GAME -- a partnership platform working towards mass entrepreneurship is aiming for the creation of 10 million entrepreneurs in India, of which at least 50 per cent will be women, to create 50 million jobs by 2030.
India can likely have around 9 lakh new women entrepreneurs by 2025 in food and education sectors combined where women are present in larger numbers as employees as well as entrepreneurs, according to a report on women entrepreneurship in urban India by Global Alliance for Mass Entrepreneurship (GAME) and Facebook. “While textile, food, personal services and education together account for 65 per cent of women-owned businesses and 58 per cent of female employment in urban India, Food and Education sectors emerge as the top two sectors that are amenable to mass entrepreneurship,” the report said.
Importantly, out of 28.1 lakh women-owned businesses in urban India, 6.8 lakh and 5.5 lakh are in textile and food while 2.5 lakh are in personal services and 1.2 lakh in education. Despite that food and education are the top two sectors with highest women entrepreneurship potential because “these two sectors also offer the highest economic potential and easy-to-start business models, strong headwinds and tailwinds (example where employment levels are much higher than entrepreneurship levels, offering a natural tailwind for entrepreneurship in this space),” the report titled Unlocking Entrepreneurship Opportunities for Women said. While food has the potential to create around 6.5 lakh women entrepreneurs, education may churn up around 2.5 lakh women-owned businesses.
On the other hand, a large share of women businesses in textiles is likely to be a contract or low-value outsourcing related businesses such as tailoring shops. Similarly, the personal services category including ventures like drycleaning and funeral services, has low-value businesses, according to the report.
The importance of women entrepreneurship has also caught the government’s attention as it announced keeping 10 per cent of the SIDBI’s Rs 10,000 crore Fund of Funds (FFS) for startups reserve for women-led startups. The number of women-run ventures, however, remains small. According to the Sixth Economic Census (2014), only 14 per cent of Indian women run or owned businesses. Importantly, women business owners accounted for only 11 per cent of the total business owners in India, according to Mastercard Index of Women Entrepreneurs 2018.
GAME — a partnership platform to help increase mass entrepreneurship is aiming for the creation of 10 million entrepreneurs in India, of which at least 50 per cent will be women, generating 50 million jobs by 2030. The key interventions suggested boosting women entrepreneurship include the need for entrepreneurial skills and mindset, financial support, and providing demand and market linkages.