Women-Driven Innovation in Industry 5.0 Post Pandemic

Abstract

 The COVID-19 pandemic has affected women disproportionately, with women-led businesses suffering an economic blow and decades of progress that had been made towards gender equality being erased. As per the UN 2030 Agenda, one of the ways to address global challenges like poverty and foster prosperity (SDG 5 & 9) is to put greater focus on catalyzing innovative entrepreneurship among women. The resultant economic empowerment will pave the way for greater gender equity. Recent literature in this field has highlighted a lacuna for additional support for women-based enterprises in order to recover from the impacts of the pandemic and resume their operations. Such support could be provided in the form of stimulus funding or government grants and financing provided by the private sector. Additionally, capital should be provided to innovate and implement modern technologies and skill advancement programs to help these enterprises gain a competitive advantage. Such initiatives are crucial in order to provide active support to nurture the projects that can aid women entrepreneurs in adapting to new technologies, develop digital literacy, and access financial support and capital in order to run their businesses. Particularly from the lens of Industry 5.0, this study takes a hard look at honing down the key factors that can contribute toward fostering an environment of innovation among women entrepreneurs. Additionally, this study provides insights into the relevant literature with a specific focus on future research opportunities using a literature review approach covering 40-50 literature reviews, as well as identifies expository aspects that can promote the revolution navigated by female entrepreneurs.