The empowerment of women is a reliable formula for prosperity
- Mentorship programmes can help empower women for gender diversity to boost economic growth
In the modern era, the role of women in an economy extends far beyond the realm of social justice; it has evolved into an undeniable economic imperative that nations can no longer afford to ignore. A growing body of research consistently underscores the tangible benefits of gender diversity in the workplace, revealing that it fosters creativity, heightened productivity and profitability. A study by McKinsey, ‘The Power of Parity’, was cited by The Economist to highlight the immense economic gains countries stand to achieve. It noted that nations could see a surge in their GDP by as much as 5% to 20% if women were to participate in the workforce at levels comparable to men. The success of self-help groups (SHGs) in India is a compelling testament to women’s potential and their substantial contributions to economic growth.
The success of SHGs, reflected in the remarkable achievements of Mann Deshi Mahila Sahakari Bank and Self-Employed Women’s Association, is a powerful example. By granting microloans to rural women entrepreneurs, these initiatives have highlighted the transformative potential of women-led entrepreneurship. These successes prompt us to ask: How can we enable all women to rise alongside men?
The solution is multifaceted, encompassing equal opportunities in skills, education, access to finance, networks, and the implementation of a robust mentorship strategy. We can unlock unseen potential through a dynamic mentorship framework, catalysing broader social and economic growth.
Mentorship has emerged as a critical strategy and an instrumental resource for women entrepreneurs globally, evolving to address their specific challenges and needs with unique targeted initiatives. Women Who Tech focuses on bridging the gender gap in technology and has helped more than 8,000 startups raise over $200 million. The Cherie Blair Foundation’s one-to-one mentoring transcends geographical boundaries, enhancing business skills for over 6,000 women and WEConnect International opens doors to global markets for thousands of businesses. The Tory Burch Foundation’s fellowship programme has led to 27% of its fellows surpassing $1 million in sales.
Together, these multifaceted programmes contribute unique perspectives and methods that have bridged gender gaps and fostered innovation, leadership and empowerment. Their tangible impact has been profound and varied, creating a lasting and transformative impression on the entrepreneurial landscape for women worldwide. As nations grapple with recovery and geopolitical challenges, adopting and embracing these ideas could be vital in accelerating women’s economic participation and revitalizing global growth.
India’s G20 presidency arrived when a global recovery was intertwined with the pandemic’s fallout and geopolitical tensions. Under Prime Minister Narendra Modi, the narrative of women’s empowerment has evolved into ‘women-led development’. This innovative approach, specific to India, has now become part of the shared lexicon of the G20. India’s initiatives also recognize the life-cycle approach to mentoring. This approach recognizes that the needs and challenges faced by women entrepreneurs evolve over time, necessitating a flexible and adaptive mentorship framework. It is not a one-size-fits-all model, and is tailored to accommodate the unique circumstances of each stage in a woman’s personal and professional journey. From early-stage entrepreneurs seeking initial guidance to established business leaders aiming for market expansion, the life-cycle approach offers customized mentorship. It incorporates dynamic relationships, long-term engagement, and continuous assessment to ensure the mentorship remains relevant. The G20Empower global mentoring and capacity-building platform, aptly nicknamed WEPmentor, launched during India’s G20 presidency, exemplifies this approach, supporting aspiring women entrepreneurs and offering guidance to established ones.
The platform offers comprehensive programmes, with four distinct mentorship initiatives catering to the diverse needs of entrepreneurs. It offers personalized and organizational mentorship, enriched by the expertise of various organizations. Curated mentorship workshops and peer-to-peer mentoring add to the diverse array of options, nurturing skills and mutual learning within the entrepreneurial ecosystem.
From India’s grassroots triumphs to global endeavours, the evidence is resounding that investing in the empowerment of women is both a moral imperative and an economic strategy. Integrating mentorship into global policy frameworks serves as a model for nations worldwide.
As we advance, the world must continue to innovate, collaborate and invest in mentorship as well as women’s empowerment. The road to economic prosperity and social advancement is paved with the contributions of women, and mentorship serves as a vital stepping stone in this journey. Now is the time to expand and deepen these efforts, paving the way for a more inclusive and prosperous future.
