The Disproportion Gap

Why COVID Has Given Us More Reasons To Champion Women In 2021

Well - what a remarkable year it has been! And with 2020 drawing to a close, many of us are eager for a new chapter to begin. But for some, the impact of 2020 is far-reaching - with individuals and communities set to feel the long-term effects well into the next 12 months.

Especially women. It’s no secret that the global pandemic has threatened to seriously de-rail progress for female entrepreneurship and gender equality development generally. And according to the recently released Mastercard Index of Women Entrepreneurs (MIWE), COVID has “disproportionately disrupted women’s lives and livelihoods to a greater extent than men.”

The MIWE is an annual barometer of the progress of women in business, and a report I look forward to every year. I’m always excited to see how regional growth drivers are contributing to the overall economic success of global economies, particularly here in Asia Pacific.

But Mastercard’s key headline this year? That COVID-19 could set back an entire generation of women in business. Just a year ago, it would have seemed unthinkable that a healthcare crisis could undo decades of progress. And now, with a staggering 87% of female business owners reportedly affected, what can we do?

• The digital gender gap has become even more pronounced during 2020. We need to refocus upskilling initiatives, digital apprenticeships and training opportunities on women in 2021.
• With many schools and nurseries closed, much of the day-to-day childcare has fallen on women. It needs to be easier for businesses of all sizes – from start-ups to larger enterprises – to empower women while supporting those who are also shouldering childcare and these days, distance learning, at home.
• Sectors that women are most prominent in – such as retail and tourism – have been hit hardest. Governments and private industries need to work together to rewrite their pre-pandemic playbooks as we move into the Next Normal.

There’s also much to learn from the highest-ranking Asia-Pacific economy for females: New Zealand -- notably: mature gender-focused initiatives, favorable cultural perceptions of entrepreneurism, and high visibility of female leaders as role models for aspiring entrepreneurs.

Most encouragingly, the MIWE report presents an optimistic outlook for the future of women entrepreneurs. The pandemic, it seems, could prove a catalyst for exponential progress for women and an opportunity to course-correct gender bias. Women in business are already demonstrating enormous capacity for transformation in the face of adversity. 42% have shifted to a digital business model and 34% have identified new business opportunities since the pandemic.

My own resolution for 2021 is not to dwell on the months behind us, but to look ahead to see how we can effect change. It’s up to all of us to help future-proof our societies and economies for women at every stage of their professional development.

After all, Asia is known for its richness of community connections and optimism during the New Year cycle. Whether it’s calendar, religious or Lunar New Year, the dawn of the year ahead is often associated with joy, luck and prosperity: from eating round fruits in the Philippines to ringing bells in Japan. Houses are swept clean and debts are paid off ready to begin anew with a fresh outlook and renewed resolve.

That’s the determination I want to channel when thinking about the opportunities we can create for those that deserve them. For women, for minorities, for small businesses and young entrepreneurs adversely affected by the pandemic.

It’s not always easy to swim against the tide. But we can start small, supporting the female entrepreneurs in our immediate neighborhoods or business circles. In 12 months’ time, imagine how rewarding it will feel to look back on 2021 and say: not only did we emerge stronger from the pandemic, but we supported female-owned businesses to greater success than ever before, and became even more resilient to disruption and change.

And to each one of you who have placed your trust in women-centric businesses this year: thank you! And a Happy New Year – we all deserve it! See you in 2021.