Imagine a world where everyday struggles become the seeds of innovative businesses. This is the inspiring story of Pakistani women, who are turning the mundane into gold.
The Power of Women in Tech
The Women in Tech initiative, backed by Standard Chartered, has witnessed an incredible journey. Starting with just 86 applications in 2019, it now boasts an impressive 1,900 applications from over 100 cities across Pakistan. This initiative has become a catalyst for change, empowering women to turn their daily challenges into thriving businesses.
But here's where it gets controversial... these women are not just starting businesses; they're challenging societal norms and breaking barriers. Take, for instance, the winners of this year's competition: Hira Mubeen's Yumkins Foods, Erum Sheheryar's Atfaal, and Maria Ameer's Ootein. These ventures are not just about making a profit; they're about solving real-life problems and creating a positive impact.
Yumkins Foods offers a unique solution to a common issue: diaper changes and child allergies. Atfaal, on the other hand, takes on the challenge of textile waste, upcycling it into stylish kidswear. And Ootein, inspired by the founder's personal struggle with celiac disease, becomes Pakistan's first certified allergen-free food brand. These women are not just entrepreneurs; they're pioneers, leading the way for a more inclusive and sustainable future.
And this is the part most people miss... these businesses, though small, have the potential to create a massive ripple effect. With the right support and mentorship, these ventures can grow exponentially. The top three winners received scale-up grants, ranging from Rs5m to Rs2m, and the impact is already evident. Within two months, these startups collectively generated close to Rs25m in verified revenue. If this trajectory continues, they are projected to achieve an impressive 3.3x annualized growth, reaching a total of Rs150m in revenue within a year.
While this may seem like a drop in the ocean to some, it's important to recognize the significance of these ventures. Many of these businesses started as simple solutions to daily problems, often faced by women. Take the need to work from home, for example. Childcare and household management are constant challenges for working mothers. Even with supportive environments, corporations often fall short.
Digital Superwomen, a venture founded by women who understand these challenges, offers a unique solution. They provide short online courses that empower women to work from home and apply for jobs, all while managing their kids. It's a win-win situation, allowing women to pursue their careers and be there for their families.
Another inspiring example is AZCode, a coworking space in Lahore with a predominantly female user base. Asra Ameen, the co-founder, highlights the lack of inclusive workspaces for women in Pakistan. She believes that by providing a safe and supportive environment, they can encourage more women to enter the workforce and thrive.
Nida Athar, CEO of INNOVentures, emphasizes the importance of women's involvement in these ventures. "The more women are involved, the greater the multiplier impact," she says. And the numbers speak for themselves. Across these 10 startups, over 80% of the teams are women, and more than 1,200 women have been engaged as suppliers, customers, and partners.
But here's a thought-provoking question: Why is it that women-founded startups received only 1.4% of the total funding from 2015 to 2021? Raeda Latif, country head of corporate affairs at Standard Chartered, acknowledges that things have improved, with women-led startups now representing roughly 10% of the ecosystem. However, there's still a long way to go.
Naz Khan, the principal country officer of the International Finance Corporation, emphasizes that women's entrepreneurship should be seen as a driver of economic growth, not just a side story. Studies have shown that 90% of the income earned by women is reinvested into their families and communities, shaping a better future for generations to come.
So, what can we do to support these inspiring women? One area identified for improvement is digital bookkeeping. By using analytics to track returns on spending and developing the discipline to record every rupee, these businesses can become even more efficient. Mentorship also plays a crucial role in helping women distinguish between personal and business expenses and valuing their time as a valuable investment.
As we celebrate the achievements of these women, let's remember that their success is not just about individual ventures. It's about creating a movement, a revolution, where women are empowered to turn their daily struggles into opportunities for growth and positive change. So, let's keep the conversation going and support these incredible women in their journey towards a brighter future.
