We are creatures of habit. So, when certain notions emerge without factual evidence, but are reinforced over and over again in the media, we tend to believe them. At least, not until a reliable source argues to the contrary and substantiates it with factual data.
This is what I experienced on reading a report by MIT researchers, titled ‘The 20-year-old entrepreneur is a lie’. The team had analyzed data relating to 2.7 million business persons, to learn that the ventures with highest growth had an average founder age of 45! A 50-year-old is 2.8 times more likely to found a successful startup than a 25-year-old, the researchers ruled. Delving deeper into this ageless-entrepreneur argument, I stumbled upon stories of women entrepreneurs who, despite their age, went on to establish successful ventures in India.
Experience has no substitute
For Radha Daga from Chennai, who went on to set up a successful ready-to-eat food business at the age of 69, after forty years’ experience in the garment business, “age is an advantage that helps cope with challenges“. Today, at 78 years of age, Daga continues to run her enterprise, showing no signs of stopping anytime soon.
The accidental entrepreneur
Sometimes, all it takes is one small moment, a spark, to unlock the entrepreneurial spirit. Or so it happened for Harbhajan Kaur, a 94-year-old homemaker from Chandigarh. After Anand Mahindra, Chairman of Mahindra Group, retweeted a picture of Kaur’s home-made barfi, her story went viral, leading to a successful barfi-making business. Kaur’s famous dessert now sells at $11.5 per kilogram.
Turning pain into purpose
The breast cancer diagnosis of two of her cousins and their subsequent passing inspired Dr. Geetha Manjunath, a 52-year-old techie, to launch a health-tech startup called Nirmai. Manjunath, along with her team, has developed an AI-based screening tool, which helps early detection of breast cancers and expands the scope for recovery significantly. Manjunath’s journey has parallels with another inspiring entrepreneurial story of Yamini Mazumdar’s. The mother of Biocon founder Kiran Mazumdar-Shaw, Yamini Mazumdar, lost her husband in 1999, at the age of 68. Soon afterwards, in order to occupy herself, she launched a laundry business and found both success and a new purpose.
Passion is everything
How often does a career investment banker call it quits to start a cosmetics venture? This rare distinction belongs to Falguni Nayar. At nearly 50 years of age, Nayar quit the position of the Managing Director at Kotak Mahindra Capital and ventured into a beauty-focused retail business. Today, her brainchild, Nykaa, is a leading player in the domain.
I believe these stories barely scratch the surface of women entrepreneurship in India. With digitization and growth in the gig economy, many women—regardless of age—are increasingly entering the entrepreneurial ecosystem. This development, according to CEO of Niti Aayog, Amitabh Kant, could help India add $700 billion into the economy. But only 22% of the Indian women work, while the global average stands at about 48%. So, in order to bridge the gap, policymakers must work towards addressing systemic barriers and devise inclusive strategies. If the above stories prove anything, it is that women are capable of working wonders, and it’s about time India ramps up its efforts to unlock their potential.
