New Delhi: Women-owned businesses in India are breaking the mould, moving beyond handicrafts to include manufacturing and professional services, with almost half of these businesses (49%) comprising professional services. This demonstrates that India is ready to take charge, already ranking as the third-largest in terms of startups.

In a press conference organised by WEConnect on July 31st, 2024, Saritha Venumbaka, COO of WEConnect International, emphasised the importance of empowering women entrepreneurs in India's supply chain, reconnecting international businesses with India, and amplifying this message.

WEConnect International is a global network that connects women-owned businesses to qualified buyers worldwide. The organisation operates with a focus on the need for gender-responsive policies and initiatives to empower women entrepreneurs in India. Strategies to support women-owned businesses include identifying and connecting them with potential clients, providing capacity-building programmes, and offering mentoring opportunities. These are considered crucial for raising awareness and creating equal opportunities for women-owned businesses in global procurement. Networking and education are seen as essential for the success of women-owned businesses.

Despite the gender disparity in procurement spend, where women-owned businesses receive less than 1% of the total procurement spend despite making up half the population, empowering women-owned businesses includes helping them succeed in the corporate supply chain. This involves identifying and training them. Training offered by WEConnect includes tailored capacity-building programmes focused on doing business with corporate buyers, with practice opportunities for pitching and networking.

Notably, women are more likely to give back to their communities once they have the resources. Hence, the benefits of networking for women-owned businesses include increased buying from other women and access to mentorship and coaching.

“When we started in 2009, we had 15 corporate members, and now we're at 200 plus. Amongst these, over half of the members are from Fortune 50 companies like Apple and Google. Also, Zomato, Infosys, and Sagility Health India Limited are Indian companies that are part of our members. All of these companies, at some level, are committed and actively looking to include local businesses in the supply chain,” Michael Tobolski, Vice President of WEConnect International, said.

In the results of a survey last year, the global members reported spending over $5 billion on women-owned businesses outside of the US, with these businesses being competitive in quality, service, and price.

“We had a woman business owner in our network tell us that if she tells male buyers that she’s women-owned, they won’t buy from her because she’s a woman. So maybe the perception is that women-owned businesses are small or they can’t compete. And it’s absolutely not true. We have a woman-owned business, for example, that makes truck bodies for Toyota,” he noted.

Shedding light on why it is necessary to close the gender gap, Michael said, “One-third of all privately owned businesses in the world are owned by women, yet women-owned businesses earn less than 1% of large corporate and government spend with suppliers.” /BI