India is becoming an independent powerhouse thanks in large part to the contributions of women. However, the private sector of the economy, along with the current entrepreneurial scene, still under represents women in its innovative concepts and business models. In order to increase women’s engagement in the business world, the Government of India was inspired to develop a first-of-its-kind public platform called “Women Entrepreneurship Platform (WEP).
The goal of WEP is to promote and encourage female entrepreneurs from a variety of backgrounds by providing them with the tools they need to succeed. Only 8.05 million of the more than 58.5 million entrepreneurs in India are women, according to a report by the Sixth Economic Census. NITI Aayog and WEP have teamed together for a new phase called “WEPNxt” in an effort to raise these numbers.
In comparison to their colleagues elsewhere, Indian women are excelling in management roles. In India, more than 98 percent of businesses employ a woman in a senior management position, and 47 percent of mid-sized businesses have a female CEO.
However, the percentage of women entrepreneurs in India is pitifully low. Only 7 out of every 100 entrepreneurs in India are women. The Indian government introduced WEP in 2017 to address the issue and increase the representation of women in business.
For company owners and their ideas, technology is essential. In the framework of WEPNxt, WEP will collaborate with Cisco and draw on their technical know-how to promote women’s engagement in the realm of business. We anticipate that WEP will significantly alter the startup environment with the aid of Cisco, a pioneer in the worldwide technology industry.
In collaboration with the Nasscom Foundation and the DeAsra Foundation, Cisco will develop technology-driven engagements and experiences to address issues that women entrepreneurs face both personally and professionally.
How does the WEP Nxt Women Entrepreneurship Program work?
The following stage of the NITI Aayog’s main initiative to support female entrepreneurs in India is called WEP Nxt. The initiative provides an organised and simple-to-use webpage for Indian women.
The objective is to foster a community where women may join from all across the nation and contribute their views to the global conversation.
In 2017, at the 8th Global Entrepreneurship Summit, former Niti Aayog CEO Shri Amitabh Kant initially proposed the concept of WEP. Together with Cisco, NITI Aayog created WEP Nxt in 2021, enhancing the ecosystem for women entrepreneurs. In order to support the next wave of female-run start-ups, WEP Nxt will use Cisco’s technologies and decades of experience to develop women-centric tech-based solutions.
WEP Nxt’s effects on Indian women
- Currently, more than 16000 female entrepreneurs and more than 30 partners make up WEP Nxt’s substantial network.
- According to a research on WEP Nxt’s effects, the programme might create up to 17 crore jobs by 2030 and increase GDP by 1.5%.
- Dream big and see your ideas soar with the help of the WepNXT portal.
Top Three Pillars of WEP Nxt
Iccha Shakti : Encouraging women to aspire towards their entrepreneurial dreams and begin their own businesses
Gyaan Shakti : Gyaan means knowledge. WEP Nxt program aims to provide relevant knowledge and build an ecosystem to support women to become businesswomen.
Karma Shakti : This refers to handholding and setting up women-centric and women-owned businesses. The program also covers ways to scale up business from the start-up phase.
What ways will WEPNxt support Women Entrepreneurs?
A customised guidance to help every Indian woman entrepreneur reach her goals is what is eventually anticipated of the digital platform WEPNxt. This platform will be supported by data derived from an in-depth analysis of Indian women entrepreneurs and their critical requirements in the following areas:
Six Verticals of WEP Nxt
- Incubation and Acceleration – Can join the program to help accelerate your business. WEP Nxt partners develop critical business skills and offer systematic interventions for the best outcome.
- Compliance and Tax Assistance – Women entrepreneurs can use compliance & tax assistance services at WEP Nxt. Help with registration, loan applications, IPR, license, and different laws & regulations.
- Community and Networking – Partners of WEP Nxt follow the community module on the portal and several offline events for networking to facilitate these connections. Join the network to support, learn, collaborate, and grow together.
- Entrepreneurship Skilling and Mentorship – Programs for entrepreneurship skilling and mentorship. Partners and mentors help to develop an ecosystem of learning, to grow, and maintain a sustainable business model.
- Marketing Assistance – WEP Nxt helps with a marketing strategy for start-ups and established women-owned businesses to market your products and services.
- Funding and Financial Assistance – WEP Nxt, with partners, supports women through information on various fund sources such as debt, government schemes, grants, equity, etc.