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| Anjana Vivek |
In the recent past, women have increasingly taken to starting their own venture. Today, we have many qualified women engineers, technologists and scientists, unlike a couple of decades ago. A few of them go on to start their entrepreneurial venture. What could be some of the challenges they face? How do they deal with these issues?
Hiring, collaboration and joint ventures: Some persons still question the technical competence of women. Some men, till date, do not accept women bosses in the tech-space. There have been cases when collaborations and partnerships broke off for reasons of disregard towards the expertise and knowledge of the woman entrepreneur.
Possible solution: A woman entrepreneur has to prove her capability to command authority among her co-workers. Kalpana Krishnaswami, CEO and co-founder of Metaome Science Informatics, which is incubated at IIMB and has received a grant from the Department of Information Technology, says while she has expertise in one area and her partner in another, many times her partner is treated as the one with technical expertise even in the areas in which she has more knowledge, because he is a man!
Sometimes, it may be best to avoid working with such non-believers. Long term partnerships are only sustainable when there is mutual respect.
Venture Capital (VC) Funding: Women entrepreneurs in hi-tech industries sometimes find it difficult to convince VCs about their capability. Manjula Sridhar is a technologist who has been an entrepreneur-in-residence of a well known VC firm as well founder of a VC funded technology start-up. In her view, women generally find it difficult to raise fund because of the general perception that they are weak in business, and not necessarily because the VCs think that women are weak in technology.
Possible solution: The women entrepreneur needs to demonstrate that she is an astute businessman and technologically competent too. She needs to demonstrate the capabilities of her management team. Kavitha Iyer Rodrigues is the co-founder of Inbiopro Solutions Pvt. Ltd, a bio-technology venture, which has been VC funded and has recently made a strategic sale to a Pharma company, says that the challenge is to present the balance of the team rather than just the technology. So, the message from these women is that if you are looking for funding, get a good team in place. Sometimes, even getting good and well-known advisors can help add to the credibility of the venture.
Networking: Many times, networking events happen over dinner parties and on weekends. This is typically the time a working woman likes to devote to her family, particularly when her children are young. While work is seen as essential, networking is often viewed as taking away precious time which might not have any direct or immediate affect. Some women also do not want to move out of their comfort zone to meet people. Vijaya Verma, a serial entrepreneur, says, “In case of women entrepreneurs in hi-tech industries, extensive networking is very important. It helps in creating the market, getting more sales contacts, getting in touch with the right VCs, etc.”
Possible solution: Rather than avoiding networking, one may prioritize and attend some events. One-on-one meetings could be scheduled, perhaps over breakfast or lunch. Phone conversations and email are other ways to keep in touch. Then we have the powerful tools of today—business and social networks such as Linkedin and Facebook. These tools help us connect at our time and convenience. A word of caution here: Online forums can also have negative fallout, if not dealt with care. If you are not conversant with how these can be used or leveraged, do take time out to slowly familiarize yourself with the various options available.
Women entrepreneurs from hi-tech industries can also benefit from plugging into womens’ networks. Professor Vasanthi Srinivasan, IIMB, finds womens’ networks to be very helpful. There are many examples of the business benefits from these networks, whether it is the TiE (The Indus Entrepreneur’s) for women group or the IIMB alumni network of women entrepreneurs. As old boys’ networks help men out, womens’ networks too are playing a larger role in the success of women entrepreneurs.
In summary: Challenges exist for all entrepreneurs. Women entrepreneurs in hi-tech industries can make a mark for themselves if they avoid getting bogged down by others’ perceptions about their capabilities. They need to demonstrate business competence in addition to technical knowledge. They need to take time out to network. In the coming years, we will see more competent women technology leaders make their mark in creating valuable companies.
Happy 2011!
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Anjana Vivek is the founder of VentureBean Consulting and a guest faculty at IIM Bangalore.
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