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Entrepreneurship Case Studies

Connecticut innovations 2022: managing a state venture capital agency’s investments.

Jean Rosenthal and Song Ma

Asset Management, Entrepreneurship, Innovation & Design, Investor/Finance

Matt McCooe had been navigating the similarities and differences between managing private and state-sponsored venture funds since he was appointed Connecticut Innovations’ CEO. Seven years in, McCooe and his investment team were considering whether yet another difference between private venture firms and Connecticut Innovations (CI) was an opportunity or a hazard for CI’s funds.

Khalil Tawil and Umi

Khalil Tawil and A. J. Wasserstein   

Customer/Marketing, Entrepreneurship, Innovation & Design, Leadership & Teamwork   

Khalil Tawil (Yale Law ‘19) started Umi began with a simple idea: Home Cooking, Delivered. But now Umi was experiencing turbulence and flagging. With funds running run out from his venture capital raise, Tawil had to confront the reality that Umi was possibly unviable, and that he might have to wind up operations. He had founded Umi in 2014 as a law student at Yale. After raising an impressive amount of capital, Tawil had launched Umi in Brooklyn in March of 2016.

European Wax Center in Manhattan

Joseph Golden and A.J. Wasserstein  

Competitor/Strategy, Entrepreneurship, Investor/Finance, Leadership & Teamwork  

Karen and Twan Bentlage had opened two locations of the European Wax Center in Manhattan. When Karen and her husband Twan had secured exclusive rights to develop the Manhattan market for European Wax Center, they had recruited an operating partner to manage the Centers on their behalf. That worked for the first few months, until the Bentlages’ hand-picked partner suddenly walked away from the venture in the summer. Out of necessity, Karen had stepped in to fill the leadership void on a temporary basis. By December 2011, five months later, Karen was exhausted.

Easy Expunctions

Evan Okun and Song Ma  

Entrepreneurship, Innovation & Design, Investor/Finance, Law & Contracts, Social Enterprise, Sourcing/Managing Funds  

Investors poured in, eager for a slice of his Series A raise. Yousef Kassim’s company, Easy Expunctions, boasted nearly a $2 million run rate and the round’s price tag was cheap: $18 million pre-money. Yet amidst investor enthusiasm, Kassim wrestled with how his company would balance social impact and commercial viability.

Connecticut SNAP 2019

Gwen Kinkead and Teresa Chahine  

Employee/HR, Innovation & Design, Leadership & Teamwork, Social Enterprise, State & Society    From 2011 to 2019, the Connecticut Department of Social Services (DSS), under the direction of Roderick Bremby, managed to transform its $570 million food stamp program from one of the worst in the nation to one of the best. Having achieved such a remarkable turnaround, observers wondered what else the DSS might do to further deliver on its mission of "providing person-centered programs and services to enhance the well-being of individuals, families and communities."

Bovard and Majid

Allison Mishkin and A.J. Wasserstein  

Entrepreneurship, Investor/Finance  

Lia Majid had spent nearly a year and a half searching for a business to acquire and thought she’d finally found a deal worth pursuing. She spent months negotiating with the firm’s sellers and believed she was on the verge of a purchase. However, at the last minute, her backers and mentors at the Search Fund Accelerator (SFA) wanted her to completely restructure the deal.

Majid was part of the first cohort of SFA. SFA was the brainchild of Timothy Bovard who founded the accelerator to help search fund entrepreneurs vet deals, review proposals, and provide emotional support during the search. Through SFA’s leads, Majid had identified a target company that was willing to sell one of its divisions, but she still needed Bovard’s input before drafting a Letter of Intent (LOI) for the seller. Bovard, however, was concerned about the proposed carve-out acquisition, a complex task for even a seasoned CEO, let alone a first time CEO.

Faced with Bovard’s concerns and SFA’s new deal structure, Majid had to decide whether to reengage the target firm with this new deal or to move on to investigate other prospects.

Jean Rosenthal, Kate Cooney, and Jaan Elias

Arts Management, Entrepreneurship, Innovation & Design, Investor/Finance, Social Enterprise

Titus Kaphar was a highly successful artist. One dominant theme of his work was creative reuse  of classical images to expose hidden relationships of race and subjugation. When he moved back to New Haven, Connecticut, he began a project that required creative reuse and reframing on a much grander scale. He co-founded an organization, NXTHVN, to take an old factory building in a rundown neighborhood and reconfigure the space into an art incubator, artists’ studios, and a community center.

I Said, You Said: He's the Entrepreneur

A.J. Wasserstein

Employee/HR, Entrepreneurship, Leadership & Teamwork

The case consists of written responses from Justin Schulte and his wife Samantha, who agreed to answer a set of identical questions on their views and perspectives about Justin’s choice of becoming an entrepreneur after graduating Yale SOM. These are the types of questions likely to come up for other entrepreneurs making a choice about their next steps, and how their decisions will play out with their own families. Some entrepreneurial couples have the foresight to explore these interesting, and potentially raw, conversations, and some do not. Aligning expectations and aspirations between partners in an entrepreneurial marriage can attenuate ambiguity and stress in an inherently nebulous and anxiety filled path. For Justin and Samantha, it is interesting to see where their thoughts align and where they veer apart, what concerns they have about Justin’s career decision, how it will impact various family members, and how they each perceive risk and uncertainty.

Smith Brothers Insurance: Managing Successions at a Growing Insurance Agency

Jason Pananos and A.J. Wasserstein

Employee/HR, Entrepreneurship, Investor/Finance, Leadership & TeamworkSourcing/Managing Funds

In October 2014, Joe Smith, the CEO of Smith Brothers Insurance, reflected on the fact his business was caught in the midst of three separate succession challenges. Smith Brothers was an insurance agency owned by Joe and his sister, Kim, in Connecticut that had achieved strong growth over the previous decade.

FARM: An Impact Investing Collaborative

Patrick Sissman and AJ Wasserstein

Asset Management, Entrepreneurship, Investor/Finance, Leadership & Teamwork, Social Enterprise, Sustainability

Tom Bird, founder of the early-stage impact investment nonprofit The FARM Fund, settled into his seat for a flight from Boston to Amsterdam in February 2016. The seven-hour transoceanic flight would give him plenty of time to mull over two dilemmas – one a long-term question of the future of FARM and the other an investment opportunity FARM had recently been presented.

Mike Erwin: An Accidental Social Entrepreneur

A. J. Wasserstein

Employee/HR, Entrepreneurship, Innovation & Design, Leadership & Teamwork, Social Enterprise

Mike Erwin, a decorated army veteran from West Point, never envisioned himself as a social entrepreneur or activist. Yet in 2012, he found himself the CEO of an organization with 15,000 members and 34 chapters reaching from Syracuse, NY to Houston, TX. Though Erwin was proud of his organization’s growth and had excelled in leadership positions, he questioned whether he was the right person to scale Team Red, White and Blue. Would someone else with more experience be more appropriate? If he indeed moved on, how could he ensure the organization would continue to thrive amid a change in leadership and potential restructuring?

What is Next? Search Fund Entrepreneurs Reflect on Life After Exit

Entrepreneurship, Investor/Finance, Leadership & Teamwork

During his time at the Yale School of Management, Matt Dittrich (Yale SOM ‘18) became interested in how recent MBA students gathered search funds, structured small acquisitions, propelled themselves into being a CEO, and then participated in a liquidity event only a few years after acquisition and graduation.  He appreciated the case studies about entrepreneurs facing acquisition, strategy, and financing issues.  But what did entrepreneurs do after their exits?  At the urging of his teacher, A.J. Wasserstein, he interviewed former search fund entrepreneurs who had experienced an exit to learn what exactly they chose to do, and why. Overcome by curiosity, Dittrich was excited to begin his informational interviews (summaries included here). 

Searching for a Search Fund Structure: A Student Takes a Tour of Various Options

Employee/HR, Entrepreneurship

Before entering the Yale School of Management, James Guba (SOM’18) had thought about becoming an entrepreneur. He did not have a specific idea to build a business around, but he did aspire to take charge of an organization and grow it. At Yale, Guba discovered an entrepreneurial niche called “search funds” that would allow him to acquire and lead a company that he had not built from scratch. Inspired, Guba met with search fund entrepreneurs to learn about their different paths to building their funds.

Kalil Diaz: A DR-based search firm considers its first acquisition

Customer/Marketing, Entrepreneurship

After nearly two years of searching, Kalil Diaz (SOM '14) wondered if he had finally found the company for which he had been looking. The decision he was facing would have a big impact on his investors as well as his own life. He was somewhat confident he could access funds from his current investors to purchase the company despite several investors being slow in their response to commit. However, Diaz still wondered if making the investment was the right move. How would he transition from the search to being CEO and running a company? Would the acquisition provide suitable financial returns for his investors and himself?

Clorox, Inc

Elise Rindfleisch and Allison Mitkowski

Customer/Marketing, Entrepreneurship, Sustainability

In October 2007, Clorox announced that it would buy Burt’s Bees for $925 million – more than five times Burt’s Bees’ annual sales. Clorox’s move caught many in the industry by surprise - Burt’s Bees had a folksy image and natural appeal for customers. Could such a brand find a home within a company best known for a toxic cleanser? Would Clorox’s push into “green” cleaners satisfy Burt’s Bees’ faithful customers? Had Clorox paid too much for its acquisition? Or, were there potential synergies that justified the purchase? What was the future of this market?

Project Samaan

Rodrigo Canales, Jean Rosenthal, Jaan Elias, Ashley Pandya and Samuel Sturm

Entrepreneurship, Healthcare, Innovation & Design, Social Enterprise, State & Society, Sustainability

In a unique partnership, governments, designers, architects, academics, and NGOs had come together to create new sanitation solutions for India's urban slums. Specifically, the group set about tackling one of the developing world's leading problems – open defecation in crowded urban settings. But by fall 2013, not a single community toilet had been approved. What had gone wrong? And what could this experience teach others about an overall solution to the problem?

Project Masiluleke: Texting and Testing to Fight HIV/AIDS in South Africa

Rodrigo Canales, Jean Rosenthal, Jaan Elias, and William Drenttel

Entrepreneurship, Healthcare, Innovation & Design, Social Enterprise

The traditional Zulu greeting, "Sawubona," literally translates as "I see you." The major challenge faced by Project Masiluleke could be captured in this local greeting – could Project M see the lives of the individuals they hoped to help? Could they find ways to understand each other and the individuals threatened by HIV/AIDS well enough to design effective solutions to a major health crisis? PopTech, frog design, and the Praekelt Foundation joined with iTeach, an HIV/AIDS and TB prevention and treatment program, to look for new approaches to address South Africa's health issues. Access to this case has been made freely available to the public.

Haiti Mangoes

Andrea Nagy Smith and Douglas Rae

Entrepreneurship, Operations, Social Enterprise, State & Society

JMB S.A. had been in the mango processing business since 1998, and CEO Jean-Maurice Buteau had built up a profitable business that exported around 2,000 tons of mangoes per year.  The January 2010 earthquake devastated Haiti, but JMB appeared to survive intact, and the Soros Economic Development Fund (SEDF) was eager to move forward. In spring 2010 SEDF proceeded with a $1.3 million loan and a $1 million equity investment in JMB. But by spring 2012, after pouring $2.55 million into JMB, SEDF realized that it had to make a decision: invest another $2 million and reorganize the company under new management; sell the company, or shut down JMB S.A. altogether.

Allison Mitkowski, Alexandra Barton-Sweeney, Tony Sheldon, Arthur Janik, and Jaan Elias

Customer/Marketing, Innovation & Design, Social Enterprise, State & Society, Sustainability

In 2009, SELCO was considering its plans for how the company might expand. The company decided to institutionalize its design process by building an innovation center. SELCO also added products that provided energy solutions beyond solar. Some within the company were hoping the company would go “deeper” and look at designing solutions for even poorer members of the Indian population. Others were hoping that the company would go “wider” and expand beyond its current geographical areas in Karnataka and Gujarat. Whatever its direction, the strategic choices the company made at this point in its evolution would be crucial to determining its continued success.

360 State Street: Real Options

Andrea Nagy Smith and Mathew Spiegel

Asset Management, Investor/Finance, Metrics & Data, Sourcing/Managing Funds

In 2010 developer Bruce Becker completed 360 State Street, a major new construction project in downtown New Haven. The building was a 32-story high-rise with 500 apartments, a parking garage, and a grocery store on the street level. In the summer of 2013, Becker had a number of alternatives to consider in regards to the open lot adjacent to his recent construction. He also had no obligation to build. He could bide his time. But Becker also worried about losing out on rents should he wait too long. Under what set of circumstances and at what time would it be most advantageous to proceed?

Achievement First

Fawzia Ahmed, Jaan Elias, and Sharon Oster

Social Enterprise, State & Society

On the edges of a warehouse district in New Haven, Connecticut, an intrepid group of educational pioneers were turning conventional theory on its head. Amistad Academy, a charter school founded by two Yale Law School graduates, was not only getting students on par with their grade levels in reading and math, but was pushing them to perform as well as the best suburban school districts too.  Five years after opening Amistad, McCurry and Toll opened an additional school in New Haven and four schools in Brooklyn, New York – all of which showed the same promise as Amistad. They dubbed their network of schools Achievement First (AF), and garnered national attention and funding from “venture philanthropists” interested in educational reform. However, in the summer of 2006, AF was facing critical questions about its future direction.

Carry Trade ETF

K. Geert Rouwenhorst, Jean W. Rosenthal, and Jaan Elias

Innovation & Design, Investor/Finance, Macroeconomics, Sourcing/Managing Funds

In 2006 Deutsche Bank (DB) brought a new product to market – an exchange traded fund (ETF) based on the carry trade, a strategy of buying and selling currency futures. The offering received the William F. Sharpe Indexing Achievement Award for “Most Innovative Index Fund or ETF” at the 2006 Sharpe Awards. These awards are presented annually by IndexUniverse.com and Information Management Network for innovative advances in the indexing industry. The carry trade ETF shared the award with another DB/PowerShares offering, a Commodity Index Tracking Fund. Jim Wiandt, publisher of IndexUniverse.com, said, "These innovators are shaping the course of the index industry, creating new tools and providing new insights for the benefit of all investors." What was it that made this financial innovation successful?

Governors Island

Entrepreneurship, Innovation & Design, Social Enterprise, State & Society

The political players had changed since President Clinton and Senator Moynihan’s helicopter ride. Clinton was no longer President, his wife had taken Moynihan’s seat in the Senate and Michael Bloomberg had replaced Rudolph Giuliani as New York’s Mayor. What remained the same was that the city, state, and federal government had yet to reach a deal. The question of what to do with Governors Island and who should do it remained very much open. Indeed, there were those within the new Bush administration and the Congress who believed in scrapping Clinton and Moynihan’s deal and selling the island to the highest bidder be that the local government or a private developer.

Ant Financial: Flourishing Farmer Loans at MYbank

Jingyue Xu, Jean Rosenthal, K. Sudhir, Hua Song, Xia Zhang, Yuanfang Song, Xiaoxi Liu, and Jaan Elias

Competitor/Strategy, Customer/Marketing, Entrepreneurship, Innovation & Design, Investor/Finance, Leadership & Teamwork, Operations, State & Society

In 2015, Ant Financial’s MYbank (an offshoot of Jack Ma’s Alibaba company) was looking to extend services to rural areas in China through its Flourishing Farmer Loan program. MYbank relied on the internet to communicate with loan applicants and judge their credit worthiness. Initial tests of the program had proved promising, but could MYbank operate the program at scale? Would its big data and technical analysis provide an accurate measure of credit risk for loans to small customers? Could MYbank rely on its new credit-scoring system to reduce operating costs to make the program sustainable?

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A Systems View Across Time and Space

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Transforming rural women’s lives in India: the impact of microfinance and entrepreneurship on empowerment in Self-Help Groups

• Ashwini Pandhare   ORCID: orcid.org/0000-0003-1894-1207 1 ,
• Praveen Naik Bellampalli   ORCID: orcid.org/0000-0001-7888-2101 2 &
• Neelam Yadava   ORCID: orcid.org/0000-0001-5027-4104 1  

Journal of Innovation and Entrepreneurship volume  13 , Article number:  62 ( 2024 ) Cite this article

Metrics details

The study investigates how microfinance interventions and the entrepreneurial engagement of Self-Help Group (SHGs) members impact women’s social and economic empowerment in rural communities. The study employs a mixed-methods approach, combining quantitative data analysis and qualitative insights gathered through surveys, interviews, and case studies. The study’s findings demonstrated a notably positive and moderately significant impact of microfinance and entrepreneurial engagement on the social, economic, and psychological dimensions of women’s empowerment. Furthermore, the inclusion of case studies provided evidence that microfinance activities and entrepreneurship involvement have substantially empowered women across various domains, such as increasing financial independence, enhancing participation in decision-making processes, fostering social networks and support, and boosting their overall self-confidence and well-being. These insights emphasise the transformative potential of microfinance initiatives in advancing gender equality and women’s empowerment in diverse socio-economic contexts.

Introduction

Microfinance activities in India are experiencing significant growth and have absorbed the interest of both corporate and financial institutions due to their remarkable effectiveness in addressing poverty (Sinha et al., 2012 ). Significantly, the approach towards Self-Help Groups (SHGs) has evolved as an essential means to provide microcredit to impoverished rural women, enabling them to engage in entrepreneurial activities effectively (Ghosh, 2012 ; Laha & Kuri, 2014 ). These programs have gained international recognition as a subsector of the economic system, primarily for their ability to combat poverty and alleviate rural unemployment. In emerging economies, there is a concerted effort to enhance credit access and promote the mobilisation of microfinancing, thereby encouraging greater participation in Self-Help Groups (SHGs) (Joshi, 2019 ; Ray, 2008 ). The growth of women entrepreneurs acts as a substance for women’s empowerment (Deka, 2018 ). Empowerment of women as their socio-economic development is crucial for ensuring sustainable economic growth. The Constitution of India, in Article 14, guarantees the right to equality for all citizens, which is vital for achieving sustainable development. Although there has been a noticeable increase in women’s participation in the labour force, according to the Periodic Labour Survey of India, in 2017, women’s labour force participation was 23.3%, and in 2022–23, it increased to 37%. It shows the positive trend of Women’s labour force participation in the last 6 years. Also, economically empowered women still encounter numerous personal, societal, and organizational barriers that hinder their career advancement (Ghosh et al., 2023 ).

Women across the globe are disproportionately affected by poverty and frequently lack access to essential services, including healthcare, clean water, sanitation, and education. Moreover, women’s labour is often undervalued and goes unpaid, perpetuating economic inequalities. Tragically, women also endure various forms of violence, further exacerbating their vulnerable position in society. These pressing issues highlight the urgent need to address gender disparities and ensure that women have equal access to resources, opportunities, and protection from violence (United Nations, 2015 ). Microfinance initiatives have primarily focused on empowering women for several reasons. Women often face significant barriers in accessing credit to establish micro or small enterprises, especially in male-dominated societies where their roles are traditionally confined to household responsibilities (Chant, 2014 ; Khan et al., 2020 ). Microfinance is widely recognised and significantly contributes to rural transformation in India through various channels. It has successfully mobilised small savings at a lower cost from rural poor individuals with limited education, who were previously excluded from the formal banking system (Srikanth et al., 2022 ). Moreover, it has provided microcredit to low-income families without requiring security, enabling them to explore new livelihood opportunities and overcome short-term financial crises. Consequently, the accessibility of credit has enhanced the sustainability of livelihoods for the rural poor. Most importantly, microfinance has assisted the ultra-poor in fulfilling their most essential needs and safeguarding them against livelihood risks (Banerjee & Duflo, 2011 ).

The current state of development studies reflects both fortunes and misfortunes. The definition of sustainable development, popularised by the Brundtland Commission Report, remains vague and elusive despite its foundational principles. This ambiguity leads to varied interpretations, undermining a proper understanding of the term. The Sustainable Development Goals (SDGs) attempt to refine the concept but still grapple with imprecision, particularly regarding economic sustainability and gross domestic product GDP growth. As part of sustainable development, microfinance aims to empower low-income communities by providing financial services, fostering economic stability, and enabling environmental sustainability through local enterprises. The integration of microfinance in sustainable development discourse highlights the potential for a balanced approach to societal growth (Manioudis & Meramveliotakis, 2022 ). Additionally, small and medium-sized enterprises (SMEs) are critical for sustainable development, representing about 90% of businesses globally and employing over 50% of the workforce. However, the COVID-19 pandemic has severely impacted SMEs, with significant revenue losses and threats to their survival. For example, 41% of United Kingdom (UK) SMEs ceased operations in May 2020, and Spain saw a 43% decline in SMEs. About 25–36% of small businesses could permanently close within the first four months of the pandemic (Meramveliotakis & Manioudis, 2021 ).

Microfinance and women empowerment

Microfinance and Self-Help Groups (SHGs) have gained significant support from various developing countries as a powerful tool to combat poverty and enhance gender equality (Garikipati, 2012 ). These initiatives have been widely contained as effective strategies to empower individuals, particularly women, by providing them with access to financial services, resources, and skills training. Through microfinance and SHGs, marginalised individuals are able to out of from the cycle of poverty, create sustainable livelihoods, and actively participate in economic and social development, thereby fostering greater gender equality and inclusive growth (Ghosh, 2012 ; Deininger & Liu, 2013 ; Unni et al., 2021 ) Microfinance empowers women by bringing about transformative changes in household decision-making and enhancing their bargaining power (Swain & Wallentin, 2012 ). Despite India’s ongoing economic growth, gender inequality continues to persist. Women comprise nearly 48% of India’s total population and are significantly underrepresented in the employment market, comprising only 20.5% of the workforce. Out of this, 60% of women are engaged in agricultural and related sectors (Ghosh et al., 2023 ; Madgavkar et al., 2019 ).

Self-Help Groups (SHGs) significantly impact the entrepreneurship and empowerment of rural women in India. These groups provide a platform for women to come together, identify their resources, and engage in various economic activities. SHGs have been recognised as an effective means of promoting women’s empowerment and reducing poverty in rural areas (Rajagopal, 2020 ). Another study pointed out that women’s participation in microfinance activities contributes to both social change and empowerment, as it liberates them from the confines of their homes and enhances their economic roles. These programs operate on a group-based model, under the idea that women’s collective engagement promotes greater empowerment compared to individuals. By providing access to essential financial support like savings and loans, women are empowered to establish new economic ventures or expand existing ones, resulting in increased income opportunities (Osmani, 1998 ; Sahu, 2014 ). Microfinance through SHGs, women can experience significant improvements in their standard of living, social status, and decision-making within households, overcoming limitations in households (Kumar et al., 2021 ). Moreover, microfinance activities have predominantly focused on women as the primary target group due to their strong repayment performance and positive impact on family welfare (Sinha et al., 2012 ). The participation of women in these programs has led to remarkable improvements in household consumption, increased income, and savings, which has consequently led to a significant reduction in poverty within these households (Khan et al., 2022 ).

The Sustainable Development Goal ensures inclusive and sustainable progress, leaving no one behind; the fifth goal is “Gender Equality”, which addresses various women’s issues and problems. Women face discrimination, inequality, sexual abuse and exploitation, unfair labour and wage distribution, and unpaid domestic work, all of which are examples of human rights violations. Several indicators have been proposed to measure gender equality in relation to the Sustainable Development Goals (SDGs). These indicators include eliminating all forms of violence against women, ending discrimination against women and girls in all its manifestations, eradicating harmful practices and domestic work, promoting women’s participation and ensuring equal opportunities for leadership and decision-making in political, economic and access to ownership and control over land and other forms of property (UNDP, 2019 ). However, the community-based sustainable business model led to the economic, social, and cultural empowerment of rural women engaged in entrepreneurial activities (Haugh & Talwar, 2014 ; Ghosh et al., 2023 ). Through involvement in entrepreneurship, women experienced significant improvements in intra-household power relations, resulting in reduced male dependency (Hazarika & Goswami, 2016 ; Kumari & Eguruze, 2021 ).

Rationale and objectives of the study

The study exclusively focuses on the socio-cultural context of rural areas in developing countries, which has been less explored in the existing literature. Additionally, the study incorporates a mixed-methods approach, combining quantitative data with qualitative interviews, to provide a more comprehensive understanding of the impact of microfinance on women’s social inclusion. This methodological approach adds a new dimension to the scholarship by capturing both the measurable outcomes and the personal experiences of the women involved. The state of Maharashtra heavily relies on the agriculture and allied sectors, employing more than 70% of its population. However, the Osmanabad district faces challenges in terms of limited employment opportunities and a lack of entrepreneurial mindset development, leading to low participation rates (Swayam Shikhan Prayog (SSP), 2021 ). Women, who form a substantial part of the labour force in these sectors, encounter difficulties in starting and sustaining entrepreneurial activities due to inadequate marketing skills and financial management knowledge. To address this issue, the study explores the role of Self-Help Groups and microfinance activities in empowering women to engage in small enterprise activities within the district. This research also seeks to understand the impact of women’s entrepreneurial activities and assess their potential to enhance economic growth and opportunities for women in the region.

Research method

The study aims to explore and analyse the influence of microfinance interventions and the engagement of entrepreneurship exhibited by Self-Help Groups (SHGs) members on women’s social and economic empowerment in the Osmanabad district of Maharashtra, India. The methodology employed a mixed-method approach, utilising quantitative and qualitative research techniques to understand the subject matter comprehensively. A structured interview schedule was used to gather primary data, and interviews were conducted with 150 women who are active members of SHGs registered under the Maharashtra Rural Livelihood Mission. These SHGs were purposively selected from three blocks in Osmanabad district: Osmanabad, Tuljapur, and Kalamb. The selection was based on their higher concentration of bank-linked SHGs and access to significant bank loans, which would allow for a better assessment of the impact of microfinance interventions.

In the first stage, 15 SHGs groups were identified, each comprising 10 women, resulting in a total of 150 participants. Simple random sampling techniques were used to ensure a fair population representation and minimise bias in the selection process. In the second stage, the selected women were actively involved in entrepreneurial activities, indicating a strong entrepreneurial trait among the participants. This step examined the correlation between entrepreneurship and women’s empowerment in rural communities. In the third stage, five SHGs groups were selected from each of the three blocks based on the high levels of observed entrepreneurship activities. This selection process allowed the researchers to focus on groups significantly impacting women’s empowerment through entrepreneurial initiatives. A descriptive design was employed to assess the impact of the microfinance activities and entrepreneurship activities facilitated by SHGs on women’s empowerment. Through this design, the researchers could gain a detailed understanding of the current situation, trends, and relationships among the variables under investigation. In addition to the quantitative approach, the study integrated a qualitative approach to gain deeper insights into the impact of entrepreneurship and microfinance interventions on women’s empowerment. Various qualitative research tools such as in-depth interviews, observations, and case studies were used to collect comprehensive data and enhance the understanding of the situation of entrepreneurial women.

By combining quantitative and qualitative methodologies, the study aims to provide a holistic analysis of the interplay between microfinance interventions, entrepreneurial engagement, and women’s resulting social and economic empowerment in the Osmanabad district. Secondary data were also gathered from multiple sources, including books, journals, websites, block offices, and regional offices of the Maharashtra Rural Livelihood Mission. These additional sources of information add depth and context to the study’s findings and allow for an implication of the research problem. Using a mixed-method approach and carefully selecting SHGs and participants contribute to the study’s robustness and reliability. The focus on the Osmanabad district of Maharashtra provides valuable insights into the specific context of rural women’s empowerment in the region (Fig. 1 ).

(Source: Developed by a researcher by using GIS software, 2022)

Location map

As of the 2011 census, the Osmanabad district’s population in Maharashtra is 16.60 lakhs (1.66 million). Out of this total population, there are 8.64 lakhs (0.86 million) males and 7.96 lakhs (0.79 million) females. The district has a significant rural population of 13.79 lakhs (1.38 million), while the urban population is 2.81 lakhs (0.28 million). The district’s literacy rate is reported to be 76.33%. The district is known for its warm and dry climate, with temperatures dropping to around 11 °C in winters and reaching up to 43 °C during summers. The region experiences rainfall primarily during the southwest monsoon from June to October, with an average rainfall of 600–700 mm (Census of India, 2011 ).

Table 1 provides a brief profile and socio-economic status of women belonging to Self-Help Groups (SHGs) who actively engage in entrepreneurial activities. In terms of category, the table shows the distribution of women across different categories. Scheduled Caste women account for 45.3% of the respondents, followed by Other Backward Classes (42.0%), Scheduled Tribe (8.7%), and General (4.0%). The p-values indicate the statistical significance of the differences observed among the categories. The education qualification of the SHG women is also provided. Notably, 8.0% of the women are illiterate, while the majority have completed primary (42.7%) or secondary education (38.0%). A smaller proportion has attained higher secondary education (11.3%). The p -values indicate significant differences in educational attainment among the groups.

The table further presents the age distribution of the women. The largest group consists of women aged 21–30 (50.7%), followed by those aged 31–40 (31.3%), and 20 and below (15.3%). A small percentage of women falls in the 41–50 age range (2.7%). The p-values suggest significant variations in age distribution among the age groups. Land ownership is another aspect considered in the table. Most women (54.0%) own land in the 1.01–2 acres range, while 43.3% own 0–1 acre. A small proportion (2.7%) possesses land in the 2.01–3 acres range. The type of family is also indicated, with 92.0% of the women belonging to nuclear families and only 8.0% in joint families. This distribution shows a significant difference, as denoted by the p-value. The ration card status of the SHGs women is majority (68.7%) falls under the Below Poverty Line (BPL) category, followed by Above Poverty Line (APL) (8.7%) and Antyodaya Anna Yojana (AAY) (22.7%). The p -values indicate significant differences in ration card status. The women’s income source is categorised into agricultural land, agriculture labour work, and livestock/other activities. The highest proportion (56.7%) derives income from agricultural labour work, while 30.0% depend on agricultural land. A smaller percentage (13.3%) engages in livestock and other activities.

The table also displays the distribution of yearly family income. The largest group (53.3%) has an income in the range of 60,001–90,000 rupees, followed by 29.3% with 60,000 rupees and below. Smaller proportions fall in higher income brackets, with the lowest group (3.3%) having an income of 150,001 rupees and above. The p -values indicate significant differences in income distribution among the groups. The data indicate a comprehensive overview of the profile and socio-economic status of SHG women. The percentages, proportions, and p -values allow for a comparative analysis of the different components, highlighting significant variations in the data.

Tables 2 , 3 presents data on women’s involvement in entrepreneurship activities across different blocks, including tailoring, dairy farming, food processing, goat farming, poultry, and grocery/fruit shop. In the block of Osmanabad, most women are involved in dairy farming (15 women, 25.4%), and the lowest is in the grocery/fruit shop (7 women, 11.9%). In Kalamb, the most significant participation is in the grocery/fruit shop (12 women, 27.3%), while the least is in Tuljapur for tailoring (3 women, 6.4%). Looking at the overall representation for all the blocks combined, dairy farming has the highest number of women participants (36 women, 24.0%), while tailoring has the lowest (17 women, 11.3%). It is evident from the data that women are actively participating in various entrepreneurial activities in the region. Dairy farming is the most popular choice, while grocery/fruit shops also attract many women entrepreneurs. Tailoring, on the other hand, appears to be less preferred overall. The data highlight the diverse economic pursuits of women in these blocks, contributing to local economic development and empowerment.

Successful case studies on entrepreneurial activities

This research presents two successful case studies demonstrating the connection between entrepreneurial activities and women’s empowerment. The case stories shed light on the transformative impact of women’s entrepreneurship on their social and economic empowerment.

The case study highlights the transformative journey and involvement in the SHG and how this helped to break free from poverty and dependency. The narrative emphasises entrepreneurial growth, increased decision-making power, improved communication skills, and enhanced self-esteem.

My name is Jalaja (name changed), a 42-year-old residing in the Osmanabad block. I had been struggling to make ends meet and manage income through wage work before I joined the SHG program, with no hope of a better livelihood. However, my life took a positive turn when I heard about the formation of the SHG and decided to become a member. Upon joining the SHG and other women from economically disadvantaged backgrounds, we saved 50 rupees each week. After a few weeks, all members had saved around 20,000 rupees. Within a year, the SHG became eligible for bank loans, and I obtained a 50,000 rupees loan. With financial support from bank loans, I officially established a tailoring business, employing two other women from my own community. I specialise in cutting clothes and stitching work. This small business allowed me to balance my household responsibilities while pursuing my entrepreneurial goals. The income generated from my business enabled me to contribute to household expenses and provide for my children’s education, including school fees.

Participating in the SHG program empowered me to have a voice in household decision-making, a pleasure I had been denied previously. I also experienced a significant improvement in my communication skills, both within my family and while interacting with customers, including officials in the SHG program. Before joining the SHG, I felt unable to express myself confidently, but the SHG group prepared me with the knowledge of signing documents and enhanced my overall literacy skills. My involvement in the SHG program granted me the freedom to move freely, visit my maternal home, and engage in public meetings. The program helped me recognise the importance of mobility in contributing to the overall betterment of my household and community.

-Break free from poverty and dependency

My name is Savitri (name changed), and I am a resident of Kalamb block. I joined the Self-Help Group (SHG) program 2 years ago. With the program’s support and guidance, our group successfully transitioned to formal financial services and gained eligibility for bank loans. I obtained bank loans amounting to 75,000 rupees. Utilising space in my house, I built a cattle-rearing shed and effectively managed eight cattle. I sell cattle milk in the local dairy while efficiently managing my household chores. As a result, I now earn a stable income, meet personal expenses such as clothing and food, and even invest in gold.

Moreover, I contribute to overall household expenses. I acknowledge the significant impact of my participation in the SHG group, empowering me to overcome anxiety and tension. Reflecting on my situation before joining the SHG, I realize that my husband worked as a labourer, and our earnings were insufficient. I hesitated to request personal expenditures as his income barely covered our household expenses. However, now I cannot only support myself but also provide for my children and cover the entire household expenditure.

Before joining the SHG, my financial activities were limited, and I was unfamiliar with markets, banks, and interacting with outsiders. However, since joining the SHG group, my circumstances have transformed. I now move freely, explore local markets, visit banks, hospitals, and various places. I gained confidence in interacting with people without fear. My status within and outside the home has improved, and now I consider myself an essential and valued household member. I also expressed that I was never consulted on any matter at home and felt like an unworthy family member. But now, I attend public and panchayat meetings without any restrictions despite being initially unfamiliar with such gatherings. I can freely go wherever I feel. Most importantly, I have overcome feelings of loneliness by engaging and interacting with fellow group members. I hope to continue my association with the SHG group and aim to expand my cattle-rearing shed further, motivated for even greater success in my entrepreneurial activities.

-Overcome anxiety and tension

The presented case studies are persuasive evidence of the positive impact of Self-Help Groups (SHGs) on women’s empowerment and entrepreneurial success in the district. Through the transformative journeys of Jalaja and Savitri, it becomes evident that the SHGs program has been instrumental in breaking the chains of poverty and dependency, providing a platform for women to become financially independent and assertive decision-makers in their households. These case studies underscore the pivotal role of SHGs in providing women with access to financial resources, training, and a supportive community, enabling them to pursue entrepreneurial activities and overcome social barriers. The SHGs program has proven effective for women’s economic and socio-cultural empowerment, fostering an environment where they can thrive as entrepreneurs and leaders in their communities.

Table 4 provides information on the viewpoints of women who have joined Self-Help Groups (SHGs) and engaging in entrepreneurial activities, specifically regarding their income and savings status before and after joining the SHGs and entrepreneurial activities. Before joining the SHG and engaging in entrepreneurial activities, the minimum monthly income reported by the women was rupees 500, while the maximum was rupees 3000. On average, the women reported a mean monthly income of rupees 1860.33, with a standard deviation of rupees 556.63. This indicates that the income levels varied among the respondents, with some earning as high as rupees 500.00 and others earning as low as rupees 3000. After joining the SHGs and entrepreneurial activities, the minimum monthly income increased to rupees 1000.00, and the maximum increased to rupees 3200.00. The average monthly income reported by the women after joining the SHGs was rupees 2484.00, with a standard deviation of rupees 449.47. This suggests that, on average, the women experienced an increase in their monthly income after joining the SHGs and engaging in entrepreneurial activities.

Similarly, before joining the SHGs and engaging in entrepreneurial activities, the women reported a minimum monthly saving of rupees 500 and a maximum of rupees 2500. The mean monthly saving was rupees 1140.33, with a standard deviation of rupees 388.40. This indicates that the savings varied among the respondents, with some saving as much as rupees 500.00 and others saving as lesser as rupees 2500. After joining the SHGs and engaging in entrepreneurial activities, the minimum monthly saving increased to rupees 1000, while the maximum increased to rupees 2800. The average monthly saving reported by the women after joining the SHGs and engaging in entrepreneurial activities was rupees 642.00, with a standard deviation of rupees 376.18. This suggests that, on average, the women experienced an increase in their monthly savings after joining the SHGs and engaging in entrepreneurial activities. So, the data reveal that the women who joined the SHGs and engaging entrepreneurial activities experienced an improvement in both their income and savings status. Their average monthly income and savings increased after joining the SHGs and engaging in entrepreneurial activities, indicating the potential positive impact of SHGs on the financial well-being of women. However, it resulted in microfinance extending economic opportunities to women, offering avenues for micro-entrepreneurship or self-employment, ultimately elevating their standard of living (Khandelwal, 2007 ). Most notably, self-employment in micro-enterprises substantially enhances women’s economic empowerment, contrasting other employment alternatives (Senapati & Ojha, 2019 ).

Women empowerment dimensions

The studies argued that microfinance activities and engaging in entrepreneurial activities play a significant role in enlarging a woman’s decision-making power within her household, increasing her control over household resources, and expanding her physical mobility beyond the confines of her home (Amin & Pebley, 1994 ). Furthermore, it is suggested that access to loans diminishes the likelihood of women experiencing abandonment. By granting women the opportunity to secure loans, they gain a greater sense of financial stability and independence, which can serve as a protective factor against abandonment (Rajasekhar, 2000 ). The various empowerment dimensions are given in Table  5 .

In terms of the social factor, the focus is on promoting women's social liberation, which entails encouraging freedom and equality in social interactions. This can be achieved through increased public interaction, eliminating gender discrimination, enhancing decision-making power, fostering social support networks, and facilitating skill development. Similarly, the economic dimension emphasises empowering women through financial independence. This involves granting women control over household income, encouraging independent savings, enabling women’s participation in household purchasing decisions, enhancing their ability to access loans, and promoting property and land ownership. Furthermore, the ability to generate income and save through microfinance access enlarges women's bargaining power within households, strengthening their position in the households (Ghosh & Neogi, 2018 ; Swain & Wallentin, 2012 ). Engaging in entrepreneurial activities adds to the family income and enhances women’s capabilities, decision-making abilities, and overall status within the family and society (Nziku & Henry, 2020 ). The psychological factor centres on empowering women’s mental and emotional freedom. This can be achieved by fostering a positive sense of independence and freedom to choose, enhancing self-confidence, developing a sense of leadership, and helping women overcome gender stereotypes and biases. Similarly, the study identified in the in-depth interview's there has been a notable rise in self-confidence among female entrepreneurs, evident in their assertive expression of opinions during interactions with various individuals, whether male strangers or female acquaintances (Panta & Thapa, 2017 ). So, the indicators contribute to a holistic approach to women’s empowerment, encompassing social, economic, and psychological aspects. By addressing these dimensions, societies can work towards creating an environment that enables women to lead fulfilling and empowered lives.

Table 6 provides a correlation matrix that examines the relationships between entrepreneurial intervention and various factors related to empowerment.

The first section explores the correlations between Entrepreneurial intervention and social factors. The values in the table represent the strength and direction of these correlations. Notably, all correlations between Entrepreneurial Intervention and social factors are positive. This suggests that as Entrepreneurial Intervention increases, so do these social factors. The highest positive correlation is found with “Decision-Making Power (DMP)”, which has a correlation coefficient of 0.353. This indicates that individuals with higher levels of Entrepreneurial Intervention tend to have greater decision-making power. This section’s Cronbach’s Alpha values indicate good internal consistency reliability for the variables, ranging from 0.830 to 0.913.

In the second section, the table examines the correlations between Entrepreneurial Intervention and economic factors. Similar to the social factors, the correlations are generally positive. The strongest positive correlation is observed with “Household Purchasing Power (HPP)”, with a coefficient of 0.152. This suggests that higher levels of Entrepreneurial Intervention are associated with greater household purchasing power. The Cronbach’s Alpha values for the economic factors range from 0.664 to 0.879, indicating moderate to good internal consistency reliability.

Finally, the table explores the correlations between Entrepreneurial Intervention and psychological factors. The correlations here are mixed, with some positive and some weak correlations. “Feeling Motivated (FM)” has the highest positive correlation with Entrepreneurial Intervention (0.195), indicating that those with higher Entrepreneurial Intervention tend to feel more motivated. The Cronbach’s Alpha values for the psychological factors range from 0.523 to 0.607, indicating acceptable internal consistency reliability. However, the data provide insights into the relationships between Entrepreneurial Intervention and various empowerment-related factors. It suggests that Entrepreneurial Intervention is positively correlated with several social, economic, and psychological factors, indicating that it may positively influence these dimensions of empowerment. However, the strength of these correlations varies across the factors, with some showing stronger relationships than others.

The significant contribution of this study is examining the effectiveness of microfinance activities and entrepreneurship in empowering women in rural Maharashtra, providing valuable insights into the region’s economic and social dynamics. The data illustrate active participation by women in various entrepreneurial undertakings, particularly in dairy farming and grocery or fruit shops, tailoring, food processing, goat farming, and poultry. Their involvement reflects their determination and capacity to drive economic growth and achieve self-reliance. The study highlights the essential role played by microfinance activities in supporting women entrepreneurs. The availability of financial resources and support through microfinance initiatives have enabled women to overcome traditional barriers and establish independent businesses, leading to increased household income and overall economic upliftment.

Moreover, the study emphasises the importance of Self-Help Groups (SHGs) and microfinance activities to meet rural women’s specific needs and preferences in different blocks. Understanding these preferences and providing support to Self-Help Groups can amplify the impact of microfinance activities, fostering greater inclusivity and sustainable entrepreneurship. However, sectors like tailoring still face challenges with relatively lower women’s involvement. So, identifying and addressing the barriers deterring women’s participation in such industries should be prioritised to ensure comprehensive empowerment across all sectors. However, the findings underscore the positive impact of microfinance activities on women’s empowerment through entrepreneurship in rural Maharashtra. Policymakers and stakeholders can further enhance women’s economic and social well-being by strengthening and expanding these initiatives, leading to inclusive growth and sustainable development in the region. However, all stakeholders’ continuous research and collaborative efforts remain essential to create an enabling environment that empowers women, promotes gender equality, and fully unleashes their entrepreneurial potential.

Availability of data and materials

The data used in this study can be obtained upon request.

Abbreviations

• Self-Help Group

United Nations Development Programme

Sustainable Development Goals

Gross domestic product

Small and medium-sized enterprises

Swayam Shikhan Prayog

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Pandhare, A., Bellampalli, P.N. & Yadava, N. Transforming rural women’s lives in India: the impact of microfinance and entrepreneurship on empowerment in Self-Help Groups. J Innov Entrep 13 , 62 (2024). https://doi.org/10.1186/s13731-024-00419-y

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Social Entrepreneurship: A Few Case Study

Social entrepreneurship provides a unique opportunity to challenge, question, and also rethink concepts from different prospects of business research and management. This paper shows its view on the concept of social entrepreneurship and its various definitions.Entrepreneurship has been seen as differ concept comparing itwith other forms of entrepreneurship. Social entrepreneurship bridges the gap between financial needs and actual needs of the society and. Also, illustrate and explain the present scenario of social entrepreneurship in India with the help of four case studies namely, EnAble India, Water Health

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Social entrepreneurs can help get better various issues like nutrition, education and health care and many are still blighted by unemployment and illiteracy by helping those less fortunate towards a worthwhile life. Rather than leaving societal needs to the government or business sectors, they can solve the problem by changing the system. Social entrepreneurship is expected to be the next big thing to influence India as the country juggles to achieve a balance between a growing GDP growth, ensuring inclusive growth and attempting to address issues ranging from education, energy efficiency to climate change. This paper attempts an analytical, critical and synthetic examination of social entrepreneurship in India.

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Social Entrepreneurship is an all-encompassing nomenclature, used for depicting the process of, bringing about social change on a major and impactful scale compared to a traditional Non-Governmental Organization (NGO). It is an increasingly important concept in the study of voluntary, non-profit and not-for -profit organizations. Earlier, organizations addressing key social issues were assumed to be idealistic, philanthropic with entrepreneurial skills. Social Entrepreneurship in India is emerging primarily because the government is very keen on its promotion, not necessarily by funding it or by advising on it but by enabling it. The Corporate Social Responsibility (CSR) of the private sector with clearly earmarked funds and full-fledged action teams have played an important role in sprucing up the image of Social Entrepreneurship. The focus of the paper is to study the growing trends of Social Entrepreneurship in India and the new initiatives taken by various Social Entrepreneurs. ...

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Social entrepreneurship could be defined as a function of a social entrepreneur who is often an intrapreneur.”A social entrepreneur is one who organizes, create and manage a venture to achieve a social change and create a social capital in the form of work culture, harmonious work environment that improves productivity and team building”. This intangible asset promotes the organization’s efficiency and brand building and hence profitability.

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Social entrepreneurship in recent times has gained importance as a means to meet social and economic needs of the poor globally. However, in spite of it’s increasing popularity as a concept, there is no consensus among academics and practitioners when it comes to formulating one common definition on the topic which may be acceptable to all as it means different things to different people. The current article tries to analyse the literature available on the subject, exploring it’s theoretical and conceptual framework which helps to understand the phenomena of social entrepreneurship and its role, importance and applicability in the modern society.

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