Startup ecosystem witnessing robust growth, needs shift in mindset: CIEL HR

The start-up ecosystem is witnessing robust growth and needs a shift in the mindset, a study undertaken by city-based CIEL HR Services said on Tuesday.

Women entrepreneurs continue to face challenges with Indian start-ups witnessing dynamic growth, it said.

Launched ahead of the International Women's Day 2023, the study was conducted across women representing over 200 companies.

The study has stated that women in an entrepreneurial role struggle to raise capital, face lack of professional networks and mentorship.

CIEL HR Services managing director Aditya Narayan Mishra in a statement said, "the start-up and entrepreneurship ecosystem in India is witnessing robust growth. When we at CIEL took a closer look at the system with a gender lens, we discovered that with the progress the challenges have also scaled."

"What the ecosystem needs immediately is a shift in mindset and that is evident in CIEL's study report. One of the recommendations is to promote entrepreneurship among students and also provide them the right facilities like access to capital, mentorship programme...," Mishra also the CEO of the company said.

The government should also introduce policies that promote gender equality in entrepreneurship and ensure equal access to resources for all aspiring female entrepreneurs, he said.

According to the report, 31.5 per cent of women faced discrimination and bias as they were not taken seriously in their business endeavours. Nearly 29.4 per cent of women said they struggle to secure funding for their ventures.

Lack of professional network was also faced by 20.6 per cent of the respondents while unavailability of mentorship was faced by 14.9 per cent of the women engaged in the start-up ecosystem, the report said.