling resources for women to flourish inclusively in the business world and linking them to markets. A conducive operational environment and enabling atmosphere are created for women entrepreneurs in India via extensive technological support.
According to a recent NASSCOM report, the percentage of women-led startups in India has grown from 8 percent in 2014 to 13 percent in 2019. The accelerated growth can be attributed to several factors including digital adoption, progressive eCommerce space and changing social norms. The potential of women turning into successful entrepreneurs in India is further corroborated by the Global Entrepreneurship Monitor which reveals – women are twice as likely as men to start their businesses in India.
Ease in business communication
Business communication is integral to building a community of employees, associates and vendors. Whether it is a large-scale enterprise or a startup, collaboration in business contributes to unlocking immense growth opportunities. The impact of technology tools has increasingly become immeasurable, especially in women-owned businesses. It is difficult to neglect that technology has changed the way women communicate in business while breaking geographical and cultural boundaries.
Significant advances in business communication tools such as cloud technologies have allowed women to organize their teams and business stakeholders better. The integration of such technologies builds a virtual communication channel across the world and women are now more focused on building systems that can enable their growth and bring business efficiencies.
Filling L&D gaps
Backing women’s abilities and their leadership leads to innovation. With the advent of edtech technologies, women are no longer deterred to be active participants in learning & development programs. As the market continues to evolve, women are leveraging L&D opportunities without having to be concerned about geographic and demographic boundaries. Such tools have proved to be a growth catalyst for women working to drive business success.
With technology tools, women entrepreneurs are benefiting from the accessibility of adopting new processes, technologies and models that can fuel their business growth. Simply put, the demise of the on-site training idea has provided women with upskilling opportunities that have helped them in speeding innovation at work.
Another trend of online selling revolutionizing the entrepreneurship concept has given rise to women entrepreneurs who can sell products from their comfort zone to any part of the country or world. The trend was further accelerated by the Covid-19 pandemic which expedited digital adoption and helped women capitalize on online marketplace tools.
Technology has been a massive game changer for online selling businesses. Women are now enabled to build a flourishing business starting from their small-scale product selling activities on WhatsApp, Instagram, etc. Furthermore, many platforms are offering women inventory support, marketplace building tools, etc to ensure unhindered growth of women-led enterprises.
Fintech lending power to women
The bulk of women-owned businesses are run in informal environments. The ability of their counterparts to get cash or lending opportunities is one of the main contributing factors. The entire landscape of traditional lending has transformed as a result of technology integration in finance. The growth of online lending platforms is giving women access to the capital they need to succeed in business.
To ensure that women experience the shortest possible wait time before excelling in entrepreneurship, digital lending platforms have provided a variety of business loans for MSMEs and women-led enterprises.
Women entrepreneurs need the coordinated effort of industry stakeholders. Technology has provided the much need support and platform to women to foster social and intellectual capabilities that were once accessible only by the privileged or male counterparts. It builds a bridge for women to create smoother operations in conducting business.