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Special Content

Issue no 05, 29 April -05 May 2023

Startup20: Thriving Startup Ecosystem Fuels Entrepreneurship Boom

Dr Ranjeet Mehta

India has seen a remarkable rise in the startup ecosystem over the past few years. This growth can be attributed to various government initiatives, the rise of technology and a strong entrepreneurial culture. The startup ecosystem in India has been instrumental in creating new jobs and generating wealth for the country. In this article, we shall explore how the thriving Indian startup ecosystem is creating jobs. According to a report by NASSCOM, the Indian startup ecosystem has the potential to create over 12.5 lakh direct jobs by the year 2025. The report also suggests that startups have the potential to create indirect jobs through their supply chain, bringing the total number of jobs to over 39 lakh by 2025. India's startup ecosystem, currently comprising almost 93000 startups, is the third largest in the world, following the United States and China. This startup ecosystem has the potential to contribute 4-5% to the GDP of the country. The ecosystem has been a hotbed for innovation and has attracted plenty of young talents. Significant factors contributing to the growth of the Indian startup ecosystem are:

i)                    Government's Initiatives: Government of India has launched several schemes including Startup India, Digital India, and Atmanirbhar Bharat. These initiatives provide startups with access to funding, mentorship, and other resources necessary for their growth.

ii)                  Rise of New Technology: The advent of technologies like Cloud Computing, Artificial Intelligence, and the Internet of Things has made it easier for startups to develop innovative products and services. These technologies have also made it easier for startups to reach a global audience, increasing their potential for growth and job creation.

iii)                Strong Entrepreneurial Culture: India has a vast pool of talented and driven individuals who are keen on starting their own businesses. This culture has led to the creation of several successful startups in the country. The success stories of startups like Flipkart, Ola, and Paytm have inspired many aspiring entrepreneurs to take the plunge and start their own businesses

iv)                Need for Innovative Solutions: Startups in India operate in a wide range of sectors, including technology, healthcare, education, and e-commerce. The technology sector has been the most significant contributor to job creation in the startup ecosystem, followed by e-commerce and healthcare. These sectors have seen significant growth over the past few years, driven by increasing consumer demand and the need for innovative solutions. Prime Minister of India Shri Narendra Modi has spotlighted India's startup ecosystem and the youth's role in the fourth industrial revolution. The Indian Government has proposed numerous initiatives for young professionals in the technology industry, including the Startup India Seed Fund, Atal Innovation Mission, Skill India, Software Technology Parks, and NextGen IEDC (Innovation and Entrepreneurship Development Centres). Indian youth's high rate of literacy and internet usage at this age will facilitate their acquisition of new skills as it encourages creative thinking and entrepreneurial risk-taking. As a result of these initiatives, youth have gained a new sense of confidence to pursue their entrepreneurial aspirations.

Startup20 Engagement Group:  In a major initiative to fuel the growth of startups across the globe, the G20 has constituted a new engagement group for startups (Startup20). The idea was pitched by India. The Startup20 Engagement Group has the ability to change the G20 and drive development trend through innovation, collaborative effort, entrepreneurial spirit, and social inclusion. By partnering through the Startup20 engagement group, member country startups are able to recognise and tackle important issues in the creation of new products or services that not only make a business sense but also address social and environmental concerns. Startup20 can play a crucial role in resolving startup-related international issues. For instance, when entering a new market, startups may encounter regulatory obstacles and challenges, such as legal frameworks and business practises. Startup20 can serve as a global hub to facilitate collaboration and knowledge sharing between leading startups and Governments. Youth in India is a tremendous asset to the country. As the world undergoes a profound transformation characterised by shifting social dynamics and technological advancements, the youth population will contribute to the nation's aspiration for global leadership. This Startup20 engagement group presents a unique opportunity for startups to grow and expand their reach globally.

Major Takeaways of Startup20

1.      Networking and Collaboration: The Startup20 engagement group provides a platform for startups to connect with like-minded entrepreneurs from around the world. This can lead to new partnerships, collaborations, and joint ventures that can help startups expand their businesses and reach new markets.

2.      Access to Mentors and Advisors: The Startup20 engagement group brings together some of the world's leading experts and mentors in entrepreneurship and innovation. Startups can benefit from the experience and knowledge of these experts, who can provide guidance and advice on a range of topics, from business strategy and growth to fundraising and scaling.

3.      Exposure to Global Market Opportunities: The Startup20 engagement group provides startups with exposure to global market opportunities, including new customers, suppliers, and investors. By participating in the group's events and activities, startups can gain insights into new markets and build relationships with key players in those markets.

4.      Access to Capital: The Startup20 engagement group provides startups with access to a global network of investors and venture capitalists. This can help startups secure the funding they need to grow their businesses and take advantage of new market opportunities.

5.      Enhanced Visibility: The Startup20 engagement group provides startups with enhanced visibility, both nationally and internationally. Through the group's events, activities, and media exposure, startups can raise their profile and build their brand, increasing their visibility to potential customers, partners, and investors.

6.      Support for Regulatory Reform: The Startup20 engagement group is committed to promoting regulatory reform that supports entrepreneurship and innovation. By participating in the group's advocacy efforts, startups can help shape the regulatory environment in ways that are more favorable to their businesses and can help them grow and expand more easily.

The Startup20 engagement group provides a unique platform for startups to grow and expand their reach globally. By taking advantage of the group's networking and collaboration opportunities, access to mentors and advisors, exposure to global market opportunities, access to capital, enhanced visibility, and support for regulatory reform, startups can build their businesses and achieve greater success. In India, the thriving startup ecosystem offers a plethora of opportunities for young people to participate and make a significant impact. With the right mindset, skills, and resources, young people can become successful entrepreneurs and contribute to the growth of the Indian economy. The Government's initiatives like Startup India, Digital India, and Atmanirbhar Bharat provide a supportive environment for aspiring entrepreneurs to start their own businesses. Additionally, the rise of technology and the availability of funding options have made it easier for young people to turn their innovative ideas into reality. By taking advantage of these opportunities and leveraging their skills, young people can not only create job opportunities for themselves but also contribute to the overall growth and development of the country. Therefore, it's time for our young people to gear up, step out of their comfort zones, and participate in the thriving startup boom in India.

(The author is Deputy Secretary General and Head, Program Directorate, Startup20 Engagement Group PHDCCI, New Delhi).

Views expressed are personal.