The Women Entrepreneurship Platform (WEP), under its Award to Reward initiative, has launched a pilot program aimed at supporting women-owned Micro, Small, and Medium Enterprises (MSMEs) in scaling up their businesses within the beauty and wellness sector. A baseline study by MicroSave Consulting identified four key sectors with over 100,000 women MSMEs: beauty & wellness, textile manufacturing, retail trade, and food & beverages. This pilot marks the launch of the inaugural cohort focusing on the beauty and wellness sector, with the goal of developing process templates and leveraging insights to upscale women MSMEs nationwide.
Urban Company will lead the program, collaborating with key stakeholders to identify women working in micro-units and support their business growth. The selection process will begin with an open application, from which 25 women from Delhi NCR will be shortlisted based on specific criteria. These women will receive comprehensive training and support, empowering them to scale their salon businesses and achieve greater success in the beauty industry.
The Women Entrepreneurship Platform (WEP), initially incubated in NITI Aayog in 2018 as an aggregator platform, transitioned into a public-private partnership in 2022. WEP aims to strengthen India’s women entrepreneurship ecosystem and make women-led development a reality. It provides a forum for all ecosystem stakeholders across government, business, philanthropy, and civil society to collaborate, converge, and align their initiatives towards scalable, sustainable, and effective programs, enabling a larger impact for women entrepreneurs.
The Women Entrepreneurship Platform (WEP) has over 20 public and private sector partners collaborating to strengthen women entrepreneurs in India. As an aggregator platform, it provides an opportunity for existing stakeholders to collaborate and converge towards meeting the six ecosystem needs of entrepreneurial growth: Access to Finance; Market Linkages; Training and Skilling; Mentoring and Networking; and Business Development Services.The Women Entrepreneurship Platform
In 2023, Women Entrepreneurship Platform (WEP) took a decisive step towards institutionalizing the partnership with the launch of the Award to Reward program. This program brings stakeholders together to meet the specific needs of women entrepreneurs and celebrate their successes. It is a plug-and-play framework, enabling various ecosystem stakeholders to collaborate in developing programs of a size and scale that generate meaningful impact. Through this partnership, Women Entrepreneurship Platform (WEP) and Urban Company are committed to empowering women entrepreneurs in the beauty and salon industry.
With over 30,000 women entrepreneurs already engaged with Women Entrepreneurship Platform (WEP), the partnership with Urban Company represents a unique public-private collaboration aimed at promoting and supporting women in the beauty and wellness sector. This collaboration will not only equip women with the skills and knowledge to manage their businesses independently but also open doors to new opportunities and increased earnings.
“Supporting women entrepreneurs is vital to achieving women-led development. Women Entrepreneurship Platform (WEP) provides comprehensive support to women entrepreneurs, from training and skilling to access to resources, mentors, and networks. This continuum of support enables them to accelerate their entrepreneurial journey.
Women dominate the beauty and wellness sector, and it is critical that they build more profitable enterprises in this sector. Our collaboration with Urban Company is a significant step toward creating a robust ecosystem for women in the beauty and wellness sector, enabling them to create more sustainable businesses,” said Ms. Anna Roy, Principal Economic Adviser, NITI Aayog and Mission Director, Women Entrepreneurship Platform (WEP).
Urban Company, Women Entrepreneurship Platform (WEP) Award to Reward – Application Form
NITI Aayog's Women Entrepreneurship Platform (WEP) under its award to reward (ATR) initiative, launched a pilot program with urban company to support women MSMEs to scale up their businesses in the beauty and wellness sector. @nitiaayog_ pic.twitter.com/kw143MZ3jo
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Expanding the Impact: Additional Insights on the WEP and Urban Company Collaboration
The Role of Training and Skilling
One of the critical components of the PM Vidyalaxmi scheme is the emphasis on training and skilling. The program will provide participants with comprehensive training that covers various aspects of running a successful beauty and wellness business. This includes technical skills, such as advanced beauty treatments and wellness practices, as well as business management skills, such as financial planning, marketing, and customer service. By equipping women entrepreneurs with these essential skills, the program aims to enhance their confidence and competence, enabling them to scale their businesses effectively.
Mentoring and Networking Opportunities
Mentorship plays a vital role in the success of any entrepreneur. The PM Vidyalaxmi scheme will connect participants with experienced mentors from the beauty and wellness industry. These mentors will provide guidance, share their expertise, and offer valuable insights to help the women navigate the challenges of entrepreneurship. Additionally, the program will facilitate networking opportunities, allowing participants to connect with other entrepreneurs, industry experts, and potential business partners. Building a strong professional network can open doors to new opportunities and foster collaboration and innovation.
Access to Finance and Market Linkages
Access to finance is often a significant barrier for women entrepreneurs. The PM Vidyalaxmi scheme addresses this challenge by providing collateral-free and guarantor-free loans, making it easier for women to secure the necessary funding to grow their businesses. Furthermore, the program will help participants establish market linkages, connecting them with suppliers, distributors, and customers. By creating a supportive ecosystem that facilitates access to finance and market opportunities, the scheme aims to drive sustainable growth for women-owned MSMEs in the beauty and wellness sector.
Success Stories and Testimonials
Highlighting success stories and testimonials from participants can serve as powerful motivation for other aspiring women entrepreneurs. Sharing the journeys of women who have benefited from the PM Vidyalaxmi scheme can inspire others to pursue their entrepreneurial dreams. These stories can also demonstrate the tangible impact of the program, showcasing how it has transformed lives and businesses. Including quotes and testimonials from participants can add a personal touch to the blog and make it more relatable and engaging.
Future Prospects and Expansion Plans
Looking ahead, the PM Vidyalaxmi scheme has the potential to expand beyond the beauty and wellness sector. By leveraging the insights and learnings from the pilot program, WEP and its partners can develop similar initiatives for other sectors identified in the baseline study, such as textile manufacturing, retail trade, and food & beverages. Expanding the program to other sectors can amplify its impact, reaching more women entrepreneurs and fostering inclusive economic growth. Additionally, continuous monitoring and evaluation of the program’s outcomes will help identify areas for improvement and ensure its long-term success.
Encouraging readers to get involved and support the PM Vidyalaxmi scheme can further amplify its impact. Whether through volunteering as mentors, providing financial support, or spreading the word about the program, there are various ways individuals and organizations can contribute to the success of women entrepreneurs. A strong call to action can inspire readers to take concrete steps towards supporting women-led development and creating a more inclusive and equitable entrepreneurial ecosystem.
