India’s economy is fast changing with times. The numbers denote that it’s in a phase that is encouraging more and more start-ups to take off in a variety of sectors and industries.
As a culture, India has never boasted of an inherent risk-embracing entrepreneurial energy, unless the reference is to particular localized pockets in certain communities. For a while many young guns of business families have been traveling abroad to gain international exposure and education. When they are back, they introduce new concepts that they have imbibed on these stints.
The Start-up Story
In the last decade, start-ups have been writing a whole new chapter for corporate India, and this seems directly linked to the increase in the number of highly-educated CEOs at helm.
Conducive Conditions for Nurturing Start-ups
The academic foundations of entrepreneur aside, there are several factors at work that directly contribute to a start-up-friendly environment in the economy. Here are a few.
The idea is to solve big infrastructure problems: The new-age businessmen no longer begin with the idea of starting a business; for them the business is a means to solve a problem.
High Appetite for Risk: Not only are people actively working from a problem towards a solution when thinking of a start-up, they are also less restricted by fears of failure and charting unexplored territory.
Support in the form of hubs, investments and incubators: With more than 3,000 technology start-ups, India is the fourth largest base for nascent businesses anywhere in the world.
Investors, too, are playing their part by placing trust in new start-ups and investing big.
A Strong Foundation
Hubs like Microsoft Ventures and Welingkar empower nascent causes to do more. The WeSchool-MIT Venture Mentoring Service (VMS) was born out of the belief that active support of entrepreneurial activities contributes to the entrepreneurship education of the community.
India’s start-up scene is at a promising juncture. How the industry fares will be seen in the days to come, but, at this point in time, each sectoral component is playing its part and that’s vital.
Prof Dr Uday Salunkhe, Group Director, Welingkar Institute