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Empowering Women Through Innovation: A Path to Economic Growth

empowerment of women through innovation

The acclaimed film “Hidden Figures” illustrates the transformative potential of empowering marginalized groups, showcasing how overlooked black female technicians at NASA became pivotal in the 1960s space race. This narrative echoes a persistent global challenge: the unequal economic opportunities faced by women. Despite evidence highlighting the economic benefits of educating girls and supporting women’s economic security, over 2 billion women lack equal opportunities, with job restrictions in place in 80 countries. This is a huge setback as far as gender equality and empowerment of marginalised communities are concerned.

The trend setters

However, amidst these disparities, there’s a beacon of hope in the rise of technology-driven solutions tailored for women’s empowerment. Initiatives like Mann Deshi Mahila Bank and Algorand Foundation in India leverage digital infrastructure to provide financial access to millions of women. Startups such as Baeru focus on skill-building and employment, addressing pressing issues like climate change while uplifting women in coastal communities.

Innovation plays a dual role in advancing gender equality and achieving Sustainable Development Goals. Research-driven innovations yield impactful products and services, while entrepreneurial endeavors translate these innovations into accessible solutions. A recent global discussion emphasized the importance of leveraging technology like Baeru and Bandhu through strategic partnerships. However, clear data on the economic status of women, especially in low- and medium-income countries, is essential for effective implementation. Such data has to be effectively utilised to ensure that schemes reach intended groups.

Although flexible grant money is important, such as what is proposed in the venture capital industry, it is more important for expanding the reach of effective solutions. Despite various attributes of technology available that can anhance literacy for everybody, the poor structure of impact investing in this sector raises a dilemma. Filling these patches could be a common objective for all the policymakers, organizations and the startups; to build a conducive ecosystem for innovation to empower women.

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