WEConnect: Hefting Up Women-Owned Businesses Globally

Founded in 2009, WEConnect International has emerged as a powerhouse in the non-profit sector, dedicated to empowering women-owned businesses by unlocking market opportunities. With a resolute mission to close the gender gap in the business world, WEConnect International forges connections between women entrepreneurs and multinational corporations, providing indispensable resources, training, and networks that enable them to excel in competitive markets.

Spanning over 135 countries and championing more than 18,000 women-owned businesses, WEConnect International collaborates with over 200 member buyers. Their formidable network certifies businesses as majority-owned, managed, and controlled by women. This certification guarantees that corporations can confidently source from verified women suppliers, advancing diversity and inclusion within their supply chains.

The organization works tirelessly with government agencies, corporate partners, and other stakeholders to cultivate an environment conducive to the growth of women-owned businesses. Through initiatives such as supplier diversity programs, business matchmaking events, and capacity-building workshops, WEConnect International equips women entrepreneurs with the skills and opportunities essential for global business expansion.

Moreover, by advocating for policy reforms and forging strategic partnerships, WEConnect International propels economic development and gender equality. Their unwavering dedication to leveling the playing field empowers women entrepreneurs to compete and thrive in the global marketplace, profoundly impacting communities worldwide.

In an exclusive conversation with The Interview World, Saritha Venumbaka, COO of WEConnect International, elucidates her vision for India as a fertile ground for women entrepreneurs. She delves into the impressive number of Indian women entrepreneurs associated with WEConnect, highlights the organization’s rigorous inclusivity measures, and evaluates India’s standing in supporting women entrepreneurs compared to other countries. Furthermore, she emphasizes how WEConnect leverages the cost advantage of products developed by women-owned businesses. Here are the key takeaways from her interview.

Q: How do you envisage India as a prospective market for women entrepreneurs?

A: India stands as one of our most significant markets, showcasing a striking five-fold increase in women entrepreneurship since 2017. Several pivotal factors drive this impressive growth.

Transformative government reforms in frameworks, policies, and processes have played a crucial role. Moreover, enhanced access to education and digital technology has empowered women-owned businesses to excel. As the world’s third-largest startup economy, India also provides an ideal environment for women-led startups to flourish.

WEConnect International’s member buyers are increasingly keen to partner with women entrepreneurs in India, fueling a robust demand. An equally strong supply, meets this demand, creating a dynamic and thriving ecosystem for women-owned enterprises.

Q: Can you share how many Indian women entrepreneurs are currently engaged with your organization and the specific domains they are focusing on?

A: Our network in India proudly encompasses thousands of women-owned enterprises, spanning an impressive array of industries. From professional services and manufacturing to the high-stakes oil and gas sector, our diverse portfolio underscores the remarkable reach and influence of women entrepreneurs in our dynamic business ecosystem.

Q: Can you explain how WEConnect International ensures inclusivity in its process? How does the organization practically implement these measures to support women-owned businesses?

A: Our member buyers turn to WEConnect International to champion supply diversity and reshape their supply chains by engaging with women-owned businesses. They forge genuine partnerships with these enterprises. We aim to meticulously identify and certify women-owned businesses, ensuring they are not only 51% owned, managed, and controlled but also equipped to thrive in collaborations with our members.

We dedicatedly cultivate a dynamic ecosystem where women entrepreneurs and buyers connect and network seamlessly. Our initiatives pave the way for meaningful interactions, driving substantial business opportunities into the hands of women-led enterprises.

Q: From your perspective, how does India compare to other countries in terms of support and opportunities for women entrepreneurs?

A: The current statistics are unequivocal: India’s growth can shatter expectations. This undeniable momentum underscores India’s readiness and its solid infrastructure. To harness this potential, we must amplify our efforts in both public and private sectors. It’s imperative to equip buyers with the knowledge to engage effectively with women entrepreneurs. Simultaneously, we must empower women entrepreneurs with the necessary tools and resources to expand their businesses and seize procurement opportunities with confidence.

Q: How does WEConnect International plan to leverage the cost advantage of Indian products to enhance global market opportunities for women-owned businesses?

A: We’re poised to reshape the outdated notion that our region’s business allure is limited to cost and labor arbitrage. Historically, these factors have drawn companies, but they also compel relentless process refinements to maintain or cut costs.

Our ambition is nothing short of transforming this region into a beacon of innovation. To achieve this, we are launching a robust capacity-building initiative. This program will embed cutting-edge innovation and best practices into the very fabric of women-owned businesses, igniting a culture of creativity and forward-thinking.

Moreover, we are resolutely committed to keeping our members at the forefront of groundbreaking advancements driven by women entrepreneurs. By fostering this dynamic environment, we not only enhance local business competitiveness but also establish our region as a global powerhouse in pioneering solutions and inventive practices. This strategic pivot will position us as leaders in the innovation arena.