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Gender Equity Builds Better Businesses
VOLUME LXII NUMBER 4
https://spanmag.com CONTENTS 2 monkeybusinessimages/iStock/Getty Images 29 Chirag Kanubhai Panchal/iStock/Getty Images
2* Gender Equity Builds Better Businesses 6 * A Fruitful Venture 8 * Opening Doors to Financial Services 10 * Lending a Hand to Small Businesses 12 * Intellectual Property Training Helps Start-ups 14 * Investing in the United States 16 * Spotlighting Women Entrepreneurs
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Courtesy WE Hub 18 * Empowering AWEsome Entrepreneurs 22 * Supporting Women Entrepreneurs 26 * Breaking the Glass Ceiling 29 * Solar Loan Program for India’s Small Businesses 32 * Revival of India’s Small Businesses 36 * Exploring Mentorship Networks 38 * Solar Solutions 42 * Doing Business in the U.S.
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Courtesy Khethworks
Editor in Chief Michael L. Cavey
Editor Deepanjali Kakati Hindi Editor Giriraj Agarwal Urdu Editor Syed Sulaiman Akhtar Art Director/ Production Chief Hemant Bhatnagar Deputy Art Directors / Production Assistants Qasim Raza, Shah Faisal Khan
Front cover: Photograph by metamorworks/ iStock/Getty Images
Printed and published by David H. Kennedy on behalf of the Government of the United States of America and printed at Infinity Advertising Services (P) Ltd., Plot No.-171 & 172, Sector58, Faridabad 121004 and published at the Public Affairs Section, American Embassy, American Center, 24 K.G. Marg, New Delhi 110001. Opinions expressed in this 44-page magazine do not necessarily reflect the views or policies of the U.S. Government.
F e r n a n d e s K s h a m a C o u r t e s y
GENDEREQUITY Builds Better Businesses Gender diversity in business leadership has major benefits for companies, stemming from wider communication and networking skills, new perspectives, improved problemsolving skills and critical thinking.
ByMICHAELGALLANT
Kshama Fernandes, chief executive officer of Northern Arc Capital, encourages women to “continue to be themselves, to continue to feel proud of being women leaders, of their styles of management and their approaches to handling problems and crises.”
Adecade ago, it might have been difficult to find many Indian corporations run by women. But now, however, the world has changed. In increasing numbers, women chief executive officers (CEOs) lead groundbreaking enterprises across diverse fields like business, finance, agriculture and technology. The talented CEOs are helping redefine the role of women in India’s future. For all involved, this is a very good thing. “There is absolutely no doubt that diverse leadership creates value for all,” says Kshama Fernandes, chief executive officer of the innovative financial platform Northern Arc Capital. Corporate boards that include women generate higher levels of financial success than ones that are men only, she describes, and gender diversity in business leadership lays the groundwork for radically creative innovations. Research supports the idea that empowering women benefits everyone. A 2016 report by the McKinsey Global Institute stated that if every country could enhance the number of women in business leadership, the world could generate trillions of dollars in higher income. Diverse voices in executive offices also lead to better business strategy, decisions and management. “Even with the very best of intentions, we have a tendency to gravitate towards people who are like us,” said Tessa Misiaszek, a professor at Hult International Business School, during a webinar on women in business. “It takes a real leader to say, ‘I need someone to challenge me.’That challenge can spawn
new creativity, innovation and growth.” When women assume roles of corporate leadership, they bring not only their own life experiences, perspectives, networks and DFC https://www.dfc.gov training, but a unique set of strengths that can benefit businesses of all sorts. In a study by the Hay Group, women were found to consistently score better than men in the highly valuable areas of adaptability, teamwork and conflict management. Studies also show that including women in boardrooms, including in the very top positions, enhances the abilities of businesses to navigate problems and strategize solutions. Despite such tremendous benefits, women continue to face numerous obstacles as they rise in the world of business. In the workplace, women continue to encounter discrimination when it comes to hiring, pay rates and promotions. Beyond that, it’s both easy and troubling for women CEOs to be
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Studies show that including women in boardrooms, including in the very top positions, enhances the abilities of businesses to navigate problems and strategize solutions. mistaken for a spouse or secretary at gatherings, says Fernandes. Women leaders must regularly work harder than their male peers to make themselves heard in meetings overwhelmingly dominated by men.
In the face of gender-based challenges, Fernandes encourages women to “proudly claim their space under the sun” and “continue to be themselves, to continue to feel proud of being women leaders, of their styles of management and their approaches to handling problems and crises.” Fernandes also encourages both men and women in business leadership roles to make gender equity a central topic of discussion and action. “Change will happen only when we feel a strong sense of urgency and a personal sense of responsibility toward addressing this issue,” she says.
Fernandes is one of several women CEOs who are transforming Indian industries through grit, innovation and brilliance, with support from the U.S. International Development Finance Corporation (DFC). The U.S. government’s development finance institution, DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. Read more about Fernandes as well as Purnima Khandelwal and Hardika Shah, two other highly successful CEOs in India whose enterprises have received financial support from DFC, in the following articles. Fernandes, Khandelwal and Shah have grown their innovative companies into national or international forces, and are inspiring future generations of female leaders.
Michael Gallant is the founder and chief executive officer of Gallant Music. He lives in New York City.
