CXXO SURVEY

Name*

First NameLast Name
Gender

MaleFemale
What's your primary role in the startup ecosystem?

FounderInvestorEcosystem Enabler
Do you have a co-founder?*

YesNo
How did you find your co-founder?*

Through personal connections.At a professional networking event.Through an online platform (LinkedIn, co-founder match sites, etc.)On a demo day, or another formal program.Investors connected us.
Gender of cofounder*

MaleFemale
What role does your female cofounder play?
Have you raised capital from investors for your startup?*

YesNo
How did you secure meetings with VCs?*

A warm introduction – I was introduced via a mutual connection or through my network.Cold outreach – I directly reached out via email or LinkedIn.Through a demo day/pitch competition.One of my angel investors made the introduction.The VC firm reached out to me.
How many investors did you pitch to before receiving a term sheet?*

1-10 investors – it took a moderate number of pitches.11-20 investors – I had to pitch to a considerable number of investors before receiving an offer.21-30+ investors – it took a lot of effort.
How long did it take to raise capital?*

Less than 3 months1-6 monthsMore than 6 months
Was a female investor present when you pitched to an investment committee?*

Yes, she represented an important viewpoint on the committee.Yes, she was present but had limited involvement or impact.No, there was no female investor present.
Was your expertise and insights taken seriously during the pitch process?*

Yes, I felt I was heard and taken seriously.No, I didn't feel I was taken seriously.
Have you ever been questioned about your ability to scale a business during investor meetings?*

Yes, I have been questioned.No, I have never been questioned in this way.I’m not sure / I don’t.
Did you feel uncomfortable with any questions during your pitch process?*

YesNo, I was not made to feel uncomfortable.
What made you uncomfortable?*

Questions about my personal life.Questions implying lack of competence or knowledge.Questions focused more on my gender rather than the business.
By choiceNot successful
How will you fund your business?*

BootstrappingFunds from Friends & Family
What are your challenges?*

I haven't met with a VC yet – I am trying to find an introduction.I have reached out – but am not getting beyond the first call.No Challenges, faced, its going well.
What motivated you to start your business? (Pick 1)*

Pursuing a lifelong passionIdentifying a market gapSeeking independence (being my own boss)Solving a personal problemMaking a social impact
What have been your biggest challenges as a founder? (Select up to 3)*

Securing fundingBuilding the right teamProduct developmentCustomer acquisitionScaling the businessWork-life balanceNavigating regulationsOther (Please specify)
What unique strengths or qualities give you an edge as a founder? (Pick any 2)*

Domain knowledge – My deep understanding of the industry gives me a significant advantage.Leadership skills – My ability to lead and inspire my team is one of my strongest assets.Network and connections – My strong network of mentors, advisors, and investors gives me a competitive edge.Focus on execution – My ability to execute efficiently and turn ideas into reality sets me apart.Financial acumen – My understanding of financial management and fundraising strategies gives me an edge in growing the business.Anything else
Does mentor support play a significant role in your entrepreneurial journey?*

YesNo
How did you find mentors?*

I reached out to industry experts or professional advisors.I turned to my peers – I relied on fellow entrepreneurs and colleagues for input and feedback.Through an incubator/accelerator – I received structured feedback and mentorship through an entrepreneurial program.My Investor became a mentor.
Why did you not seek mentors?*

I rely on my own judgment.I lacked access to the right mentors.I tried, but did not find the inputs useful.
Have family pressures or expectations held you back in your startup journey?*

YesNo
Tell us more
All of us have self-doubt from moment to moment. Has it ever become debilitating?*

Yes, frequently – I often find it difficult to overcome self-doubt, and it has impacted my ability to take risks or make decisions.No, I manage it well – I occasionally have self-doubt, but I’ve developed strategies to cope with it effectively.
What were the contributing factors?*

My own inhibitionsFamily expectationsLack of supportPressure from the board/investorsOthers, please specify
How has the diversity of founders changed over the past 5 years?*

Significantly increasedRemained about the sameSignificantly decreased
What is limiting female founders from accessing capital? (Pick any 1)*

Lack of women investors in decision making positions.Lack of access to investor networks and mentorship.Gender biases or stereotypes during the investment process.I don’t believe female founders face any specific barriers.Other (Please specify)
Do you believe that having more female investors and ecosystem enablers would lead to better support for female founders?*

Yes, it will.No, it will not make a difference.
Is there a lack of structured support networks for female entrepreneurs?*

Yes, there is a significant lack of structured support networks for entrepreneurs.No, I believe there are adequate support networks available.I’m not sure / I haven’t explored these networks enough to say.
What is needed?*

More mentorship and coaching programsStronger peer-to-peer networking platformsGreater involvement from investorsOther (Please specify):
Is there a perception that women are better suited to build lifestyle businesses rather than high-growth ventures?*

Yes, I strongly believe this perception exists.No, I haven't experienced this perception.I’m not sure / I haven’t observed this.
Tell us more*
Have you ever felt the need to adjust your leadership or communication style to be taken more seriously as an entrepreneur?*

Yes, frequentlyYes, occasionallyNo, never
Tell us more *
Tell us more *
Have you faced challenges in attracting and retaining top talent?*

Yes, I have faced significant challenges in attracting & retaining top talent.No, I have not faced any specific challenges related to attracting or retaining talent.
Tell us more*
Do FemTech startups benefit from having a female founder? (FemTech refers to startups building services and products for women.)*

Yes – Women have an innate understanding about the problem & solution.No – Success in FemTech is more about expertise, innovation, and market understanding, regardless of gender.
What types of support or resources do you look for? *
What key changes will make the startup ecosystem more inclusive?*
What is your role in the ecosystem?*

Angel investorVenture capitalistPrivate equityImpact investor
What attributes enable a founder to build for success? (Pick upto 2)*

Domain knowledge – deep understanding of the industry.Leadership skills – ability to lead and inspire the team.Network and connections – gives them a competitive edge.Focus on execution – turn ideas into reality.Financial acumen – understanding of financial management and fundraising.Anything else
In general, do you think that the founder's gender is of relevance when a startup is being evaluated?*

Yes, it plays a significant role.No, the founder's gender does not influence Investor's evaluation.Investors try to remain neutral, but unconscious biases might still play a role.
How many startups with female founders have you evaluated in the last quarter?*

None1-55-10More than 10I don’t track investments based on gender.
Why not?*

I haven't come across any that fit my investment criteria.Other (Please specify):
Does gender play a role in how much capital founders raise in the Indian startup ecosystem?*

Yes, male founders raise larger rounds.No, gender does not play a role.
Do you look for gender balance in the founding team?*

Yes, I actively look for gender balance in the founding team.Yes, but it's not a deciding factor.No, gender balance is not something I specifically look for.
Are founders asked different questions based on their gender when the startups are being evaluated?*

Yes, oftenNo, rarely or never
Do male & female founders pitch differently?*

Yes, I've noticed a distinction.No, I haven't noticed any difference.
Please elaborate *
What founder motivations do you value the most? (Pick upto 2)*

Pursuing a lifelong passionIdentified a gap in the marketMaking a social impactDeep domain knowledgeOthers (Please specify)
Have you been mentor to a female founder?*

YesNo
How did you match with the founder?*

The founder reached out.I reached out to the founder.We were introduced.
What areas did you mentor them the most?*

FundraisingLeadership and decision-makingTechnical skills and problem-solvingPersonal development and work-life balanceOthers, please specify
Why not?*

It is not something I have come across.I do not think I can add value.
What is limiting female founders from accessing capital? (Pick any 1)*

Lack of women investors in decision making positions.Lack of access to investor networks and mentorship.Gender biases or stereotypes during the investment process.I don’t believe female founders face any specific barriers.Other (Please specify)
What factors limit the ability of female founders to fundraise?*

Lack of confidence in pitch deliveryUncertainty in financial or data analysisLack of growth projectionsMaking unclear asksUnderestimating Capital NeedsNot having in-depth product knowledgeReluctance to highlight their own strengths and achievementsI am a male founder, not familiar with these challengesI don’t believe female founders face any specific barriers.Other (Please specify)
How has the diversity of founders pitching to you changed over the past 5 years?*

Significantly increasedRemained about the sameSignificantly decreased
Are you more likely to invest in female-led FemTech startups? (Femtech refers to startups building services and products for women)*

YesNoI invest in a different domain.
What can be done to better support and empower female founders? *

Provide more targeted funding opportunities and grants for female founders.Create more accessible mentorship and coaching programs specifically for women founders.Promote greater visibility for female-led businesses.Offer networking opportunities that connect female founders with investors and industry leaders.Foster inclusive incubators and accelerators tailored to female entrepreneurs.Other (Please specify): __________.
Do you believe that female founders face unique funding challenges compared to their male counterparts? *

Yes, female founders face significantly more challenges than male founders.Yes, but the challenges are different, not necessarily more difficult.No, I believe male and female founders face similar challenges.
Do you believe that there are unconscious biases in the startup ecosystem that put female founders at a disadvantage? *

YesNo
Do female founders have adequate access to mentors? *

YesNoI’m not sure / I don’t have enough information to say.
Why is that?*

Women have an innate understanding about the problem and solution.Female founders tend to build stronger connections with their target audience.
Why not?*

Success in FemTech is more about expertise, innovation, and market understanding, regardless of gender.I have not seen data to support this hypothesis.
What changes are needed to level the playing field for female founders?*
What advice would you give to aspiring female entrepreneurs?*
What is your role in the ecosystem?*

I work in an Incubator or Accelerator.I work in a Government Initiative for startups.I work in a non-profit that enables startups.I am a startup mentor / advisor / board member.I work in corporate advocacy for startups.Other (please specify)
What attributes enable a founder to build for success? (Pick upto 2)*

Domain knowledge – deep understanding of the industry.Leadership skills – ability to lead and inspire the team.Network and connections – gives them a competitive edge.Focus on execution – turn ideas into reality.Financial acumen – understanding of financial management and fundraising.Anything else
Do you believe that female founders face unique funding challenges compared to their male counterparts?*

Yes, female founders face significantly more challenges than male founders.Yes, but the challenges are different, not necessarily more difficult.No, I believe male and female founders face similar challenges.
Do you believe that there are unconscious biases in the startup ecosystem that put female founders at a disadvantage?*

YesNo
Have you been mentor to a female founder?*

YesNo
How did you match with the founder / Startup?*

The founder reached out.I reached out to the founder.We were introduced.
What areas did you mentor them the most?*

FundraisingLeadership and decision-makingTechnical skills and problem-solvingPersonal development and work-life balanceOthers, please specify
Why not?*

It is not something I have come across.I do not think I can add value.
Do female founders have adequate access to mentors?*

YesNoI’m not sure / I don’t have enough information to say.
What can be done to better support and empower female founders?*

Provide more targeted funding opportunities and grants for female founders.Create more accessible mentorship and coaching programs specifically for women founders.Promote greater visibility for female-led businesses.Offer networking opportunities that connect female founders with investors and industry leaders.Foster inclusive incubators and accelerators tailored to female entrepreneurs.Other (Please specify)
What is limiting female founders from accessing capital? (Pick any 1)*

Lack of women investors in decision making positions.Lack of access to investor networks and mentorship.Gender biases or stereotypes during the investment process.I don’t believe female founders face any specific barriers.Other (Please specify)
What factors limit the ability of female founders to fundraise? *

Lack of confidence in pitch delivery.Uncertainty in financial or data analysis.Lack of growth projections.Making unclear asks.Underestimating Capital Needs.Not having in-depth product knowledge.Reluctance to highlight their own strengths and achievements.I am a male founder, not familiar with these challengesOthers, please specify
How has the prevalence of female founders changed over the past 5 years?*

Significantly increasedRemained about the sameSignificantly decreased
What advice would you give to aspiring female entrepreneurs?*
Your email address
What stage is your startup currently in?*

Idea stageEarly-stageGrowth stageOther (please specify)
Thank you for your valuable inputs. We truly appreciate you taking the time. We will email you when the report is released. If you have any queries, you may also write to us at cxxo@kalaari.com.
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