The Evolution of Caregiving: Women Entrepreneurs Platformed at Japan Conference

?

Women are the traditional caregivers in societies around the world, often laboring for too little pay and sometimes none at all. But that could be starting to change, as more people recognize that the fast-growing care economy offers a big opportunity for economic growth, innovation and women’s entrepreneurship.

To underscore the opportunities ahead, We-Fi partnered with the Ministry of Finance - Japan and the Asian Development Bank (ADB) to bring about 250 people together at an event in March in Tokyo. The event brought together leaders from developed and developing economies, a hallmark of We-Fi’s work.

We-Fi Leadership Champion kaori sasaki Founder & CEO, ewoman Inc. welcomed leaders in government policy and entrepreneurial innovation. An Internet pioneer, Sasaki, founded the first portal for women in Japan in 1996 and is a board member, speaker and serial founder. She noted that an estimated 2.3 billion people, including the elderly, children and the disabled, will be deemed “care recipients” by 2030, pointing to the vast potential of the market.

“By addressing the challenges and opportunities and recognizing the significant contribution of women in the care sector, we aim to make significant strides in gender equality, economic growth, and sustainable development,” Sasaki said.

Large parts of the care economy lie outside the formal global economy. Some examples of this are the time women spend taking care of their children, and the value of the labor caregivers put in when they take a year or two off to care for elderly parents.

“The value of care work is not properly appreciated and thus becomes the bottleneck to the equal treatment between men and women,” said SETO Takakazu,?Parliamentary Vice-Minister of Finance, Government of Japan. “We need to shine a spotlight on the importance of the care work so that it receives the attention and value it deserves.”

Entrepreneurs, working in the context of good government policies, can help reframe the value of caregiving goods and services, and create better counted, regulated and transparent markets. Because of their deep experience as caregivers, women are often in the best position to start companies.

Japan has recognized the importance of women’s leadership in shaping the growing care economy, especially in developing countries, Takakazu said.

“That is the reason the Ministry of Finance decided to contribute $5 million to We-Fi to help women entrepreneurs in developing countries, where they can make a difference,” he said. “At the same time, I'm confident the men can also take part in helping women shine … and disseminating the idea of gender equality to the rest of the world.”

Wendy Teleki , the Head of the Women Entrepreneurs Finance Initiative (We-Fi) Secretariat, said We-Fi has noted that women entrepreneurs in the markets were We-Fi operates are often simultaneously watching children or parents – sometimes both -- while they go about their work building companies. At the same time, their knowledge of caregiving gives women valuable entrepreneurial insights. “We want to look at care not just as a constraint for women entrepreneurs, but as an opportunity for women entrepreneurs to solve challenges in their markets,” she said.

The event included panels of women leaders in two areas: government policy, and innovation and entrepreneurship.

Fostering an Empowering Ecosystem for Entrepreneurs in the Care Services Sector

In a panel discussion moderated by Keiko Nowacka ,?Principal Social Development Specialist, Asian Development Bank (ADB), three experts offered insights on how governments can approach building care infrastructure that results in economic growth and equity. The discussion emphasized policies to create well-financed infrastructures for childcare, paternity leave and elder care. Those infrastructures, including government bureaucracies, need to be designed with innovation in mind, so entrepreneurs find it easy to start companies and access markets.

Government investments in universal childcare and long-term care could generate a total of 178.3 million jobs by 2035 in 22 countries in Asia and the Pacific, and lower the gender pay gap to 7.7% in 2035, compared with 18.7% in 2019, the International Labour Organization estimates.

But this future is by no means certain: the ILO also reports that 75% of countries may cut public benefits.

The panelists included:

• Laura Addati ,?Maternity Protection and Work-Family Specialist, International Labour Organization
• Jasmin Thomas ,?Economist, Employment, Labor and Social Affairs Department, OECD - OCDE
• Nasrin Sultana,?Joint Secretary, Finance Division, Ministry of Finance, Government of Bangladesh

Sultana talked about Bangladesh’s experience as it seeks to include women in all facets of society, including in nonprofit, innovation and governmental leadership. Women create the policies, companies and programs that ensure access and opportunity for women, she said Bangladesh is on track to graduate from the UN’s Least Developed Countries (LDC) list in 2026.

“It becomes so important … for women in every sector to make their footprint, to make, fulfill the government policies,” she said. “And the (well-financed) government policies are an umbrella to protect the women and the children.”

Innovative Approaches and Collaborative Solutions in the Care Landscape

A second panel, moderated by Sarah Twigg ,?Lead, East Asia and Pacific, Gender and Economic Inclusion, IFC - International Finance Corporation , explored the stories of women entrepreneurs in the care economy, emphasizing the importance of collaboration between women entrepreneurs. In the care economy, companies are born from women’s insights into people’s needs, but the companies grow fastest when technology offers access to a large market – such as telehealth.

The panelists were:

• Tatiana Oprea ,?Director, Educational Centre for Children INGENIUM (Moldova)
• Katja Freiwald ,?Regional Lead for Women’s Economic Empowerment, UN Women Asia and the Pacific
• Nina Shingai Shingai,?Executive Officer, CFO & Head of Corporate at Linc’well Inc.
• Susan Nio ,?CEO and CTO, Love Care Indonesia?

“In Indonesia, we have got a big job ahead of us,” said Nio. “We have 13 million kids under 7, and 32 million people over 60.”

“The old-school care just isn’t going to cut it. This is where tech comes into play. … Using tech means we can keep an eye on each other in real time (and in rural areas). By pulling together, we can create care that can grow.”

Creating Linkages Across Sectors and Geographies

Keiko Nowacka , Principal Gender Specialist at the Asian Development Bank, ended the event, asking attendees to think about practical solutions and partnerships to support the care economy. “(It) will support women’s economic empowerment, children’s development and the society we want to live in: a caring inclusive society.”

?