In 2008, Pritha Choudhuri, a 34-year-old entrepreneur and four of her friends put together $30,000 to launch Analytics Quotient. In four years and without any outside investment, the firm has revenues over $6 million. Number of employees has grown to over 100. Turnover target for 2015: $25 million.
Choudhuri is one of many women entrepreneurs taking the start-up space by storm. With gender balance receiving a big push at technology firms, a new generation of female entrepreneurs has emerged. Benefits such as low-entry barriers and capital requirements, flexible work conditions, availability of cheap household help, and spouses often working in the same area are increasingly helping women IT entrepreneurs.
A recent study commissioned by Dell in India, US and UK found India may emerge as one of the best for female entrepreneurs. Some inherent cultural benefits could perhaps explain why. The study says there is ?tremendous optimism on the part of women entrepreneurs in India?. When asked about growth expectations, Indian respondents anticipated an average of 90% over the next five years. Three out of four said their business was successful while 80% were hiring. The research studied 150 Indian female entrepreneurs in April 2012.
Valerie Rozycki Wagoner, an entrepreneur of American origin who founded ZipDial, says: ?One benefit in India specific to women is the culture of hired domestic help. If I were living in the US, I would be cooking my own meals and washing my own dishes, but here in India, it is affordable to get help and focus on building the business.?
Shouvick Mukherjee, VP & CEO of Yahoo! India R&D, adds: ?Technology is one realm where women could break gender barriers and flourish as entrepreneurs. Entry barriers are much lower today and so is the cost of failure. Advancements in technology in the form of better communication facilities over the web and avenues for carrying out work from home have enabled women to maintain a work-life balance,? Yahoo! supports women entrepreneurs through networking opportunities and for such as the annual ?Girl Geek? event.
Availability of precedents and case studies too help. ?While there are many organisations, bodies and forums with women entrepreneurship on agenda, it is important to have role models to emulate and mentors available to guide. And that is available. Technology is a sector which is consciously trying to understand, sensitise and create supportive environments
going beyond the realm of organisations,? Poornima Muniswamy, managing consultant ? people & change practice, PwC India, said.
The greatest challenge women entrepreneurs face is the availability of funding. While angel investors are available, banks or credit unions are the most difficult sources for funding, and obtaining low interest loans is the biggest obstacle. Some believe the social setting ? which most of the women, who are now in their 30s or late 40 have grown up in ? also hinders growth.
?Entrepreneurship is inherently risky. Growing up in India as a girl, if you do anything even remotely risky, you face severe repercussions/ disapproval. By the time you reach a stage where you can take your own decisions, safety becomes second nature to you. The few women who are able to cross these hurdles are doing pretty well and are inspirational role models,? Nitesh Chandra, country manager, EFactor India, an entrepreneurial community, said.
