Proper utilisation of human resources will be  key to the success of the startup concept

Startups can be the driving force behind the country’s economic growth as they have ability to create job opportunities and fulfill India’s dream to reach a $5 trillion economy. India has become one of the fastest growing unicorn startups with over 81 unicorn startups till now. Most of the unicorn companies are software based, depend on higher technology to reach maximum number of people and create a deep impression on their daily life activities. These are all privately owned. The idea of startup is not easy to develop. It is still a new concept and people are not sure about its prospects. Gradually,the idea is catching up fast. The startups have a great impact on every sector of the society. It has touched all spheres from cooking to entertainment, education to healthcare.  A large scope of employment opportunities has been generated which helped the Government to deal with the unemployment situation far more

easily to some extent. Startups have created an opportunity for the entrepreneurs to be their own boss and subsequently be a part of the development of the country both socially and economically. Startups have made our lives safe and secure in the pandemic period. People can remain indoors and yet take care of their daily necessities, from groceries to banking to medical supplies and consultations, do their jobs and take care of their children’s educational needs. The farmers are now getting reasonable price for their products once they tie up with the startups related to groceries and vegetables.The weavers are also enjoying some benefits once they come under the startups dealing with clothes and garments.

We must remember one thing that an idea or concept needs support for its growth and development. Not only from people but also support from the government of the country is needed for the growth of the startups concept. The Indian Government has shown itsfaith and announced the Startup India initiative. January 16th was celebrated as Startup Day. The prime minister announced that within the next 100 years the innovators of India will make India proud across the world. The startups are dynamic and versatile in nature. The Indian Government has faith in the young generation. It has designed schemes to encourage the entrepreneurs to set up more startups and enhance quality. Policies are being reformed and fund support is being given to startups. India is a vast country with a large number of people living in the rural areas, ignorant to ideas like startups will be an uphill task to make this section of people aware about the concept. The government should take the necessary steps to make this section of people aware about the importance and possibilities of startups. Properutilization of the human resource of India will be a key to the success of the new concept of startup. Initiative should be taken at the grassroots level, proper training and education should be imparted. TV show like Shark Tank India can be a great help in spreading the concept of startups as young entrepreneurs from various fields come to the show to showcase their business models and thereby attract investors to invest in their business and help them to grow.As soon as it becomes popular it will attract more entrepreneurs and investors too. Startup supports Indian Government’s objective of achieving Sustainable Development Goals such as generating job opportunities, connecting rural areas to the urban areas by setting up roads. Moreover, the Government is encouraging women entrepreneurs and providing support for business development to achieve gender equality which is a part of SDGs.

(The writer teaches at Jaipuria Institute of Management, Lucknow. The views expressed are personal.)