Co-Founders: The need for more female founders goes beyond gender equality
When Ruchira Rangaprasad was growing up in India, becoming a female founder might not have been the norm, but that didn’t deter her from pursuing her passions and taking the impressive steps she has made in the name of entrepreneurship.
Ruchira moved to Northern Ireland in 2023 to study a Master’s Degree in Marketing at Queen’s University Belfast and explore the opportunities of entrepreneurship even further. From there, Ruchira had the opportunity to do her placement experience at Grand Scale, a company with success in spearheading marketing for many innovative tech start-ups from early stage to scaling, growth and exit, as well as within global brands. The company is founded by Leanne Jennings and Roisin Garland who also continue to inspire Ruchira’s journey.
Ruchira applied for Catalyst’s free Co-Founders programme when Queen’s University advertised it on their channels, she got the inspiration and push to apply by looking at some great examples that the programme had produced.
Ruchira explained: “I seek inspiration in seeing other women not only succeed but push themselves beyond societal norms and break the mould on what we are ‘supposed to do.’ Throughout the Co-Founders programme there have been so many people who have inspired me but one in particular is the 2023 INVENT winner, Maebh Reynolds, who also came through Co-Founders and is someone I really look up to as a young female entrepreneur.”
In recent years, the landscape of entrepreneurship has seen a significant shift with more women stepping into the role of founders and CEOs. This change is not just a matter of gender equality; it has profound implications for economic growth, innovation and societal development.
Northern Ireland currently has multiple programmes designed to educate, empower and invest in female entrepreneurs such as Women in Business, Awaken Hub, She Venture and Catalyst’s Co-Founders. Co-Founders brings together people from diverse backgrounds, allowing participants to meet potential collaborators and create start-ups in a safe, risk-free environment. Actively levelling the playing field, Co-Founders is about connecting the community to develop new ideas and solutions and create opportunity, regardless of background.
“ My family back home in India have a long history of owning their own businesses and I grew up witnessing entrepreneurship firsthand, although it wouldn’t have been the norm for me to want to own my own business, because I am a woman.”
With Co-Founders engineered to test the businesses in a safe, risk-free environment, Ruchira’s first business concept didn’t progress through phase two and with the beauty of bringing likeminded people together, she was given the opportunity to join another Co-Founders team called Fibre Health Ltd.
Ruchira said: “I found the Co-Founders programme extremely supportive. The environment where you can thoroughly test your business concepts and tap into the expertise of experienced mentors, fully free of charge, is invaluable for someone like me with a passion for entrepreneurship. I felt like I was on a level playing field with everyone else on the programme, something that isn’t always replicated in the real world.”
“Throughout the Co-Founders programme, I developed the mindset of focusing on the solutions rather than the problems because of those influential people around me. When it came to breaking the mould in female entrepreneurship, that is exactly what we are focused on, breaking it and not just fixating on the mould itself.”
Part of the successful Fibre Health Ltd team, Ruchira and her Co-Founders have created a soluble fibre supplement, with an aim to tackle the prevalent issue of inadequate fibre consumption among UK adults, with 90% of the population not meeting the recommended daily intake of 30g of fibre. Successfully making it through the Co-Founders programme, Fibre Health Ltd received the Techstart Proof of Concept £10,000 grant, QUEST Programme at QUB £5,000 grant and QUB Make it Happen £1,500 fund. The team also received 60 hours’ worth of support for product development with Southern Regional College worth £6,000 and Scaling the Edge Programme Market Discovery funding of £7,500.
Female entrepreneurs play a crucial role in driving economic growth. According to the Global Entrepreneurship Monitor (GEM) 2022/23 Women’s Entrepreneurship Report, women contribute to 37% of global GDP but with more investment and opportunities available for them, this figure could be significantly boosted and our economy reaping the rewards.
Often encountering unique obstacles, female entrepreneurs are faced challenging societal norms, access to finance and imposter syndrome regularly. Addressing these barriers is essential for unlocking the full potential of women in business and entrepreneurship. Policies and initiatives that support female entrepreneurship can lead to more equitable and dynamic economies, such as Co-Founders.
With the entrepreneurial ambitions of women varying significantly across regions, the need for tailored support and resources to nurture female entrepreneurs in different economic contexts is vital. The idea that a business may begin through Co-Founders in Northern Ireland and have the opportunity to grow with global appeal is the big picture thinking we need to possess when thinking about our entrepreneurial opportunities that we have to offer.
The rise of female founders is reshaping the entrepreneurial landscape. By fostering an environment that supports and encourages women entrepreneurs, we can unlock new avenues for innovation, economic growth, and social progress. The statistics and trends of 2024 highlight both the achievements and the challenges faced by female founders, emphasising the importance of continued efforts to promote gender diversity in entrepreneurship.
Applications for Co-Founders are now open!