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Global Entrepreneurship Summit: Put Indian women entrepreneurs first

Global Entrepreneurship Summit: Put Indian women entrepreneurs first

Global Entrepreneurship Summit: Put Indian women entrepreneurs firstBy Frank F. Islam,

On November 28-30 in Hyderabad, India and the US will jointly host the Global Entrepreneurship Summit. This is the eighth annual summit which was the brainchild of former US President Barack Obama. It has been held in other locations such as Istanbul, Dubai and Silicon Valley. The theme for this year’s Summit is “Women First, Prosperity for All”.

The Summit provides India and Hyderabad an excellent opportunity to showcase the exceptional progress and achievements that have been made by Indian entrepreneurs in a number of areas such as information technology, media and entertainment, and health-care and life sciences.

It also provides the chance to call attention to the fact that there is a need to do much more in India in order to put Indian women entrepreneurs first.

The Modi administration has placed some emphasis on women entrepreneurs.

For example, in April, the administration launched a Stand-up India scheme which provides loans from Rs 10 lakh ($15,500) to Rs 1 crore to women entrepreneurs and entrepreneurs from the scheduled castes and scheduled tribes (SC/ST). The Stand-up India programme is projected to reach up to 250,000 borrowers.

The question is: What percentage of those borrowers will be women entrepreneurs? This is a central question because there is a dearth of women entrepreneurs in India and various studies have shown that women entrepreneurs in the country are among the most disadvantaged in the world.

In spite of an increase of women business owners and operators over the past several years, entrepreneurship still remains a male bastion in India. A recent study by the National Sample Survey Organisation found that only 14 per cent of Indian business establishments are run by females. The same study disclosed that most of the women-run businesses — 79 per cent — were self-financed.

These are bothersome findings. Even more bothersome is what is discovered when the status of Indian women entrepreneurs is compared to that of woman entrepreneurs around the world.

In 2015, The Global Entrepreneurship and Development Institute (GEDI) issued a report containing its Female Entrepreneurship Index ranking countries “with respect to the conditions present that will fuel high potential female entrepreneurship development”. India was near the bottom on that Index, ranking 70th out of 77 countries.

In 2017, MasterCard issued its Index of Women Entrepreneurs ranking countries based on an assessment of: Women’s Advancement Outcomes; Knowledge Assets and Financial Access; and Supporting Entrepreneurial Conditions. India ranked 49th out of 54 countries.

The MasterCard report noted “there is significant potential to harness the untapped potential of women’s entrepreneurship in India”.

I would propose that the public and private sectors in India collaborate to develop a comprehensive and integrated three-pronged approach to “harness the untapped potential” and address the critical need to put Indian women entrepreneurs first. Those prongs should be:

* Educate and empower women to become entrepreneurs

* Ensure adequate financial resources to support their entrepreneurial ventures

* Provide mentoring to promote success in entrepreneurship

The education for women to become entrepreneurs should be multifaceted, stressing not only “book learning” but also providing the hands-on skills and abilities required to run a business. It should also be directed towards preparing women to enter fields in which there are too few female business owners today, such as information technology, manufacturing, and engineering.

Numerous studies have found that women in emerging markets have much more difficulty in securing loans than men and have to rely on their own financing. That is why the World Bank launched a Women Entrepreneurs Finance Initiative (We-Fi) this year to provide venture capital support to help women start and grow businesses. India should tie into and develop a programme to replicate We-Fi.

Unless they come from a family that has a business or have worked in a business, women entrepreneurs have seen no role models and have had no coaching on how to start, run and build a business. A mentoring programme can fill that gap.

In the US there is a non-profit organisation called Service Core of Retired Executives (SCORE) that provides free mentoring services to business owners. India could establish a programme similar to SCORE dedicated to women entrepreneurs.

It could recruit both retired and active professionals from all sectors — business, government, academia, nonprofit — to be mentors in the programme. A programme of this type could be coordinated through the financial institutions making loans to women entrepreneurs.

In conclusion, the Global Entrepreneurial Summit will place the spotlight on the achievements of India’s entrepreneurs and the significant contributions they have made to build the country’s economy. The Summit can also be used as a magnifying glass to increase the focus placed on women entrepreneurs.

If this is done and Indian women entrepreneurs are put first, they will dramatically accelerate the country’s economic development in a manner that will benefit all and put India first.

(Frank Islam is an entrepreneur, civic leader and thought Leader based in the Washington DC area. The views expressed are personal. He can be contacted at ffislam@verizon.net)

—IANS

Indian, US officials meet to prepare for Global Entrepreneurship Summit

Indian, US officials meet to prepare for Global Entrepreneurship Summit

Ivanka Trump

Ivanka Trump

New Delhi : Indian and US officials met here on Tuesday in the run up to the November 28-30 Global Entrepreneurship Summit in Hyderabad that will be inaugurated by Prime Minister Narendra Modi and Ivanka Trump, President Donald Trump’s daughter and advisor.

According to an official statement, Indian and US officials met at NITI Aayog office here to plan the 2017 Global Entrepreneurship Summit which is themed around “Women First, Prosperity for All”.

The summit is expected to be attended by over 1,600 delegates, including entrepreneurs and investors, CEOs of major knowledge-based industries, representing the full measure of entrepreneurial talent from diverse backgrounds across the world.

The participants from 160 countries will represent a diverse range of geographies, industries, business size and scalability.

“Investors and representatives from organizations that support entrepreneurs will be hand-picked to catalyze investment, networking and mentoring. There will be special emphasis on empowering young and women entrepreneurs and the role they play in making communities more prosperous and secure through enterprise,” the statement said.

NITI Aayog is taking the lead in organising the summit.

Amitabh Kant, CEO NITI Aayog, said it was a unique opportunity for Indian startups and innovators to interact and network with the finest entrepreneurs of the world.

“We need to harness technology to solve some of the most pressing problems in healthcare delivery, education, energy, safe drinking water and agriculture, among others for the benefit of communities at large. Innovation and entrepreneurship will play a decisive role towards this end. I am sure this will be a unique opportunity for entrepreneurs to interact with the best,” Kant said.

Jennifer Arangio, Senior Director at the US National Security Council, was quoted in the statement as saying the US was proud to partner with India for this year’s GES.

“Uniting under the theme Women First, Prosperity for All, the summit will highlight the Trump administration’s commitment to the principle that when women are economically empowered, communities and countries thrive.”

Arangio said hosting the summit in India was a signature of the “broad and enduring partnership between our two countries”.

NITI Aayog and the US Embassy here are planning a series of ‘Road to GES’ events in collaboration with different agencies to attract the attention of different stakeholders.

As part of the summit, there will be a virtual exhibition of India’s innovative prowess in collaboration with the Department of Industrial Policy and Promotion. It is also proposed to showcase India’s heritage, social entrepreneurship and craftsmanship in collaboration with the Ministry of Rural Development and Ministry of Culture.

—IANS

U S To Host 7th Annual Global Entrepreneurship Summit

U S To Host 7th Annual Global Entrepreneurship Summit

gesGlobal Entrepreneurship Summit 2016

When we connect global entrepreneurs with the access and exchange needed to create and innovate, we unleash their power to change the world.

A clear example of this is found in Silicon Valley where thousands of firms have achieved success. With that in mind, what better place to gather entrepreneurs at all stages of business development for the 2016 Global Entrepreneurship Summit (GES). This Summit will be the 7th installment in a series previously hosted by the United States and the governments of Turkey, the United Arab Emirates, Malaysia, Morocco, and Kenya. In bringing the Summit back to the United States, President Obama highlights his commitment to building bridges that help us tackle global challenges together.

GES 2016 aims to showcase inspiring entrepreneurs and investors from around the world creating new opportunities for investment, partnership, and collaboration; connect American entrepreneurs and investors with international counterparts to form lasting relationships; and highlight entrepreneurship as means to address some of the most intractable global challenges. Hosting GES in Silicon Valley will highlight America’s entrepreneurial spirit and allow American investors and entrepreneurs to see the talent, solutions, and opportunities that exist globally.

The summit will include a wide range of workshops, panels, ignite talks, pitch competitions, mentoring, and networking sessions aimed to give participants tailored opportunities to gain skill and relationships that will help their ventures grow. Within the Summit there will also be demonstration areas, experiential learning exhibitions, and opportunities to connect with industry experts.

(Reference:http://www.ges2016.org/)