India’s startup landscape has a missing piece. Women.

It’s time to come together to create a conducive, collaborative and empowering environment for women entrepreneurs in the country.

Last month I was at the inaugural session of “Road to GES” series organized by NITI Aayog and FICCI, held to celebrate and support women entrepreneurs in India. It was an honor to be invited to deliver a keynote there. Speaking to so many talented young women filled me with pride and hope. As I prepared for the session, I was reminded of my early days as an entrepreneur—an experience that’s dear to me because it has enriched and shaped much of my professional journey. It also gave me an insight into the challenges that women face in business, an understanding that became stronger as I interacted with other women professionals since then.

There are several suppressors of women’s entrepreneurial potential. Some point to external issues, while others are intrinsic to us as women. Gender bias, for example, is a critical systemic issue across the world, and a complicated one to address. Yet, there are others that can be addressed more easily—such as inadequate access to capital, lack of women in venture capital (VC) firms, and lack of support structures including mentors and networking forums. 

Promoting women entrepreneurs requires an ecosystem play

There is an urgent need for us – businesses, the government and the VC community to come together and collaborate to counteract the suppressors. And I’m glad that there is now active dialogue at various forums – we need to ensure this continues. Here are some actions that we can take together to move forward more quickly:

• The industry can accelerate women startups through focused training programs and leadership boot camps, specifically for women entrepreneurs.
• Businesses, large and small can invest in developing women leaders in corporates. We need more women role models.  
• VCs need to get more women in leadership or more specifically, in investment decision-making roles.
• Businesses that can, should think of providing women employees with sabbatical programs focused on gaining entrepreneurial experience.
• Businesses should leverage their vast supplier networks to catalyze change, for example, partner with SEWA, which empowers rural women entrepreneurs.  
• The government must continue its charge in this area. We need more policies like the Stand-Up India scheme, which mandates that each of the 1.25 lakh bank branches in India provide bank loans to at least one woman for setting up a greenfield enterprise.  
• Together we must invest in education, especially digital education. Digital fluency brings more women into the workforce, and combined with career strategy and technology immersion ensures that they remain successful.      

Needless to say, women have an equal role to play, and it is our responsibility to stand up and be counted. The Mastercard Index of Women Entrepreneurs 2017 pegs the fear of business failure and lack of self-belief as top constraints that hold women entrepreneurs back. Other key obstacles are lack of awareness, technical skills and the ability to hold tough conversations in a complex entrepreneurial environment. Learning plays a pivotal role in addressing some of these pressing issues. And while businesses, the government and industry can create an enabling environment, we must push ourselves out of our comfort zone, invest in our own development and take the risks that are needed.

Improving women’s participation in the economy is not just about equality. When women have productive, paying jobs, they have greater agency. That has a positive impact on society in general, which reflects in higher human development indices. If India’s growth story has to translate into shared prosperity for all, then it can’t afford to have one half of its population sit out. The time to act is now.